Enphase Energy, Inc.
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
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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, 2026 · Filed Oct 27, 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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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $52,060 | $133,420 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 61,116 | 60,218 |
| Discount from sale of AMPTC generated | 16,450 | — |
| Amortization of investments purchased at a premium | 5,024 | 1,513 |
| Provision for credit losses | 718 | 162 |
| Asset impairment | 122 | 1,565 |
| Non-cash interest expense | 1,287 | 3,336 |
| Decrease in fair value of debt securities and tax equity fund | 29,793 | 12,315 |
| Stock-based compensation | 135,588 | 160,998 |
| Deferred income taxes | (10,479) | 7,137 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (13,835) | (47,539) |
| Inventory | 44,340 | (23,648) |
| Prepaid expenses and other assets | (15,472) | (218,144) |
| Accounts payable, accrued and other liabilities | (164,460) | 116,938 |
| Warranty obligations | (10,032) | 17,252 |
| Deferred revenues | 11,064 | (136,562) |
| Net cash provided by operating activities | 143,284 | 88,961 |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | (335,198) | (601,368) |
| Maturities and sales of marketable securities | 810,979 | 780,099 |
| Purchases of property and equipment | (45,752) | (30,899) |
| Investment in debt securities | — | (6,300) |
| Issuance of loan receivables | (1,000) | (48,500) |
| Investment in tax equity fund | — | (9,752) |
| Receipts of loan receivables | 17,585 | — |
| Issuance of secured revolving credit facility | (59,000) | — |
| Receipts of secured revolving credit facility | 34,604 | — |
| Net cash provided by investing activities | 422,218 | 83,280 |
| Cash flows from financing activities: | ||
| Settlement of Notes due 2026 | (632,500) | — |
| Settlement of Notes due 2025 | — | (102,168) |
| Proceeds from issuances of common stock under employee equity plans | 4,171 | 5,369 |
| Payments of withholding taxes related to net share settlement of equity awards | (23,937) | (16,653) |
| Repurchases of common stock | — | (129,957) |
| Net cash used in financing activities | (652,266) | (243,409) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7,156) | 8,932 |
| Net decrease in cash, cash equivalents and restricted cash | (93,920) | (62,236) |
| Cash, cash equivalents and restricted cash — Beginning of period | 474,318 | 464,116 |
| Cash and cash equivalents — End of period | $380,398 | $401,880 |
| Supplemental disclosures of non-cash investing activities: | ||
| Purchases of property and equipment through tenant improvement allowance | $— | $855 |
| Receipt of SunPower common stock in settlement of interest receivable | $490 | $— |
| Purchases of property and equipment included in accounts payable | $7,737 | $4,952 |
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