The strong Q4 beat is overshadowed by margin headwinds in Q1 2026 from the tax credit sale. Traders should monitor whether management provides updated guidance that accounts for this margin impact.
Price Chart
Executive Summary
Enphase Energy reported Q4 2025 earnings with revenue of $343.3M and non-GAAP EPS of $0.71, both beating consensus, but announced a tax credit sale that will reduce GAAP gross margin in Q1 2026 by 6.7 percentage points. The earnings beat is offset by forward-looking margin headwinds.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $343.3M, beating consensus of $282.6M
- Non-GAAP EPS was $0.71, significantly beating consensus of $0.45
- GAAP gross margin was 44.3%, non-GAAP was 46.1%
- Company sold $235M in tax credits for $218.55M (93% of face value)
- This tax credit sale will reduce Q1 2026 GAAP gross margin by 6.7 percentage points
Financial Impact
Revenue beat by $60.7M and EPS beat by $0.26, but Q1 2026 margin headwinds from tax credit sale
Risk Factors
- Q1 2026 GAAP gross margin will be reduced by 6.7 percentage points due to tax credit sale
- Revenue guidance for Q1 2026 ($270-300M) is below Q4 2025 actuals, suggesting continued softness
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001463101-26-000037 |
| Document: 0001463101-26-000037-index-headers.html | 0001463101-26-000037 |
| Document: 0001463101-26-000037-index.html | 0001463101-26-000037 |
| Document: 0001463101-26-000037.txt | 0001463101-26-000037 |
| 8-K Data (Synthetic) | 0001463101-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $42.30 $36.62 | ▼ −13.42% | ▼ −12.36% | $33.47 (−20.87%) |
Jul 7, 2026 12w ago | Press Release | $42.99 $39.35 | ▼ −8.47% | ▼ −9.80% | $33.47 (−22.14%) |
Jun 16, 2026 15w ago | 3/A | $50.26 $44.99 | ▼ −10.50% | ▼ −10.70% | $33.47 (−33.41%) |
Jun 15, 2026 15w ago | 3 | $50.26 $44.99 | ▼ −10.50% | ▼ −10.70% | $33.47 (−33.41%) |
Jun 4, 2026 17w ago | Insider Cluster | $56.07 $44.55 | ▼ −20.55% | ▼ −22.41% | $33.47 (−40.31%) |
May 26, 2026 18w ago | Insider Cluster | $70.23 $47.82 | ▼ −31.91% | ▼ −29.62% | $33.47 (−52.34%) |
Apr 7, 2026 25w ago | Press Release | $31.98 $32.54 | ▲ +1.74% | ▼ −8.04% | $33.47 (+4.65%) |
Apr 6, 2026 25w ago | 8-K | $31.98 $32.54 | ▲ +1.74% | ▼ −8.04% | $33.47 (+4.65%) |
Apr 1, 2026 26w ago | DEFA14A | $34.86 $32.96 | ▼ −5.46% | ▼ −15.33% | $33.47 (−3.99%) |
Feb 28, 2026 30w ago | Institutional Cluster | $44.59 $35.58 | ▼ −20.21% | ▼ −12.27% | $33.47 (−24.94%) |
US Market Status
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