Enphase Energy, Inc. (ENPH) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
ENPH Revenue Growth
Revenue Breakdown (FY 2025)
ENPH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
ENPH Revenue Analysis (2014–2025)
As of May 8, 2026, Enphase Energy, Inc. (ENPH) generated trailing twelve-month (TTM) revenue of $1.40 billion, reflecting significant decline in growth of -20.6% year-over-year. The most recent quarter (Q1 2026) recorded $282.9 million in revenue, down 17.6% sequentially.
Looking at the longer-term picture, ENPH's 5-year compound annual growth rate (CAGR) stands at +13.7%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.33 billion in 2022.
Revenue diversification analysis shows ENPH's business is primarily driven by Reportable Segment (100%). With over half of revenue concentrated in Reportable Segment, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including SEDG (+39.2% YoY), FSLR (+27.3% YoY), and ARRY (+13.2% YoY), ENPH has underperformed the peer group in terms of revenue growth. Compare ENPH vs SEDG →
ENPH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ENPHCurrent | $1.4B | -20.6% | +13.7% | 11.2% | |
 SEDG | $1.2B | +39.2% | -4.1% | -24.1% | |
 FSLR | $5.2B | +27.3% | +14.0% | 32.3% | |
 ARRY | $1.3B | +13.2% | +8.0% | 6.6% | |
 SHLS | $475M | +37.8% | +22.0% | 11.9% | |
 GTLS | $4.3B | +2.5% | +29.4% | 15.2% |
ENPH Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.47B | +10.7% | $687.0M | 46.6% | $164.7M | 11.2% |
| 2024 | $1.33B | -41.9% | $629.1M | 47.3% | $77.3M | 5.8% |
| 2023 | $2.29B | -1.7% | $1.06B | 46.2% | $445.7M | 19.5% |
| 2022 | $2.33B | +68.7% | $974.6M | 41.8% | $448.3M | 19.2% |
| 2021 | $1.38B | +78.5% | $554.4M | 40.1% | $215.8M | 15.6% |
| 2020 | $774.4M | +24.0% | $346.0M | 44.7% | $186.4M | 24.1% |
| 2019 | $624.3M | +97.5% | $221.2M | 35.4% | $102.7M | 16.5% |
| 2018 | $316.2M | +10.5% | $94.4M | 29.9% | $1.6M | 0.5% |
| 2017 | $286.2M | -11.3% | $56.0M | 19.6% | $-39,378,000 | -13.8% |
| 2016 | $322.6M | -9.7% | $58.0M | 18.0% | $-62,700,000 | -19.4% |
See ENPH's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs ENPH Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare ENPH vs SOC
Side-by-side business, growth, and profitability comparison vs Sable Offshore Corp..
Start ComparisonENPH — Frequently Asked Questions
Quick answers to the most common questions about buying ENPH stock.
Is ENPH's revenue growth accelerating or slowing?
ENPH revenue declined -20.6% year-over-year, contrasting with the 5-year CAGR of +13.7%. TTM revenue fell to $1.4B. This reverses the prior growth trend.
What is ENPH's long-term revenue growth rate?
Enphase Energy, Inc.'s 5-year revenue CAGR of +13.7% reflects the variable expansion pattern. Current YoY growth of -20.6% is below this long-term average.
How is ENPH's revenue distributed by segment?
ENPH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.