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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$5.15B+30.7%
Enterprise value$5.23B+9.0%
P/E38.4×+15.9×
P/S3.9×+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 us-gaap:InventoryNet.

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 itemAs of / June 30,2026As of / December 31,2025
Cash and cash equivalents$529,344$474,318
Marketable securities408,3641,038,536
Accounts receivable, net of allowances of $651 and $580 at June 30, 2026 and December 31, 2025, respectively273,607229,881
Inventory285,022288,047
Prepaid expenses and other current assets454,200576,078
Total current assets1,950,5372,606,860
Property and equipment, net136,449136,804
Intangible assets, net13,08122,288

Item 1. Financial Statements (unaudited)

FAQ

What is Enphase Energy's inventories?
Enphase Energy (ENPH) reported inventories of $285.02M in Q2 2026.
How has Enphase Energy's inventories changed year-over-year?
Enphase Energy's inventories increased by 64.7% year-over-year, from $173.02M to $285.02M.
What is the long-term trend for Enphase Energy's inventories?
Over 5 years (2020 to 2025), Enphase Energy's inventories has grown at a 47.1% compound annual growth rate (CAGR), from $41.76M to $288.05M.
What does inventories mean?
Total inventory including raw materials, work-in-progress, and finished goods, valued at the lower of cost or net realizable value.

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