Enphase Energy, Inc.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 17, 2026
ENPH$29.08+2.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(In thousands, except per share data)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net revenues | $1,472,985 | $1,330,383 | $2,290,786 |
| Cost of revenues | 785,981 | 701,245 | 1,232,398 |
| Gross profit | 687,004 | 629,138 | 1,058,388 |
| Operating expenses: | |||
| Research and development | 189,075 | 201,315 | 227,336 |
| Sales and marketing | 197,505 | 206,552 | 231,792 |
| General and administrative | 135,767 | 130,825 | 137,835 |
| Restructuring and asset impairment charges | 7,131 | 13,154 | 15,684 |
| Total operating expenses | 529,478 | 551,846 | 612,647 |
| Income from operations | 157,526 | 77,292 | 445,741 |
| Other income, net | |||
| Interest income | 62,722 | 77,306 | 69,728 |
| Interest expense | (4,521) | (8,905) | (8,839) |
| Other income (expense), net | (10,913) | (25,534) | 6,509 |
| Total other income, net | 47,288 | 42,867 | 67,398 |
| Income before income taxes | 204,814 | 120,159 | 513,139 |
| Income tax provision | (32,681) | (17,501) | (74,203) |
| Net income | $172,133 | $102,658 | $438,936 |
| Net income per share: | |||
| Basic | $1.31 | $0.76 | $3.22 |
| Diluted | $1.29 | $0.75 | $3.08 |
| Shares used in per share calculation: | |||
| Basic | 131,162 | 135,167 | 136,376 |
| Diluted | 134,886 | 140,004 | 143,290 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.