EarningsQ2 2026 Earnings Report
MX:ENPH Q2 2026 EPS Results
Actual EPS$8.32
Consensus EPS$8.52
Beat/MissMissed by -$0.20
One Year Ago EPS$12.49
MX:ENPH Q2 2026 Revenue Results
Actual Revenue$5.28B
Expected Revenue$5.24B
Beat/MissBeat by +$37.86M
YoY Revenue Growth-19.63%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
MX:ENPH Upcoming Earnings
Enphase Energy's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ENPH Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted meaningful progress on profitability, margin recovery, product launches (IQ9, IQ Battery G5, IQV-80, IQSST), strong European demand (+35% revenue sequential) and healthy liquidity ($937.7M cash). Management also secured significant safe‑harbor and PTC positions and advanced financing (PROPEL). Offsetting these positives were continued U.S. residential softness (U.S. revenue -3% sequential; sell-through -34% YoY), channel inventory/matching issues, tariff uncertainty and delayed monetization timing for a large portion of PWT backlog. On balance, the company demonstrated constructive operational and product momentum while acknowledging near‑term headwinds and timing risks.Company Guidance
Quarterly Revenue and Guidance
Reported Q2 revenue of $291.9 million. Q3 guidance $290M–$320M (midpoint ~$305M), representing ~5% growth at the midpoint; management >70% booked to midpoint and expects global sell-through to rise ~10% in Q3 vs Q2.
Strong Shipments and Production Tax Credit (PTC) Position
Shipped ~1.59 million microinverters (approx. 725.2 MW DC) and 113.8 MWh of batteries in Q2. Shipped 1.58M U.S.-made microinverters and booked associated 45X production tax credits; reported $193.5M of PTCs on the balance sheet.
Profitability and Margin Improvement
Returned to GAAP profitability: GAAP net income $36.1M (diluted EPS $0.27) versus a GAAP loss prior quarter. Non-GAAP net income $61.5M (non-GAAP diluted EPS $0.46). Non-GAAP gross margin improved to 46.8% from 43.9% in Q1.
Cash Generation and Liquidity
Cash, equivalents and marketable securities of $937.7M at quarter end. Generated $40.3M cash flow from operations and $25.9M free cash flow in Q2. Capital expenditures were modest at $14.4M.
European Market Momentum
Europe revenue grew 35% sequentially and sell-through grew 30% in Q2. Country highlights: Netherlands battery activations +102% QoQ, France battery activations +34% QoQ, Germany: microinverter and battery activations up ~35% and ~30% respectively.
Product and Technology Progress
Key product milestones: launched GaN-based IQ9 microinverters (including a 480W 3‑phase model); IQ Battery G5 showcased (50% higher energy density and ~40% lower cost/kWh vs prior gen) with shipments expected Q4 2026; IQV-80 commercial battery demo complete (initial shipments planned Q1 2027); smart thermostat preorders opened; DC bidirectional EV charger pilots planned Q4; IQSST (solid state transformer) technical progress with 15-module series demo, target for a fully working system late 2026, pilots 2027, commercial 2028.
TPO / Financing Expansion (PROPEL)
PROPEL TPO expanded from 4 to 6 states, installer participation >290, originations ~200 per week with ~75% battery attach rate. Sole Source target: 500 originations/week by year-end (scaling dependent on warehousing and tax credit buyers).
Tariff Refunds and Tax-Credit Monetization Actions
Received tariff refunds of ~$41M in Q2 (plus ~$11M post-quarter). Announced tax credit transfer to sell $150M of 2026 PTCs (4 quarterly payments) and plan regular PTC sales going forward to align cash inflows with expenses.
MX:ENPH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed