Enphase Energy, Inc.
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
ENPH$27.64-5.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income | $133,420 | $40,498 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 60,218 | 60,724 |
| Amortization (accretion) of investments purchased at a premium (discount) | 1,513 | (1,109) |
| Provision for credit losses | 162 | 4,471 |
| Asset impairment | 1,565 | 24,141 |
| Non-cash interest expense | 3,336 | 6,462 |
| Net loss from change in fair value of debt securities | 12,315 | 1,730 |
| Stock-based compensation | 160,998 | 159,530 |
| Deferred income taxes | 7,137 | (27,644) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (47,539) | 208,956 |
| Inventory | (23,648) | 54,758 |
| Prepaid expenses and other assets | (218,144) | (117,856) |
| Accounts payable, accrued and other liabilities | 116,938 | (58,140) |
| Warranty obligations | 17,252 | (4,855) |
| Deferred revenues | (136,562) | (5,265) |
| Net cash provided by operating activities | 88,961 | 346,401 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (30,899) | (25,540) |
| Investment in debt securities | (6,300) | — |
| Investment in tax equity fund | (9,752) | — |
| Issuance of loan receivables | (48,500) | — |
| Purchases of marketable securities | (601,368) | (1,091,511) |
| Maturities and sale of marketable securities | 780,099 | 994,677 |
| Net cash provided by (used in) investing activities | 83,280 | (122,374) |
| Cash flows from financing activities: | ||
| Settlement of Notes due 2025 | (102,168) | (7) |
| Proceeds from issuance of common stock under employee equity plans | 5,369 | 7,969 |
| Payment of withholding taxes related to net share settlement of equity awards | (16,653) | (73,801) |
| Repurchase of common stock | (129,957) | (191,698) |
| Net cash used in financing activities | (243,409) | (257,537) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,932 | 1,087 |
| Net decrease in cash, cash equivalents and restricted cash | (62,236) | (32,423) |
| Cash, cash equivalents and restricted cash — Beginning of period | 464,116 | 288,748 |
| Cash, cash equivalents and restricted cash — End of period | $401,880 | $256,325 |
| Supplemental cash flow disclosure: | ||
| Supplemental disclosures of non-cash investing activities: | ||
| Purchases of property and equipment through tenant improvement allowance | $855 | $— |
| Purchases of property and equipment included in accounts payable | $4,952 | $5,722 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.