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Operating Expense Breakdown
Details core costs like R&D, sales and marketing, and general administration to show how Enphase is investing in growth versus controlling costs. Investors can use it to judge whether spending is likely to drive future market share and product development or is pressuring margins and cash flow.Enphase has pulled back S&M and R&D from 2022–2023 peaks to lower, steadier run rates, which helped deliver strong non‑GAAP profitability and cash flow; GAAP swings are largely due to lumpy restructuring and one‑time items booked since late‑2023. Management’s guidance (GAAP opex including roughly $45M of stock‑based comp/amortization/restructuring vs. $75–79M non‑GAAP) confirms much of the headline spend is adjustable. That cost discipline cushions margins through the current demand slowdown but risks slowing the cadence of product rollouts management relies on for medium‑term growth.
Date | Sales and Marketing | Research and Development | General and Administrative | Restructuring |
|---|---|---|---|---|
Jun 30, 2026 | $45.55M | $45.66M | $31.33M | $958.00K |
Mar 31, 2026 | $48.09M | $44.87M | $33.26M | $3.83M |
Dec 31, 2025 | $49.42M | $46.21M | $34.60M | -$640.00K |
Sep 30, 2025 | $48.43M | $47.27M | $33.10M | $1.29M |
Jun 30, 2025 | $50.71M | $45.42M | $34.03M | $3.32M |
Mar 31, 2025 | $48.95M | $50.17M | $34.03M | $3.16M |
Dec 31, 2024 | $51.80M | $50.39M | $31.90M | $9.40M |
Sep 30, 2024 | $49.67M | $47.84M | $30.19M | $677.00K |
Jun 30, 2024 | $51.77M | $48.87M | $33.55M | $1.17M |
Mar 31, 2024 | $53.31M | $54.21M | $35.18M | $1.91M |