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Enphase Energy Posts $291.9M Q2 Revenue, Down 20% YoY, but Swings to Profit on Tariff Refund

Enphase Energy reported Q2 revenue of $291.9 million. Adjusted EPS of $0.46 matched Wall Street estimates, and a $52 million refund from U.S. customs authorities helped the company swing to profit. As of July 29, shares were down 4.45% at $36.32.

Justin Jeon·July 29, 2026 at 07:11·4 min read

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AIKey Summary

Enphase Energy's Q2 revenue fell 20% YoY to $291.9 million
A one-time tariff refund drove the profit swing, but adjusted net income fell and shares dropped 4.45%

According to an SEC Form 8-K filed on July 28 (local time), Enphase Energy reported second-quarter revenue of $291.9 million, with adjusted earnings per share of $0.46 — exactly matching the Wall Street consensus estimate of $0.46.

📊 Stock Price at Time of Writing (July 29, 2026, 07:07 KST)
$36.32 ▼ -4.45%

Earnings at a Glance

Revenue rose 3% quarter-over-quarter but fell 20% year-over-year. U.S. revenue declined 3%, while European revenue jumped 35%. After posting a $7.4 million net loss in the first quarter, the company returned to profitability this quarter, helped significantly by a refund from U.S. customs authorities.

Revenue: $291.9 million, down 20% year-over-year, up 3% quarter-over-quarter
Adjusted earnings per share (EPS): $0.46, matching the Wall Street estimate of $0.46
GAAP operating income: $51.5 million; adjusted operating income: $56.7 million
GAAP net income: $36.1 million; adjusted net income: $61.5 million
Shipments: approximately 1.59 million microinverters (725.2 megawatts); batteries: 113.8 megawatt-hours (MWh)

Market Reaction

Media outlets noted that the improved results were driven largely by one-time gains. During the second quarter, Enphase received a $41 million refund from U.S. Customs and Border Protection (CBP), followed by an additional $11 million after the quarter ended — bringing the total to $52 million reflected in the results. Of that, $45.4 million was recorded as gross profit, boosting the GAAP gross margin by 15.6 percentage points. The company also said it is accelerating development of its new 'IQ SST' power equipment for AI data centers. As of 7:07 a.m. KST on July 29, shares were trading at $36.32, down 4.45% from the previous close.

Related Stocks & ETFs

Enphase Energy (Nasdaq: ENPH) — a U.S. energy technology company that makes solar microinverters and home battery storage systems.

This article was automatically generated based on the original SEC Form 8-K filing and media reports, with the goal of quickly delivering key data immediately after the announcement. Readers are advised to review the company's official filings before making trading decisions. Stock prices reflect the time of writing and may differ from current prices.

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Frequently Asked Questions

Did Enphase Energy's Q2 revenue increase or decrease?

It rose 3% quarter-over-quarter but fell 20% year-over-year. Q2 revenue was $291.9 million, down from $363.15 million in the same period last year.

What is adjusted earnings per share (EPS)?

It refers to a company's per-share earnings excluding one-time costs or gains. This quarter's adjusted EPS was $0.46, exactly matching the Wall Street estimate.

Why did the company return to net profit this quarter?

A $52 million refund from U.S. customs authorities played a major role. Of that, $45.4 million was recorded as gross profit, lifting the GAAP gross margin by 15.6 percentage points.

How did the stock react after the earnings report?

As of 7:07 a.m. KST on July 29, shares were trading at $36.32, down 4.45% from the previous close.