Enphase Energy, Inc. Segments Disclosure
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Net revenues | $ | 1,472,985 | $ | 1,330,383 | $ | 2,290,786 | |||||||||||
| Less: | |||||||||||||||||
Other cost of revenues(1) | 1,001,169 | 836,776 | 1,264,931 | ||||||||||||||
| Income-based government grants | (238,725) | (157,538) | (53,470) | ||||||||||||||
| Stock-based compensation expense | 214,090 | 211,360 | 212,857 | ||||||||||||||
| Acquisition related amortization | 17,866 | 20,380 | 22,897 | ||||||||||||||
Other restructuring and asset impairment charges(2) | 6,543 | 12,887 | 15,684 | ||||||||||||||
Other research and development(3) | 106,238 | 115,814 | 138,969 | ||||||||||||||
Other sales and marketing(4) | 122,762 | 128,549 | 150,772 | ||||||||||||||
Other general and administrative(5) | 85,516 | 84,863 | 92,405 | ||||||||||||||
| Income from operations | 157,526 | 77,292 | 445,741 | ||||||||||||||
| Total other income, net | 47,288 | 42,867 | 67,398 | ||||||||||||||
| Income from income taxes | 204,814 | 120,159 | 513,139 | ||||||||||||||
| Income tax provision | (32,681) | (17,501) | (74,203) | ||||||||||||||
| Net Income | $ | 172,133 | $ | 102,658 | $ | 438,936 | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In thousands) | |||||||||||
| United States | $ | 103,186 | $ | 103,823 | |||||||
| India | 14,261 | 18,153 | |||||||||
| China | 10,384 | 11,619 | |||||||||
| New Zealand | 5,462 | 6,775 | |||||||||
| Mexico | 1,567 | 4,418 | |||||||||
| Others | 1,944 | 2,726 | |||||||||
| Total | $ | 136,804 | $ | 147,514 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Apr 2, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Mar 1, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.