Enphase Energy (ENPH) Operating Margin (2011 - 2026)

Enphase Energy's Operating Margin history runs 16 years deep, the most recent figure standing at 10.48% for Q1 2026.

• On a quarterly basis, Operating Margin fell 1944.0% year-over-year to 10.48% in Q1 2026; TTM through Mar 2026 was 6.86%, a 286.0% decrease from a year earlier, with the FY2025 full-year figure at 10.69%, up 488.0% from the prior year.
• Operating Margin retreated to 10.48% in Q1 2026 per ENPH's latest filing, from 6.54% in the prior quarter.
• Across five years, Operating Margin topped out at 23.95% in Q2 2023 and bottomed at 11.05% in Q1 2024.
• The 5-year median for Operating Margin is 14.01% (2022), against an average of 11.06%.
• Across the five-year window, Operating Margin slumped 3414 bps in 2024 and surged 2001 bps in 2025, its largest moves.
• Year by year, Operating Margin stood at 21.66% in 2022, then sank by 116 bps to 3.38% in 2023, then surged by 523 bps to 14.32% in 2024, then sank by 54 bps to 6.54% in 2025, then sank by 260 bps to 10.48% in 2026.
• Per Business Quant, the three latest ENPH Operating Margin figures stand at 10.48% (Q1 2026), 6.54% (Q4 2025), and 16.12% (Q3 2025).