Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Snapshot
Enphase Energy, Inc.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+1.6%Compound growth, FY2021 to FY2025
Gross profit
+5.5%Compound growth, FY2021 to FY2025
Operating Income
-7.6%Compound growth, FY2021 to FY2025
Net income
+4.3%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
Enphase Energy, Inc. headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for Enphase Energy, Inc., from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
Enphase Energy, Inc. expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for Enphase Energy, Inc..
Margins
How much of Enphase Energy, Inc.'s revenue survives through gross profit, operating income, and net income.
Gross margin
+652 bpsFY2025, versus FY2021
Operating Margin
-492 bpsFY2025, versus FY2021
Net income margin
+116 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
Enphase Energy, Inc. margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of Enphase Energy, Inc.'s statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
Enphase Energy, Inc. year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the five-year period analyzed, Enphase Energy, Inc. shows considerable volatility in its financial performance. From 2021 to 2022, revenue jumped from about USD 1,382 million to roughly USD 2,331 million—a dramatic increase of nearly 68%—with gross profit rising from approximately USD 554 million to USD 975 million. Operating income nearly doubled from USD 216 million to USD 448 million, and net income similarly increased from USD 145 million to about USD 397 million. These robust gains in 2022 likely reflect favorable market conditions and operational scaling, aligning with the dynamic nature of the solar and renewable energy sector, where increased adoption and supportive policies can rapidly drive growth. However, the performance trajectory shifts in subsequent years. In 2023, revenue and operating income marginally decreased from the previous year (a slight contraction from USD 2,331 million to USD 2,291 million in revenue and a small decline in operating income), even though net income saw a moderate increase to approximately USD 439 million. A notable swing occurred in 2024, when revenue declined by roughly 42% compared to 2023 (to about USD 1,330 million), and operating income took a significant hit, plummeting from around USD 446 million to just USD 77 million—exceeding a 20% drop and signaling possible challenges such as margin pressures, cost escalations, or reduced sales volumes. In 2025, while there is a partial recovery with revenue at about USD 1,473 million and operating income improving to USD 158 million, margins remain lower than in the high-growth period. Overall, while the early years displayed strong growth indicative of a healthy expansion phase, the later swings suggest that Enphase’s financial performance is subject to considerable variability, warranting close monitoring of cost management and revenue drivers to ensure long-term sustainability.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
