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Enphase Energy ENPH Business Segments — Cost Of Revenue, Adjusted

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Other financials

Income statement

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Revenue$291.9M-19.6%
Gross profit$175.0M+2.7%
Operating income$51.5M+39.2%
Net income$36.1M-2.6%
EPS (diluted)$0.27-3.6%

Balance sheet

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Cash & equivalents$529.3M+42.9%
Total debt$613.4M-50.3%
Total equity$1.2B+34.2%
Total assets$2.9B-8.2%

Cash flow

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Operating cash flow$40.3M+51.4%
CapEx$14.4M+74.3%
Free cash flow$25.9M+41.1%

Valuation

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Market cap$5.41B+27.0%
Enterprise value$5.49B+7.2%
P/E40.4×+16.0×
P/S4.1×+1.2×

Profitability

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Gross margin46.9%-1.3pp
Operating margin8.3%-3.4pp
Net margin10.1%-1.7pp
FCF margin11.5%-13.7pp

Returns & leverage

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Return on equity13%-6.8pp
Debt / equity0.5×-0.9×
Current ratio3.5×+1.5×

Where this comes from

Reported directly by Enphase Energy in its filing.

Tagged under the XBRL concept enph:CostOfRevenueAdjusted.

The source filing: Enphase Energy’s 10-Q, filed July 28, 2026.

Filed
Jul 28, 2026, 4:29 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001463101-26-000081
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Net revenues$291,854$363,153$574,754$719,237
Less:
Other cost of revenues(1)220,260247,799433,528483,454
Fair value of AMPTC generated(64,922)(61,040)(119,514)(114,671)
Loss from sale of AMPTC generated during 202518,905
Tariff refunds(2)(43,411)(43,411)
Stock-based compensation expense43,55453,89692,545109,529
Acquisition related expenses and amortization(3)4,2514,4679,4198,896

Item 1. Financial Statements (unaudited)

FAQ

What is Enphase Energy's business segments — cost of revenue, adjusted?
Enphase Energy (ENPH) reported business segments — cost of revenue, adjusted of $220.26M in Q2 2026.
How has Enphase Energy's business segments — cost of revenue, adjusted changed year-over-year?
Enphase Energy's business segments — cost of revenue, adjusted decreased by 3.5% year-over-year, from $228.27M to $220.26M.
What is the long-term trend for Enphase Energy's business segments — cost of revenue, adjusted?
Over 3 years (2022 to 2025), Enphase Energy's business segments — cost of revenue, adjusted has grown at a -9.2% compound annual growth rate (CAGR), from $1.34B to $1B.
What does business segments — cost of revenue, adjusted mean?
Reflects the direct costs associated with producing and delivering the company's solar energy solutions, excluding certain non-cash or non-recurring items. Monitoring this metric helps assess the efficiency of the manufacturing process and the impact of supply chain costs on gross margins. It is essential for evaluating the underlying profitability of the company's core product offerings.

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