)
Visual24 Oct 2025
The rise of Alphabet
Enphase Energy (ENPH) investor relations material
Enphase Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved Q3 2025 revenue of $410.4 million, the highest in two years, driven by strong U.S. demand, record battery shipments, and safe harbor revenue.
U.S. revenue rose 29% sequentially and 23% year-over-year, while international revenue, especially Europe, declined 38% due to challenging market conditions.
Shipped 1.77 million microinverters (784.6 MW DC) and a record 195.0 MWh of IQ Batteries, with channel inventory for microinverters normalized and battery inventory slightly elevated.
Expanded product portfolio with new microinverters, batteries, and EV chargers, and increased U.S. manufacturing to meet domestic content requirements.
Positive customer feedback for the 4th-generation system and expanded installer base, with over 19,500 certified IQ Battery installers worldwide.
Financial highlights
Q3 2025 revenue: $410.4 million (up 8% YoY), including $70.9 million of safe harbor revenue.
GAAP gross margin: 47.8%; non-GAAP gross margin: 49.2% (including 4.9% tariff impact).
GAAP net income: $66.6 million; non-GAAP net income: $117.3 million.
GAAP diluted EPS: $0.50; non-GAAP EPS: $0.90.
Free cash flow: $5.9 million; cash, cash equivalents, and marketable securities: $1.48 billion at quarter end.
Outlook and guidance
Q4 2025 revenue guidance: $310 million–$350 million; IQ battery shipments expected at 140–160 MWh.
Q4 non-GAAP gross margin guidance: 42%–45%, including ~5% tariff impact; GAAP gross margin: 40%–43%.
Q1 2026 preliminary revenue outlook: $250 million, anticipating a cycle trough post-25D tax credit expiration.
Expecting recovery in the second half of 2026, driven by rising power prices, lower interest rates, and new financing solutions.
2025 GAAP tax rate expected at 18–20%; non-GAAP tax rate at 14–16%.
Explain the drivers of US vs. Europe revenue trends
Quantify net IRA benefit and US manufacturing cost
Impact of safe harbor on Q4 revenue outlook
PPL model's impact on 2026 market recovery
IQ9 GaN microinverter's commercial market entry
Netherlands battery retrofit opportunity details
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Enphase Energy earnings date
Q4 20254 Feb, 2026
Next Enphase Energy earnings date
Q4 20254 Feb, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage