Enphase Energy Q2 revenue slightly beats estimates, adjusted EPS in line
Enphase Energy Q2 revenue slightly beats estimates, adjusted EPS in line
Overview
Solar microinverter maker's Q2 revenue slightly beat analyst expectations, adjusted EPS met consensus
Adjusted net income for Q2 missed analyst expectations
Company reported U.S. revenue down 3% and Europe revenue up 35% yr/yr
Outlook
Enphase Energy sees Q3 2026 revenue between $290 mln and $320 mln
Company expects Q3 GAAP gross margin of 42% to 45%, including 2 percentage points tariff impact
Enphase Energy expects Q3 non-GAAP operating expenses of $76 mln to $80 mln
Result Drivers
SAFE HARBOR REVENUE - Q2 revenue included $84.3 mln from safe harbor shipments, up from $34.5 mln in Q1
TARIFF REFUNDS - U.S. Customs tariff refunds increased GAAP gross profit by $45.4 mln, boosting GAAP gross margin by 15.6 percentage points
EUROPEAN GROWTH, U.S. DECLINE - Revenue in the United States decreased approximately 3%, while revenue in Europe increased approximately 35%
Company press release: ID:nGNX8SlBRm
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Slight Beat* | $291.90 mln | $289.89 mln (21 Analysts) |
Q2 Adjusted EPS | Meet | $0.46 | $0.46 (21 Analysts) |
Q2 EPS |
| $0.27 |
|
Q2 Adjusted Net Income | Miss | $61.5 mln | $66.14 mln (15 Analysts) |
Q2 Net Income |
| $36.1 mln |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 11 "strong buy" or "buy", 20 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy."
Wall Street's median 12-month price target for Enphase Energy Inc is $48.00, about 26.3% above its July 27 closing price of $38.01
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 16 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)