Enphase Q4: rev $343.3M, GAAP EPS $0.29; Q1 guide $270-300M

Enphase Energy, Inc.

2025-FY EPS reported $1.29 revenue$1,472,985,000

Q4 revenue $343.3M, down 16% QoQ and 10% YoY; GAAP diluted EPS $0.29 (vs $0.50 Q3, $0.45 Q4 2024).
Non-GAAP diluted EPS $0.71, down from $0.90 Q3 and $0.94 Q4 2024; tariff impact 5.1 percentage points on margins.
Shipped 1.55M microinverters (682.6 MW DC) and 150.1 MWh of IQ Batteries; US sell-through demand up 21% QoQ.
Q1 2026 guidance: revenue $270-300M, non-GAAP gross margin 42-45% with ~5% tariff impact.
Ended Q4 with $1.51B cash and $268.7M remaining buyback authorization; free cash flow $37.8M.

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