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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:ResearchAndDevelopmentExpense.

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
Cost of revenues116,840192,660299,347380,503
Gross profit175,014170,493275,407338,734
Operating expenses:
Research and development45,65845,42190,52595,595
Sales and marketing45,54550,70893,63299,656
General and administrative31,33434,03564,58968,070
Restructuring and asset impairment charges9583,3224,7856,484
Total operating expenses123,495133,486253,531269,805

Item 1. Financial Statements (unaudited)

FAQ

What is Enphase Energy's R&D?
Enphase Energy (ENPH) reported R&D of $45.66M in Q2 2026.
How has Enphase Energy's R&D changed year-over-year?
Enphase Energy's R&D increased by 0.5% year-over-year, from $45.42M to $45.66M.
What is the long-term trend for Enphase Energy's R&D?
Over 4 years (2021 to 2025), Enphase Energy's R&D has grown at a 15.7% compound annual growth rate (CAGR), from $105.53M to $189.08M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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