Enphase Energy's second quarter 2026 revenue was buoyed by 35% European growth as non-GAAP gross margins expanded to 46.8%.

Enphase Energy reported second quarter revenue of $291.9 million and non-GAAP EPS of $0.46, a slight miss on revenue and in-line with analyst expectations for earnings. The company shipped 1.59 million microinverters and 113.8 MWh of IQ Batteries during the quarter.

Key Highlights

• European revenue showed strong recovery, growing 35% sequentially, which largely offset a 3% sequential decline in the United States.
• Non-GAAP gross margin expanded to 46.8% from 43.9% in the prior quarter, aided by a lower-than-anticipated 2.0 percentage point impact from reciprocal tariffs.
• IQ Battery shipments of 113.8 MWh increased sequentially from 103.1 MWh and exceeded analyst estimates.
• The company guided third quarter revenue to a range of $290 million to $320 million, with the midpoint suggesting sequential growth.