Enphase Energy (ENPH) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Enphase Energy published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Enphase Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Enphase says impairment of investments in debt securities reduced GAAP diluted EPS by $0.15 and non-GAAP diluted EPS by $0.14 in Q3 2026.
• Q3 2026 revenue includes about $85.0 million of safe harbor revenue (microinverter shipments tied to customers' tax-credit safe harbor transactions), against $70.9 million a year earlier.

Source: Enphase Energy Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Enphase Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Enphase Energy's United States revenue was $234 million in Q3 2026, down 33% from $350 million in Q3 2025, 80% of total revenue.
• Enphase Energy's International revenue was $59.8 million in Q3 2026, down 1% from $60.4 million in Q3 2025, 20% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Enphase Energy said:

“Revenue to be within a range of $225.0 million to $255.0 million, which includes shipments of 100 to 120 MWh of IQ Batteries. This outlook includes approximately $51.2 million of safe harbor revenue and assumes sell-through will be down 10%, compared with the third quarter of 2026.”

“GAAP gross margin to be within a range of 38.0% to 41.0%, including approximately 2.0 percentage points of reciprocal tariff impact.”

“Non-GAAP gross margin to be within a range of 40.0% to 43.0%, including approximately 2.0 percentage points of reciprocal tariff impact.”

“GAAP operating expenses to be within a range of $119.0 million to $123.0 million.”

Source: Enphase Energy Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ENPH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Enphase Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Enphase Energy reports a single product line, solar and storage equipment, and splits revenue only by geography. In Q3 2026 the United States brought in $233.5 million of $293.3 million in net revenues and international markets $59.8 million. Enphase shipped about 1.42 million IQ Microinverters (655.2 megawatts DC) and 129.9 MWh of IQ Batteries. (Enphase Energy Q3 2026 release, Oct 27, 2026; Enphase Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Net revenues fell 29% from $410.4 million a year earlier. Enphase attributed the drop to a 33% decrease in IQ Battery MWh shipped, a 22% decrease in microinverter units sold and lower prices. U.S. revenue fell 33%, which the 10-Q puts down mainly to the expiration of the Section 25D residential clean energy tax credit on December 31, 2025. (Enphase Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Part of the revenue is safe harbor sales: microinverter shipments tied to customers' safe harbor transactions were about $85.0 million in Q3 2026, against $70.9 million a year earlier. U.S. sell-through rose 5% from Q2 2026 but was down 35% year over year, and global sell-through rose about 1% sequentially, below the 10% growth Enphase had expected. (Enphase Energy Q3 2026 release, Oct 27, 2026; Enphase Energy Form 10-Q, Q3 2026, Oct 27, 2026)

International revenue was nearly flat. European revenues rose about $6.8 million on demand for IQ Batteries, particularly in the Netherlands, where regulatory changes are pushing buyers toward solar-plus-storage, and on EV charging products, while markets outside Europe declined. (Enphase Energy Form 10-Q, Q3 2026, Oct 27, 2026)

Enphase's sales are concentrated. One customer accounted for about 39% of net revenues in 2025, and the United States was 81% of net revenues that year. (Enphase Energy Form 10-K, 2025, Feb 17, 2026)

Enphase Energy's GAAP diluted EPS was $0.17 in Q3 2026 and non-GAAP diluted EPS $0.41, against $0.50 and $0.90 a year earlier. Non-GAAP figures exclude stock-based compensation, acquisition-related expenses and amortization, restructuring and asset impairment, non-cash interest expense and, in 2026, tariff refunds that relate to earlier periods. (Enphase Energy Q3 2026 release, Oct 27, 2026)

GAAP net income of $23.4 million came despite a pre-tax loss of $3.6 million. Other expense, net was $26.6 million, and Enphase said impairment of investments cut GAAP diluted EPS by $0.15. Enphase recorded a $27.0 million income tax benefit, against a $10.4 million provision a year earlier, and the 10-Q ties that swing mainly to the tax benefit on the impairment of debt securities and lower U.S. profitability. (Enphase Energy Q3 2026 release, Oct 27, 2026; Enphase Energy Form 10-Q, Q3 2026, Oct 27, 2026)

GAAP gross margin was 43.3%, against a non-GAAP 45.0%; reciprocal tariffs cut gross margin by about 1.3 percentage points. Diluted shares were 135,198 thousand, against 132,995 thousand a year earlier. (Enphase Energy Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Enphase Energy gives a numeric outlook for the next quarter in its release. For Q4 2026 it expects revenue of $225.0 million to $255.0 million, including 100 to 120 MWh of IQ Batteries and about $51.2 million of safe harbor revenue, and assumes sell-through down 10% from Q3. It guided GAAP gross margin of 38.0% to 41.0% and non-GAAP gross margin of 40.0% to 43.0%, each including about 2.0 percentage points of reciprocal tariff impact. (Enphase Energy Q3 2026 release, Oct 27, 2026)

The release names headwinds for the core U.S. residential solar market from higher interest rates and the end of the Section 25D credit. For its IQ SST solid-state transformer for AI data centers it expects customer pilots in 2027 and commercial shipments beginning in 2028. (Enphase Energy Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Enphase Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Enphase Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ENPH is on is ENPH a buy or a sell?, what analysts expect next is on the ENPH forecast, and what the company does is on the Enphase Energy (ENPH) stock page.

Every number on this page can be traced to a document Enphase Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.