Enphase Energy, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $172.1M | $102.7M | $438.9M | $397.4M | $145.4M | $134.0M | $161.1M | $-11.6M |
| Depreciation & Amortization | $80.6M | $81.4M | $74.7M | $58.8M | $30.8M | $18.1M | $14.1M | $9.7M |
| Depreciation | $52.8M | $51.5M | $40.7M | $27.7M | $16.7M | $9.7M | $7.3M | $8.3M |
| Amortization | $20.2M | $22.6M | $27.2M | $24.7M | $9.5M | $5.1M | $4.7M | $1.7M |
| Stock-Based Compensation | $214.1M | $211.4M | $212.9M | $216.8M | $114.3M | $42.5M | $20.2M | $11.4M |
| Net Cash from Operating Activities | $136.5M | $513.7M | $696.8M | $744.8M | $352.0M | $216.3M | $139.1M | $16.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $40.6M | $33.6M | $110.4M | $46.4M | $52.3M | $20.6M | $14.8M | $4.2M |
| Business Acquisitions | — | $0 | $0 | $62.2M | $235.7M | $0 | $0 | $15.0M |
| Net Cash from Investing Activities | $106.8M | $128.3M | $-366.4M | $-371.9M | $-1.22B | $-25.6M | $-14.8M | $-19.2M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $130.0M | $391.4M | $410.0M | $0 | $500.0M | $0 | $0 | — |
| Net Cash from Financing Activities | $-241.6M | $-460.3M | $-516.8M | $-17.1M | $309.4M | $191.7M | $65.9M | $80.6M |
| Net Change in Cash | $10.2M | $175.4M | $-184.5M | $353.9M | $-560.1M | $383.3M | $189.9M | $77.1M |
| Free Cash Flow | $95.9M | $480.1M | $586.4M | $698.4M | $299.8M | $195.8M | $124.3M | $12.0M |