Enphase Energy, Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.33B | $2.29B | $2.33B | $1.38B | $774.4M | $624.3M | $316.2M |
| Cost of Revenue | $786.0M | $701.2M | $1.23B | $1.36B | $827.6M | $428.4M | $403.1M | $221.7M |
| Gross Profit | $687.0M | $629.1M | $1.06B | $974.6M | $554.4M | $346.0M | $221.2M | $94.4M |
| Gross Margin | 46.6% | 47.3% | 46.2% | 41.8% | 40.1% | 44.7% | 35.4% | 29.9% |
| Operating Expenses | ||||||||
| Research & Development | $189.1M | $201.3M | $227.3M | $168.8M | $105.5M | $55.9M | $40.4M | $32.6M |
| SG&A Expense | $135.8M | $130.8M | $137.8M | $140.0M | $104.1M | $50.7M | $38.8M | $29.1M |
| Operating Income | $157.5M | $77.3M | $445.7M | $448.3M | $215.8M | $186.4M | $102.7M | $1.6M |
| Operating Margin | 10.7% | 5.8% | 19.5% | 19.2% | 15.6% | 24.1% | 16.5% | 0.5% |
| Interest Expense | — | — | $8.8M | $9.4M | $45.2M | $21.0M | $9.7M | $10.7M |
| Pretax Income | $204.8M | $120.2M | $513.1M | $452.0M | $120.9M | $119.4M | $90.1M | $-10.2M |
| Income Tax Expense | $32.7M | $17.5M | $74.2M | $54.7M | $-24.5M | $-14.6M | $-71.0M | $1.4M |
| Net Income | $172.1M | $102.7M | $438.9M | $397.4M | $145.4M | $134.0M | $161.1M | $-11.6M |
| Net Margin | 11.7% | 7.7% | 19.2% | 17.0% | 10.5% | 17.3% | 25.8% | -3.7% |
| EPS (Basic) | $1.31 | $0.76 | $3.22 | $2.94 | $1.09 | $1.07 | $1.38 | $-0.12 |
| EPS (Diluted) | $1.29 | $0.75 | $3.08 | $2.77 | $1.02 | $0.95 | $1.23 | $-0.12 |
| Shares Outstanding (Basic) | 131.2M | 135.2M | 136.4M | 135.3M | 134.0M | 125.6M | 116.7M | 99.6M |
| Shares Outstanding (Diluted) | 134.9M | 140.0M | 143.3M | 144.4M | 142.9M | 141.9M | 131.6M | 99.6M |
| Dividends Per Share | — | — | — | — | — | — | — | — |