Logotype for Enphase Energy Inc

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.
Logotype for Enphase Energy Inc
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.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Enphase Energy earnings date

Logotype for Enphase Energy Inc
Q3 202528 Oct, 2025
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Enphase Energy earnings date

Logotype for Enphase Energy Inc
Q3 202528 Oct, 2025

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.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

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.
App-store-avatar.png play-store-avatar.png
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.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
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.
App-store-avatar.png play-store-avatar.png
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.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@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.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@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.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@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