Enphase Shares Jump 40 Percent After Financial Figures: Revenue and Profit Decline in the Fourth Quarter of 2025 – Full-year 2025 Posts Growth – Outlook Exceeds Expectations

Fremont (USA) – Enphase Energy has released its financial results for the fourth quarter of 2025 (Q4 2025) as well as for the full year 2025.

In the fourth quarter of 2025, the U.S. solar technology company based in Fremont recorded a significant decline in revenue and earnings compared with both the previous quarter and the same quarter of the prior year. The main headwinds were lower Safe Harbor revenues and a continued weakening of demand in Europe. On a full-year basis, however, Enphase Energy was able to increase both revenue and profit compared with fiscal year 2024.

Revenue in the fourth quarter of 2025 amounted to USD 343.3 million, around 10 percent below the level of the prior-year quarter (Q4 2024: USD 382.7 million). GAAP net income declined to USD 38.7 million from USD 62.2 million in the fourth quarter of 2024. As a result, diluted earnings per share fell to USD 0.29, compared with USD 0.45 in the prior-year quarter. Non-GAAP net income was also significantly lower at USD 93.4 million versus the prior-year quarter (Q4 2024: USD 125.9 million). On a non-GAAP basis, diluted earnings per share amounted to USD 0.71 (Q4 2024: USD 0.94).

For the full year 2025, Enphase Energy reported revenue of USD 1.47 billion, representing an increase of around 11 percent compared with 2024 (USD 1.33 billion). GAAP net income rose to USD 172.1 million, up from USD 102.7 million in the previous year. Diluted earnings per share for the full year increased to USD 1.29, compared with USD 0.75 in 2024. On a non-GAAP basis, net income in 2025 totaled USD 389.8 million (2024: USD 321.0 million). This corresponds to non-GAAP diluted earnings per share of USD 2.96 (2024: USD 2.37).

Regionally, the fourth quarter showed a mixed picture: while actual sell-through demand in the United States increased by 21 percent compared with the third quarter and reached its highest level in more than two years, revenues in Europe declined sharply due to persistently weak market demand. At the end of the quarter, Enphase had liquid assets totaling USD 1.51 billion.

For the first quarter of 2026, Enphase Energy expects revenue in a range of USD 270 million to USD 300 million. Analysts had expected an average of approximately USD 263 million. Under GAAP standards, gross margin is expected to be in a range of 40 to 43 percent. The non-GAAP gross margin is projected to be between 42 and 45 percent, with the company continuing to anticipate pressure from reciprocal tariffs.

Investors reacted positively to the results and the outlook. Enphase shares surged yesterday, rising by 39.5 percent to EUR 44.01 (closing price, February 4, 2026, Stuttgart Stock Exchange).

Source: IWR Online, 05 Feb 2026