Enphase Posts EPS of $0.41 and Revenue of $293.3 Million, Missing Estimates
Key Facts
Enphase Energy posted non-GAAP earnings per share of $0.41 in the third quarter of 2026, while revenue reached $293.3 million, according to a headline published by Seeking Alpha. Earnings per share came in $0.09 below analysts’ estimate, and revenue missed estimates by $11.85 million. The company had set a third-quarter revenue range of $290 million to $320 million, including about $75 million in safe-harbor shipments. The reported revenue therefore fell within the company’s prior guidance but below its midpoint. Enphase scheduled a call to discuss the quarter’s results for October 27, 2026, at 4:30 p.m. Eastern Time.
Compared with the previous quarter, the latest revenue was slightly higher than the second-quarter level: the company reported $291.854 million that quarter, versus $282.900 million in the first quarter of 2026. But revenue was below the $363.153 million reported in the second quarter of 2025. In the third quarter of 2025, revenue was $410.4 million, which the company described at the time as its highest level in two years, and diluted non-GAAP EPS was $0.90. The year-over-year comparison shows that the current third-quarter result was below the revenue and earnings-per-share levels in the same period a year earlier. The quarter-over-quarter comparison points to a limited change in total revenue between the two periods.
Safe-harbor revenue was $84.3 million in the second quarter, compared with $34.5 million in the first quarter, according to the company. That figure relates to the second quarter, while third-quarter guidance included about $75 million in safe-harbor shipments. In the second quarter, U.S. revenue fell about 3% from the previous quarter, while revenue in Europe rose about 35%. Enphase shipped 113.8 megawatt-hours of IQ batteries in the second quarter, versus 103.1 megawatt-hours in the first quarter. These figures show differing revenue trends across markets and battery activity ahead of the quarter for which the company reported results.
Non-GAAP gross margin was 46.8% in the second quarter, up from 43.9% in the first quarter, the company said. It said reciprocal tariffs reduced the margin by about two percentage points in the second quarter. In a letter dated January 2026, it also said the 30% federal residential clean energy tax credit ended on December 31, 2025, and that cash and loan buyers would no longer receive it starting in 2026, which it said would reduce near-term demand. In the same letter, the company tied its target for quarterly operating expenses of between $70 million and $75 million starting in the third quarter to slower near-term revenue growth. The company ended the second quarter with $937.7 million in cash, cash equivalents and marketable securities.
Enphase shares closed at $30.36 on October 26, 2026, according to EL7 data. The results call was scheduled for the following day, October 27, at 4:30 p.m. Eastern Time. The call gives the company an opportunity to present details of the quarter’s results and discuss the guidance it announced for the period before the figures were released.