Enphase Energy, Inc.

ENPH 10-K · FY 2025
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ENPH FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 1,472,985 1,330,383 +10.7%
Show Business Segments breakouts
Reportable Segment 1,472,985 1,330,383 +10.7%
Show Geography breakouts
International 284,267 395,693 -28.2%
US 1,188,718 934,690 +27.2%
Show Timing Of Transfer Of Good Or Service breakouts
Transferred At Point In Time 1,350,011 1,204,367 +12.1%
Transferred Over Time 122,974 126,016 -2.4%
Cost of Revenue 785,981 701,245 +12.1%
Gross Profit 687,004 629,138 +9.2%
Research & Development 189,075 201,315 -6.1%
Sales & Marketing 197,505 206,552 -4.4%
General & Administrative 135,767 130,825 +3.8%
Restructuring Costs And Asset Impairment Charges 7,131 13,154 -45.8%
Show Restructuring Cost And Reserve breakouts
Asset Impairment · 2024 Restructuring Plan 1,527 3,902 -60.9%
Contract Termination · 2024 Restructuring Plan 381 766 -50.3%
Employee Severance · 2023 Restructuring Plan 2 1,219 -99.8%
Employee Severance · 2024 Restructuring Plan 5,223 5,161 +1.2%
Show Restructuring Plan breakouts
2023 Restructuring Plan 2 3,325 -99.9%
2024 Restructuring Plan 7,131 9,829 -27.4%
Operating Expenses 529,478 551,846 -4.1%
Operating Income 157,526 77,292 +103.8%
Show Business Segments breakouts
Reportable Segment 157,526 77,292 +103.8%
Interest Income Deposits With Financial Institutions 62,722 77,306 -18.9%
Interest Expense -4,521 -8,905 +49.2%
Other Non-Operating Income (Expense) -10,913 -25,534 +57.3%
Non-Operating Income (Expense) 47,288 42,867 +10.3%
Show Business Segments breakouts
Reportable Segment 47,288 42,867 +10.3%
Income Before Taxes 204,814 120,159 +70.5%
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Reportable Segment 204,814 120,159 +70.5%
Income Tax Expense (Benefit) -32,681 -17,501 -86.7%
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Reportable Segment -32,681 -17,501 -86.7%
Net Income 172,133 102,658 +67.7%
Show Business Segments breakouts
Reportable Segment 172,133 102,658 +67.7%
Show Equity Components breakouts
Retained Earnings 172,133 102,658 +67.7%
EPS (Basic) 1.31 0.76 +72.4%
EPS (Diluted) 1.29 0.75 +72.0%
Wtd Avg Shares (Basic) 131,162 135,167 -3.0%
Wtd Avg Shares (Diluted) 134,886 140,004 -3.7%
Comprehensive Income 180,239 98,294 +83.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 474,318 369,110 +28.5%
Marketable Securities (Current) 1,038,536 1,253,480 -17.1%
Accounts Receivable 229,881 223,749 +2.7%
Inventory 288,047 165,004 +74.6%
Prepaid Expenses & Other Current Assets 576,078 220,735 +161.0%
Total Current Assets 2,606,860 2,327,084 +12.0%
Non-Current Assets
Property, Plant & Equipment 136,804 147,514 -7.3%
Goodwill 214,760 211,571 +1.5%
Other Non-Current Assets 222,677 205,542 +8.3%
Deferred Tax Assets 306,403 315,567 -2.9%
Total Assets 3,509,792 3,249,676 +8.0%
Operating Lease Right-of-Use Assets 34,573 24,617 +40.4%
Intangible Assets 22,002 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 9,114 15,325 -40.5%
Developed Technology Rights 5,441 11,800 -53.9%
Trade Names 7,447 14,987 -50.3%
Other Assets
Intangible Assets Net Excluding Goodwill 22,288 42,398 -47.4%
Current Liabilities
Accounts Payable 203,039 90,032 +125.5%
Accrued Liabilities 217,366 196,887 +10.4%
Deferred Revenue (Current) 180,524 237,225 -23.9%
Product Warranty Accrual Classified Current 29,038 34,656 -16.2%
Current Portion of Long-Term Debt 632,183 101,291 +524.1%
Total Current Liabilities 1,262,150 660,091 +91.2%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 337,923 341,982 -1.2%
Product Warranty Accrual Noncurrent 185,005 158,233 +16.9%
Other Non-Current Liabilities 65,497 55,265 +18.5%
Long-Term Debt 572,194 1,201,089 -52.4%
Total Liabilities 2,422,769 2,416,660 +0.3%
Long-Term Debt 1,204,377 1,302,380 -7.5%
Show Debt Instrument breakouts
Notes due 2026 · Convertible Notes Payable 632,183 630,191 +0.3%
Notes due 2028 · Convertible Notes Payable 572,194 570,898 +0.2%
Operating Lease Liabilities 31,195 23,044 +35.4%
Stockholders' Equity
Common Stock 1 1 0.0%
Additional Paid-In Capital 1,289,164 1,084,573 +18.9%
Retained Earnings -203,896 -245,206 +16.8%
Accumulated Other Comprehensive Income 1,754 -6,352 +127.6%
Total Stockholders' Equity 1,087,023 833,016 +30.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 1,754 -6,352 +127.6%
Additional Paid In Capital 1,289,164 1,084,573 +18.9%
Common Stock 1 1 0.0%
Retained Earnings -203,896 -245,206 +16.8%
Total Liabilities & Equity 3,509,792 3,249,676 +8.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 80,645 81,389 -0.9%
Accretion Amortization Of Discounts And Premiums Investments 1,047 -8,599 +112.2%
Provision For Doubtful Accounts -126 6,677 -101.9%
Asset Impairment Charges 3,114 28,843 -89.2%
Amortization Of Financing Costs And Discounts 4,164 8,650 -51.9%
Gain Loss On Termination Of Lease -1,280 — —
Debt Securities Gain Loss 9,563 -1,967 +586.2%
Stock-Based Compensation 214,090 211,360 +1.3%
Deferred Income Taxes And Tax Credits 6,083 -58,319 +110.4%
Change in Accounts Receivable 3,840 211,640 -98.2%
Change in Inventory -123,043 48,591 -353.2%
Change in Prepaid & Other Assets -318,558 -134,343 -137.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 139,143 -85,536 +262.7%
Increase Decrease In Warranty Obligations 21,154 3,802 +456.4%
Change in Deferred Revenue -75,429 98,847 -176.3%
Net Cash from Operations 136,540 513,693 -73.4%
Deferred Income Taxes 13,505 -61,211 +122.1%
Investing Activities
Payments To Acquire Marketable Securities -744,773 -1,184,649 +37.1%
Proceeds From Sale And Maturity Of Marketable Securities 961,756 1,346,520 -28.6%
Capital Expenditures -40,639 -33,604 -20.9%
Purchases of Investments -6,300 — —
Payments To Acquire Equity Securities Fv Ni -5,000 — —
Payments To Acquire Tax Equity Investment -9,752 — —
Payments To Acquire Loans Receivable -48,500 — —
Net Cash from Investing 106,792 128,267 -16.7%
Purchase Of Property And Equipment Through Tenant Improvement Allowance 855 — —
Financing Activities
Repayments Of Long Term Debt -102,168 -7 -1459442.9%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 8,527 12,688 -32.8%
Tax Withholding for Share Compensation -18,026 -78,813 +77.1%
Share Repurchases -129,957 -391,364 +66.8%
Net Cash from Financing -241,624 -460,269 +47.5%
Amortization of Financing Costs (FY) — — —
Show Debt Instrument breakouts
Notes due 2025 · Convertible Notes Payable 75 490 -84.7%
Notes due 2026 · Convertible Notes Payable 1,991 2,006 -0.7%
Notes due 2028 · Convertible Notes Payable 1,296 1,308 -0.9%
Supplemental
Interest Paid 128 255 -49.8%
Income Taxes Paid 20,450 32,660 -37.4%
Unpaid Capital Expenditures 15,576 11,188 +39.2%
Income Taxes Paid 20,450 — —
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 8,494 -6,323 +234.3%
Net Change in Cash 10,202 175,368 -94.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 474,318 464,116 +2.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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