Enphase Energy, Inc. (ENPH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 102.87M | 47.58M | 13.92M | 26.63M | 48.41M | 167.29M | 170.14M | 127.06M | 49.2M | 35.45M | 145.85M | 269.24M | 246.23M | 253.71M | 188.01M | 200.65M | 102.44M | 97.17M | 113.35M | 65.66M |
| Operating CF Margin % | 36.36% | 13.86% | 3.39% | 7.33% | 13.6% | 43.71% | 44.67% | 41.87% | 18.68% | 11.72% | 26.47% | 37.86% | 33.92% | 35.01% | 29.62% | 37.84% | 23.21% | 23.54% | 32.25% | 20.77% |
| Operating CF Growth % | 112.48% | -71.56% | -91.82% | -79.04% | -1.6% | 371.91% | 16.65% | -52.81% | -80.02% | -86.03% | -22.42% | 34.19% | 140.36% | 161.1% | 65.86% | 205.59% | 35.08% | 15.43% | 67.93% | 158.19% |
| Net Income | -7.41M | 38.71M | 66.64M | 37.05M | 29.73M | 62.16M | 45.76M | 10.83M | -16.1M | 20.92M | 113.95M | 157.19M | 146.87M | 153.75M | 114.81M | 76.98M | 51.82M | 52.59M | 21.81M | 39.35M |
| Depreciation & Amortization | 25.92M | 19.96M | 20.22M | 20.09M | 23.43M | 20.66M | 20.1M | 20.48M | 20.14M | 20.84M | 19.45M | 17.83M | 16.59M | 16.01M | 11.96M | 15.25M | 15.56M | 10.97M | 8.31M | 7.6M |
| Stock-Based Compensation | 48.99M | 53.09M | 51.47M | 53.9M | 55.63M | 0 | 45.94M | 52.76M | 60.83M | 55.22M | 43.81M | 54.17M | 59.66M | 63.65M | 0 | 0 | 0 | 37.18M | 0 | 15.31M |
| Deferred Taxes | -3.13M | -1.05M | -1.83M | 403K | 8.56M | -30.68M | -5.28M | -14.08M | -8.29M | -5.05M | -11.5M | -10.62M | -16.18M | -12.1M | 115K | 12.45M | 3.17M | -2.45M | 1.34M | 5.24M |
| Other Non-Cash Items | 38.49M | -1.94M | 3.21M | 10.73M | 1.45M | 49.74M | 20.28M | 11.2M | 4.22M | 6.08M | 6.85M | -9.36M | -7.08M | -2.92M | 55.85M | 55.31M | 51.04M | 6.04M | 58.78M | 11.64M |
| Working Capital Changes | 0 | -61.19M | -125.79M | -95.53M | -70.38M | 65.4M | 43.33M | 45.87M | -11.6M | -62.56M | -26.71M | 60.03M | 46.37M | 35.33M | 5.27M | 40.67M | -19.14M | -7.16M | 23.12M | -13.48M |
| Change in Receivables | 41.55M | 51.38M | -57.98M | 8.68M | 1.76M | 2.68M | 49.41M | 82.18M | 77.36M | 105.77M | -34.75M | -3.97M | -79.53M | -88.88M | -46.23M | 51.77M | -24.22M | -58.09M | 5.46M | -44.81M |
| Change in Inventory | -2.65M | -99.39M | -15.64M | -28.99M | 20.98M | -6.17M | 17.23M | 31.82M | 5.7M | -39.48M | -8M | -15.55M | -855K | -3.22M | -16.18M | -33.83M | -22.04M | -5.62M | -27.65M | -2.88M |
| Change in Payables | -118.13M | 22.2M | 25.49M | 37.21M | 54.23M | -27.4M | 32.09M | -23.94M | -66.28M | -139.28M | 9.9M | 38.83M | 82.54M | 91.13M | 32.06M | 12.03M | -1.8M | 45.4M | 24.9M | 10.51M |
| Cash from Investing | 576.38M | 23.51M | 21.41M | -51.19M | 113.06M | 250.64M | -112.48M | -27.63M | 17.73M | 76.04M | -14.81M | -64.05M | -363.53M | -118.13M | -338M | 44.49M | 39.73M | -556.52M | -536.42M | -36.43M |
| Capital Expenditures | -19.9M | -9.74M | -8.03M | -8.26M | -14.61M | -8.06M | -8.53M | -9.64M | -7.37M | -20.07M | -23.85M | -44M | -22.48M | -16.43M | -8.95M | -8.69M | -12.38M | -13.21M | -12.93M | -16.43M |
| CapEx % of Revenue | 7.03% | 2.84% | 1.96% | 2.27% | 4.1% | 2.11% | 2.24% | 3.18% | 2.8% | 6.63% | 4.33% | 6.19% | 3.1% | 2.27% | 1.41% | 1.64% | 2.8% | 3.2% | 3.68% | 5.2% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -96.11M | -15M | 20.05M | 0 | -34.48M | 0 | -3.06M | -24.63M | -180.41M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1M | -5M | -48.5M | 0 | -6.9M | 0 | 0 | 0 | 0 | 96.11M | 0 | -20.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -651.19M | 1.78M | -1.68M | -27.55M | -214.18M | -202.73M | -56.07M | -100.61M | -100.85M | -114.99M | -117.75M | -212.23M | -71.81M | -3.01M | -3.9M | -1.28M | -8.94M | -306.23M | -3.27M | -205.76M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -102.17M | 0 | -5K | 0 | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.21M | -3.08M | -1.29M |
| Equity Issued (Net) | 0 | 3.16M | -1.68M | -24.69M | -99.96M | -194.95M | -49.79M | -99.91M | -42M | -86.13M | -110M | -200M | 0 | 5.09M | 693K | 13.53M | -8.94M | -300M | -20.27M | -196.57M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.68M | -29.99M | -99.96M | -199.67M | -49.79M | -99.91M | -42M | -100M | -110M | -200M | 0 | 0 | 0 | 0 | 0 | -300M | 0 | -200M |
| Other Financing | -651.19M | -1.37M | 0 | -2.86M | -12.04M | -7.79M | -6.27M | -704K | -58.86M | -28.86M | -7.75M | -12.23M | -71.81M | -8.1M | -4.59M | -14.81M | 0 | -5.03M | 20.07M | -7.89M |
| Net Change in Cash | 23.23M | 72.44M | 31.34M | -44.55M | -49.03M | 207.79M | 4.22M | -1.55M | -35.1M | -1.33M | 11.4M | -7.37M | -187.2M | 135.66M | -157.89M | 243.62M | 132.53M | -766.23M | -426.71M | -176.75M |
| Free Cash Flow | 82.97M | 37.84M | 5.89M | 18.37M | 33.81M | 159.23M | 161.6M | 117.43M | 41.83M | 15.38M | 122.01M | 225.24M | 223.76M | 237.28M | 179.06M | 191.96M | 90.07M | 83.97M | 100.67M | 49.23M |
| FCF Margin % | 29.33% | 11.02% | 1.43% | 5.06% | 9.49% | 41.61% | 42.43% | 38.7% | 15.88% | 5.08% | 22.14% | 31.67% | 30.82% | 32.74% | 28.21% | 36.21% | 20.41% | 20.34% | 28.64% | 15.58% |
| FCF Growth % | 145.44% | -76.24% | -96.36% | -84.36% | -19.18% | 935.63% | 32.46% | -47.87% | -81.31% | -93.52% | -31.86% | 17.34% | 148.43% | 182.6% | 77.87% | 289.91% | 36.67% | 11.46% | 58.29% | 134.66% |
| FCF per Share | 0.63 | 0.28 | 0.04 | 0.14 | 0.25 | 1.15 | 1.16 | 0.86 | 0.31 | 0.11 | 0.85 | 1.55 | 1.53 | 1.62 | 1.23 | 1.34 | 0.62 | 0.59 | 0.71 | 0.35 |
| FCF Conversion (FCF/Net Income) | -13.89x | 1.23x | 0.21x | 0.72x | 1.63x | 2.69x | 3.72x | 11.73x | -3.06x | 1.69x | 1.28x | 1.71x | 1.68x | 1.65x | 1.64x | 2.61x | 1.98x | 1.85x | 5.20x | 1.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |