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Enphase Energy (ENPH) investor relations material
Enphase Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Q2 2025 revenue reached $363.2M, up 20% year-over-year, with 1.53M microinverters and 190.9 MWh of batteries shipped; U.S. sales grew while Europe saw mixed results.
Gross margin was 46.9% (GAAP) and 48.6% (non-GAAP, with IRA benefit); net income was $37.1M (GAAP), non-GAAP net income $89.9M.
Free cash flow was $18.4M; cash, equivalents, and marketable securities totaled $1.53B at quarter end.
Launched new products including IQ Battery 10C, IQ Meter Collar, IQ Combiner 6C, and expanded EV charging solutions.
Restructuring and asset impairment charges of $3.3M recorded as part of ongoing cost reduction initiatives.
Financial highlights
Q2 2025 net revenues: $363.2M (up 20% year-over-year); gross profit: $170.5M; gross margin: 46.9% (GAAP), 48.6% (non-GAAP).
Non-GAAP operating income: $98.6M; non-GAAP EPS: $0.69; GAAP net income: $37.1M; GAAP EPS: $0.28.
Non-GAAP operating expenses: $77.8M; GAAP operating expenses: $133.5M.
Free cash flow: $18.4M; capital expenditures: $8.2M.
Repurchased 702,948 shares for $30M; $268.7M remains under repurchase authorization.
Outlook and guidance
Q3 2025 revenue expected between $330M and $370M, with 190–210 MWh of battery shipments.
GAAP gross margin guidance: 41–44% (with IRA benefit); non-GAAP: 43–46% with IRA, 33–36% excluding it.
Non-GAAP operating expenses expected at $78M–$82M; GAAP tax rate for 2025: 19–21%.
Management expects headwinds from reduced government incentives, regulatory changes, and supply chain risks.
No safe harbor revenue included in Q3 guidance; 25D demand expected to materialize in early Q4.
How did reciprocal tariffs impact margins?
Detail Solargraf's new enhancements.
What drove the increase in Europe revenue?
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Next Enphase Energy earnings date
Q3 202528 Oct, 2025
Next Enphase Energy earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
Enphase Energy, Inc., incorporated on January 25, 2006 and headquartered in Fremont, California designs, develops, manufactures and sells the Enphase Home Energy Solution. The company’s microinverters integrate with the Enphase Enlighten Solar Design Software to create a solar solution that provides homeowners with real-time feedback on their solar production.
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