Enphase Energy (ENPH) Earnings Dates, Call Summary & Reports

9,950 Followers

Earnings Data

Report Date

Jul 28, 2026

TBA (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.47

Last Year’s EPS

0.69

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 22 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 28, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture. Enphase delivered solid non-GAAP profitability, strong free cash flow, record customer NPS, meaningful safe-harbor agreements and clear product road‑map progress (IQ9 family, 5th-gen battery, bidirectional EV charger, IQ SST). At the same time near-term demand softness—especially a 23% sequential U.S. revenue decline, a large sequential sell-through drop (48%), elevated channel inventory, GAAP earnings deterioration, tariff and PTC-related margin impacts, and TPO/tax-equity financing headwinds—create material short-term pressure. Management outlined corrective actions (pricing, under-shipping to rebalance channel, prepaid-lease pilot expansion, and tariff refund filings) and reiterated multi-year growth programs, but acknowledged limited visibility for Q3/Q4. Overall, positives (cash generation, product pipeline, safe-harbor bookings, Europe green shoots) are meaningful but currently counterbalanced by significant near-term operational and margin headwinds.

Company Guidance

Enphase guided Q2 revenue of $280–$310 million (including about $85 million of safe‑harbor revenue) and battery shipments of 100–110 MWh, with management ~85% booked to the midpoint; they plan to under‑ship roughly $25 million in Q2 to correct Q1 over‑shipment and expect modest underlying sell‑through growth (Q1 sell‑through was down 48% sequentially and 18% YoY). Gross‑margin guidance is 42%–45% GAAP (including ~3 percentage points of reciprocal‑tariff impact) and 44%–47% non‑GAAP; operating‑expense guidance is $120–$124M GAAP (including roughly $45M of stock‑based comp, acquisition amortization and restructuring) and $75–$79M non‑GAAP. They also estimated Q3 safe‑harbor of ~$40–$50M, noted YTD product agreements of ~$843.6M ($89.6M via 5% ITC safe harbor and $754M via physical work), cited price cuts to boost battery volumes (U.S. list prices down ~12–14% in March; EU battery distributor prices down ~10% in May), and provided cash context: $930.6M cash/marketable securities at Q1 end, $83M free cash flow in Q1, ~$162.9M of PTCs on the balance sheet, and ~$50M of tariff refund claims submitted (expected in ~90–120 days).

Revenue and Shipments

Q1 revenue of $282.9 million; shipped ~627.6 MW DC of microinverters and 103.1 MWh of IQ batteries (transcript figures), and management reported ~1.4M microinverters shipped. Q1 included $34.5 million of safe-harbor revenue.

Strong Non-GAAP Profitability and Cash Generation

Non-GAAP gross margin ~44% and non-GAAP operating income ~17% of revenue in Q1. Generated $102.9 million cash from operations and $83 million free cash flow in Q1.

Record Customer Experience Metrics

Customer Net Promoter Score (NPS) reached a record 82% in Q1 (up from 79% in Q4); average call wait time ~1.4 minutes.

Safe-Harbor and TPO Order Book

Year-to-date executed agreements for ~$843.6 million of product tied to third-party owners ($89.6M via ITC 5% safe-harbor, $754M via physical work test), securing multiyear microinverter volume and future battery-attached sales potential.

Europe and International Green Shoots

Europe revenue rose 36% Q1 vs Q4 after prior under-shipment; April battery activations vs Q1 monthly run rate: Netherlands +75%, Germany +27%, France +20% — management cites rising power prices and battery adoption.

Commercial and Product Momentum

U.S. commercial microinverter sales more than doubled Q1 vs Q4 driven by IQ9 adoption; roadmap progress includes 548W IQ9 (shipping Q3), 5th-generation battery (pilots Q3, shipments Q4), bidirectional EV charger (initial availability Q4), and IQ SST program with full-system demo targeted this year (pilots 2027, volume 2028).

Pricing Actions to Improve Competitiveness

Reduced distributor battery list prices in Europe ~10% (May) and lowered U.S. battery list prices ~12-14% (March); microinverter distributor pricing cut ~20% in December to address competition and stimulate demand.

Balance Sheet Actions and Tax/Refund Developments

Exited Q1 with cash, equivalents and marketable securities of $930.6M after settling $632.5M convertible notes; sold 2025 PTCs and currently have ~$162.9M PTCs on balance sheet; submitted ~ $50M of IEPA tariff refund claims (expect decision in ~90-120 days).

Enphase Energy (ENPH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

ENPH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 28, 2026	2026 (Q2)	0.47 / -	0.69	―	―	―
Apr 28, 2026	2026 (Q1)	0.43 / 0.47	0.68	-30.88% (-0.21)	―
Feb 03, 2026	2025 (Q4)	0.59 / 0.71	0.94	-24.47% (-0.23)	―
Oct 28, 2025	2025 (Q3)	0.65 / 0.90	0.65	38.46% (+0.25)	―
Jul 22, 2025	2025 (Q2)	0.62 / 0.69	0.43	60.47% (+0.26)	―
Apr 22, 2025	2025 (Q1)	0.71 / 0.68	0.35	94.29% (+0.33)	―
Feb 04, 2025	2024 (Q4)	0.73 / 0.94	0.54	74.07% (+0.40)	―
Oct 22, 2024	2024 (Q3)	0.78 / 0.65	1.02	-36.27% (-0.37)	―
Jul 23, 2024	2024 (Q2)	0.49 / 0.43	1.47	-70.75% (-1.04)	―
Apr 23, 2024	2024 (Q1)	0.41 / 0.35	1.37	-74.45% (-1.02)	―

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

ENPH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 28, 2026	$34.30	$31.19	-9.07%
Feb 03, 2026	$37.28	$51.67	+38.60%
Oct 28, 2025	$36.70	$31.14	-15.15%
Jul 22, 2025	$42.50	$36.48	-14.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.