Enphase Energy, Inc.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $172,133 | $102,658 | $438,936 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 80,645 | 81,389 | 74,708 |
| Amortization (accretion) of investments purchased at a premium (discount) | 1,047 | (8,599) | (15,561) |
| Provision for (recovery of) credit losses | (126) | 6,677 | 1,153 |
| Asset impairment | 3,114 | 28,843 | 10,603 |
| Non-cash interest expense | 4,164 | 8,650 | 8,380 |
| Benefit from lease termination | (1,280) | — | — |
| Change in fair value of debt securities | 9,563 | (1,967) | (8,078) |
| Stock-based compensation | 214,090 | 211,360 | 212,857 |
| Deferred income taxes | 6,083 | (58,319) | (43,348) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 3,840 | 211,640 | (12,478) |
| Inventory | (123,043) | 48,591 | (63,887) |
| Prepaid expenses and other assets | (318,558) | (134,343) | (59,777) |
| Accounts payable, accrued and other liabilities | 139,143 | (85,536) | (22,149) |
| Warranty obligations | 21,154 | 3,802 | 57,641 |
| Deferred revenues | (75,429) | 98,847 | 117,780 |
| Net cash provided by operating activities | 136,540 | 513,693 | 696,780 |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | (744,773) | (1,184,649) | (2,081,431) |
| Maturities and sales of marketable securities | 961,756 | 1,346,520 | 1,840,477 |
| Purchases of property and equipment | (40,639) | (33,604) | (110,401) |
| Investment in debt securities | (6,300) | — | (15,000) |
| Investment in equity of private company | (5,000) | — | — |
| Investment in tax equity fund | (9,752) | — | — |
| Issuances of loan receivables | (48,500) | — | — |
| Net cash provided by (used in) investing activities | 106,792 | 128,267 | (366,355) |
| Cash flows from financing activities: | |||
| Settlement of Notes due 2025 | (102,168) | (7) | — |
| Proceeds from issuances of common stock under employee equity plans | 8,527 | 12,688 | 13,870 |
| Payments of withholding taxes related to net share settlement of equity awards | (18,026) | (78,813) | (120,646) |
| Repurchases of common stock | (129,957) | (391,364) | (409,998) |
| Payment of excise tax on net stock repurchases | — | (2,773) | — |
| Net cash used in financing activities | (241,624) | (460,269) | (516,774) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 8,494 | (6,323) | 1,853 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 10,202 | 175,368 | (184,496) |
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash, cash equivalents and restricted cash — Beginning of period | 464,116 | 288,748 | 473,244 |
| Cash, cash equivalents and restricted cash — End of period | $474,318 | $464,116 | $288,748 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | |||
| Cash and cash equivalents | $474,318 | $369,110 | $288,748 |
| Restricted cash | — | 95,006 | — |
| Total cash, cash equivalents and restricted cash | $474,318 | $464,116 | $288,748 |
| Supplemental cash flow disclosure: | |||
| Cash paid for interest | $128 | $255 | $455 |
| Cash paid for income taxes | $20,450 | $32,660 | $74,706 |
| 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 | $15,576 | $11,188 | $10,141 |
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