Enphase Energy annual operating margin
2017
2019
2020
2021
2022
2023
2024
2025
Enphase Energy Operating Margin Growth & History (ENPH)
Enphase Energy's operating margin was 10.69% for fiscal 2025.
View full Enphase Energy company overviewEnphase Energy annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 10.69% | +4.88 pp |
| 2024 | 2024-12-31 | 5.81% | −13.65 pp |
| 2023 | 2023-12-31 | 19.46% | +0.23 pp |
| 2022 | 2022-12-31 | 19.23% | +3.61 pp |
| 2021 | 2021-12-31 | 15.62% | −8.46 pp |
| 2020 | 2020-12-31 | 24.07% | +7.62 pp |
| 2019 | 2019-12-31 | 16.45% | +30.21 pp |
| 2017 | 2017-12-31 | −13.76% | — |
Enphase Energy quarterly operating margin
Q3.14
Q1.15
Q2.15
Q3.15
Q1.16
Q2.16
Q3.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q1 2026 | 2026-03-31 | −10.48% | −19.44 pp |
| Q4 2025 | 2025-12-31 | 6.54% | −7.78 pp |
| Q3 2025 | 2025-09-30 | 16.12% | +3.05 pp |
| Q2 2025 | 2025-06-30 | 10.19% | +9.60 pp |
| Q1 2025 | 2025-03-31 | 8.96% | +20.01 pp |
| Q4 2024 | 2024-12-31 | 14.32% | +17.70 pp |
| Q3 2024 | 2024-09-30 | 13.07% | −8.34 pp |
| Q2 2024 | 2024-06-30 | 0.59% | −23.36 pp |
| Q1 2024 | 2024-03-31 | −11.05% | −34.14 pp |
| Q4 2023 | 2023-12-31 | −3.38% | −25.04 pp |
| Q3 2023 | 2023-09-30 | 21.41% | +0.07 pp |
| Q2 2023 | 2023-06-30 | 23.95% | +6.21 pp |
| Q1 2023 | 2023-03-31 | 23.09% | +9.08 pp |
| Q4 2022 | 2022-12-31 | 21.66% | +7.68 pp |
| Q3 2022 | 2022-09-30 | 21.34% | +10.71 pp |
| Q2 2022 | 2022-06-30 | 17.74% | −1.06 pp |
| Q1 2022 | 2022-03-31 | 14.01% | −6.33 pp |
| Q4 2021 | 2021-12-31 | 13.98% | −15.89 pp |
| Q3 2021 | 2021-09-30 | 10.63% | −18.37 pp |
| Q2 2021 | 2021-06-30 | 18.79% | +10.15 pp |
| Q1 2021 | 2021-03-31 | 20.34% | −1.41 pp |
| Q4 2020 | 2020-12-31 | 29.87% | +8.71 pp |
| Q3 2020 | 2020-09-30 | 29.00% | +10.28 pp |
| Q2 2020 | 2020-06-30 | 8.65% | −4.37 pp |
| Q1 2020 | 2020-03-31 | 21.75% | +14.63 pp |
| Q4 2019 | 2019-12-31 | 21.16% | +21.64 pp |
| Q3 2019 | 2019-09-30 | 18.72% | +19.45 pp |
| Q2 2019 | 2019-06-30 | 13.01% | +16.55 pp |
| Q1 2019 | 2019-03-31 | 7.12% | +9.80 pp |
| Q3 2018 | 2018-09-30 | −0.48% | +7.18 pp |
| Q2 2018 | 2018-06-30 | −0.74% | +11.64 pp |
| Q1 2018 | 2018-03-31 | −3.54% | +36.82 pp |
| Q4 2017 | 2017-12-31 | −2.68% | +17.31 pp |
| Q3 2017 | 2017-09-30 | −7.66% | +12.28 pp |
| Q2 2017 | 2017-06-30 | −12.38% | +17.39 pp |
| Q1 2017 | 2017-03-31 | −40.36% | −42.08 pp |
| Q3 2016 | 2016-09-30 | −19.99% | −19.63 pp |
| Q2 2016 | 2016-06-30 | −19.94% | −13.54 pp |
| Q1 2016 | 2016-03-31 | −29.77% | −31.68 pp |
| Q3 2015 | 2015-09-30 | 1.73% | — |
| Q2 2015 | 2015-06-30 | −0.36% | — |
| Q1 2015 | 2015-03-31 | −6.40% | — |
| Q3 2014 | 2014-09-30 | 1.91% | — |
Enphase Energy operating margin trends
Over the last five reported fiscal years, Enphase Energy's operating margin decreased from 24.07% to 10.69%, a change of −13.38 percentage points. The latest reported quarter, Q1 2026, shows −10.48%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Enphase Energy filings at SEC.gov ↗