Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $323M | $286M | $316M | $624M | $774M | $1.38B | $2.33B | $2.29B | $1.33B | $1.47B |
| Revenue growth | — | -11.3% | 10.5% | 97.5% | 24.0% | 78.5% | 68.7% | -1.7% | -41.9% | 10.7% |
| Gross profit | $58.0M | $56.0M | $94.4M | $221M | $346M | $554M | $975M | $1.06B | $629M | $687M |
| Gross margin | 18.0% | 19.6% | 29.9% | 35.4% | 44.7% | 40.1% | 41.8% | 46.2% | 47.3% | 46.6% |
| Operating income | — | -$39.4M | $1.60M | $103M | $186M | $216M | $448M | $446M | $77.3M | $158M |
| Operating margin | — | -13.8% | 0.5% | 16.5% | 24.1% | 15.6% | 19.2% | 19.5% | 5.8% | 10.7% |
| Net income | -$67.5M | -$45.2M | -$11.6M | $161M | $134M | $145M | $397M | $439M | $103M | $172M |
| Net margin | -20.9% | -15.8% | -3.7% | 25.8% | 17.3% | 10.5% | 17.0% | 19.2% | 7.7% | 11.7% |
| EPS (diluted) | — | — | — | — | — | — | $2.77 | $3.08 | $0.75 | $1.29 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$33.0M | -$28.4M | $16.1M | $139M | $216M | $352M | $745M | $697M | $514M | $137M |
| Capital expenditures | $12.2M | $4.12M | $4.15M | $14.8M | $20.6M | $52.3M | $46.4M | $110M | $33.6M | $40.6M |
| Free cash flow | -$45.1M | -$32.6M | $12.0M | $124M | $196M | $300M | $698M | $586M | $480M | $95.9M |
| Share buybacks | — | — | — | $0.00 | $0.00 | $500M | $0.00 | $410M | $391M | $130M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $17.8M | $29.1M | $106M | $251M | $679M | $119M | $473M | $289M | $369M | $474M |
| Total assets | $164M | $169M | $340M | $713M | $1.20B | $2.08B | $3.08B | $3.38B | $3.25B | $3.51B |
| Total liabilities | $162M | $178M | $332M | $441M | $716M | $1.65B | $2.26B | $2.40B | $2.42B | $2.42B |
| Long-term debt | $20.8M | $32.3M | $81.6M | $103M | $4.90M | $952M | $1.20B | $1.29B | $1.20B | $572M |
| Shareholders' equity | $1.30M | -$9.13M | $7.78M | $272M | $484M | $430M | $826M | $984M | $833M | $1.09B |
| Retained earnings | -$251M | -$296M | -$346M | -$185M | -$51.2M | -$406M | $17.3M | $46.3M | -$245M | -$204M |
| Shares (wtd avg diluted) | 62.3M | 82.9M | 99.6M | 132M | 142M | 143M | 144M | 143M | 140M | 135M |
Every figure is extracted from Enphase Energy, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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