Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Enphase Earnings: Inventory Destocking Hits Short-Term Results, but Long-Term Risks Also Brew

Joshua Aguilar , Francis Petropoulos

Apr 29, 2026

Enphase Energy's first-quarter revenue declined nearly 21% year on year to $282.9 million, while non-GAAP gross margin of 43.9% declined 500 basis points year on year. Management set second-quarter revenue guidance of $295 million and non-GAAP gross margin of 45.5% at the midpoint.

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Enphase Energy Inc

Enphase Earnings: Inventory Destocking Hits Short-Term Results, but Long-Term Risks Also Brew

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