How does Enphase Energy (ENPH) make money?

Enphase Energy (ENPH) primarily makes money through Reportable Segment, which accounts for 100% of total revenue. For TTM through Q1 2026, Enphase Energy generated $1.40B in total revenue with a net profit margin of 9.6%.

What is Enphase Energy (ENPH) gross profit margin?

Enphase Energy (ENPH) reported a gross profit margin of 44.2% for TTM through Q1 2026, equivalent to $619.16M in gross profit. This means Enphase Energy retains 44.2% of each revenue unit after direct costs of production.

What is Enphase Energy (ENPH) operating profit margin?

Enphase Energy (ENPH) reported an operating profit margin of 6.8% for TTM through Q1 2026, equivalent to $95.32M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Enphase Energy (ENPH) net profit margin?

Enphase Energy (ENPH) reported a net profit margin of 9.6% for TTM through Q1 2026, equivalent to $135.00M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Enphase Energy (ENPH) invest in R&D?

Enphase Energy (ENPH) invested $183.77M in research and development in TTM through Q1 2026 (13.1% of total revenue). R&D spending reflects investment in future products, services, and technologies.

How much does Enphase Energy (ENPH) spend on capital expenditures?

Enphase Energy (ENPH) spent $45.93M on capital expenditures in TTM through Q1 2026 (3.3% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Enphase Energy (ENPH) free cash flow?

Enphase Energy (ENPH) generated $145.07M in free cash flow for TTM through Q1 2026 (10.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Enphase Energy (ENPH) effective tax rate?

Enphase Energy (ENPH) had an effective tax rate of 6.3% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

Where does Enphase Energy (ENPH) generate most of its revenue?

Geographically, 80.7% of Enphase Energy (ENPH) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

How Enphase Energy (ENPH) Makes Money: A Visual Guide

Enphase Energy (ENPH) generated $1.40B in revenue, earning $135.00M in net profit (9.6% margin). Its largest revenue source is Reportable Segment (100% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

In TTM through Q1 2026, Enphase Energy (ENPH) generated 80.7% of revenue from UNITED STATES, followed by International (19.3%).

Enphase Energy (ENPH) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported February 17, 2026).

Enphase Energy (ENPH) Revenue by Geography — FY 2025 (period end December 31, 2025)

Quarterly geographic data is unavailable for this period, so the table reflects the company's last annual disclosure (FY 2025 (period end December 31, 2025)). The income statement above uses TTM through Q1 2026, so regional dollars and percentages will not match line-for-line.

UNITED STATES
Revenue
$1.19B
% of total
80.7%
International
Revenue
$284.27M
% of total
19.3%
Total
Revenue
$1.47B
% of total
100%

Region	Revenue	% of total
UNITED STATES	$1.19B	80.7%
International	$284.27M	19.3%
Total	$1.47B	100%

View Enphase Energy (ENPH) revenue history

Frequently asked questions

How does Enphase Energy (ENPH) make money?: Enphase Energy (ENPH) primarily makes money through Reportable Segment, which accounts for 100% of total revenue. For TTM through Q1 2026, Enphase Energy generated $1.40B in total revenue with a net profit margin of 9.6%.
What is Enphase Energy (ENPH) gross profit margin?: Enphase Energy (ENPH) reported a gross profit margin of 44.2% for TTM through Q1 2026, equivalent to $619.16M in gross profit. This means Enphase Energy retains 44.2% of each revenue unit after direct costs of production.
What is Enphase Energy (ENPH) operating profit margin?: Enphase Energy (ENPH) reported an operating profit margin of 6.8% for TTM through Q1 2026, equivalent to $95.32M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Enphase Energy (ENPH) net profit margin?: Enphase Energy (ENPH) reported a net profit margin of 9.6% for TTM through Q1 2026, equivalent to $135.00M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Enphase Energy (ENPH) invest in R&D?: Enphase Energy (ENPH) invested $183.77M in research and development in TTM through Q1 2026 (13.1% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Enphase Energy (ENPH) spend on capital expenditures?: Enphase Energy (ENPH) spent $45.93M on capital expenditures in TTM through Q1 2026 (3.3% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Enphase Energy (ENPH) free cash flow?: Enphase Energy (ENPH) generated $145.07M in free cash flow for TTM through Q1 2026 (10.4% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Enphase Energy (ENPH) effective tax rate?: Enphase Energy (ENPH) had an effective tax rate of 6.3% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.
Where does Enphase Energy (ENPH) generate most of its revenue?: Geographically, 80.7% of Enphase Energy (ENPH) revenue came from UNITED STATES in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
Where do segment and geographic numbers come from?: Product-segment shares come from the same TTM income statement that powers the Sankey chart. Geographic splits are first rebuilt from the four most recent quarterly geographic-segmentation filings so they align with the same TTM window; if quarterly geo data is missing, we fall back to the latest annual disclosure (the table heading shows which one is in use).
When was this data last updated?: Based on company filings through TTM through Q1 2026.