Enphase Energy Q2 2026: Revenue Hits $291.9M, Non-GAAP EPS $0.46, Q3 Guidance Set at $290M–$320M
ENPH sits 43% above its 52-week low of $25.775.
Summary
Enphase Energy posted Q2 2026 revenue of $291.9 million and non-GAAP EPS of $0.46, with gross margins improving sequentially. Q3 guidance points to a continued recovery, and the company highlighted progress on next-gen products including the IQ SST for AI data centers.
Key Events · Earnings and Guidance · ENPH
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Q2 Revenue and Earnings Beat
Revenue reached $291.9M, up 3% sequentially, with non-GAAP EPS of $0.46 compared to $0.47 in Q1. GAAP net income of $36.1M includes a $45.4M benefit from tariff refunds.
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Gross Margin Recovery
Non-GAAP gross margin improved to 46.8% from 43.9% in Q1, driven by higher safe harbor revenue and a lower tariff impact of 2.0pp versus 4.3pp in the prior quarter.
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Q3 Guidance Shows Stability
Revenue guidance is set at $290M–$320M, with non-GAAP gross margin of 44%–47%, including approximately $75M in safe harbor shipments and a roughly 2pp tariff headwind.
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Strong Balance Sheet
The quarter ended with $937.7M in cash and marketable securities, free cash flow of $25.9M, and $52M received in CBP tariff refunds.
Analysis · ENPH · Manufacturing
A solid second quarter for Enphase Energy saw revenue climb 3% sequentially to $291.9 million, while non-GAAP EPS came in at $0.46—just shy of the prior quarter's $0.47 on a slightly higher share count. The standout was a one-time $45.4 million tariff refund that lifted GAAP gross margin to 60%, but even without that boost, non-GAAP gross margin expanded to 46.8% from 43.9% in Q1, thanks to higher safe harbor revenue and easing tariff headwinds. Free cash flow reached $25.9 million, and the company ended the period with $937.7 million in cash, providing ample liquidity. Looking ahead, third-quarter guidance calls for revenue of $290 million to $320 million and a non-GAAP gross margin of 44% to 47%, reflecting continued safe harbor shipments and lingering tariff impacts. The product pipeline remains robust: the IQ9N microinverter launched globally, the IQ9S-3P commercial microinverter began shipments, and the IQ SST solid-state transformer for AI data centers is advancing with a multi-gigawatt opportunity pipeline. Additionally, the IQ Battery G5 and bidirectional EV charger were showcased, signaling future growth vectors. While the tariff refund is non-recurring, the underlying business is stabilizing after a tough Q1, and the strong balance sheet supports ongoing R&D investments.
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At the time of this filing, ENPH was trading at $36.93 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $4.8B. The 52-week trading range was $25.78 to $73.74. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.