Enphase Energy Inc.: Miss — EPS $0.41, Revenue $293.33M
Earnings MissQ3 2026 · After-market
Did Enphase Energy Inc. (ENPH) beat earnings today?
No, Enphase Energy Inc. (ENPH) missed Wall Street analyst expectations for Q3 2026, reporting lower-than-expected EPS and lower-than-expected revenue.
Earnings Per Share-18.00% surprise
$0.41Actual
Expected: $0.50
vs. year ago -54.4%
Total Revenue-3.87% surprise
$293.33MActual
Expected: $305.15M
vs. year ago -28.5%
Released Oct 27 · 4:05 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $293.33M | $410.43M | -28.5% |
| GAAP Net Income | $23.39M | $66.64M | -64.9% |
| Non-GAAP Net Income | $54.00M | $117.30M | -54.0% |
| GAAP Basic EPS | $0.18 | $0.51 | -64.7% |
| GAAP Diluted EPS | $0.17 | $0.50 | -66.0% |
| Non-GAAP Basic EPS | $0.41 | $0.90 | -54.4% |
| Non-GAAP Diluted EPS | $0.41 | $0.90 | -54.4% |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | Full Year Outlook |
|---|---|---|
| Revenue | $225.0M-$255.0M | — |
| IQ Batteries | 100-120 MWh | — |
| Safe Harbor Revenue | ~$51.2M | — |
| Sell-through | -10% QoQ | — |
| GAAP Gross Margin | 38.0%-41.0% (~2.0 percentage points reciprocal tariff impact) | — |
| Non-GAAP Gross Margin | 40.0%-43.0% (~2.0 percentage points reciprocal tariff impact) | — |
| GAAP Operating Expenses | $119.0M-$123.0M | — |
| Non-GAAP Operating Expenses | $76.0M-$80.0M | — |
| Stock-based Compensation and Acquisition Related Amortization | $43.0M | — |
Business Highlights
- ➤Demonstrated 13.8 kV AC to 800 VDC conversion using IQ SST in Austin.
- ➤Developing IQ SST solutions with two global technology leaders for AI data centers.
- ➤IQ SST customer and partner pipeline more than doubled to over 50.
- ➤Engaged with a leading hyperscaler and a global AI computing leader.
- ➤Targets IQ SST validation at 34.5 kV and megawatt-scale demonstration by end-2026.
- ➤Remains on track for IQ SST customer pilots in 2027 and commercial shipments in 2028.
- ➤Deployed Infineon’s 900 V GaN monolithic bidirectional switch devices in IQ SST modules.
- ➤Announced ISO 15118-20 support for IQ EV Charger 2 beginning in 2027.
- ➤Began production shipments of IQ Gateway Fusion in India.
- ➤IQ Meter Collar gained behind-the-meter approval from 80 utilities in the U.S. and Canada.
- ➤Opened U.S. pre-orders for the IQ Battery C80 commercial storage system.
- ➤Made the Enphase AI Assistant available in the Enphase App for homeowners.
- ➤More than 7,500 homeowners enrolled in Enphase Care premium support.
- ➤Expanded U.S. and Canadian support for adding IQ Battery 10C to non-Enphase solar systems.