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How Enphase Energy, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.5B · 100%Cost of revenue$786M · 53%Gross profit$687M · 47%Operating income$158M · 11%Income before tax$205M · 14%Income tax$32.7M · 2%Net income$172M · 12%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.5B100%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
Cost of revenue$786M53%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
$687M47%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
$158M11%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
Income before tax$205M14%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
Income tax$32.7M2%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
$172M12%
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001463101-26-000013 · filed Feb 17, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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