Enphase Energy (ENPH) Operating Margin (2011 - 2026)
Enphase Energy (ENPH) posted quarterly Operating Margin of 17.65% for Q2 2026, up 746.0% year-over-year from 2.09% in Q2 2025, and up 268.47% quarter-over-quarter from 10.48% in Q1 2026.
Enphase Energy (ENPH) Operating Margin (2011 - 2026) Analysis & Trends
Enphase Energy's Operating Margin history runs 16 years deep, the most recent figure standing at 17.65% for Q2 2026.
- In Q2 2026, Operating Margin rose 746.0% year-over-year to 17.65%; the TTM figure through Jun 2026 stood at 8.32% (down 339.0% YoY), while the FY2025 annual figure was 10.69%, up 488.0% from the prior year.
- Operating Margin for Q2 2026 stood at 17.65%, up from 10.48% in the prior quarter.
- The five-year high for Operating Margin was 23.95% in Q2 2023, with the low at 11.05% in Q1 2024.
- The 5-year median for Operating Margin is 14.16% (2024), against an average of 11.43%.
- The sharpest annual moves came in 2024 and 2025: Operating Margin sank 3414 bps in 2024, then surged 2001 bps in 2025.
- Enphase Energy's Operating Margin stood at 21.66% in 2022, then slumped by 116 bps to 3.38% in 2023, then jumped by 523 bps to 14.32% in 2024, then slumped by 54 bps to 6.54% in 2025, then soared by 170 bps to 17.65% in 2026.
- Business Quant data shows ENPH's Operating Margin at 17.65% in Q2 2026, 10.48% in Q1 2026, and 6.54% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | First Solar | 23.03 Bn | 21.30 Bn | 605.00 Mn | 42.64% |
| 2 | Nextpower | 13.25 Bn | 12.03 Bn | 335.85 Mn | 20.41% |
| 3 | Enphase Energy | 5.07 Bn | 4.13 Bn | 175.01 Mn | 17.65% |
| 4 | Sunrun | 2.24 Bn | 2.24 Bn | 527.54 Mn | 4.00% |
| 5 | Solaredge Technologies | 1.89 Bn | 1.31 Bn | 95.15 Mn | -4.63% |
| 6 | Shoals Technologies | 1.24 Bn | 1.22 Bn | 49.53 Mn | 11.46% |
| 7 | Canadian Solar | 991.33 Mn | -596.96 Mn | 124.40 Mn | -5.26% |
| 8 | JinkoSolar Holding | 831.90 Mn | -2.48 Bn | 147.66 Mn | -4.80% |
| 9 | Array Technologies | 727.79 Mn | 420.48 Mn | 99.60 Mn | 10.16% |
| 10 | Toyo | 170.12 Mn | 93.48 Mn | 47.76 Mn | 25.40% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 17.65% |
| Mar 31, 2026 | -10.48% |
| Dec 31, 2025 | 6.54% |
| Sep 30, 2025 | 16.12% |
| Jun 30, 2025 | 10.19% |
| Mar 31, 2025 | 8.96% |
| Dec 31, 2024 | 14.32% |
| Sep 30, 2024 | 13.07% |
| Jun 30, 2024 | 0.59% |
| Mar 31, 2024 | -11.05% |
| Dec 31, 2023 | -3.38% |
| Sep 30, 2023 | 21.41% |
| Jun 30, 2023 | 23.95% |
| Mar 31, 2023 | 23.09% |
| Dec 31, 2022 | 21.66% |
| Sep 30, 2022 | 21.34% |
| Jun 30, 2022 | 17.74% |
| Mar 31, 2022 | 14.01% |
| Dec 31, 2021 | 13.98% |
| Sep 30, 2021 | 10.63% |