Earnings Call Intelligence Subscribe
Home › Call Sheets › ENPH › Q2'26
Call sheet · Q2'26

Enphase Energy (ENPH)

Q2'26 earnings call · held July 28, 2026 · compared with the Q1'26 call · management-credibility review
4/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The $1.1B Safe Harbor backlog is the only thing preventing a guidance disaster, creating artificial 2028-2030 visibility while Q2 core revenue collapsed to $208M (down from $248M in Q1). Management burned 120 engineers on a speculative data center play that won't generate revenue until 2028, while their core residential business saw sell-through plunge 34% year-over-year. 'We are taking matters into our own hands' Badri says, but Propel is stalled at 200 originations/week and Europe's 'recovery' requires 10-20% price cuts. My view changes if Propel actually hits 500/week by year-end or if SST lands a named hyperscaler pilot in 2027.

The 30-second version

  • Safe Harbor revenue is morphing into a multi-year backlog play that nobody's modeling correctly
  • Q2 'beat' is 100% Safe Harbor; core business missed by $40M
  • SST for data centers is eating R&D but pilot timeline just slipped

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$283M (-23% YoY)$292M (-28% YoY)+3% sequential but core -17%
Safe Harbor Revenue$34.5M$84.3M+144% explosion
Core Revenue (ex-Safe Harbor)$248M$208M-16% collapse masked by Safe Harbor
Non-GAAP EPS$0.47$0.46-2% despite revenue growth
Non-GAAP Gross Margin43.9%46.8%+290 bps on tariff refunds
Free Cash Flow$83M$26M-69% collapse
Operating Cash Flow$103M$40M-61% deterioration
US Revenue Mix83%78%500 bps shift to international
Europe Revenue$48M$64M+35% sequential surge
Microinverter Shipments1.41M units1.59M units+13% but channel still oversupplied

Accountability tracked

8 new promises made5 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full ENPH Q2'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.