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GOODWILL AND INTANGIBLE ASSETS - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 17,979
2027	4,023
Total	$ 22,002

SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

The Company’s chief operating decision maker is the Chief Executive Officer (the “CEO”). The Company has one business activity, which entails the design, development, manufacture and sale of solutions for the solar PV industry. There are no segment managers who are held accountable for operations, operating results or plans for levels or components below the consolidated unit level. Accordingly, management has determined that the Company has a single operating and reportable segment. The accounting policies related to operating and reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies”. The primary measure of segment profit or loss is consolidated net income as presented below and is used by the CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.


	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

(1) Represents consolidated cost of revenue, excluding stock-based compensation, acquisition related amortization and income-based government grants. Effective the fourth quarter of 2025, the CEO no longer reviews incremental cost for manufacturing in the United States due to tariff impact of products manufactured in India.

(2) Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.

(3) Represents consolidated research and development, excluding stock-based compensation.

(4) Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.

(5) Represents consolidated general and administrative, excluding stock-based compensation.

See Note 3. “Revenue Recognition,” for the table presenting net revenues (based on the destination of shipments). The following table presents long-lived assets by geographic region as of the periods presented:

Long-Lived Assets


	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

The segment assets are not reviewed by the CODM at a different asset level or category and is reviewed at the consolidated level.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

The Company generates revenue from the sale of its various products, which include microinverter units and related accessories, IQ Battery and related accessories, IQ PowerPack 1500 and related accessories, electric vehicle (“EV”) charging solutions, IQ Combiner, IQ Gateway and IQ Energy Router, as well as from the sale of services, which include cloud-based monitoring services, design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services.

Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. The Company generates all of its revenues from contracts with its customers. A description of principal activities from which the Company generates revenues follows.

•Products Delivered at a Point in Time. The Company sells its products and professional services to customers in accordance with the terms of the related customer contracts. The Company generates revenues from sales of its solutions, which include microinverter units and related accessories, storage solutions, EV charging solutions, and design, proposal, permitting, installation and solar appointment services. Such microinverter units, microinverter accessories, storage and EV solutions, design, proposal, permitting, installation and solar appointment services, are delivered to customers at a point in time, and the Company recognizes revenue for these products or professional services when the Company transfers control of the product or professional services to the customer, which is generally upon product shipment or service delivery, respectively.

•Products Delivered Over Time. The sale of IQ Gateway and IQ Energy Router products includes the Company’s cloud-based monitoring service. The full consideration for these products represents a single performance obligation and is deferred at the sale date and recognized over the estimated service period of 7 and 15 years. The Company also sells certain communication accessories that contain a service performance obligation to be delivered over time. The revenue from these products is recognized over the related service period, which is typically 5 years. The subscription services revenue generated from each customer’s subscription to the Company’s design and proposal software is recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer. The subscription contracts are generally 3 to 12 months in length and billed in advance. The Enphase Care service plans are offered as either an annual plan or a 10-year prepaid plan and pricing is customized based on the customer’s site and system configuration.

When the Company sells a product with more than one performance obligation, such as the IQ Combiner, which includes both hardware and IQ Gateway, the total consideration is allocated to these performance obligations based on their relative standalone selling prices.

The Company estimates and records certain revenue promotions as variable consideration and recognizes these promotions as a reduction in revenue at the time the related revenue is recorded.

The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 5 years to 7 years.

Refer to Note 3. “Revenue Recognition,” for additional information related to revenue recognition.

Cost of Revenues

The Company includes the following in cost of revenues: product costs, warranty, manufacturing and installation services personnel, logistics costs, freight costs, inventory write-downs, hosting services costs related to the Company’s cloud-based services, credits recognized from the advanced manufacturing production tax credit (“AMPTC”), depreciation of manufacturing and test equipment, and amortization of capitalized software development costs related to the Company’s cloud-based services, lead acquisition costs, design and proposal services, and employee-related expenses associated with proposal and permitting services and design and proposal service customer support. A description of principal activities from which the Company recognizes cost of revenue is as follows:

•Products Delivered at a Point in Time. Cost of revenue from these products is recognized when the Company transfers control of the product to the customer, which is generally upon shipment or service delivery.

•Products Delivered Over Time. Cost of revenue from these products is recognized over the related service period.

Government Grants

Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“ASC”) 740. The Company recognizes a grant when it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. Government grants that are not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit.

In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes credits under the AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statements of operations for the microinverters manufactured in the United States and sold to customers. Such credit is also reflected as an increase to prepaid income tax on the Company’s consolidated balance sheets within prepaid expenses and other

current assets. For the years ended December 31, 2025 and 2024, benefits recognized from AMPTC of $238.7 million and $157.5 million, respectively, were recorded as a prepaid income tax of $227.5 million and $94.9 million (included in prepaid expenses and other current assets), respectively, and reduction of income tax payable of $11.2 million and $62.7 million (included in accrued liabilities), respectively, on the consolidated balance sheets, and as a reduction to cost of revenues of $238.7 million and $157.5 million on the consolidated statements of operations for the year ended December 31, 2025 and 2024, respectively. In addition, the Company recognized a grant receivable of $76.6 million and $15.1 million included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2025 and 2024, respectively, for inventory on hand because it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received when sold in the following 12 months, which is equal to the reduction of the carrying cost of the inventory on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. Amounts recognized in the consolidated financial statements are based on management’s judgment and interpretation of the most current guidance.

Cash, Cash Equivalents and Marketable Securities

The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year in order to meet liquidity needs or to grow the business, including for potential business acquisitions or other strategic transactions.

Marketable securities are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive income (loss), net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net, in the consolidated statements of operations.

The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s investments in marketable securities during the periods presented.

For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $9.7 million and $10.1 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

Restricted Cash

Restricted cash represents cash held as certificates of deposit collateralized under a letter of credit issued to a customer through April 2025. The letter of credit was required as a performance security in a face amount equal to the aggregate purchase price of the executed sales agreement. The letter of credit was issued per the terms of the executed sales agreement and the Company collateralized certificates of deposit under this letter of credit in an amount of $95.0 million, which was reflected as restricted cash on the Company’s consolidated balance sheet as of December 31, 2024.

Fair Value of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The financial instruments include the Company’s cash and cash equivalents, restricted cash, accounts receivable, loan receivables, accounts payable and accrued liabilities. The Company considers the carrying amount of short-term financial instruments to approximate the fair value because of the short maturity of those instruments. The Company’s long-term financial

instruments are measured at amortized cost when the fair value option is not elected. The Company evaluates the allowance for credit losses by assessing the risks and losses inherent to the financial instruments.

Investments in Debt Securities

The Company elected the fair value option for its investments in convertible notes. These notes are measured at fair value on a recurring basis, with changes in fair value recognized in other expense, net, in the consolidated statements of operations.

Accounts Receivable and Contract Assets

The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets recorded in prepaid assets and other current assets on the consolidated balance sheet include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.

Allowance for Credit Losses

The Company maintains allowances for credit losses for uncollectible accounts receivable. Management estimates anticipated credit losses based on days past due, customer specific experience, collection history, the financial health of customers, among other factors. Accounts receivable are recorded net of allowance for credit losses totaling $0.6 million and $7.8 million as of December 31, 2025 and December 31, 2024, respectively. The $7.8 million allowance for credit losses as of December 31, 2024 included $6.2 million related to a customer that filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (“Chapter 11 bankruptcy”) during the year ended December 31, 2024 and $6.2 million was written-off during the year ended December 31, 2025. Management will continue to monitor certain customers experiencing considerable financial difficulties to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for credit losses on its financial statements. Accounts receivable are recorded net of allowance for credit losses. The following table sets forth activities in the allowance for credit losses for the periods indicated.



	2025		2024		2023

	(In thousands)
Balance, at beginning of year	$	7,788	$	2,502	$	979
Net charges to revenue	—		4,828		—
Net charges to expense	(126)		1,849		1,388
Write-offs, net of recoveries	(7,082)		(1,391)		135
Balance, at end of year	$	580	$	7,788	$	2,502

Inventory

Inventory is valued at the lower of cost or market. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. The Company determines cost on a first-in first-out basis and include both the costs of acquisition and manufacturing in the Company’s inventory costs. These costs include direct materials, direct labor, and indirect manufacturing costs, including depreciation and amortization. The capitalization of indirect costs is based on the normal utilization of the Company’s manufacturing facility in Texas. If the manufacturing facility utilization is abnormally low, the portion of the Company’s indirect manufacturing costs related to the abnormal utilization level is expensed as incurred. Other abnormal manufacturing costs, such as wasted materials or excess yield losses, are also expensed as incurred.

Certain factors could affect the realizable value of its inventory, including customer demand and market conditions. Management assesses the valuation on a quarterly basis and writes down the value for any excess and obsolete inventory based upon expected demand, anticipated sales price, effect of new product introductions, product obsolescence, customer concentrations, product merchantability and other factors. Inventory write-downs are equal to the difference between the cost of inventories and market.

Long-Lived Assets

Property and equipment are stated at cost less accumulated depreciation. Cost includes amounts paid to acquire or construct the asset as well as any expenditure that substantially adds to the value of or significantly extends the useful life of an existing asset. Repair and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements.

Internal-use software, whether purchased or developed, is capitalized at cost and amortized on a straight-line basis over its estimated useful life. Costs associated with internally developed software are expensed until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they provide additional functionality. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of internal-use software requires judgment in determining when a project has reached the development stage and the period over which the Company expects to benefit from the use of that software. Capitalized costs are recorded as part of property and equipment in the consolidated balance sheets. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations.

The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meets the accounting requirement for capitalization as such implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded as part of “Other assets” on the consolidated balance sheets and is amortized over the length of the service contract.

Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using an undiscounted cash flow analysis. The Company recorded asset impairment charges of $1.6 million, $2.3 million and $5.7 million in the years ended December 31, 2025, 2024 and 2023, respectively, associated with property and equipment, net. There were no events or changes in circumstances that may indicate the carrying amount of the remaining long-lived assets is not recoverable.

Leases

The Company determines if an arrangement is or contains a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments over the lease term.

The Company does not have any finance leases. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. The Company recognizes the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. The Company combines the lease and non-lease components in determining the operating lease assets and liabilities.

An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group. The Company recorded right of use asset impairment charges of $1.5 million, less than $0.1 million and $1.1 million in the years ended December 31, 2025, 2024 and 2023, respectively.

Business Combinations

Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.

Goodwill

Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed.

Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Accordingly, there was no indication of impairment in the years ended December 31, 2025, 2024 and 2023 and no quantitative goodwill impairment test was performed.

Intangible Assets

Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of zero, $3.5 million and $3.8 million in the years ended December 31, 2025, 2024 and 2023, respectively, associated with the developed technology and customer relationship intangible asset. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.

Contract Liabilities

Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.

Warranty Obligations

The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions and accessories, EV Chargers, IQ Gateway units and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years depending on the generation and 5 years for IQ PowerPack 1500. The warranty term for the IQ Gateway is 5 to 15 years depending on the generation, IQ Energy Router is 5 years, and for EV

Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be repaired or returned for replacement over time (i.e., return rate); and (2) the per unit cost of repair or replacement of units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost).

Estimated Return Rates — The Company’s Quality and Reliability department has primary responsibility to determine the estimated return rates for each generation of product. To establish initial return rate estimates for each generation of product, the Company’s quality engineers use a combination of industry standard mean time between failure estimates for individual components contained in its product, third-party data collected on similar equipment deployed in outdoor environments similar to those in which the Company’s products are installed, and rigorous long term reliability and accelerated life cycle testing which simulates the service life of the product in a short period of time. As units are deployed into operating environments, the Company continues to monitor product performance through its cloud-based monitoring services. It typically takes three to nine months between the date of sale and date of end-user installation. Consequently, the Company’s ability to monitor actual failures of units sold similarly lags by three to nine months. When a product fails and is returned, the Company performs diagnostic root cause failure analysis to understand and isolate the underlying mechanism(s) causing the failure. The Company then uses the results of this analysis (combined with the actual, cumulative performance data collected on those units prior to failure through the Company’s cloud-based monitoring services) to draw conclusions with respect to how or if the identified failure mechanism(s) will impact the remaining units deployed in the installed base.

As the vast majority of the Company’s microinverters have been sold to end users for residential applications, the Company believes that warranty return rates will be affected by changes over time in residential home ownership because the Company expects that subsequent homeowners are less likely to file returns than the homeowners who originally purchase the microinverters.

Estimated Replacement Costs — Three factors are considered in the Company’s analysis of estimated replacement cost: (1) the estimated cost of replacement products; (2) the estimated cost to ship replacement products to end users; and (3) the estimated labor reimbursement expected to be paid to third-party installers, or estimated labor cost expected to be incurred for field service technicians, performing replacement services for the end user. Because the Company’s warranty provides for the replacement of defective microinverters or other products over long periods of time (between 5 years to 25 years, depending on the product and the generation of that product purchased), the estimated per unit cost of current and future product generations is considered in the estimated replacement cost. Estimated costs to ship replacement units are based on observable, market-based shipping costs paid by the Company to third-party freight carriers. The Company has a separate program that allows third-party installers to claim fixed-dollar reimbursements for labor costs they incur to replace failed products for a limited time from the date of original installation. Included in the Company’s estimated replacement cost is an analysis of the number of fixed-dollar labor reimbursements expected to be claimed by third-party installers over the limited offering period.

In addition to the key estimates noted above, the Company also compares actual warranty results to expected results and evaluates any significant differences. Management may make additional adjustments to the warranty provision based on performance trends or other qualitative factors. If actual return rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the Company’s warranty obligations. Such increases or decreases could be material.

Fair Value Option for Microinverters and Other Products Sold Since January 1, 2014

The Company’s warranty obligations related to products sold since January 1, 2014 provide the Company the right, but not the requirement, to assign its warranty obligations to a third party. Under ASC 825, “Financial Instruments” (also referred to as “fair value option”), an entity may choose to elect the fair value option for such warranties at the time it first recognizes the eligible item. The Company made an irrevocable election to account for all eligible warranty obligations associated with products sold since January 1, 2014 at fair value. This election was made to reflect the underlying economics of the time value of money for an obligation that will be settled over an extended period of up to 25 years.

The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain inputs that are unobservable and significant to the overall fair value measurement. Such additional assumptions included compensation comprised of a profit element and risk premium required of a market participant to assume the obligation and a discount rate based on the Company’s credit-adjusted risk-free rate. Refer to Note 10. “Fair Value Measurements,” for additional information.

Warranty obligations initially recorded at fair value at the time of sale will be subsequently re-measured to fair value at each reporting date. In addition, the fair value of the liability will be accreted over the corresponding term of the warranty of up to 25 years using the effective interest method.

Commitments and Contingencies

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business. An accrual for a loss contingency is recognized when it is probable and the amount of loss can be reasonably estimated.

Common Stock Repurchase

The Company accounts for repurchase of common stock under Accounting Standards Codification Topic 505 and charges the entire cost of repurchase including excise tax accrued pursuant to the repurchase to the accumulated earnings (deficit).

Advertising Costs

Advertising costs, which are expensed and included in sales and marketing expense when incurred, were $2.7 million, $1.7 million and $3.8 million during the years ended December 31, 2025, 2024 and 2023, respectively.

Research and Development Costs

The Company expenses research and development costs as incurred. Research and development expense consists primarily of expensed equipment for product development, personnel costs, including salaries, benefits and stock-based compensation, other professional costs and allocated facilities costs.

Stock-Based Compensation

Share-based payments are required to be recognized in the Company’s consolidated statements of operations based on their fair values and the estimated number of shares expected to vest. The Company measures stock-based compensation expense for all share-based payment awards made to employees and directors, based on the estimated fair values on the date of the grant. The fair value of restricted stock units (“RSUs”) granted is determined based on the price of the Company’s common stock on the date of grant. The fair value of non-market‑based performance stock units (“PSUs”) granted is determined based on the date of grant or when achievement of performance is probable. The fair value of market‑based performance stock units granted is determined using a Monte‑Carlo model based on the date of grant or when achievement of performance is probable.

Stock-based compensation for RSUs is recognized on a straight-line basis over the requisite service period. Stock-based compensation for PSUs without market conditions is recognized when the performance condition is probable of being achieved, and then on a graded basis over the requisite service period. Stock-based compensation for PSUs with market conditions is recognized on a straight-line basis over the requisite service period. Additionally, the Company estimates its forfeiture rate annually based on historical experience and revises the estimates of forfeiture in subsequent periods if actual forfeitures differ from those estimates.

Foreign Currency Translation

The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period and income or loss are translated using average exchange rates for the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive loss in stockholders' equity. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net, in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income consists of foreign currency translation adjustments and changes in net unrealized gain (loss) on marketable securities, net of tax.

Income Taxes

The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company assesses the realizability of the deferred tax assets to determine release of valuation allowance as necessary. In the event the Company determines that it is more likely than not that the Company would be able to realize deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. Likewise, should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will reduce income in the period such determination is made.

The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024 and interim periods for fiscal years beginning after December 15, 2025. The Company adopted ASU 2023-09 effective for this Annual Report on Form 10-K for the year ended December 31, 2025. Refer to Note 16.

“Income Taxes,” for additional disclosures. Since ASU 2023-09 addresses only disclosures, the adoption of ASU 2023-09 did not have a significant impact on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. The practical expedient allows entities to assume that conditions as of the balance sheet date remain unchanged over the remaining life of these assets, thereby eliminating the need to incorporate macroeconomic forecasts. ASU 2025-05 is effective beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted ASU 2025-05 effective for this Annual Report on Form 10-K for the year ended December 31, 2025, which did not have a significant impact on its consolidated financial statements.

Recently Issued Accounting Pronouncements

Not Yet Effective

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact from ASU 2024-03 on its consolidated financial statements disclosures.

In September 2025, the FASB issued ASU 2025-06, “Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 permits an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact from ASU 2025-06 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), which establishes the accounting and presentation for government grants received by a business entity. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-10 permits an entity to apply the new guidance using a modified prospective basis, a modified retrospective basis, or a full retrospective basis. The Company is currently evaluating the impact from ASU 2025-10 on its consolidated financial statements.

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 52.8	$ 51.5	$ 40.7
Unamortized capitalized software costs	17.5	22.6
Property and equipment impairment charge	1.6	2.3	5.7
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment impairment charge	$ 1.6	$ 2.3	$ 5.7

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2025	Feb. 05, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35480
Entity Registrant Name	Enphase Energy, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-4645388
Entity Address, Address Line One	47281 Bayside Parkway
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	707
Local Phone Number	774-7000
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	ENPH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 3.0
Entity Common Stock, Shares Outstanding		131,098,819
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0001463101
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock	$ 129,957	$ 391,364	$ 409,998
2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase program, shares authorized				$ 1,000,000
Stock repurchased and retired during period (in shares)	2,297,053	4,543,016	2,029,894
Average cost, shares repurchased (in usd per share)	$ 56.58	$ 86.15	$ 103.45
Repurchase of common stock	$ 130,000	$ 391,400	$ 210,000
Repurchase program, remaining stock authorized for repurchase	$ 268,700

WARRANTY OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Product Warranties Disclosures [Abstract]

Schedule of Warranty Activities

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Warranty obligations, beginning of period		$	192,889	$	189,087	$	131,446
Accruals for warranties issued during period		29,108		27,544		51,866

Expense (benefit) from changes in estimates		12,500		1,082		(19,176)
Settlements		(27,086)		(27,611)		(27,216)
Increase due to accretion expense		13,399		11,010		13,821
Change in discount rate (1)		(203)		(459)		44,422

Other		(6,564)		(7,764)		(6,076)
Warranty obligations, end of period		214,043		192,889		189,087
Less: warranty obligations, current		(29,038)		(34,656)		(36,066)
Warranty obligations, non-current		$	185,005	$	158,233	$	153,021

(1) Refer to Note 10, “Fair Value Measurements” for additional information about the monetary impact for changes in the discount rate.

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 370,684	$ 330,792
Less: accumulated depreciation and amortization	(233,880)	(183,278)
Property and equipment, net	$ 136,804	147,514
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Equipment and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 232,023	207,300
Equipment and machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment and machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,375	3,341
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,512	7,241
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Capitalized software costs
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Property and equipment, gross	$ 84,453	74,558
Capitalized software costs \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Capitalized software costs \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 32,860	19,047
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,461	$ 19,305

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Term of lease contract, maximum renewal term	12 years
Purchase obligation	$ 252.3

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,266,888	$ 1,539,785
Gross Unrealized Gains	3,206	2,451
Gross Unrealized Losses	(11)	(2,346)
Fair Value	1,270,083	1,539,890
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	231,547	191,410
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	1,038,536	1,253,480
Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		95,000
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	186,677	191,410
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	186,677	191,410
Money market funds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	186,677	191,410
Money market funds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Money market funds \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,506	125,087
Gross Unrealized Gains	9	13
Gross Unrealized Losses	0	(8)
Fair Value	14,515	125,092
Certificates of deposit \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Certificates of deposit \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	14,515	30,092
Certificates of deposit \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		95,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,886	30,681
Gross Unrealized Gains	9	40
Gross Unrealized Losses	(2)	(8)
Fair Value	27,893	30,713
Commercial paper \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	14,985	0
Commercial paper \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	12,908	30,713
Commercial paper \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		0
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	371,895	449,612
Gross Unrealized Gains	1,493	1,115
Gross Unrealized Losses	(5)	(1,157)
Fair Value	373,383	449,570
Corporate notes and bonds \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Corporate notes and bonds \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	373,383	449,570
Corporate notes and bonds \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		0
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	93,613	111,606
Gross Unrealized Gains	26	42
Gross Unrealized Losses	0	(36)
Fair Value	93,639	111,612
U.S. Treasuries \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	29,885	0
U.S. Treasuries \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	63,754	111,612
U.S. Treasuries \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		0
U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	572,311	631,389
Gross Unrealized Gains	1,669	1,241
Gross Unrealized Losses	(4)	(1,137)
Fair Value	573,976	631,493
U.S. Government agency securities \| Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
U.S. Government agency securities \| Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 573,976	631,493
U.S. Government agency securities \| Restricted Cash
Debt Securities, Available-for-sale [Line Items]
Fair Value		$ 0

OTHER FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	December 31, 2025		December 31, 2024

	(In thousands)
Prepaid income tax	$	354,080	$	111,090
Grant receivable	76,621		15,123
Loan receivable	48,324		—
Other	97,053		94,522
Total prepaid expenses and other current assets	$	576,078	$	220,735

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


	December 31, 2025		December 31, 2024

	(In thousands)
Customer rebates and sales incentives	$	79,585	$	96,324
Liability due to supply and service agreements	62,789		52,575
Duties and tariffs	30,499		4,665
Freight	8,034		7,497
Salaries, commissions, incentive compensation and benefits	9,529		11,956
Income tax payable	4,919		3,540
Operating lease liabilities, current	8,211		5,815
VAT payable	2,226		1,472





Liabilities related to restructuring accruals	190		3,262
Other	11,384		9,781
Total accrued liabilities	$	217,366	$	196,887

INCOME TAXES - Schedule of Net Tax Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Contingency [Line Items]
Total	$ 20,450
United States
Income Tax Contingency [Line Items]
Federal	0
New Jersey
Income Tax Contingency [Line Items]
State and local	1,090
Other - States
Income Tax Contingency [Line Items]
State and local	1,609
India
Income Tax Contingency [Line Items]
Foreign	12,942
Netherlands
Income Tax Contingency [Line Items]
Foreign	2,690
Other - Foreign
Income Tax Contingency [Line Items]
Foreign	$ 2,119

OTHER FINANCIAL INFORMATION - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid income tax	$ 354,080	$ 111,090
Grant receivable	76,621	15,123
Loan receivable	48,324	0
Other	97,053	94,522
Total prepaid expenses and other current assets	$ 576,078	$ 220,735

INVENTORY

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INVENTORY

Inventory consists of the following:



	December 31, 2025		December 31, 2024

	(In thousands)
Raw materials (1)	$	102,512	$	38,740
Work-in-process (1)	8,353		—
Finished goods	177,182		126,264
Total inventory	$	288,047	$	165,004

(1) In November 2025, the Company commenced in-house manufacturing at the Texas facility previously operated by Salcomp Manufacturing USA Corp, resulting in higher raw materials and new work-in-process inventory.

FAIR VALUE MEASUREMENTS - Schedule of Debt Securities Schedule of Fair Value (Details) - Investments in debt securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 64,834	$ 79,855
Investments	6,300	0
Fair value adjustments included in other income (expense), net	(9,788)	1,967
Impairment	0	(16,988)
Balance at end of period	$ 61,346	$ 64,834

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES

Cash equivalents, restricted cash and marketable securities consist of the following:


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(In thousands)
Money market funds	$	186,677	$	—	$	—	$	186,677	$	186,677	$	—
Certificates of deposit	14,506		9		—		14,515		—		14,515
Commercial paper	27,886		9		(2)		27,893		14,985		12,908
Corporate notes and bonds	371,895		1,493		(5)		373,383		—		373,383
U.S. Treasuries	93,613		26		—		93,639		29,885		63,754
U.S. Government agency securities	572,311		1,669		(4)		573,976		—		573,976
Total	$	1,266,888	$	3,206	$	(11)	$	1,270,083	$	231,547	$	1,038,536


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash

	(In thousands)
Money market funds	$	191,410	$	—	$	—	$	191,410	$	191,410	$	—	$	—
Certificates of deposit	125,087		13		(8)		125,092		—		30,092		95,000
Commercial paper	30,681		40		(8)		30,713		—		30,713		—
Corporate notes and bonds	449,612		1,115		(1,157)		449,570		—		449,570		—
U.S. Treasuries	111,606		42		(36)		111,612		—		111,612		—
U.S. Government agency securities	631,389		1,241		(1,137)		631,493		—		631,493		—
Total	$	1,539,785	$	2,451	$	(2,346)	$	1,539,890	$	191,410	$	1,253,480	$	95,000

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of December 31, 2025:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	943,153	$	944,502
Due within one to three years	323,735		325,581
Total	$	1,266,888	$	1,270,083

All available-for-sale securities have been classified as current, based on management's intent and ability to use the funds in current operations.

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, income tax provision, inventory valuation, government grants, accrued warranty obligations, fair value of debt securities, convertible notes, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties.

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2025
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY In July 2023, the board of directors authorized a share repurchase program (the “2023 Repurchase Program”) pursuant to which the Company was authorized to repurchase up to $1.0 billion of the Company’s common stock. The Company may repurchase shares of common stock from time to time through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. During the year ended December 31, 2025, 2024 and 2023, the Company repurchased and subsequently retired 2,297,053, 4,543,016 and 2,029,894 shares, respectively, of common stock from the open market at an average cost of $56.58, $86.15 and $103.45 per share, respectively, for a total of $130.0 million, $391.4 million and $210.0 million, respectively. As of December 31, 2025, $268.7 million remains available for repurchase of shares under the 2023 Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases:
Operating lease, right of use asset, net (Other assets)	$ 34,573	$ 24,617
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease liabilities, current (Accrued liabilities)	$ 8,211	$ 5,815
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating lease liabilities, non-current (Other liabilities)	$ 31,195	$ 23,044
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 39,406	$ 28,859
Supplemental lease information:
Weighted average remaining lease term	5 years 7 months 6 days	5 years 10 months 24 days
Weighted average discount rate	6.30%	6.70%

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 136,804	$ 147,514
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	103,186	103,823
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	14,261	18,153
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	10,384	11,619
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,462	6,775
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,567	4,418
Others
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,944	$ 2,726

REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 229,881	$ 223,749
Short-term contract assets (Prepaid expenses and other current assets)	35,976	42,001
Long-term contract assets (Other assets)	115,067	110,954
Short-term contract liabilities (Deferred revenues, current)	180,524	237,225
Long-term contract liabilities (Deferred revenues, non-current)	$ 337,923	$ 341,982

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The Company’s goodwill as of December 31, 2025 and December 31, 2024 was as follows:


	2025		2024

	(In thousands)
Goodwill, beginning of period	$	211,571	$	214,562

Currency translation adjustment	3,189		(2,991)
Goodwill, end of period	$	214,760	$	211,571

Schedule of Acquired Indefinite-lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of December 31, 2025 and December 31, 2024 were as follows:


	December 31, 2025				December 31, 2024
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	47,683		(42,242)			5,441		51,054		(35,903)		(3,351)		11,800
Customer relationships	51,114		(42,000)			9,114		51,306		(35,804)		(177)		15,325
Trade-names	37,700		(30,253)			7,447		37,700		(22,713)		—		14,987


Total purchased intangible assets	$	136,783	$	(114,495)		$	22,288	$	140,346	$	(94,420)	$	(3,528)	$	42,398

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The Company’s purchased intangible assets as of December 31, 2025 and December 31, 2024 were as follows:


	December 31, 2025				December 31, 2024
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	47,683		(42,242)			5,441		51,054		(35,903)		(3,351)		11,800
Customer relationships	51,114		(42,000)			9,114		51,306		(35,804)		(177)		15,325
Trade-names	37,700		(30,253)			7,447		37,700		(22,713)		—		14,987


Total purchased intangible assets	$	136,783	$	(114,495)		$	22,288	$	140,346	$	(94,420)	$	(3,528)	$	42,398

Schedule of Amortization Expense

Amortization expense related to finite-lived intangible assets were as follows:


	Years Ended December 31,
		2025		2024

		(In thousands)
Developed technology		$	6,401	$	8,780
Customer relationships		6,242		6,254
Trade-names		7,541		7,540

Total amortization expense		$	20,184	$	22,574

The expected future amortization expense of intangible assets as of December 31, 2025 is presented below:


	December 31, 2025
	(In thousands)
Fiscal year:
2026	$	17,979
2027	4,023




Total	$	22,002

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 20,184	$ 22,574
Developed technology
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	6,401	8,780
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	6,242	6,254
Trade-names
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 7,541	$ 7,540

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net revenues	$ 1,472,985	$ 1,330,383	$ 2,290,786
Cost of revenues	785,981	701,245	1,232,398
Gross profit	687,004	629,138	1,058,388
Operating expenses:
Research and development	189,075	201,315	227,336
Sales and marketing	197,505	206,552	231,792
General and administrative	135,767	130,825	137,835
Restructuring and asset impairment charges	7,131	13,154	15,684
Total operating expenses	529,478	551,846	612,647
Income from operations	157,526	77,292	445,741
Other income, net
Interest income	62,722	77,306	69,728
Interest expense	(4,521)	(8,905)	(8,839)
Other income (expense), net	(10,913)	(25,534)	6,509
Total other income, net	47,288	42,867	67,398
Income before 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
Net income per share:
Basic (in usd per share)	$ 1.31	$ 0.76	$ 3.22
Diluted (in usd per share)	$ 1.29	$ 0.75	$ 3.08
Shares used in per share calculation:
Basic (in shares)	131,162	135,167	136,376
Diluted (in shares)	134,886	140,004	143,290

STOCK-BASED COMPENSATION - Schedule of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 32.05
Performance Shares
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	899	396	376
Granted (in shares)	1,143	724	422
Vested (in shares)	(175)	(100)	(380)
Canceled (in shares)	(227)	(121)	(22)
Outstanding, ending balance (in shares)	1,640	899	396
Expected to vest (in shares)	1,640
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 154.67	$ 235.99	$ 197.82
Granted (in usd per share)	77.27	127.06	233.90
Vested (in usd per share)	110.20	214.91	196.24
Canceled (in usd per share)	119.48	205.51	229.11
Outstanding, ending balance (in usd per share)	110.34	$ 154.67	$ 235.99
Weighted-average fair value per share at grant date, expected to vest (in usd per share)	$ 110.34
Weighted average remaining contractual term (in years)	1 year 1 month 6 days
Expected to vest (in years)	1 year 1 month 6 days
Aggregate Intrinsic Value
Vested	$ 10,017	$ 12,958	$ 80,113
Outstanding	52,541
Aggregate intrinsic value, expected to vest	$ 52,541

INCOME TAXES - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits—at beginning of year	$ 27,660	$ 27,218	$ 21,768
Increases in balances related to tax positions taken in prior years	2,195
Decreases in balances related to tax positions taken in prior years		(702)	(417)
Increases in balances related to tax positions taken in current year	954	1,490	5,985
Decreases related to settlements with taxing authorities	(6,820)	0	0
Lapses in statutes of limitations	(484)	(346)	(118)
Unrecognized tax benefits—at end of year	$ 23,505	$ 27,660	$ 27,218

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Schedule of Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. Federal Statutory Tax Rate	$ 43,011	$ 25,233	$ 107,760
State and Local Income Taxes, Net of Federal Income Tax Effect	6,775	7,406	18,107
Statutory tax rate difference		6,502	5,965
Unremitted foreign earnings		1,654	1,829
Other		335	(964)
GILTI and other foreign inclusion	535
Foreign-derived intangible income deduction	1,103	5,188	15,391
Foreign Branch Tax	5,400
Other	1,033
Foreign Tax Credits	(9,804)
Other Tax Credits	(59)
Non-taxable income related to Section 45X tax credits	(50,132)
Stock-based compensation	18,509	13,408	(13,969)
Section 162(m)	4,849	4,618	5,445
Other	2,247
Changes in Unrecognized Tax Benefits	4,679
Income tax provision	$ 32,681	$ 17,501	$ 74,203
Percent
U.S. Federal Statutory Tax Rate	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect	3.30%
GILTI and other foreign inclusion	0.30%
Foreign-derived intangible income deduction	0.50%
Foreign Branch Tax	2.60%
Other	0.50%
Foreign Tax Credits	(4.80%)
Other Tax Credits	0.00%
Non-taxable income related to Section 45X tax credits	(24.50%)
Stock-based compensation	9.00%
Section 162(m)	2.40%
Other	1.10%
Changes in Unrecognized Tax Benefits	2.30%
Provision for (benefit from) income taxes	15.90%
India
Amount
Statutory tax rate difference	$ 1,932
Unremitted foreign earnings	1,570
Other	$ 1,114
Percent
Statutory tax rate difference	0.90%
Unremitted foreign earnings	0.80%
Other	0.50%
Other Countries
Amount
Statutory tax rate difference	$ 827
Other	$ (902)
Percent
Statutory tax rate difference	0.40%
Other	(0.40%)
United States
Amount
Other	$ (6)
Percent
Other	0.00%
CALIFORNIA
Percent
State and Local Income Taxes, Net of Federal Income Tax Effect	90.00%

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Debt Securities, Available-for-Sale

Cash equivalents, restricted cash and marketable securities consist of the following:


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities

	(In thousands)
Money market funds	$	186,677	$	—	$	—	$	186,677	$	186,677	$	—
Certificates of deposit	14,506		9		—		14,515		—		14,515
Commercial paper	27,886		9		(2)		27,893		14,985		12,908
Corporate notes and bonds	371,895		1,493		(5)		373,383		—		373,383
U.S. Treasuries	93,613		26		—		93,639		29,885		63,754
U.S. Government agency securities	572,311		1,669		(4)		573,976		—		573,976
Total	$	1,266,888	$	3,206	$	(11)	$	1,270,083	$	231,547	$	1,038,536


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities		Restricted Cash

	(In thousands)
Money market funds	$	191,410	$	—	$	—	$	191,410	$	191,410	$	—	$	—
Certificates of deposit	125,087		13		(8)		125,092		—		30,092		95,000
Commercial paper	30,681		40		(8)		30,713		—		30,713		—
Corporate notes and bonds	449,612		1,115		(1,157)		449,570		—		449,570		—
U.S. Treasuries	111,606		42		(36)		111,612		—		111,612		—
U.S. Government agency securities	631,389		1,241		(1,137)		631,493		—		631,493		—
Total	$	1,539,785	$	2,451	$	(2,346)	$	1,539,890	$	191,410	$	1,253,480	$	95,000

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of December 31, 2025:


	Amortized Cost		Fair Value

	(In thousands)
Due within one year	$	943,153	$	944,502
Due within one to three years	323,735		325,581
Total	$	1,266,888	$	1,270,083

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 214,090	$ 211,360	$ 212,857
Income tax benefit (expense) included in the provision for income tax	(35,890)	(17,958)	20,558
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	17,178	14,538	13,357
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	82,837	85,501	88,367
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	63,236	65,092	65,703
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	50,251	45,962	45,430
Restructuring
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 588	$ 267	$ 0

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Schedule of Restructuring and Asset Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 7,131	$ 13,154	$ 15,684
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Charges	Charges	Charges
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 0	$ 3,325	$ 14,903
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	7,131	9,829
Employee severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	5,223	6,380	2,155
Employee severance and benefits \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	0	1,219	1,374
Employee severance and benefits \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	5,223	5,161
Contract termination charges
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	381	1,991	3,700
Contract termination charges \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	0	1,225	3,700
Contract termination charges \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	381	766
Asset impairment
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	1,527	4,783	9,829
Asset impairment \| 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	0	881	$ 9,829
Asset impairment \| 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and asset impairment charges	$ 1,527	$ 3,902

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUBSEQUENT EVENTS (Details) $ in Thousands		3 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Thousands	Jan. 20, 2026 USD ($) employee	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Charges			$ 7,131	$ 13,154	$ 15,684
2026 Restructuring Plan \| Forecast
Subsequent Event [Line Items]
Charges		$ 4,200
Cash payments		$ 3,700
2026 Restructuring Plan \| Subsequent Event
Subsequent Event [Line Items]
Expected cost	$ 4,600
Number of positions eliminated, percent	6.00%
Expected number of positions eliminated \| employee	160
2026 Restructuring Plan \| Subsequent Event \| Employee Severance and Benefits
Subsequent Event [Line Items]
Expected cost	$ 3,800
2026 Restructuring Plan \| Subsequent Event \| Asset Impairment
Subsequent Event [Line Items]
Expected cost	700
2026 Restructuring Plan \| Subsequent Event \| Facility Closing
Subsequent Event [Line Items]
Expected cost	$ 100

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income Before Provision for Income Taxes

The domestic and foreign components of income before income taxes consisted of the following:


	Years Ended December 31,
	2025		2024		2023

	(In thousands)
United States	$	145,956	$	80,903	$	465,463
Foreign	58,858		39,256		47,676
Income before income taxes	$	204,814	$	120,159	$	513,139

Schedule of Provision for Income Tax

The income tax provision for the years presented was as follows:


	Years Ended December 31,
	2025		2024		2023

	(In thousands)
Current:
Federal	$	7,233	$	61,256	$	96,151
State	986		6,319		13,937
Foreign	10,957		11,137		11,303
	19,176		78,712		121,391
Deferred:
Federal	4,575		(58,588)		(50,211)
State	6,628		(4,535)		1,287
Foreign	2,302		1,912		1,736
	13,505		(61,211)		(47,188)
Income tax provision	$	32,681	$	17,501	$	74,203

Schedule of Effective Income Tax Rate Reconciliation

The Company adopted ASU 2023‑09 prospectively for the year ended December 31, 2025, and a reconciliation of the income tax provision and the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes was as follows:


	Year Ended December 31,
	2025
	Amount		Percent
	(In thousands)
U.S. Federal Statutory Tax Rate	$	43,011	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)	6,775		3.3	%
Foreign Tax Effect
India
Statutory tax rate difference between India and U.S.	1,932		0.9	%
Unremitted foreign earnings	1,570		0.8	%
Other	1,114		0.5	%
Other Countries
Statutory tax rate difference between Other Countries and U.S.	827		0.4	%
Other	(902)		(0.4)	%

Effect of Cross-Border Tax Laws
GILTI and other foreign inclusion	535		0.3	%
Foreign-derived intangible income deduction	1,103		0.5	%
Foreign Branch Tax	5,400		2.6	%
Other	1,033		0.5	%
Tax Credits
Foreign Tax Credits	(9,804)		(4.8)	%
Other Tax Credits	(59)		—	%
Nontaxable or Nondeductible items
Non-taxable income related to Section 45X tax credits	(50,132)		(24.5)	%
Stock-based compensation	18,509		9.0	%
Section 162(m)	4,849		2.4	%
Other	2,247		1.1	%
Changes in Unrecognized Tax Benefits	4,679		2.3	%
Other Adjustments	(6)		—	%
Provision for (benefit from) income taxes	$	32,681	15.9	%

(1) During the year ended December 31, 2025, state taxes in California comprised greater than 90% of the tax effect in this category.

A reconciliation of the income tax provision, prior to the adoption of ASU 2023-09, to the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for the years presented was as follows:


	Years Ended December 31,
	2024		2023

	(In thousands)
Income tax provision at statutory federal rate	$	25,233	$	107,760
State taxes, net of federal benefit	7,406		18,107
Change in valuation allowance	1,973		—
Foreign tax rate and tax law differential	6,502		5,965
Tax credits	(7,598)		(29,229)
Non-taxable income related to Section 45X tax credits	(33,083)		(11,229)
Stock-based compensation	13,408		(13,969)
Other permanent items	335		(964)
Other nondeductible/nontaxable items	(219)		(73)
Uncertain tax positions	2,746		8,432
Foreign-derived intangible income deduction	(5,188)		(15,391)
GILTI and other foreign inclusions	9,101		—
Section 162(m)	4,618		5,445
Unremitted foreign earnings	1,654		1,829
Prior year changes in estimates	(9,387)		(2,480)
Income tax provision	$	17,501	$	74,203

Schedule of Deferred Tax Assets and Liabilities

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 was as follows:


	December 31,
	2025		2024

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	61,810	$	56,819
Accrued liabilities	15,306		30,230
Net operating loss and tax credit carryforwards	16,423		17,945
Stock-based compensation	31,853		17,504
Deferred revenue	62,898		66,353
Fixed assets and intangibles	2,032		1,670

Convertible notes and related hedges	14,717		27,053
Capitalized research and development expense	105,020		104,002
Capitalized inventory	23,178		13,865
Other	6,714		10,121
Gross deferred tax assets	339,951		345,562
Less valuation allowance	(1,772)		(1,973)
Total deferred tax assets	338,179		343,589
Deferred tax liabilities:


Unremitted foreign earnings	(8,390)		(6,800)
State impact of Section 45X tax credits	(5,914)		(1,625)
Deferred cost of goods sold	(24,828)		(26,397)
Other	(1,203)		(208)
Total deferred tax liabilities	(40,335)		(35,030)
Net deferred tax asset	$	297,844	$	308,559

Schedule of Valuation Allowance


	Years Ended December 31,
	2025		2024

	(In thousands)
Valuation allowance, beginning of period	$	1,973	$	—
Additions	—		1,973
Reversals	(201)		—
Valuation allowance, end of period	$	1,772	$	1,973

Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits

A tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Unrecognized tax benefits—at beginning of year	$	27,660	$	27,218	$	21,768
Increases (decreases) in balances related to tax positions taken in prior years	2,195		(702)		(417)

Increases in balances related to tax positions taken in current year	954		1,490		5,985
Decreases related to settlements with taxing authorities	(6,820)		—		—
Lapses in statutes of limitations	(484)		(346)		(118)
Unrecognized tax benefits—at end of year	$	23,505	$	27,660	$	27,218

Schedule of Net Tax Payments

The Company made net tax payments during the year ended December 31, 2025 as follows:



United States	$	—
India	12,942
Netherlands	2,690
New Jersey	1,090
Other - Foreign	2,119
Other - States	1,609
Total	$	20,450

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer One \| Accounts Receivable \| Credit Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	31.00%	43.00%
Customer Two \| Accounts Receivable \| Credit Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	22.00%
Customer Three \| Accounts Receivable \| Credit Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	14.00%
Net Revenues, Largest Customer \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of concentration risk	39.00%	48.00%	40.00%

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2025	Jul. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Mar. 12, 2021	Mar. 01, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment without readily determinable fair value			$ 6,000,000		$ 5,000,000
Investment without readily determinable fair value, impairment			6,000,000
Accreted interest			2,000,000
Payments to acquire debt securities		$ 6,300,000	0	$ 15,000,000
Investment in tax equity fund		9,752,000	0	0
Deferred tax asset, tax equity fund		8,800,000
Other expense		200,000
Allowance for credit losses during period		0
Change in discount rate		203,000	459,000	$ (44,422,000)
Increase in liability as a result of increasing the profit element and risk premium input by 100 basis points		1,400,000
Decrease in liability as a result of decreasing the profit element and risk premium input by 100 basis points		1,400,000
Decrease in liability as a result of increasing the discount rate by 100 basis points		13,300,000
Increase in liability as a result of decreasing the discount rate by 100 basis points		$ 14,900,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan receivables, contractual maturities		1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan receivables, contractual maturities		3 years
Convertible Notes \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire debt securities	$ 6,300,000
Debt instrument face amount	7,000,000
Privately-Held Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		$ 29,600,000	34,400,000								$ 25,000,000
Secured Convertible Promissory Notes 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		11,000,000	13,900,000					$ 13,000,000
Non-Voting Debt Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities							$ 15,000,000
Investments in debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		0	16,988,000
Secured Convertible Promissory Notes 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		14,500,000	16,600,000			$ 15,000,000
Privately-Held Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage (as a percent)					19.99%
Convertible Debt \| Convertible Notes \| Related Party
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire debt securities	6,300,000
Debt instrument face amount	$ 7,000,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		6,300,000	0
Tax equity fund investment, fair value		0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in debt securities		55,046,000	64,834,000
Tax equity fund investment, fair value		$ 754,000	0
Level 3 \| Warranty obligations for products sold since January 1, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (as a percent)		0.10%
Change in discount rate		$ 203,000	$ 459,000
Notes due 2028 \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument face amount										$ 575,000,000.0
Notes due 2028 \| Level 2 \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value		500,500,000
Notes due 2026 \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument face amount									$ 57,500,000	$ 575,000,000
Notes due 2026 \| Level 2 \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable fair value		$ 619,400,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In  Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period (in shares) at Dec. 31, 2022		136,441
Balance, beginning of period at Dec. 31, 2022	$ 825,573	$ 1	$ 819,119	$ 17,335	$ (10,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)		1,613
Issuance of common stock from exercise of equity awards and employee stock purchase plan	13,870		13,870
Issuance of common stock related to 365 Pronto, Inc. post combination expense (in shares)		52
Issuance of common stock related to 365 Pronto, Inc. post combination expense	10,307		10,307
Payment of withholding taxes related to net share settlement of equity awards	(120,646)		(120,646)
Settlement of convertible notes due 2023 (in shares)		900
Settlement of convertible notes due 2023	5,000		5,000
Stock-based compensation	211,688		211,688
Net income	438,936			438,936
Repurchases of common stock (in shares)		(3,284)
Repurchases of common stock	(409,998)			(409,998)
Foreign currency translation adjustments	1,190				1,190
Change in net unrealized gain on marketable securities, net of tax	7,704				7,704
Balance, ending of period (in shares) at Dec. 31, 2023		135,722
Balance, end of the period at Dec. 31, 2023	983,624	$ 1	939,338	46,273	(1,988)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)		1,269
Issuance of common stock from exercise of equity awards and employee stock purchase plan	12,688		12,688
Payment of withholding taxes related to net share settlement of equity awards	(78,813)		(78,813)
Stock-based compensation	211,360		211,360
Net income	102,658			102,658
Repurchases of common stock (in shares)		(4,543)
Repurchases of common stock	(391,364)			(391,364)
Excise tax on net stock repurchases	(2,773)			(2,773)
Foreign currency translation adjustments	(4,715)				(4,715)
Change in net unrealized gain on marketable securities, net of tax	$ 351				351
Balance, ending of period (in shares) at Dec. 31, 2024	132,448	132,448
Balance, end of the period at Dec. 31, 2024	$ 833,016	$ 1	1,084,573	(245,206)	(6,352)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of equity awards and employee stock purchase plan (in shares)		929
Issuance of common stock from exercise of equity awards and employee stock purchase plan	8,527		8,527
Payment of withholding taxes related to net share settlement of equity awards	(18,026)		(18,026)
Stock-based compensation	214,090		214,090
Net income	172,133			172,133
Repurchases of common stock (in shares)		(2,297)
Repurchases of common stock	(129,957)			(129,957)
Excise tax on net stock repurchases	(866)			(866)
Foreign currency translation adjustments	5,770				5,770
Change in net unrealized gain on marketable securities, net of tax	$ 2,336				2,336
Balance, ending of period (in shares) at Dec. 31, 2025	131,080	131,080
Balance, end of the period at Dec. 31, 2025	$ 1,087,023	$ 1	$ 1,289,164	$ (203,896)	$ 1,754

REVENUE RECOGNITION - Schedule of Disaggregated Revenue by Primary Geographical Market and Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,472,985	$ 1,330,383	$ 2,290,786
Products delivered at a point in time
Disaggregation of Revenue [Line Items]
Net revenues	1,350,011	1,204,367	2,181,099
Products and services delivered over time
Disaggregation of Revenue [Line Items]
Net revenues	122,974	126,016	109,687
United States
Disaggregation of Revenue [Line Items]
Net revenues	1,188,718	934,690	1,469,108
International
Disaggregation of Revenue [Line Items]
Net revenues	$ 284,267	$ 395,693	$ 821,678
FRANCE \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	10.00%	10.60%	10.00%
Netherlands \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	10.00%	10.00%	15.30%

WARRANTY OBLIGATIONS

12 Months Ended

Dec. 31, 2025

Product Warranties Disclosures [Abstract]

WARRANTY OBLIGATIONS

The Company’s warranty obligation activities were as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Warranty obligations, beginning of period		$	192,889	$	189,087	$	131,446
Accruals for warranties issued during period		29,108		27,544		51,866

Expense (benefit) from changes in estimates		12,500		1,082		(19,176)
Settlements		(27,086)		(27,611)		(27,216)
Increase due to accretion expense		13,399		11,010		13,821
Change in discount rate (1)		(203)		(459)		44,422

Other		(6,564)		(7,764)		(6,076)
Warranty obligations, end of period		214,043		192,889		189,087
Less: warranty obligations, current		(29,038)		(34,656)		(36,066)
Warranty obligations, non-current		$	185,005	$	158,233	$	153,021

(1) Refer to Note 10, “Fair Value Measurements” for additional information about the monetary impact for changes in the discount rate.

Changes in Estimates

On a quarterly basis, the Company uses the best and most complete underlying information available, following a consistent, systematic and rational methodology to determine its warranty obligations. The Company considers all available evidence to assess the reasonableness of all key assumptions underlying its estimated warranty obligations for each generation of microinverter, battery and related accessories. The changes in estimates discussed below resulted from consideration of new or additional information becoming available and subsequent developments. Changes in estimates included in the table above were comprised of the following:

2025

In the year ended December 31, 2025, the Company recorded $12.5 million in warranty expense from changes in estimates, of which $13.7 million related to an increase in product replacement costs primarily for estimated additional tariff costs and $6.1 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for prior generation products, partially offset by $7.3 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis for Enphase IQ Battery storage systems.

2024

In the year ended December 31, 2024, the Company recorded $1.1 million in warranty expense from changes in estimates, of which $10.2 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company’s high quality standards, $6.0 million for continuing analysis of field performance data and diagnostic root-cause failure analysis primarily related to prior generation products, $5.8 million from increase in product replacement costs due to increase in freight costs as well as $0.5 million related to increasing the warranty term to 20 years for microinverter units sold in Mexico, Colombia, Panama, Costa Rica and nine Caribbean countries. This expense was partially offset by a benefit from $17.0 million related to a decrease in product replacement costs primarily associated with Enphase IQ Battery storage systems and related accessories as the Company expanded its network of field service technicians in the United States, Europe and Australia to provide direct homeowner assistance, and $4.4 million related to continuing analysis of field performance data and diagnostic root-cause failure analysis for early generations of the Enphase IQ Battery storage system.

2023

In the year ended December 31, 2023, the Company recorded $19.2 million in warranty benefit from changes in estimates, of which $27.3 million related to a decrease in product replacement costs related to Enphase IQ Battery storage systems and accessories as the Company expanded its network of field service technicians in the United States, Europe and Australia to provide direct homeowner assistance, and $8.8 million related to a decrease in product replacement costs for all other products. This benefit was partially offset by $8.6 million related to the Company proactively addressing certain component defects in a specific population of products that did not meet the Company's high quality standards as well as continuing analysis of field performance data and diagnostic root-cause failure analysis primarily for prior generation products and $8.3 million for increasing the warranty period for the IQ Battery from 10 years to 15 years.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 580	$ 7,788
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	131,080	132,448
Common stock, shares outstanding (in shares)	131,080	132,448

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

The following table sets forth activities in the allowance for credit losses for the periods indicated.



	2025		2024		2023

	(In thousands)
Balance, at beginning of year	$	7,788	$	2,502	$	979
Net charges to revenue	—		4,828		—
Net charges to expense	(126)		1,849		1,388
Write-offs, net of recoveries	(7,082)		(1,391)		135
Balance, at end of year	$	580	$	7,788	$	2,502

The principal outstanding under the Company’s loan receivables were as follows:


	December 31, 2025
	(In thousands)
Current	$	47,000
Non-current	1,500
Loan receivables	$	48,500

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consist of the following:


	Estimated Useful Life	December 31,
		2025		2024

	(Years)	(In thousands)
Equipment and machinery	3-10	$	232,023	$	207,300
Furniture and fixtures	5-10	3,375		3,341
Computer equipment	3-5	7,512		7,241
Capitalized software costs	3-5	84,453		74,558
Leasehold improvements	3-10	32,860		19,047

Construction in process		10,461		19,305
Total		370,684		330,792
Less: accumulated depreciation and amortization		(233,880)		(183,278)
Property and equipment, net		$	136,804	$	147,514

Depreciation expense for property and equipment, net, for the years ended December 31, 2025, 2024 and 2023 was $52.8 million, $51.5 million and $40.7 million, respectively.

As of December 31, 2025 and 2024, unamortized capitalized software costs were $17.5 million and $22.6 million, respectively.

During the years ended December 31, 2025, 2024 and 2023, the Company determined that a triggering event had occurred as a result of changes to the Company’s long-term projections, accordingly, the Company recorded an impairment charge for the property and equipment, net asset of $1.6 million, $2.3 million and $5.7 million, respectively, within “Restructuring and asset impairment charges” on the consolidated statements of operations

OTHER FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER FINANCIAL INFORMATION

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	December 31, 2025		December 31, 2024

	(In thousands)
Prepaid income tax	$	354,080	$	111,090
Grant receivable	76,621		15,123
Loan receivable	48,324		—
Other	97,053		94,522
Total prepaid expenses and other current assets	$	576,078	$	220,735

Accrued Liabilities

Accrued liabilities consist of the following:


	December 31, 2025		December 31, 2024

	(In thousands)
Customer rebates and sales incentives	$	79,585	$	96,324
Liability due to supply and service agreements	62,789		52,575
Duties and tariffs	30,499		4,665
Freight	8,034		7,497
Salaries, commissions, incentive compensation and benefits	9,529		11,956
Income tax payable	4,919		3,540
Operating lease liabilities, current	8,211		5,815
VAT payable	2,226		1,472





Liabilities related to restructuring accruals	190		3,262
Other	11,384		9,781
Total accrued liabilities	$	217,366	$	196,887

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 20, 2026, the Company notified employees of actions approved by management to better align the Company’s workforce and cost structure with its business needs and strategic priorities (the “2026 Restructuring Plan”). In connection with the 2026 Restructuring Plan, the Company estimates that it will incur approximately $4.6 million in restructuring and asset impairment charges, of which approximately $4.2 million will be expected to be incurred in the first quarter of 2026 and approximately $3.7 million will be total cash expenditures. The estimated impact of charges related to the 2026 Restructuring Plan is expected to be approximately $3.8 million in employee severance and benefits related to the reduction in headcount affecting less than 6% of the Company's workforce, or approximately 160 employees, $0.7 million in asset impairment charges and $0.1 million related to office closures. Because the 2026 Restructuring Plan was approved and communicated to employees after December 31, 2025, the Company has not recognized any related charges in the consolidated financial statements for the year ended December 31, 2025.

DEBT - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total carrying amount of debt	$ 1,204,377,000	$ 1,302,380,000
Less: debt, current	(632,183,000)	(101,291,000)
Debt, non-current	572,194,000	1,201,089,000
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Long-term debt, gross	575,000,000	575,000,000
Less: unamortized debt issuance costs	(2,806,000)	(4,102,000)
Total carrying amount of debt	572,194,000	570,898,000
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	632,500,000	632,500,000
Less: unamortized debt issuance costs	(317,000)	(2,309,000)
Total carrying amount of debt	632,183,000	630,191,000
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	0	102,168,000
Less: unamortized debt issuance costs	0	(74,000)
Less: unamortized debt discount	0	(803,000)
Total carrying amount of debt	$ 0	$ 101,291,000

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The domestic and foreign components of income before income taxes consisted of the following:


	Years Ended December 31,
	2025		2024		2023

	(In thousands)
United States	$	145,956	$	80,903	$	465,463
Foreign	58,858		39,256		47,676
Income before income taxes	$	204,814	$	120,159	$	513,139

The income tax provision for the years presented was as follows:


	Years Ended December 31,
	2025		2024		2023

	(In thousands)
Current:
Federal	$	7,233	$	61,256	$	96,151
State	986		6,319		13,937
Foreign	10,957		11,137		11,303
	19,176		78,712		121,391
Deferred:
Federal	4,575		(58,588)		(50,211)
State	6,628		(4,535)		1,287
Foreign	2,302		1,912		1,736
	13,505		(61,211)		(47,188)
Income tax provision	$	32,681	$	17,501	$	74,203


	Year Ended December 31,
	2025
	Amount		Percent
	(In thousands)
U.S. Federal Statutory Tax Rate	$	43,011	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)	6,775		3.3	%
Foreign Tax Effect
India
Statutory tax rate difference between India and U.S.	1,932		0.9	%
Unremitted foreign earnings	1,570		0.8	%
Other	1,114		0.5	%
Other Countries
Statutory tax rate difference between Other Countries and U.S.	827		0.4	%
Other	(902)		(0.4)	%

Effect of Cross-Border Tax Laws
GILTI and other foreign inclusion	535		0.3	%
Foreign-derived intangible income deduction	1,103		0.5	%
Foreign Branch Tax	5,400		2.6	%
Other	1,033		0.5	%
Tax Credits
Foreign Tax Credits	(9,804)		(4.8)	%
Other Tax Credits	(59)		—	%
Nontaxable or Nondeductible items
Non-taxable income related to Section 45X tax credits	(50,132)		(24.5)	%
Stock-based compensation	18,509		9.0	%
Section 162(m)	4,849		2.4	%
Other	2,247		1.1	%
Changes in Unrecognized Tax Benefits	4,679		2.3	%
Other Adjustments	(6)		—	%
Provision for (benefit from) income taxes	$	32,681	15.9	%

(1) During the year ended December 31, 2025, state taxes in California comprised greater than 90% of the tax effect in this category.


	Years Ended December 31,
	2024		2023

	(In thousands)
Income tax provision at statutory federal rate	$	25,233	$	107,760
State taxes, net of federal benefit	7,406		18,107
Change in valuation allowance	1,973		—
Foreign tax rate and tax law differential	6,502		5,965
Tax credits	(7,598)		(29,229)
Non-taxable income related to Section 45X tax credits	(33,083)		(11,229)
Stock-based compensation	13,408		(13,969)
Other permanent items	335		(964)
Other nondeductible/nontaxable items	(219)		(73)
Uncertain tax positions	2,746		8,432
Foreign-derived intangible income deduction	(5,188)		(15,391)
GILTI and other foreign inclusions	9,101		—
Section 162(m)	4,618		5,445
Unremitted foreign earnings	1,654		1,829
Prior year changes in estimates	(9,387)		(2,480)
Income tax provision	$	17,501	$	74,203

A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 was as follows:


	December 31,
	2025		2024

	(In thousands)
Deferred tax assets:
Allowances and reserves	$	61,810	$	56,819
Accrued liabilities	15,306		30,230
Net operating loss and tax credit carryforwards	16,423		17,945
Stock-based compensation	31,853		17,504
Deferred revenue	62,898		66,353
Fixed assets and intangibles	2,032		1,670

Convertible notes and related hedges	14,717		27,053
Capitalized research and development expense	105,020		104,002
Capitalized inventory	23,178		13,865
Other	6,714		10,121
Gross deferred tax assets	339,951		345,562
Less valuation allowance	(1,772)		(1,973)
Total deferred tax assets	338,179		343,589
Deferred tax liabilities:


Unremitted foreign earnings	(8,390)		(6,800)
State impact of Section 45X tax credits	(5,914)		(1,625)
Deferred cost of goods sold	(24,828)		(26,397)
Other	(1,203)		(208)
Total deferred tax liabilities	(40,335)		(35,030)
Net deferred tax asset	$	297,844	$	308,559

As of December 31, 2025 and 2024, the Company recorded a valuation allowance of $1.8 million and $2.0 million, respectively, against certain of its net operating losses on one of its foreign operations, as it is more likely than not that such amounts will not be fully realized.

The Company's accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company's deferred tax assets. Assessing the realizability of deferred tax assets is dependent upon several factors, including the likelihood and amount, if any, of future taxable income in relevant jurisdictions during the periods in which those temporary differences become deductible. The Company's management forecasts taxable income by considering all available positive and negative evidence including its history of operating income or losses and its financial plans and estimates which are used to manage the business. These assumptions require significant judgment about future taxable income. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are reduced


	Years Ended December 31,
	2025		2024

	(In thousands)
Valuation allowance, beginning of period	$	1,973	$	—
Additions	—		1,973
Reversals	(201)		—
Valuation allowance, end of period	$	1,772	$	1,973

The Company has approximately $8.8 million of federal tax credit and $8.3 million of state tax credit carryforwards. The federal credits begin to expire in 2031 and the state credits can be carried forward indefinitely. As of December 31, 2025, the Company has foreign net operating losses of $5.5 million from the acquisition of GreenCom, which can be carried over indefinitely.

Utilization of some of the federal credit carryforwards and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state provisions. The Company believes that no such change has occurred through December 31, 2025.

Accounting for uncertain tax positions prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is required to recognize in the financial statements the impact of a tax position, if that position is more-likely than-not of being sustained on audit, based on the technical merits of the position. The Company recorded a net benefit for unrecognized tax benefits in 2025 of $4.2 million.

The Company has a tax position for which it is reasonably possible that the total amount of gross unrecognized tax benefits will decrease within the next year. The unrecognized tax benefits may increase or change during the next year for items that arise in the ordinary course of business.

As of December 31, 2025, the total amount of gross unrecognized tax benefits was $23.5 million, of which $21.8 million, if recognized, would impact the Company’s effective tax rate.

A tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Unrecognized tax benefits—at beginning of year	$	27,660	$	27,218	$	21,768
Increases (decreases) in balances related to tax positions taken in prior years	2,195		(702)		(417)

Increases in balances related to tax positions taken in current year	954		1,490		5,985
Decreases related to settlements with taxing authorities	(6,820)		—		—
Lapses in statutes of limitations	(484)		(346)		(118)
Unrecognized tax benefits—at end of year	$	23,505	$	27,660	$	27,218

The Company includes interest and penalties related to unrecognized tax benefits within the income tax provision. In the years ended December 31, 2025, 2024 and 2023, the total amount of gross interest and penalties accrued was $6.6 million, $6.1 million and $2.9 million, respectively. Both the unrecognized tax benefits and the associated interest and penalties that are not expected to result in payment or receipt of cash within one year are classified as other non-current liabilities in the consolidated balance sheets. In connection with tax matters, the Company’s interest and penalty expense recognized in 2025, 2024 and 2023 in the consolidated statements of operations was $0.4 million, $2.3 million and $3.8 million, respectively.

The Company’s tax returns continue to remain effectively subject to examination by U.S. federal authorities for the years 2006 and onwards and by California state authorities for the years 2006 and onwards due to use and carryovers of net operating losses and tax credits.

For the years ended December 31, 2025,and 2024, benefits recognized from the AMPTC of $238.7 million, and $157.5 million, respectively, were recorded as a prepaid income tax of $227.5 million and $94.9 million (included in Prepaid Expenses and Other Assets), reduction of income tax payable of $11.2 million and $62.7 million on the consolidated balance sheet for the year ended December 31, 2025 and 2024, respectively, and as a reduction to cost of revenues of $238.7 million and $157.5 million on the consolidated statements of operations for the year ended December 31, 2025 and 2024, respectively. Amounts recognized in the consolidated financial statements are based on management’s judgement and interpretation of the most current guidance.

In July 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law, extending key provisions of 2017 Tax Act while scaling back clean energy tax incentives of the IRA. The OBBBA brought back accelerated depreciation for property acquired and placed in service after January 19, 2025, and restored expensing of domestic research expenditures for years beginning after December 31, 2024. Additionally, the bill also amended international tax provisions on global intangible low-tax income, foreign derived intangible income, and base erosion and anti-abuse tax.

Among the significant changes to the clean energy provisions are those related to the repeal of the Section 25D residential solar incentive tax credit starting after December 31, 2025, and the Section 48E tax credit after December 31, 2027, if construction is not started within 12 months of the enactment. The OBBBA expanded the new non-Foreign Entity of Concern requirements to the Section 45X tax credit, denying tax credits for projects owned or controlled by certain foreign entities or that use components from or make payments to these foreign entities.

On October 1, 2025, the Governor of California signed Senate Bill 302 (“SB 302”) into law. SB 302 provides a gross income exclusion for taxpayers that either elect to receive direct payments from the Internal Revenue Service or receive payment from transfer of certain federal clean energy tax credits beginning tax years on or after January 1, 2026, and before January 1, 2031. The Company is currently evaluating the impacts of SB 302 on its condensed consolidated financial statements.

The Company made net tax payments during the year ended December 31, 2025 as follows:



United States	$	—
India	12,942
Netherlands	2,690
New Jersey	1,090
Other - Foreign	2,119
Other - States	1,609
Total	$	20,450

- Definition

The entire disclosure for income tax.

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 8,975	$ 7,641
Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	$ 19,706	$ 12,687

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, at beginning of year	$ 7,788	$ 2,502	$ 979
Net charges to revenue	0	4,828	0
Net charges to expense	(126)	1,849	1,388
Write-offs, net of recoveries	(7,082)	(1,391)	135
Balance, at end of year	$ 580	$ 7,788	$ 2,502

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:


	December 31, 2025						December 31, 2024

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash equivalents, restricted cash and marketable securities:
Money market funds	$	186,677	$	—	$	—	$	191,410	$	—	$	—
Certificates of deposit	—		—		—		95,000		—		—
Commercial paper	—		14,985		—		—		—		—

U.S. Treasuries	—		29,885		—		—		—		—
Marketable securities:
Certificates of deposit	—		14,515		—		—		30,092		—
Commercial paper	—		12,908		—		—		30,713		—
Corporate notes and bonds	—		373,383		—		—		449,570		—
U.S. Treasuries	—		63,754		—		—		111,612		—
U.S. Government agency securities	—		573,976		—		—		631,493		—

Other assets:
Investments in debt securities	—		6,300		55,046		—		—		64,834
Investment in equity instruments	—		—		5,000		—		—		—
Investment in tax equity fund	—		—		754		—		—		—
Total assets measured at fair value	$	186,677	$	1,089,706	$	60,800	$	286,410	$	1,253,480	$	64,834

Liabilities:


Warranty obligations:
Current	$	—	$	—	$	23,259	$	—	$	—	$	27,173
Non-current	—		—		169,963		—		—		143,743
Total warranty obligations measured at fair value	—		—		193,222		—		—		170,916
Total liabilities measured at fair value	$	—	$	—	$	193,222	$	—	$	—	$	170,916

Schedule of Significant Unobservable Inputs used in the Fair Value Measurement of Assets Designated as Level 3

The changes in the balance in investments in debt securities during the period were as follows:


	Years Ended December 31,
			2025		2024

		(In thousands)
Balance at beginning of period			$	64,834	$	79,855
Investments			6,300		—
Fair value adjustments included in other income (expense), net			(9,788)		1,967
Impairment			—		(16,988)
Balance at end of period			$	61,346	$	64,834

Schedule of Principal Outstanding of Loan Receivables

The following table sets forth activities in the allowance for credit losses for the periods indicated.



	2025		2024		2023

	(In thousands)
Balance, at beginning of year	$	7,788	$	2,502	$	979
Net charges to revenue	—		4,828		—
Net charges to expense	(126)		1,849		1,388
Write-offs, net of recoveries	(7,082)		(1,391)		135
Balance, at end of year	$	580	$	7,788	$	2,502

The principal outstanding under the Company’s loan receivables were as follows:


	December 31, 2025
	(In thousands)
Current	$	47,000
Non-current	1,500
Loan receivables	$	48,500

Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The following table provides information regarding changes in nonfinancial liabilities related to the Company’s warranty obligations measured at fair value on a recurring basis using significant unobservable inputs designated as Level 3 for the periods indicated:


	Years Ended December 31,
		2025		2024

		(In thousands)
Balance at beginning of period		$	170,916	$	161,793
Accruals for warranties issued during period		29,069		27,500
Changes in estimates		6,997		625
Settlements		(20,392)		(21,789)
Increase due to accretion expense		13,399		11,010
Change in discount rate		(203)		(459)
Other		(6,564)		(7,764)
Balance at end of period		$	193,222	$	170,916

Schedule of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3

As of December 31, 2025 and December 31, 2024, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows:

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2025

December 31,
2024

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17.5%

16.8%

Credit-adjusted risk-free rate

7.3%

7.2%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventory

Inventory consists of the following:



	December 31, 2025		December 31, 2024

	(In thousands)
Raw materials (1)	$	102,512	$	38,740
Work-in-process (1)	8,353		—
Finished goods	177,182		126,264
Total inventory	$	288,047	$	165,004

STOCK-BASED COMPENSATION - Schedule of ESPP Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Proceeds from common stock issued under ESPP	$ 8,599	$ 11,773	$ 12,897
Shares of common stock issued (in shares)	260	185	133
Weighted-average price per share (in usd per share)	$ 33.14	$ 63.54	$ 97.05

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Period of service plans offered, prepaid plan	10 years
AMPTC, income tax payable benefit	$ 238,700,000	$ 157,500,000
AMPTC, cost of revenues reduction	238,700,000	157,500,000
Accrued interest receivable	$ 9,700,000	$ 10,100,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Restricted cash		$ 95,000,000
Accounts receivable, allowance	$ 580,000	7,788,000
Allowance for credit loss, writeoff	6,200,000
Property and equipment impairment charge	1,600,000	2,300,000	$ 5,700,000
Right of use asset impairment charges	$ 1,500,000	100,000	1,100,000
Number of reporting unit \| reporting_unit	1
Goodwill, impairment loss	$ 0	0	0
Impairment of intangible assets	0	3,528,000	3,800,000
Advertising costs	$ 2,700,000	1,700,000	$ 3,800,000
Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
One Customer
Fair Value, Option, Quantitative Disclosures [Line Items]
Accounts receivable, allowance		6,200,000
Prepaid Expenses and Other Current Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	$ 227,500,000	94,900,000
Grant receivable	76,600,000	15,100,000
Accrued Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
AMPTC, income tax payable benefit	$ 11,200,000	$ 62,700,000
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Intangible assets, estimated useful life	5 years
Period failure rate measurement lags product sale	3 months
Minimum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	10 years
Intangible assets, estimated useful life	9 years
Period failure rate measurement lags product sale	9 months
Maximum \| Capitalized software costs
Fair Value, Option, Quantitative Disclosures [Line Items]
Property, plant and equipment, useful life	5 years
Monitoring Hardware and Service \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	7 years
Capitalized contract cost, amortization period	5 years
Monitoring Hardware and Service \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	15 years
Capitalized contract cost, amortization period	7 years
Subscription Contracts \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	3 months
Subscription Contracts \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Service period	12 months
Microinverter, First and Second Generation
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
Microinverter, Subsequent Generations \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years
Battery Products \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	10 years
Battery Products \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
IQ PowerPack 1500
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
IQ Gateway \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
IQ Gateway \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	15 years
IQ Energy Router
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
EV Charger \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	1 year
EV Charger \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Third and Fourth Generation \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	5 years
Third and Fourth Generation \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Product warranty, term	25 years

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	Dec. 31, 2025
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS The Company is potentially subject to financial instrument concentration of credit risk through its cash, cash equivalents, restricted cash, marketable securities, accounts receivable and loan receivables. The Company places its cash, cash equivalents, restricted cash and marketable securities with high quality institutions and performs periodic evaluations of their relative credit standing. Accounts receivable can be potentially exposed to a concentration of credit risk with its major customers. As of December 31, 2025, amounts due from three customers represented approximately 31%, 22% and 14% of the total accounts receivable balance, as compared to one customer represented approximately 43% of the total accounts receivable balance as of December 31, 2024. In the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 39%, 48% and 40%, respectively, of the Company’s net revenues.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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+ Details

DEBT - Schedule of Interest Cost Recognized in Statements Of Operations (Details) - Convertible Notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Notes due 2028
Debt Instrument [Line Items]
Contractual interest expense	$ 0	$ 0
Amortization of debt discount	0	0
Amortization of debt issuance costs	1,296	1,308
Total interest cost recognized	1,296	1,308
Notes due 2026
Debt Instrument [Line Items]
Contractual interest expense	0	0
Amortization of debt discount	0	0
Amortization of debt issuance costs	1,991	2,006
Total interest cost recognized	1,991	2,006
Notes due 2025
Debt Instrument [Line Items]
Contractual interest expense	43	256
Amortization of debt discount	803	4,841
Amortization of debt issuance costs	75	490
Total interest cost recognized	$ 921	$ 5,587

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

The following table presents the computation of basic and diluted net income per share for the periods presented:


	Years Ended December 31,
		2025		2024		2023
		(In thousands, except per share data)
Numerator:
Net income		$	172,133	$	102,658	$	438,936

Notes due 2028 and Notes due 2026 financing costs, net		1,967		2,486		2,573

Adjusted net income		$	174,100	$	105,144	$	441,509

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		131,162		135,167		136,376

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		131,162		135,167		136,376
Effect of dilutive securities:
Employee stock-based awards		353		474		1,782
Notes due 2023		—		—		638


Notes due 2025		—		288		—
2025 Warrants		—		—		419
Notes due 2026		1,353		2,057		2,057

Notes due 2028		2,018		2,018		2,018

Weighted average common shares outstanding for diluted calculation		134,886		140,004		143,290

Basic and diluted net income per share
Net income per share, basic		$	1.31	$	0.76	$	3.22
Net income per share, diluted		$	1.29	$	0.75	$	3.08

Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share

The following outstanding shares of common stock equivalents were excluded from the calculation of the diluted net income per share attributable to common stockholders because their effect would have been antidilutive:


	Years Ended December 31,
		2025	2024	2023

		(In thousands)



Employee stock-based awards		3,234	1,359	1,113
2025 Warrants		619	—	—
Notes due 2025		200	—	1,253

Notes due 2026		704	—	—
2026 Warrants		2,057	5,673	3,038

2028 Warrants		2,018	5,566	2,981
Total		8,832	12,598	8,385

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES - Schedule of Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	$ 3,262
Charges	7,131	$ 13,154	$ 15,684
Restructuring reserve, ending	190	3,262
2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	276	3,104
Charges	2	3,325
Cash payments and receipts, net	(3)	(4,087)
Non-cash settlement and other	0	2,066
Restructuring reserve, ending	275	276	3,104
2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	2,986	0
Charges	7,131	9,829
Cash payments and receipts, net	(9,096)	(2,941)
Non-cash settlement and other	831	3,902
Restructuring reserve, ending	190	2,986	0
Employee Severance and Benefits \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	276	1,304
Charges	2	1,219
Cash payments and receipts, net	(3)	(1,955)
Non-cash settlement and other	0	292
Restructuring reserve, ending	275	276	1,304
Employee Severance and Benefits \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	2,220	0
Charges	5,223	5,161
Cash payments and receipts, net	(6,789)	(2,941)
Non-cash settlement and other	588	0
Restructuring reserve, ending	66	2,220	0
Contract Termination Charges \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0	1,800
Charges	0	1,225
Cash payments and receipts, net	0	(2,132)
Non-cash settlement and other	0	893
Restructuring reserve, ending	0	0	1,800
Contract Termination Charges \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	766	0
Charges	381	766
Cash payments and receipts, net	(2,307)	0
Non-cash settlement and other	(1,284)	0
Restructuring reserve, ending	124	766	0
Asset Impairment \| 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0	0
Charges	0	881
Cash payments and receipts, net	0	0
Non-cash settlement and other	0	881
Restructuring reserve, ending	0	0	0
Asset Impairment \| 2024 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning	0	0
Charges	1,527	3,902
Cash payments and receipts, net	0	0
Non-cash settlement and other	1,527	3,902
Restructuring reserve, ending	$ 0	$ 0	$ 0

SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 businessActivity segment
Segment Reporting [Abstract]
Number of business activities \| businessActivity	1
Number of operating segments	1
Number of reportable segments	1

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Allowances and reserves	$ 61,810	$ 56,819
Accrued liabilities	15,306	30,230
Net operating loss and tax credit carryforwards	16,423	17,945
Stock-based compensation	31,853	17,504
Deferred revenue	62,898	66,353
Fixed assets and intangibles	2,032	1,670
Convertible notes and related hedges	14,717	27,053
Capitalized research and development expense	105,020	104,002
Capitalized inventory	23,178	13,865
Other	6,714	10,121
Gross deferred tax assets	339,951	345,562
Less valuation allowance	(1,772)	(1,973)	$ 0
Total deferred tax assets	338,179	343,589
Deferred tax liabilities:
Unremitted foreign earnings	(8,390)	(6,800)
State impact of Section 45X tax credits	(5,914)	(1,625)
Deferred cost of goods sold	(24,828)	(26,397)
Other	(1,203)	(208)
Total deferred tax liabilities	(40,335)	(35,030)
Net deferred tax asset	$ 297,844	$ 308,559

RELATED PARTY	12 Months Ended
RELATED PARTY	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY	RELATED PARTY In September 2025, the Company invested $6.3 million in cash to purchase convertible notes with an aggregate principal amount of $7.0 million issued by SunPower. The CEO of SunPower also serves as a member of the Company’s Board of Directors, and therefore this transaction constitutes a related party transaction. The notes bear an interest rate of 7% per annum and mature on July 1, 2029. The initial conversion rate is 467.8363 shares of SunPower common stock per $1,000 principal amount of notes (equivalent to a conversion price of approximately $2.14 per share). The terms of the transaction were reviewed and approved by the Company’s Audit Committee and were determined to be on an arm’s-length basis. See Note 7. “Fair Value Measurements” for additional information related to this purchase.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
GreenCom
Finite-Lived Intangible Assets [Line Items]
Decrease in intangible assets acquired	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 11,946	$ 11,047	$ 10,406

DEBT - Convertible Senior Notes Due in 2025 Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Mar. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 09, 2020
Debt Instrument [Line Items]
Repayments of debt		$ 102,168,000	$ 7,000	$ 0
Principal amount outstanding		1,204,377,000	1,302,380,000
Convertible Notes \| Notes due 2025
Debt Instrument [Line Items]
Interest rate	0.25%
Repayments of debt	$ 102,200,000
Principal amount outstanding		$ 0	$ 101,291,000
Conversion shares (in shares)					3.9
Warrants issued, strike price (in usd per share)					$ 106.94

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

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-Subparagraph (b)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Minimum Lease Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2026	$ 10,535
2027	8,306
2028	7,470
2029	6,388
2030	6,116
Thereafter	8,835
Total lease payments	47,650
Less: imputed lease interest	(8,244)
Total lease liabilities	$ 39,406	$ 28,859

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on information technology and data to operate our business and develop, market and deliver our products and services to our customers. Our critical information technology includes certain computer networks, third-party hosted services, communications systems, software, personal computers and servers (collectively, “Information Technology"), and our critical data includes certain confidential data, including personal information, proprietary, and valuable data (collectively “Confidential Data”). Accordingly, we maintain risk assessment processes designed to identify cybersecurity threats relating to such Information Technology and Confidential Data, and assess potential material impact to our business that may result from such threats. Based on our assessment, we implement and maintain risk management processes designed to protect the confidentiality, integrity and availability of our Information Technology and Confidential Data and mitigate material harm to our business. We identify such threats by, among other methods, monitoring the threat environment using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating our and our industry’s risk profile, evaluating threats reported to us, conducting threat assessments for internal and external threats, and conducting vulnerability assessments. In the event a threat results in a cybersecurity incident, we have a process for escalating certain cybersecurity incidents from our security team up through our security leadership and ultimately to management. Based on our risk assessment process, we implement and maintain various technical, physical and organizational processes designed to manage and mitigate cybersecurity risks that could affect our Information Technology and Confidential Data, and potential material impacts that may result from such risks. We have implemented measures designed to prevent, detect, respond to, mitigate and recover from identified and significant cybersecurity threats. The cybersecurity risk management processes we maintain for our Information Technology and Confidential Data, depending on the particular environment and system processes, are designed to address cybersecurity threats; incident response; vulnerability management; business continuity; incident detection and response; internal and external evaluations to assess our exposure to cybersecurity threats, environment, compliance with risk mitigation procedures, and effectiveness of relevant controls; documented risk assessments; encryption of data; network security; threat modeling; physical and electronic access; physical security; asset management, tracking and disposal; systems monitoring; vendor risk management; employee security training; penetration testing; cyber insurance; and the maintenance of a dedicated cybersecurity team. To operate our business, we utilize certain third-party service providers to perform a variety of functions and provide certain security-related services, such as outsourced business critical functions, professional services, SaaS platforms, managed services, cloud-based infrastructure, data center facilities, content delivery to customers, encryption and authentication technology, corporate productivity services, and other functions; as well as third parties that assist us to identify, assess and manage cybersecurity risks, including professional services firms, threat intelligence service providers, cybersecurity software providers, penetration testing firms and other vendors that help to identify, assess or manage cybersecurity risks. For certain vendors, our vendor management process includes evaluating the cybersecurity practices of such provider and contractually imposing obligations on the provider related to the services they provide and/or the information they process. For a description of the risks from cybersecurity threats that may materially affect the company and how those risks may affect the company, please refer to Part I, Item 1A. Risk Factors—Risks Related to our Intellectual Property and Technology of this Annual Report on Form 10-K for additional information about cybersecurity-related risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Accordingly, we maintain risk assessment processes designed to identify cybersecurity threats relating to such Information Technology and Confidential Data, and assess potential material impact to our business that may result from such threats. Based on our assessment, we implement and maintain risk management processes designed to protect the confidentiality, integrity and availability of our Information Technology and Confidential Data and mitigate material harm to our business.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors oversees our overall risk management strategy. The Audit Committee has general oversight with respect to cybersecurity risk. The Audit Committee has established a cybersecurity subcommittee to discuss issues and risks related to cybersecurity, and it includes one of our board members with cybersecurity experience, and holds regular meetings. This subcommittee has a dedicated agenda during such meetings that are designed to assist the Audit Committee with its cybersecurity oversight and allow it to report to the full Board if necessary. The meetings involve presentations and reports from our management, security leadership and information security team, including updates on relevant cybersecurity threats faced by the company and steps we are taking to address them.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing the implementation and maintenance of our cybersecurity policies and procedures and activities carried out in furtherance of those policies and procedures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee has established a cybersecurity subcommittee to discuss issues and risks related to cybersecurity, and it includes one of our board members with cybersecurity experience, and holds regular meetings. This subcommittee has a dedicated agenda during such meetings that are designed to assist the Audit Committee with its cybersecurity oversight and allow it to report to the full Board if necessary. The meetings involve presentations and reports from our management, security leadership and information security team, including updates on relevant cybersecurity threats faced by the company and steps we are taking to address them.
Cybersecurity Risk Role of Management [Text Block]	Our management team is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing the implementation and maintenance of our cybersecurity policies and procedures and activities carried out in furtherance of those policies and procedures. The Senior Vice President of Security leads our cybersecurity risk management efforts and helps us assess cybersecurity risks, establish priorities, and determine the scope and details of our cybersecurity program. We have identified certain members of management and relevant employees to oversee our cybersecurity incident response and vulnerability management processes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing the implementation and maintenance of our cybersecurity policies and procedures and activities carried out in furtherance of those policies and procedures.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Senior Vice President of Security leads our cybersecurity risk management efforts and helps us assess cybersecurity risks, establish priorities, and determine the scope and details of our cybersecurity program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team is involved with our efforts to prevent, detect, and mitigate cybersecurity incidents by overseeing the implementation and maintenance of our cybersecurity policies and procedures and activities carried out in furtherance of those policies and procedures. The Senior Vice President of Security leads our cybersecurity risk management efforts and helps us assess cybersecurity risks, establish priorities, and determine the scope and details of our cybersecurity program. We have identified certain members of management and relevant employees to oversee our cybersecurity incident response and vulnerability management processes.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive.

The following table presents the computation of basic and diluted net income per share for the periods presented:


	Years Ended December 31,
		2025		2024		2023
		(In thousands, except per share data)
Numerator:
Net income		$	172,133	$	102,658	$	438,936

Notes due 2028 and Notes due 2026 financing costs, net		1,967		2,486		2,573

Adjusted net income		$	174,100	$	105,144	$	441,509

Denominator:
Shares used in basic per share amounts:
Weighted average common shares outstanding		131,162		135,167		136,376

Shares used in diluted per share amounts:
Weighted average common shares outstanding used for basic calculation		131,162		135,167		136,376
Effect of dilutive securities:
Employee stock-based awards		353		474		1,782
Notes due 2023		—		—		638


Notes due 2025		—		288		—
2025 Warrants		—		—		419
Notes due 2026		1,353		2,057		2,057

Notes due 2028		2,018		2,018		2,018

Weighted average common shares outstanding for diluted calculation		134,886		140,004		143,290

Basic and diluted net income per share
Net income per share, basic		$	1.31	$	0.76	$	3.22
Net income per share, diluted		$	1.29	$	0.75	$	3.08

Diluted earnings per share for the year ended December 31, 2025 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2026 and the Notes due 2028. Diluted earnings per share for the year ended December 31, 2024 includes the dilutive effect of potentially dilutive common shares by application of the treasury stock method for stock options, RSUs, PSUs, ESPP, Notes due 2025, and includes potentially dilutive common shares by application of the if-converted method for the Notes due 2026 and Notes due 2028. Potentially dilutive common shares for the year ended December 31, 2023 include stock options, RSUs, PSUs, ESPP, Notes due 2023, Notes due 2026, Notes due 2028 and the 2025 Warrants. To the extent these potential common shares are antidilutive, they are excluded from the calculation of diluted net income per share.

The Company under the relevant sections of the indenture, irrevocably may elect to settle principal in cash and any excess conversion value in cash or shares of the Company’s common stock for the Notes due 2028. If and when the Company makes such election, there would be no adjustment to net income and the Company would use the average share price to determine the potential number of shares issuable upon an assumed conversion to be included in the diluted share count.

The Notes due 2026 are convertible at any time from September 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2026. Upon conversion, the Company has elected, on August 28, 2025, to settle the Notes due 2026 with a combination of cash and shares of the Company’s common stock, whereby the principal amount would be settled in cash and any excess conversion value would be settled in shares of the Company's common stock. As a result, after the election date, there is no adjustment to net income and the Company uses the average share price to determine the potential number of shares issuable upon an assumed conversion to be included in the diluted share count.


	Years Ended December 31,
		2025	2024	2023

		(In thousands)



Employee stock-based awards		3,234	1,359	1,113
2025 Warrants		619	—	—
Notes due 2025		200	—	1,253

Notes due 2026		704	—	—
2026 Warrants		2,057	5,673	3,038

2028 Warrants		2,018	5,566	2,981
Total		8,832	12,598	8,385

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases office facilities under noncancellable operating leases that expire on various dates through 2034, some of which may include options to extend the leases for up to 12 years.

The components of lease expense are presented as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Operating lease costs		$	11,946	$	11,047	$	10,406

The components of right of use assets and lease liabilities are presented as follows:


	December 31, 2025		December 31, 2024

	(In thousands, except years and percentage data)
Operating leases:
Operating lease, right of use asset, net (Other assets)	$	34,573	$	24,617

Operating lease liabilities, current (Accrued liabilities)	$	8,211	$	5,815
Operating lease liabilities, non-current (Other liabilities)	31,195		23,044
Total operating lease liabilities	$	39,406	$	28,859

Supplemental lease information:
Weighted average remaining lease term	5.6 years		5.9 years
Weighted average discount rate	6.3%		6.7%

Supplemental cash flow and other information related to operating leases were as follows:


	Years Ended December 31,
		2025		2024

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	8,975	$	7,641

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets		$	19,706	$	12,687

Undiscounted cash flows of operating lease liabilities as of December 31, 2025 were as follows:


	Lease Amounts
	(In thousands)
Year:
2026	$	10,535
2027	8,306
2028	7,470
2029	6,388
2030	6,116
Thereafter	8,835
Total lease payments	47,650
Less: imputed lease interest	(8,244)
Total lease liabilities	$	39,406

Purchase Obligations

The Company has contractual obligations related to component inventory that it, and its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of December 31, 2025, these purchase obligations totaled approximately $252.3 million

Litigation

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. An accrual for a loss contingency is recognized when it is probable and the amount of loss or recovery can be reasonably estimated. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s business, results of operations, financial position and cash flows for that reporting period could be materially adversely affected. As of December 31, 2025, in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.

INCOME TAXES - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 7,233	$ 61,256	$ 96,151
State	986	6,319	13,937
Foreign	10,957	11,137	11,303
Total	19,176	78,712	121,391
Deferred:
Federal	4,575	(58,588)	(50,211)
State	6,628	(4,535)	1,287
Foreign	2,302	1,912	1,736
Total	13,505	(61,211)	(47,188)
Income tax provision	$ 32,681	$ 17,501	$ 74,203

DEBT - Convertible Senior Notes Due in 2028 Narrative (Details) $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,204,377,000	$ 1,302,380,000
Convertible Notes \| Notes due 2028
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000.0
Interest rate	0.00%
Proceeds from convertible debt	$ 566,400,000
Conversion ratio	0.0035104
Debt conversion price (in usd per share) \| $ / shares	$ 284.87
Principal amount outstanding		572,194,000	570,898,000
Unamortized debt issuance costs		$ 2,806,000	$ 4,102,000
Conversion shares (in shares) \| shares	2.0
Payment for bonds hedge	$ 161,600,000
Warrants issued, strike price (in usd per share) \| $ / shares	$ 397.91
Proceeds from sale of warrants	$ 123,400,000
Convertible Notes \| Notes due 2028 \| Period One
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in usd per share) \| $ / shares	$ 370.33
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger (as a percent)	98.00%
Convertible Notes \| Notes due 2028 \| Period Two
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense Associated with Each Type of Award (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 214,090	$ 211,360	$ 212,857
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	208,891	205,453	204,238
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,199	5,907	7,450
Post combination expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 0	$ 1,169

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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+ Details

DEBT - Convertible Senior Notes Due in 2026 Narrative (Details) $ / shares in Units, shares in Millions	Mar. 01, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,204,377,000	$ 1,302,380,000
Convertible Notes \| Notes due 2026
Debt Instrument [Line Items]
Debt instrument face amount	$ 575,000,000			$ 57,500,000
Interest rate	0.00%
Proceeds from convertible debt	$ 623,000,000
Conversion ratio	0.0032523
Debt conversion price (in usd per share) \| $ / shares	$ 307.47
Principal amount outstanding		632,183,000	630,191,000
Unamortized debt issuance costs		$ 317,000	$ 2,309,000
Conversion shares (in shares) \| shares	2.1
Payment for bonds hedge	$ 124,600,000
Warrants issued, strike price (in usd per share) \| $ / shares	$ 397.91
Proceeds from sale of warrants	$ 97,400,000
Convertible Notes \| Notes due 2026 \| Period One
Debt Instrument [Line Items]
Threshold percentage	130.00%
Stock trigger price (in usd per share) \| $ / shares	$ 399.71
Number of threshold trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Measurement period percentage of stock price trigger (as a percent)	98.00%
Convertible Notes \| Notes due 2026 \| Period Two
Debt Instrument [Line Items]
Threshold percentage	100.00%
Number of consecutive trading days \| tradingDay	5
Business day period after measurement period	5 days

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2011 Plan

Under the 2011 Equity Incentive Plan (the “2011 Plan”), the Company could initially issue up to 2,643,171 shares of its common stock pursuant to stock options, stock appreciation rights (“SARS”), restricted stock awards (“RSA”), RSUs, PSUs, and other forms of equity compensation, or collectively, stock awards, all of which may be granted to employees, including officers, and to non-employee directors and consultants. Options granted under the 2011 Plan before August 1, 2012 generally expire 10 years after the grant date and options granted thereafter generally expire seven years after the grant date. Equity awards granted under the 2011 Plan generally vested over a four-year period from the date of grant based on continued service to the Company. As of May 19, 2021, no further stock options or other stock awards may be granted under the 2011 Plan.

2021 Plan

On May 19, 2021, at the 2021 annual meeting of stockholders of the Company, the stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), as the successor to the 2011 Plan. The 2021 Plan was amended and restated at the 2025 annual meeting of stockholders of the Company to increase the number of shares of common stock authorized for issuance thereunder by an additional 4,000,000 shares. The 2021 Plan provides for the grant of incentive stock options, SARS, RSAs, RSUs, PSUs and other forms of equity compensation. Eligible participants under the 2021 Plan include Company’s employees, directors and consultants. The 2021 Plan provides, among other things, that the number of shares of the Company’s common stock, $0.00001 par value per share, reserved for issuance under the 2021 Plan (subject to adjustment for certain changes in the Company’s capitalization) is equal to: (A) the sum of (i) 13,100,456 newly reserved shares of the Company’s common stock and (ii) 5,256,517 Returning Shares (as defined below) as such shares become available from time to time as set forth in the 2021 Plan. “Returning Shares” means shares subject to any outstanding award granted under the 2011 Plan (“Prior Plan Award”) that are (i) not issued because such Prior Plan Award or any portion thereof expires or otherwise terminates without all of the shares covered by such Prior Plan Award having been issued, or is settled in cash; (ii) forfeited back to or repurchased by the Company because of a failure to vest; or (iii) reacquired or withheld (or not issued) by the Company to satisfy the purchase price of, or a tax withholding obligation in connection with, a Prior Plan Award that is a Full Value Award (as defined in the 2021 Plan). As of December 31, 2025, 5,978,943 shares remained available for issuance under the 2021 Plan.

2011 Employee Stock Purchase Plan

The 2011 Employee Stock Purchase Plan (“ESPP”) became effective immediately upon the execution and delivery of the underwriting agreement for the Company’s initial public offering on March 29, 2012. The ESPP authorized the issuance of 669,603 shares of the Company’s common stock pursuant to purchase rights granted to employees. The number of shares of common stock reserved for issuance will automatically increase, on each January 1, by a lesser of (i) 700,000 shares of the Company’s common stock or (ii) 1.0% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, as determined by the Company’s board of directors. In 2022, the Company’s board of directors waived the automatic increase of 700,000 shares that were to be added on January 1, 2023 for issuance under the ESPP and no additional shares were added to the plan on January 1, 2023. As of December 31, 2025, 2,797,029 shares remained available for future issuance under the ESPP. On January 1, 2026, the shares available for issuance under the ESPP automatically increased by 700,000 shares.

The ESPP is implemented by concurrent offering periods and each offering period may contain up to four interim purchase periods. In general, offering periods consist of the 24-month periods commencing on each May 15 and November 15 of a calendar year.

Generally, all full-time employees in the United States and certain other countries in which the Company operates, including executive officers, are eligible to participate in the ESPP. The ESPP permits eligible employees to purchase the Company’s common stock through payroll deductions, which may not exceed 15% of the employee’s total compensation subject to certain limits. Stock may be purchased under the plan at a price equal to 85% of the fair market value of the Company’s common stock on either the date of purchase or the first day of an offering period, whichever is lower. A two‑year look-back feature in the ESPP causes an offering period to reset if the fair value of the Company’s common stock on a purchase date is less than that on the initial offering date for that offering period. The reset feature, when triggered, will be accounted for as a modification to the original offering, resulting in additional expense to be recognized over the 24-month period of the new offering. During any calendar year, participants may not purchase shares of the Company’s common stock having a value greater than $25,000, based on the fair market value per share of the Company’s common stock at the beginning of an offering period.

Valuation of Equity Awards

Stock Options

No stock options were granted during the years ended December 31, 2025, 2024 and 2023.

Restricted Stock Units

The fair value of the Company’s RSU awards granted is based upon the closing price of the Company’s stock price on the date of grant.

Performance Stock Units

The fair value of the Company’s non-market PSU awards granted was based upon the closing price of the Company’s stock price on the date of grant. The fair value of awards of the Company’s PSU awards containing market conditions was determined using a Monte Carlo simulation model based upon the terms of the conditions, the expected volatility of the underlying security, and other relevant factors.

Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards, which includes shares purchased under the Company’s ESPP, RSUs and PSUs, expected to vest is measured at fair value on the date of grant and recognized ratably over the requisite service period.

The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenues		$	17,178	$	14,538	$	13,357
Research and development		82,837		85,501		88,367
Sales and marketing		63,236		65,092		65,703
General and administrative		50,251		45,962		45,430
Restructuring		588		267		—
Total		$	214,090	$	211,360	$	212,857
Income tax benefit (expense) included in the provision for income tax		$	(35,890)	$	(17,958)	$	20,558

The following table summarizes the various types of stock-based compensation expense for the periods presented:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
RSUs and PSUs		$	208,891	$	205,453	$	204,238
ESPP		5,199		5,907		7,450
Post combination expense		—		—		1,169
Total		$	214,090	$	211,360	$	212,857

As of December 31, 2025, there was approximately $277.1 million of total unrecognized stock-based compensation expense related to unvested equity awards, which are expected to be recognized over a weighted-average period of 2.4 years.

Equity Awards Activity

Stock Options

No stock options were granted during the year ended December 31, 2025, 2024 and 2023. Stock option activity during the period, as well as stock options outstanding as of December 31, 2025, were immaterial

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)




Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	$	154.63
Vested	(1,061)	$	152.47		$	185,078
Canceled	(269)	$	184.66
Outstanding at December 31, 2023	2,332	$	177.64
Granted	1,309	$	101.53
Vested	(977)	$	171.88		$	107,116
Canceled	(381)	$	160.77
Outstanding at December 31, 2024	2,283	$	139.27
Granted	2,746	$	43.63
Vested	(848)	$	153.09		$	41,317
Canceled	(381)	$	119.96
Outstanding at December 31, 2025	3,800	$	69.01	1.5	$	121,780
Expected to vest at December 31, 2025	3,745	$	68.63	1.5	$	120,025

(1) The intrinsic value of RSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of RSUs outstanding and expected to vest as of December 31, 2025 is based on the closing price of the last trading day during the period ended December 31, 2025. The Company’s stock fair value used in this computation was $32.05 per share.

Performance Stock Units

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2022	376	$	197.82
Granted	422	$	233.90
Vested	(380)	$	196.24		$	80,113
Canceled	(22)	$	229.11
Outstanding at December 31, 2023	396	$	235.99
Granted	724	$	127.06
Vested	(100)	$	214.91		$	12,958
Canceled	(121)	$	205.51
Outstanding at December 31, 2024	899	$	154.67
Granted	1,143	$	77.27
Vested	(175)	$	110.20		$	10,017
Canceled	(227)	$	119.48
Outstanding at December 31, 2025	1,640	$	110.34	1.1	$	52,541
Expected to vest at December 31, 2025	1,640	$	110.34	1.1	$	52,541

(1) The intrinsic value of PSUs vested is based upon the value of the Company’s stock when vested. The intrinsic value of PSUs outstanding and expected to vest as of December 31, 2025 is based on the closing price of the last trading day during the period ended December 31, 2025. The Company’s stock fair value used in this computation was $32.05 per share.

Employee Stock Purchase Plan

A summary of ESPP activity for the years presented is as follows (in thousands, except per share data):


	Years Ended December 31,
	2025		2024		2023
Proceeds from common stock issued under ESPP	$	8,599	$	11,773	$	12,897
Shares of common stock issued	260		185		133
Weighted-average price per share	$	33.14	$	63.54	$	97.05

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 172,133	$ 102,658	$ 438,936
Other comprehensive income:
Foreign currency translation adjustments	5,770	(4,715)	1,190
Marketable securities
Change in net unrealized gain, net of income tax (provision) benefit of $(757), $115 and $2,468 for the year ended December 31, 2025, 2024 and 2023, respectively.	2,336	351	7,704
Comprehensive income	$ 180,239	$ 98,294	$ 447,830

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

OTHER FINANCIAL INFORMATION - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Customer rebates and sales incentives	$ 79,585	$ 96,324
Liability due to supply and service agreements	62,789	52,575
Duties and tariffs	30,499	4,665
Freight	8,034	7,497
Salaries, commissions, incentive compensation and benefits	9,529	11,956
Income tax payable	4,919	3,540
Operating lease liabilities, current	8,211	5,815
VAT payable	2,226	1,472
Liabilities related to restructuring accruals	190	3,262
Other	11,384	9,781
Total accrued liabilities	$ 217,366	$ 196,887

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 474,318	$ 369,110
Restricted cash	0	95,006
Marketable securities	1,038,536	1,253,480
Accounts receivable, net of allowances of $580 and $7,788 at December 31, 2025 and December 31, 2024, respectively	229,881	223,749
Inventory	288,047	165,004
Prepaid expenses and other current assets	576,078	220,735
Total current assets	2,606,860	2,327,084
Property and equipment, net	136,804	147,514
Intangible assets, net	22,288	42,398
Goodwill	214,760	211,571
Other assets	222,677	205,542
Deferred tax assets, net	306,403	315,567
Total assets	3,509,792	3,249,676
Current liabilities:
Accounts payable	203,039	90,032
Accrued liabilities	217,366	196,887
Deferred revenues, current	180,524	237,225
Warranty obligations, current	29,038	34,656
Debt, current	632,183	101,291
Total current liabilities	1,262,150	660,091
Long-term liabilities:
Deferred revenues, non-current	337,923	341,982
Warranty obligations, non-current	185,005	158,233
Other liabilities	65,497	55,265
Debt, non-current	572,194	1,201,089
Total liabilities	2,422,769	2,416,660
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 131,080 shares and 132,448 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1	1
Additional paid-in capital	1,289,164	1,084,573
Accumulated deficit	(203,896)	(245,206)
Accumulated other comprehensive income (loss)	1,754	(6,352)
Total stockholders’ equity	1,087,023	833,016
Total liabilities and stockholders’ equity	$ 3,509,792	$ 3,249,676

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:

•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment.

•Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The following table presents assets and liabilities measured at fair value on a recurring basis using the above input categories:


	December 31, 2025						December 31, 2024

	(In thousands)
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash equivalents, restricted cash and marketable securities:
Money market funds	$	186,677	$	—	$	—	$	191,410	$	—	$	—
Certificates of deposit	—		—		—		95,000		—		—
Commercial paper	—		14,985		—		—		—		—

U.S. Treasuries	—		29,885		—		—		—		—
Marketable securities:
Certificates of deposit	—		14,515		—		—		30,092		—
Commercial paper	—		12,908		—		—		30,713		—
Corporate notes and bonds	—		373,383		—		—		449,570		—
U.S. Treasuries	—		63,754		—		—		111,612		—
U.S. Government agency securities	—		573,976		—		—		631,493		—

Other assets:
Investments in debt securities	—		6,300		55,046		—		—		64,834
Investment in equity instruments	—		—		5,000		—		—		—
Investment in tax equity fund	—		—		754		—		—		—
Total assets measured at fair value	$	186,677	$	1,089,706	$	60,800	$	286,410	$	1,253,480	$	64,834

Liabilities:


Warranty obligations:
Current	$	—	$	—	$	23,259	$	—	$	—	$	27,173
Non-current	—		—		169,963		—		—		143,743
Total warranty obligations measured at fair value	—		—		193,222		—		—		170,916
Total liabilities measured at fair value	$	—	$	—	$	193,222	$	—	$	—	$	170,916

Notes due 2028 and Notes due 2026

The Company carries the Notes due 2028 (as defined in Note 12, “Debt”) and Notes due 2026 (as defined in Note 12, “Debt”) at face value less unamortized debt issuance costs on its consolidated balance sheets. As of December 31, 2025, the fair value of the Notes due 2028 and Notes due 2026 was $500.5 million and $619.4 million, respectively. The fair value as of December 31, 2025 was determined based on the closing trading price per $100 principal amount as of the last day of trading for the period. The Company considers the fair value of the Notes due 2028 and Notes due 2026 to be a Level 2 measurement as they are not actively traded.

Equity investments without readily determinable fair value

The Company had previously invested $6.0 million in a privately-held company without a readily determinable fair value. During the year ended December 31, 2024, the Company determined that the carrying value of the investment was not recoverable. Accordingly, the Company recorded an impairment charge of $6.0 million within “Other income, net” on the consolidated statements of operations for the year ended December 31, 2024.

In October 2025, the Company invested $5.0 million to acquire 19.99% of the outstanding membership interests of a privately-held company without a readily determinable fair value. The Company elected the fair value option for this investment. Accordingly, this investment is measured at fair value on a recurring basis, with changes in fair value recognized in “Other expense, net” in the Company’s consolidated statements of operations. Further, the Company has concluded that this investment is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value of this investment approximated the purchase price as of December 31, 2025. This investment is included in “Other assets” on the consolidated balance sheet.

Investments in debt securities

In January 2021, the Company invested approximately $25.0 million in a privately-held company. The Company concluded the investment qualifies as an investment in a debt security, as it accrues interest and principal plus accrued interest becomes payable back to the Company at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statements of operations for that period. Further, the Company has concluded that the Company’s investment in a debt security is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value of $29.6 million and $34.4 million as of December 31, 2025 and 2024, respectively, was determined using discounted cash flow methodology and assumptions include implied yield and change in estimated term of investment being held-to-maturity.

In September 2021, the Company invested approximately $13.0 million in secured convertible promissory notes issued by the stockholders of a privately-held company. The investment qualifies as an investment in a debt security and will accrete interest and principal plus accrued interest that becomes payable at certain dates unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any change in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statements of operations for that period. Further, the Company has concluded that the Company’s investment in a debt security is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value of $11.0 million and $13.9 million as of December 31, 2025 and 2024, respectively, was determined using discounted cash flow methodology and assumptions include implied yield and change in estimated term of investment being held-to-maturity.

In December 2022, the Company took a non-voting participating interest of approximately $15.0 million in a loan held by a privately-held company. As of December 31, 2024, the Company accreted interest of approximately $2.0 million in “Other income (expense), net” in the consolidated statements of operations. The Company determined that the carrying value of the investment was not recoverable as the privately-held company filed for Chapter 11 bankruptcy during the year ended December 31, 2024. Accordingly, the Company recorded an impairment charge of $17.0 million within “Other income, net” on the consolidated statements of operations for the year ended December 31, 2024.

In July 2023, the Company invested approximately $15.0 million in a secured convertible promissory note issued by the stockholders of a privately-held company. The investment qualified as an investment in a debt security

and will accrete interest. The principal plus accrued interest is payable upon maturity unless it is converted to equity at a pre-determined price. As the investment includes a conversion option, the Company has elected to account for this investment under the fair value option and any changes in fair value of the investment is recognized in “Other income (expense), net” in the Company’s consolidated statements of operations for that period. Further, the Company has concluded that the Company’s investment in a debt security is considered to be a Level 3 measurement due to the use of significant unobservable inputs in the valuation model. The fair value of $14.5 million and $16.6 million as of December 31, 2025 and 2024, respectively, was determined using discounted cash flow methodology and assumptions include implied yield and change in estimated term of investment being held-to-maturity.

In September 2025, the Company invested $6.3 million in cash to purchase convertible notes with an aggregate principal amount of $7.0 million issued by SunPower Inc. (“SunPower”) (formerly named “Complete Solaria, Inc.”). The Company elected the fair value option for this investment. Accordingly, the convertible notes are measured at fair value on a recurring basis, with changes in fair value recognized in “Other expense, net” in the Company’s consolidated statements of operations. The fair value of the notes approximated the purchase price. Subsequent changes in fair value, including those attributable to changes in credit risk and the embedded conversion feature, will be reflected in the Company’s consolidated statements of operations. Interest income is accrued and recognized based on the stated coupon rate.

Investments in debt securities is recorded in “Other assets” on the accompanying consolidated balance sheets as of December 31, 2025 and December 31, 2024. The changes in the balance in investments in debt securities during the period were as follows:


	Years Ended December 31,
			2025		2024

		(In thousands)
Balance at beginning of period			$	64,834	$	79,855
Investments			6,300		—
Fair value adjustments included in other income (expense), net			(9,788)		1,967
Impairment			—		(16,988)
Balance at end of period			$	61,346	$	64,834

Investment in tax equity fund

In the year ended December 31, 2025, the Company made an investment in a tax equity fund contributing $9.8 million. The Company has elected to report its investment at fair value, which is equal to the present value of the remaining future cash flows expected to be received from the investment. The investment is included in “Other assets” on the accompanying consolidated balance sheet as of December 31, 2025.

As of December 31, 2025, the fair value of the Company’s investment in tax equity fund was $0.8 million, representing its proportionate share of the tax equity fund’s net assets. As of December 31, 2025, the Company recognized a deferred tax asset of $8.8 million related to the difference between the initial investment amounts and its fair value. Additionally, the Company recognized an expense of $0.2 million for year ended December 31, 2025 included in “Other income (expense), net” in the consolidated statements of operations.

Issuance of Loan Receivables

The loan receivables represent financing arrangements provided to certain direct and indirect customers. These loan receivables have contractual maturities ranging from one to three years and are recorded on amortized cost basis. Interest income is accrued and recognized based on the stated coupon rate, included in “Other income (expense), net” in the consolidated statements of operations. The principal outstanding under the Company’s loan receivables were as follows:


	December 31, 2025
	(In thousands)
Current	$	47,000
Non-current	1,500
Loan receivables	$	48,500

There was no activity in allowance for credit losses during the year ended December 31, 2025.

Warranty obligations

Fair Value Option for Warranty Obligations Related to Products Sold Since January 1, 2014

The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain Level 3 inputs, which are unobservable and significant to the overall fair value measurement. Such additional assumptions are based on the Company’s credit-adjusted risk-free rate (“discount rate”) and compensation comprised of a profit element and risk premium required of a market participant to assume the obligation.


	Years Ended December 31,
		2025		2024

		(In thousands)
Balance at beginning of period		$	170,916	$	161,793
Accruals for warranties issued during period		29,069		27,500
Changes in estimates		6,997		625
Settlements		(20,392)		(21,789)
Increase due to accretion expense		13,399		11,010
Change in discount rate		(203)		(459)
Other		(6,564)		(7,764)
Balance at end of period		$	193,222	$	170,916

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

As of December 31, 2025 and December 31, 2024, the significant unobservable inputs used in the fair value measurement of the Company’s liabilities designated as Level 3 were as follows:

Percent Used

(Weighted Average)

Item Measured at Fair Value

Valuation Technique

Description of Significant Unobservable Input

December 31,
2025

December 31,
2024

Warranty obligations for products sold since January 1, 2014

Discounted cash flows

Profit element and risk premium

17.5%

16.8%

Credit-adjusted risk-free rate

7.3%

7.2%

Sensitivity of Level 3 Inputs - Warranty Obligations

Each of the significant unobservable inputs is independent of the other. The profit element and risk premium are estimated based on the requirements of a third-party participant willing to assume the Company’s warranty obligations. The discount rate is determined by reference to the Company’s own credit standing at the fair value measurement date, which increased 0.1% in the year ended December 31, 2025 due to the increase in the risk free rate and market spreads, contributing to the $0.2 million change in warranty benefit captured in “Change in discount rate” in the table above. Under the expected present value technique, increasing the profit element and risk premium input by 100 basis points would result in a $1.4 million increase to the liability. Decreasing the profit element and risk premium by 100 basis points would result in a $1.4 million reduction to the liability. Increasing the discount rate by 100 basis points would result in a $13.3 million decrease to the liability. Decreasing the discount rate by 100 basis points would result in a $14.9 million increase to the liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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-Paragraph 6A
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-Topic 820
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-Topic 820
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

NET INCOME PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 172,133	$ 102,658	$ 438,936
Adjusted net income	$ 174,100	$ 105,144	$ 441,509
Denominator:
Weighted average common shares outstanding (in shares)	131,162	135,167	136,376
Effect of dilutive securities:
Employee stock-based awards (in shares)	353	474	1,782
Weighted average common shares outstanding for diluted calculation (in shares)	134,886	140,004	143,290
Basic and diluted net income per share
Net income per share, basic (in usd per share)	$ 1.31	$ 0.76	$ 3.22
Net income per share, diluted (in usd per share)	$ 1.29	$ 0.75	$ 3.08
Notes due 2028 and Notes due 2026 financing costs, net
Numerator:
Notes due 2028 and Notes due 2026 financing costs, net	$ 1,967	$ 2,486	$ 2,573
Notes due 2025
Effect of dilutive securities:
Warrants (in shares)	0	0	419
Convertible Notes \| Notes due 2023
Effect of dilutive securities:
Notes due (in shares)	0	0	638
Convertible Notes \| Notes due 2025
Effect of dilutive securities:
Notes due (in shares)	0	288	0
Convertible Notes \| Notes due 2026
Effect of dilutive securities:
Notes due (in shares)	1,353	2,057	2,057
Convertible Notes \| Notes due 2028
Effect of dilutive securities:
Notes due (in shares)	2,018	2,018	2,018

STOCK-BASED COMPENSATION - Narrative (Details)				12 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	Jan. 01, 2026 shares	May 19, 2021 shares	Mar. 29, 2012 shares	Dec. 31, 2025 USD ($) purchasePeriod $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share) \| $ / shares				$ 0.00001	$ 0.00001
Granted (in shares)				0	0	0
Total unrecognized compensation cost \| $				$ 277,100,000
Weighted-average recognition period for unrecognized compensation cost				2 years 4 months 24 days
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)				2,643,171
Vesting period				4 years
Share-based compensation, shares available for grant (in shares)				5,978,943
2011 Equity Incentive Plan \| Before August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term				10 years
2011 Equity Incentive Plan \| After August 1, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, weighted-average remaining contractual term				7 years
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award additional shares (in shares)		4,000,000
Capital shares reserved for future issuance (in shares)		13,100,456
Employee Stock Purchase Plan (ESPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, shares authorized (in shares)			669,603
Share-based compensation arrangement by share-based payment award additional shares (in shares)							0
Share-based compensation, shares available for grant (in shares)				2,797,029
Share-based compensation, evergreen shares (in shares)			700,000
Share-based compensation, increase in number of shares authorized			1.00%
Share-based compensation, evergreen shares, automatic increase declined (in shares)							700,000
Employee stock purchase plan, number of interim purchase periods \| purchasePeriod				4
Employee stock purchase plan, offering period				24 months
Share-based compensation, maximum employee subscription rate				15.00%
Share-based compensation, purchase price of common stock percent to fair market value				85.00%
Look back feature period				2 years
General duration of employee stock purchase plan				24 months
IRS limitation for employees right to acquire class common stock under ESPP \| $				$ 25,000
Employee Stock Purchase Plan (ESPP) \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, evergreen shares (in shares)	700,000
2021 Plan, Returning Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital shares reserved for future issuance (in shares)		5,256,517

INCOME TAXES - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance, beginning of period	$ 1,973	$ 0
Additions	0	1,973
Reversals	(201)	0
Valuation allowance, end of period	$ 1,772	$ 1,973

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill as of December 31, 2025 and December 31, 2024 was as follows:


	2025		2024

	(In thousands)
Goodwill, beginning of period	$	211,571	$	214,562

Currency translation adjustment	3,189		(2,991)
Goodwill, end of period	$	214,760	$	211,571

The Company’s purchased intangible assets as of December 31, 2025 and December 31, 2024 were as follows:


	December 31, 2025				December 31, 2024
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization		Impairment		Net

	(In thousands)


Intangible assets:
Indefinite-lived intangibles	$	286	$	—		$	286	$	286	$	—	$	—	$	286

Intangible assets with finite lives:

Developed technology	47,683		(42,242)			5,441		51,054		(35,903)		(3,351)		11,800
Customer relationships	51,114		(42,000)			9,114		51,306		(35,804)		(177)		15,325
Trade-names	37,700		(30,253)			7,447		37,700		(22,713)		—		14,987


Total purchased intangible assets	$	136,783	$	(114,495)		$	22,288	$	140,346	$	(94,420)	$	(3,528)	$	42,398

During the year ended December 31, 2025, intangible assets decreased by less than $0.1 million due to the impact of foreign currency translation.

Amortization expense related to finite-lived intangible assets were as follows:


	Years Ended December 31,
		2025		2024

		(In thousands)
Developed technology		$	6,401	$	8,780
Customer relationships		6,242		6,254
Trade-names		7,541		7,540

Total amortization expense		$	20,184	$	22,574

Amortization of developed technology is recorded to cost of revenues, amortization of customer relationships and trade-names are recorded to sales and marketing expense, and amortization of certain customer relationships is recorded as a reduction to revenue.

The expected future amortization expense of intangible assets as of December 31, 2025 is presented below:


	December 31, 2025
	(In thousands)
Fiscal year:
2026	$	17,979
2027	4,023




Total	$	22,002

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Jose, California

WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	12 Months Ended
WARRANTY OBLIGATIONS - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) country	Dec. 31, 2023 USD ($)
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)	$ 12,500	$ 1,082	$ (19,176)
Product warranty, product warranty replacements, number of countries \| country		9
Microinverter
Product Warranty Liability [Line Items]
Product warranty, term		20 years
IQ Battery \| Minimum
Product Warranty Liability [Line Items]
Product warranty, term			10 years
IQ Battery \| Maximum
Product Warranty Liability [Line Items]
Product warranty, term			15 years
Product Replacement Costs Related to Battery
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)	13,700
Other Products
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)	6,100	$ 6,000
Enphase IQ Battery Storage System
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)	$ (7,300)	(4,400)
Defects in Materials
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)		10,200
Product Replacement Costs to Freight Costs
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)		5,800
Change in Warranty Period
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)		500	$ 8,300
Product Replacement Costs Related to IQ Battery
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)		$ (17,000)	(27,300)
Product Replacement Costs Related to Other Products
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)			(8,800)
Defects in Materials and Field Performance Data and Diagnostic Root-Cause Failure Analysis to Other Products
Product Warranty Liability [Line Items]
Change in estimates, increase (decrease)			$ 8,600

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Measure of Segment Profit or Loss

The primary measure of segment profit or loss is consolidated net income as presented below and is used by the CEO for the purpose of evaluating segment performance and allocation of budget to support business expansion, new product development and operational efficiencies.


	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

(2) Represents consolidated restructuring and asset impairment charges, excluding stock-based compensation.

(3) Represents consolidated research and development, excluding stock-based compensation.

(4) Represents consolidated sales and marketing, excluding stock-based compensation and acquisition related amortization.

(5) Represents consolidated general and administrative, excluding stock-based compensation.

Schedule of Long-Lived Assets by Geographic Region

The following table presents long-lived assets by geographic region as of the periods presented:

Long-Lived Assets


	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

REVENUE RECOGNITION - Schedule of Significant Changes in the Balances of Contract Liabilities and Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Contract Assets
Contract assets, beginning of period	$ 152,955
Amount recognized	(34,792)
Increased due to billings	32,880
Contract assets, end of period	151,043
Contract Liabilities
Contract liabilities, beginning of period	579,207
Revenue recognized	(233,246)
Increased due to billings	172,486
Contract liabilities, end of period	$ 518,447

SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Measure of Segment Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,472,985	$ 1,330,383	$ 2,290,786
Less:
Stock-based compensation expense	214,090	211,360	212,857
Income from operations	157,526	77,292	445,741
Total other income, net	47,288	42,867	67,398
Income before 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
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,472,985	1,330,383	2,290,786
Less:
Other cost of revenues	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	6,543	12,887	15,684
Other research and development	106,238	115,814	138,969
Other sales and marketing	122,762	128,549	150,772
Other general and administrative	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 before 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

FAIR VALUE MEASUREMENTS - Summary of Significant Unobservable Inputs used in the Fair Value Measurement of Liabilities Designated as Level 3 (Details) - Recurring - Level 3 - Warranty obligations for products sold since January 1, 2014	Dec. 31, 2025	Dec. 31, 2024
Profit element and risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	17.50%	16.80%
Credit-adjusted risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warranty obligations, measurement input	7.30%	7.20%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease

The components of lease expense are presented as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Operating lease costs		$	11,946	$	11,047	$	10,406

The components of right of use assets and lease liabilities are presented as follows:


	December 31, 2025		December 31, 2024

	(In thousands, except years and percentage data)
Operating leases:
Operating lease, right of use asset, net (Other assets)	$	34,573	$	24,617

Operating lease liabilities, current (Accrued liabilities)	$	8,211	$	5,815
Operating lease liabilities, non-current (Other liabilities)	31,195		23,044
Total operating lease liabilities	$	39,406	$	28,859

Supplemental lease information:
Weighted average remaining lease term	5.6 years		5.9 years
Weighted average discount rate	6.3%		6.7%

Supplemental cash flow and other information related to operating leases were as follows:


	Years Ended December 31,
		2025		2024

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	8,975	$	7,641

Non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets		$	19,706	$	12,687

Schedule of Future Minimum Rental Payments for Operating Leases

Undiscounted cash flows of operating lease liabilities as of December 31, 2025 were as follows:


	Lease Amounts
	(In thousands)
Year:
2026	$	10,535
2027	8,306
2028	7,470
2029	6,388
2030	6,116
Thereafter	8,835
Total lease payments	47,650
Less: imputed lease interest	(8,244)
Total lease liabilities	$	39,406

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregated Revenue

The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line were as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Primary geographical markets:
United States		$	1,188,718	$	934,690	$	1,469,108




International (1)		284,267		395,693		821,678
Total		$	1,472,985	$	1,330,383	$	2,290,786

Timing of revenue recognition:
Products delivered at a point in time		$	1,350,011	$	1,204,367	$	2,181,099
Products and services delivered over time		122,974		126,016		109,687
Total		$	1,472,985	$	1,330,383	$	2,290,786

(1) The Company’s net revenues generated from France have represented less than 10%, 10.6% and less than 10% of its net revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The Company’s net revenues generated from the Netherlands have represented less than 10%, less than 10% and 15.3% of its net revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

Contract Balances

Accounts receivable, and contract assets and contract liabilities from contracts with customers, were as follows:


	December 31, 2025		December 31, 2024

	(In thousands)
Accounts receivable	$	229,881	$	223,749


Short-term contract assets (Prepaid expenses and other current assets)	$	35,976	$	42,001
Long-term contract assets (Other assets)	$	115,067	$	110,954


Short-term contract liabilities (Deferred revenues, current)	$	180,524	$	237,225
Long-term contract liabilities (Deferred revenues, non-current)	$	337,923	$	341,982

The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional.

Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets for the year ended December 31, 2025.

Significant changes in the balances of contract assets (prepaid expenses and other assets) in the year ended December 31, 2025 were as follows (in thousands):


Contract Assets
Contract assets, beginning of period	$	152,955
Amount recognized	(34,792)
Increased due to billings	32,880
Contract assets, end of period	$	151,043

For the year ended December 31, 2025 and 2024, contract liabilities included $62.9 million and $110.3 million, respectively, of cash prepayments from its customers for products to be delivered in 2026 and 2025, respectively, which represents the amount equal to the aggregate purchase price of the executed sales agreements.

Significant changes in contract liabilities (deferred revenue) in the year ended December 31, 2025 were as follows (in thousands):


Contract Liabilities
Contract liabilities, beginning of period	$	579,207
Revenue recognized	(233,246)

Increased due to billings	172,486

Contract liabilities, end of period	$	518,447

Remaining Performance Obligations

Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period were as follows:


	December 31, 2025
	(In thousands)
Fiscal year:
2026	$	180,524
2027	105,097
2028	91,701
2029	73,985

Thereafter	67,140
Total	$	518,447

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 172,133	$ 102,658	$ 438,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,645	81,389	74,708
Amortization (accretion) of investments purchased at a premium (discount)	1,047	(8,599)	(15,561)
Provision for (recovery of) credit losses	(126)	6,677	1,153
Asset impairment	3,114	28,843	10,603
Non-cash interest expense	4,164	8,650	8,380
Benefit from lease termination	(1,280)	0	0
Change in fair value of debt securities	9,563	(1,967)	(8,078)
Stock-based compensation	214,090	211,360	212,857
Deferred income taxes	6,083	(58,319)	(43,348)
Changes in operating assets and liabilities:
Accounts receivable	3,840	211,640	(12,478)
Inventory	(123,043)	48,591	(63,887)
Prepaid expenses and other assets	(318,558)	(134,343)	(59,777)
Accounts payable, accrued and other liabilities	139,143	(85,536)	(22,149)
Warranty obligations	21,154	3,802	57,641
Deferred revenues	(75,429)	98,847	117,780
Net cash provided by operating activities	136,540	513,693	696,780
Cash flows from investing activities:
Purchases of marketable securities	(744,773)	(1,184,649)	(2,081,431)
Maturities and sales of marketable securities	961,756	1,346,520	1,840,477
Purchases of property and equipment	(40,639)	(33,604)	(110,401)
Investment in debt securities	(6,300)	0	(15,000)
Investment in equity of private company	(5,000)	0	0
Investment in tax equity fund	(9,752)	0	0
Issuances of loan receivables	(48,500)	0	0
Net cash provided by (used in) investing activities	106,792	128,267	(366,355)
Cash flows from financing activities:
Settlement of Notes due 2025	(102,168)	(7)	0
Proceeds from issuances of common stock under employee equity plans	8,527	12,688	13,870
Payments of withholding taxes related to net share settlement of equity awards	(18,026)	(78,813)	(120,646)
Repurchases of common stock	(129,957)	(391,364)	(409,998)
Payment of excise tax on net stock repurchases	0	(2,773)	0
Net cash used in financing activities	(241,624)	(460,269)	(516,774)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8,494	(6,323)	1,853
Net increase (decrease) in cash, cash equivalents and restricted cash	10,202	175,368	(184,496)
Cash, cash equivalents and restricted cash — Beginning of period	464,116	288,748	473,244
Cash, cash equivalents and restricted cash — End of period	474,318	464,116	288,748
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:
Cash and cash equivalents	474,318	369,110	288,748
Restricted cash	0	95,006	0
Total cash, cash equivalents and restricted cash	474,318	464,116	288,748
Supplemental cash flow disclosure:
Cash paid for interest	128	255	455
Cash paid for income taxes	20,450	32,660	74,706
Supplemental disclosures of non-cash investing activities:
Purchases of property and equipment through tenant improvement allowance	855	0	0
Purchases of property and equipment included in accounts payable	$ 15,576	$ 11,188	$ 10,141

FAIR VALUE MEASUREMENTS - Schedule of Changes in Nonfinancial Liabilities Related to Warrant Obligations Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in discount rate	$ (203)	$ (459)	$ 44,422
Warranty Obligations Measured at Fair Value \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	170,916	161,793
Accruals for warranties issued during period	29,069	27,500
Changes in estimates	6,997	625
Settlements	(20,392)	(21,789)
Increase due to accretion expense	13,399	11,010
Change in discount rate	(203)	(459)
Other	(6,564)	(7,764)
Balance at end of period	$ 193,222	$ 170,916	$ 161,793

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

The following table provides information regarding the Company’s debt:


	December 31, 2025		December 31, 2024

	(In thousands)
Convertible notes
Notes due 2028	$	575,000	$	575,000

Less: unamortized debt issuance costs	(2,806)		(4,102)
Carrying amount of Notes due 2028	572,194		570,898

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(317)		(2,309)
Carrying amount of Notes due 2026	632,183		630,191

Notes due 2025	—		102,168

Less: unamortized debt discount	—		(803)
Less: unamortized debt issuance costs	—		(74)
Carrying amount of Notes due 2025	—		101,291












Total carrying amount of debt	1,204,377		1,302,380

Less: debt, current	(632,183)		(101,291)
Debt, non-current	$	572,194	$	1,201,089

The following tables present the total amount of interest cost recognized in the consolidated statements of operations relating to the Notes:


	Years Ended December 31,
	2025						2024

	Notes due 2028		Notes due 2026		Notes due 2025			Notes due 2028		Notes due 2026		Notes due 2025

	(In thousands)
Contractual interest expense	$	—	$	—	$	43		$	—	$	—	$	256
Amortization of debt discount	—		—		803			—		—		4,841
Amortization of debt issuance costs	1,296		1,991		75			1,308		2,006		490
Total interest cost recognized	$	1,296	$	1,991	$	921		$	1,308	$	2,006	$	5,587

Convertible Senior Notes due 2028

On March 1, 2021, the Company issued $575.0 million aggregate principal amount of its 0.0% convertible senior notes due 2028 (the “Notes due 2028”). The Notes due 2028 will not bear regular interest, and the principal amount of the Notes due 2028 will not accrete. The Notes due 2028 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2028 will mature on March 1, 2028, unless earlier repurchased by the Company or converted at the option of the holders. The Company received approximately $566.4 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2028.

The initial conversion rate for the Notes due 2028 is 3.5104 shares of common stock per $1,000 principal amount of the Notes due 2028 (which represents an initial conversion price of approximately $284.87 per share). Upon conversion, the Company will settle conversions of the Notes due 2028 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

The Company may redeem for cash all or any portion of the Notes due 2028, at the Company’s election, on or after September 6, 2024, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2028 (i.e., $370.33, which is 130% of the current conversion price for the Notes due 2028) for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2028 to be redeemed, plus accrued and unpaid special interest, if any to, but excluding, the relevant redemption date. No sinking fund is provided for the Notes due 2028.

The Notes due 2028 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2027, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price for the Notes due 2028 on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the Notes due 2028 on each such trading day; (3) if the Company calls any or all of the Notes due 2028 for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On and after September 1, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2028, holders of the Notes due 2028 may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2028 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

As of December 31, 2025, the sales price of the Company’s common stock was not greater than or equal to $370.33 (130% of the notes conversion price) for at least 20 trading days (whether consecutive or not) during a period of 30 consecutive trading days preceding the quarter-ended December 31, 2025. As a result, the Notes due 2028 are not convertible at the holders’ option. Accordingly, the Company classified the net carrying amount of the Notes due 2028 of $572.2 million as Debt, non-current on the consolidated balance sheet as of December 31, 2025. As of December 31, 2025, the unamortized deferred issuance cost for the Notes due 2028 was $2.8 million on the consolidated balance sheet.

Notes due 2028 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2028, the Company entered into privately-negotiated convertible note hedge transactions (“Notes due 2028 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.0 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2028, at a price of $284.87 per share. The total cost of the convertible note hedge transactions was approximately $161.6 million. The convertible note hedge transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2028 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

Additionally, the Company separately entered into privately-negotiated warrant transactions (the “2028 Warrants”) whereby the Company sold warrants to acquire approximately 2.0 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $123.4 million from the sale of the 2028 Warrants. If the market value per share of the Company’s common stock, as measured under the 2028 Warrants, exceeds the strike price of the 2028 Warrants, the 2028 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2028 Warrants in cash. Taken together, the purchase of the Notes due 2028 Hedge and the sale of the 2028 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2028 and to effectively increase the overall conversion price from $284.87 to $397.91 per share. The 2028 Warrants are only exercisable on the applicable expiration dates in accordance with the Notes due 2028 Hedge. Subject to the other terms of the 2028 Warrants, the first expiration date applicable to the Notes due 2028 Hedge is June 1, 2028, and the final expiration date applicable to the Notes due 2028 Hedge is July 27, 2028.

Given that the transactions meet certain accounting criteria, the Notes due 2028 Hedge and the 2028 Warrants transactions were recorded in stockholders’ equity, and they were not accounted for as derivatives and are not remeasured each reporting period.

Convertible Senior Notes due 2026

On March 1, 2021, the Company issued $575.0 million aggregate principal amount of 0.0% convertible senior notes due 2026 (the “Notes due 2026”). In addition, on March 12, 2021, the Company issued an additional $57.5 million aggregate principal amount of the Notes due 2026 pursuant to the initial purchasers’ full exercise of the over-allotment option for additional Notes due 2026. The Notes due 2026 will not bear regular interest, and the principal amount of the Notes due 2026 will not accrete. The Notes due 2026 are general unsecured obligations and are governed by an indenture between the Company and U.S. Bank National Association, as trustee. The Notes due 2026 will mature on March 1, 2026, unless repurchased earlier by the Company or converted at the option of the holders. The Company received approximately $623.0 million in net proceeds, after deducting the initial purchasers’ discount, from the issuance of the Notes due 2026.

The initial conversion rate for the Notes due 2026 is 3.2523 shares of common stock per $1,000 principal amount of the Notes due 2026 (which represents an initial conversion price of approximately $307.47 per share). Upon conversion, the Company will settle conversions of Notes due 2026 through payment or delivery, as the case may be, of cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

The Company may redeem for cash all or any portion of the Notes due 2026, at the Company’s election, on or after September 6, 2023, if the last reported sale price of the Company’s common stock has been greater than or equal to 130% of the conversion price then in effect for the Notes due 2026 (i.e., $399.71, which is 130% of the

current conversion price for the Notes due 2026) for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal 100% of the principal amount of the Notes due 2026 to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the relevant redemption date for the Notes due 2026. The redemption price will be increased as described in the relevant indentures by a number of additional shares of the Company in connection with such optional redemption by the Company. No sinking fund is provided for the Notes due 2026.

The Notes due 2026 may be converted on any day prior to the close of business on the business day immediately preceding September 1, 2025, in multiples of $1,000 principal amount, at the option of the holder only under any of the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the Notes due 2026 on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the relevant indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for Notes due 2026 on each such trading day; (3) if the Company calls any or all of the Notes due 2026 for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On and after September 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2026, holders of the Notes due 2026 may convert their notes at any time, regardless of the foregoing circumstances. Upon the occurrence of a fundamental change (as defined in the relevant indenture), holders may require the Company to repurchase all or a portion of their Notes due 2026 for cash at a price equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

The Notes due 2026 are convertible at the option of the holder any time from September 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of March 1, 2026. Further, as the Notes due 2026 mature in less than a year, accordingly, the Company has classified the net carrying amount of the Notes due 2026 of $632.2 million as Debt, current on the consolidated balance sheet as of December 31, 2025. As of December 31, 2025, the unamortized deferred issuance cost for the Notes due 2026 was $0.3 million on the consolidated balance sheet.

Notes due 2026 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2026 (including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option), the Company entered into privately-negotiated convertible note hedge transactions (the “Notes due 2026 Hedge”) pursuant to which the Company has the option to purchase a total of approximately 2.1 million shares of its common stock (subject to anti-dilution adjustments), which is the same number of shares initially issuable upon conversion of the Notes due 2026, at a price of $307.47 per share, which is the initial conversion price of the Notes due 2026. The total cost of the Notes due 2026 Hedge was approximately $124.6 million. The Notes due 2026 Hedge are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2026 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be.

Additionally, the Company separately entered into privately-negotiated warrant transactions, including in connection with the issuance of additional Notes due 2026 upon the initial purchasers’ exercise of their over-allotment option (the “2026 Warrants”), whereby the Company sold warrants to acquire approximately 2.1 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $397.91 per share. The Company received aggregate proceeds of approximately $97.4 million from the sale of the 2026 Warrants. If the market value per share of the Company’s common stock, as measured under the 2026 Warrants, exceeds the strike price of the 2026 Warrants, the 2026 Warrants will have a dilutive effect on the Company’s earnings per share, unless the Company elects, subject to certain conditions, to settle the 2026 Warrants in cash. Taken together, the purchase of the Notes due 2026 Hedge and the sale of the 2026 Warrants are intended to reduce potential dilution from the conversion of the Notes due 2026 and to effectively increase the overall conversion price from $307.47 to $397.91 per share. The 2026 Warrants are only exercisable on the applicable expiration dates in accordance with the 2026 Warrants. Subject to the other terms of the 2026 Warrants, the first expiration date applicable to the Warrants is June 1, 2026, and the final expiration date applicable to the 2026 Warrants is July 27, 2026.

Given that the transactions meet certain accounting criteria, the Notes due 2026 Hedge and the 2026 Warrants transactions were recorded in stockholders’ equity, and they were not accounted for as derivatives and are not remeasured each reporting period.

Convertible Senior Notes due 2025

The Company settled all of its outstanding 0.25% convertible senior notes due 2025 (the “Notes due 2025”) on March 1, 2025. As part of the settlement, the Company paid $102.2 million in cash towards principal amount of the Notes due 2025 and no shares were issued in connection with the settlement as the conversion value was less than the principal amount of the Notes due 2025. Following the settlement, there were no Notes due 2025 outstanding as of December 31, 2025.

Notes due 2025 Hedge and Warrant Transactions

In connection with the offering of the Notes due 2025, the Company entered into privately-negotiated convertible note hedge transactions (the “Notes due 2025 Hedge”) to reduce potential dilution to the Company’s common stock upon any conversion of the Notes due 2025 and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be. The Notes due 2025 Hedge expired on March 1, 2025, upon maturity of Notes due 2025 as the strike price was higher than the market price.

Additionally, the Company separately entered into privately-negotiated warrant transactions in connection with the offering of the Notes due 2025 whereby the Company sold the 2025 Warrants to acquire approximately 3.9 million shares of the Company’s common stock (subject to anti-dilution adjustments) at an initial strike price of $106.94 per share. None of the 2025 Warrants were exercised and all expired during the year ended December 31, 2025.

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Restructuring and asset impairment charges consist of the following:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Employee severance and benefits		$	5,223	$	6,380	$	2,155
Contract termination charges		381		1,991		3,700
Asset impairment		1,527		4,783		9,829
Total restructuring and asset impairment charges		$	7,131	$	13,154	$	15,684

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2023 Restructuring Plan for the years ended years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Employee severance and benefits		$	—	$	1,219	$	1,374
Contract termination charges		—		1,225		3,700
Asset impairment		—		881		9,829
Total restructuring and asset impairment charges		$	—	$	3,325	$	14,903

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,219		1,225		881		3,325
Cash payments	(1,955)		(2,132)		—		(4,087)
Non-cash settlement and other	(292)		(893)		(881)		(2,066)
Balance as of December 31, 2024	276		—		—		276
Charges	2		—		—		2
Cash payments	(3)		—		—		(3)
Non-cash settlement and other	—		—		—		—
Balance as of December 31, 2025	$	275	$	—	$	—	$	275

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2024 Restructuring Plan for the years ended December 31, 2025 and 2024:


	Years Ended December 31,
		2025		2024

		(In thousands)
Employee severance and benefits		$	5,223	$	5,161
Contract termination charges		381		766
Asset impairment		1,527		3,902
Total restructuring and asset impairment charges		$	7,131	$	9,829

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	—	$	—	$	—	$	—
Charges	5,161		766		3,902		9,829
Cash payments	(2,941)		—		—		(2,941)
Non-cash settlement and other	—		—		(3,902)		(3,902)
Balance as of December 31, 2024	2,220		766		—		2,986
Charges	5,223		381		1,527		7,131
Cash payments and receipts, net	(6,789)		(2,307)		—		(9,096)
Non-cash settlement and other	(588)		1,284		(1,527)		(831)
Balance as of December 31, 2025	$	66	$	124	$	—	$	190

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of the Components of Total Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the consolidated statements of operations for the periods presented:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenues		$	17,178	$	14,538	$	13,357
Research and development		82,837		85,501		88,367
Sales and marketing		63,236		65,092		65,703
General and administrative		50,251		45,962		45,430
Restructuring		588		267		—
Total		$	214,090	$	211,360	$	212,857
Income tax benefit (expense) included in the provision for income tax		$	(35,890)	$	(17,958)	$	20,558

Schedule of Stock-Based Compensation Associated with Each Type of Award

The following table summarizes the various types of stock-based compensation expense for the periods presented:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
RSUs and PSUs		$	208,891	$	205,453	$	204,238
ESPP		5,199		5,907		7,450
Post combination expense		—		—		1,169
Total		$	214,090	$	211,360	$	212,857

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)




Outstanding at December 31, 2022	2,253	$	181.01
Granted	1,409	$	154.63
Vested	(1,061)	$	152.47		$	185,078
Canceled	(269)	$	184.66
Outstanding at December 31, 2023	2,332	$	177.64
Granted	1,309	$	101.53
Vested	(977)	$	171.88		$	107,116
Canceled	(381)	$	160.77
Outstanding at December 31, 2024	2,283	$	139.27
Granted	2,746	$	43.63
Vested	(848)	$	153.09		$	41,317
Canceled	(381)	$	119.96
Outstanding at December 31, 2025	3,800	$	69.01	1.5	$	121,780
Expected to vest at December 31, 2025	3,745	$	68.63	1.5	$	120,025

Schedule of Share-based Compensation, Performance Shares Award Outstanding Activity

The following summarizes PSU activity:


	Number of Shares Outstanding	Weighted- Average Fair Value per Share at Grant Date		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
	(In thousands)			(Years)	(In thousands)
Outstanding at December 31, 2022	376	$	197.82
Granted	422	$	233.90
Vested	(380)	$	196.24		$	80,113
Canceled	(22)	$	229.11
Outstanding at December 31, 2023	396	$	235.99
Granted	724	$	127.06
Vested	(100)	$	214.91		$	12,958
Canceled	(121)	$	205.51
Outstanding at December 31, 2024	899	$	154.67
Granted	1,143	$	77.27
Vested	(175)	$	110.20		$	10,017
Canceled	(227)	$	119.48
Outstanding at December 31, 2025	1,640	$	110.34	1.1	$	52,541
Expected to vest at December 31, 2025	1,640	$	110.34	1.1	$	52,541

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

A summary of ESPP activity for the years presented is as follows (in thousands, except per share data):


	Years Ended December 31,
	2025		2024		2023
Proceeds from common stock issued under ESPP	$	8,599	$	11,773	$	12,897
Shares of common stock issued	260		185		133
Weighted-average price per share	$	33.14	$	63.54	$	97.05

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2021
Assets:
Marketable securities	$ 1,270,083	$ 1,539,890
Certificates of deposit
Assets:
Marketable securities	14,515	125,092
Commercial paper
Assets:
Marketable securities	27,893	30,713
Corporate notes and bonds
Assets:
Marketable securities	373,383	449,570
U.S. Treasuries
Assets:
Marketable securities	93,639	111,612
U.S. Government agency securities
Assets:
Marketable securities	573,976	631,493
Privately-Held Company
Assets:
Investments in debt securities	29,600	34,400	$ 25,000
Level 1
Assets:
Investments in debt securities	0	0
Investment in equity instruments	0	0
Investment in tax equity fund	0	0
Total assets measured at fair value	186,677	286,410
Warranty obligations:
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Certificates of deposit
Assets:
Marketable securities	0	0
Level 1 \| Commercial paper
Assets:
Marketable securities	0	0
Level 1 \| Corporate notes and bonds
Assets:
Marketable securities	0	0
Level 1 \| U.S. Treasuries
Assets:
Marketable securities	0	0
Level 1 \| U.S. Government agency securities
Assets:
Marketable securities	0	0
Level 1 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	186,677	191,410
Level 1 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	0	95,000
Level 1 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 1 \| U.S. Treasuries
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2
Assets:
Investments in debt securities	6,300	0
Investment in equity instruments	0	0
Investment in tax equity fund	0	0
Total assets measured at fair value	1,089,706	1,253,480
Warranty obligations:
Current	0	0
Non-current	0	0
Total warranty obligations measured at fair value	0	0
Total liabilities measured at fair value	0	0
Level 2 \| Certificates of deposit
Assets:
Marketable securities	14,515	30,092
Level 2 \| Commercial paper
Assets:
Marketable securities	12,908	30,713
Level 2 \| Corporate notes and bonds
Assets:
Marketable securities	373,383	449,570
Level 2 \| U.S. Treasuries
Assets:
Marketable securities	63,754	111,612
Level 2 \| U.S. Government agency securities
Assets:
Marketable securities	573,976	631,493
Level 2 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	14,985	0
Level 2 \| U.S. Treasuries
Assets:
Cash, cash equivalents and restricted cash	29,885	0
Level 3
Assets:
Investments in debt securities	55,046	64,834
Investment in equity instruments	5,000	0
Investment in tax equity fund	754	0
Total assets measured at fair value	60,800	64,834
Warranty obligations:
Current	23,259	27,173
Non-current	169,963	143,743
Total warranty obligations measured at fair value	193,222	170,916
Total liabilities measured at fair value	193,222	170,916
Level 3 \| Certificates of deposit
Assets:
Marketable securities	0	0
Level 3 \| Commercial paper
Assets:
Marketable securities	0	0
Level 3 \| Corporate notes and bonds
Assets:
Marketable securities	0	0
Level 3 \| U.S. Treasuries
Assets:
Marketable securities	0	0
Level 3 \| U.S. Government agency securities
Assets:
Marketable securities	0	0
Level 3 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 3 \| Certificates of deposit
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 3 \| Commercial paper
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 3 \| U.S. Treasuries
Assets:
Cash, cash equivalents and restricted cash	$ 0	$ 0

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Aggregate Intrinsic Value
Share price (in usd per share)	$ 32.05
Restricted Stock Units
Number of Shares Outstanding
Outstanding, beginning balance (in shares)	2,283	2,332	2,253
Granted (in shares)	2,746	1,309	1,409
Vested (in shares)	(848)	(977)	(1,061)
Canceled (in shares)	(381)	(381)	(269)
Outstanding, ending balance (in shares)	3,800	2,283	2,332
Number of shares outstanding, expected to vest (in shares)	3,745
Weighted- Average Fair Value per Share at Grant Date
Outstanding, beginning balance (in usd per share)	$ 139.27	$ 177.64	$ 181.01
Granted (in usd per share)	43.63	101.53	154.63
Vested (in usd per share)	153.09	171.88	152.47
Canceled (in usd per share)	119.96	160.77	184.66
Outstanding, ending balance (in usd per share)	69.01	$ 139.27	$ 177.64
Weighted-average fair value per share at grant date, expected to vest (in usd per share)	$ 68.63
Weighted average remaining contractual term (in years)	1 year 6 months
Expected to vest (in years)	1 year 6 months
Aggregate Intrinsic Value
Vested	$ 41,317	$ 107,116	$ 185,078
Outstanding	121,780
Aggregate intrinsic value, expected to vest	$ 120,025

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Marketable securities, income tax (provision) benefit	$ (757)	$ 115	$ 2,468

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax provision at statutory federal rate	$ 43,011	$ 25,233	$ 107,760
State taxes, net of federal benefit	6,775	7,406	18,107
Change in valuation allowance		1,973	0
Foreign tax rate and tax law differential		6,502	5,965
Tax credits		(7,598)	(29,229)
Non-taxable income related to Section 45X tax credits		(33,083)	(11,229)
Stock-based compensation	18,509	13,408	(13,969)
Other permanent items		335	(964)
Other nondeductible/nontaxable items		(219)	(73)
Uncertain tax positions		2,746	8,432
Foreign-derived intangible income deduction	(1,103)	(5,188)	(15,391)
GILTI and other foreign inclusions		9,101	0
Section 162(m)	4,849	4,618	5,445
Unremitted foreign earnings		1,654	1,829
Prior year changes in estimates		(9,387)	(2,480)
Income tax provision	$ 32,681	$ 17,501	$ 74,203

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RELATED PARTY (Details) - USD ($)	1 Months Ended	12 Months Ended
RELATED PARTY (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment in debt securities		$ 6,300,000	$ 0	$ 15,000,000
Convertible Notes \| Related Party
Related Party Transaction [Line Items]
Investment in debt securities	$ 6,300,000
Debt instrument face amount	$ 7,000,000
Interest rate	7.00%
Conversion ratio	46.78363%
Debt conversion price (in usd per share)	$ 2.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 211,571	$ 214,562
Currency translation adjustment	3,189	(2,991)
Goodwill, end of period	$ 214,760	$ 211,571

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Valuation allowance	$ 1,772	$ 1,973	$ 0
Operating loss carryforwards	5,500
Unrecognized tax benefits, increase	4,200
Unrecognized tax benefits	23,505	27,660	27,218	$ 21,768
Unrecognized tax benefits that would impact effective tax rate	21,800
Unrecognized tax benefits, income tax penalties and interest accrued	6,600	6,100	2,900
Unrecognized tax benefits, income tax penalties and interest expense	400	2,300	$ 3,800
AMPTC, income tax payable benefit	238,700	157,500
Cost of revenues	238,700	157,500
Prepaid Expenses and Other Current Assets
Income Tax Contingency [Line Items]
AMPTC, income tax payable benefit	227,500	94,900
Income Tax Payable
Income Tax Contingency [Line Items]
AMPTC, income tax payable benefit	11,200	$ 62,700
Domestic Tax Authority \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	8,800
State and Local Jurisdiction \| Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 8,300

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 102,512	$ 38,740
Work-in-process	8,353	0
Finished goods	177,182	126,264
Total inventory	$ 288,047	$ 165,004

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

Restructuring and asset impairment charges consist of the following:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Employee severance and benefits		$	5,223	$	6,380	$	2,155
Contract termination charges		381		1,991		3,700
Asset impairment		1,527		4,783		9,829
Total restructuring and asset impairment charges		$	7,131	$	13,154	$	15,684

2023 Restructuring Plan

In the fourth quarter of 2023, the Company implemented a restructuring plan (the “2023 Restructuring Plan”) designed to increase operational efficiencies and execution, reduce operating costs, and better align the Company’s workforce and cost structure with current market conditions, and the Company’s business needs, strategic priorities and ongoing commitment to profitable growth. The Company completed its restructuring activities under the 2023 Restructuring Plan in the fourth quarter of 2024 and substantially all of the remaining liabilities as of December 31, 2024, were settled by year ended December 31, 2025.


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Employee severance and benefits		$	—	$	1,219	$	1,374
Contract termination charges		—		1,225		3,700
Asset impairment		—		881		9,829
Total restructuring and asset impairment charges		$	—	$	3,325	$	14,903

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2023 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	1,304	$	1,800	$	—	$	3,104
Charges	1,219		1,225		881		3,325
Cash payments	(1,955)		(2,132)		—		(4,087)
Non-cash settlement and other	(292)		(893)		(881)		(2,066)
Balance as of December 31, 2024	276		—		—		276
Charges	2		—		—		2
Cash payments	(3)		—		—		(3)
Non-cash settlement and other	—		—		—		—
Balance as of December 31, 2025	$	275	$	—	$	—	$	275

2024 Restructuring Plan

In the fourth quarter of 2024, the Company implemented a restructuring plan (the “2024 Restructuring Plan”) designed to better align its workforce and cost structure with the Company’s business needs, strategic priorities and ongoing commitment to profitable growth, while increasing operational efficiencies and reducing operating cost. The Company completed its restructuring activities under the 2024 Restructuring Plan in the fourth quarter of 2025.

The following table presents the details of the Company’s restructuring and asset impairment charges under the 2024 Restructuring Plan for the years ended December 31, 2025 and 2024:


	Years Ended December 31,
		2025		2024

		(In thousands)
Employee severance and benefits		$	5,223	$	5,161
Contract termination charges		381		766
Asset impairment		1,527		3,902
Total restructuring and asset impairment charges		$	7,131	$	9,829

The following table provides information regarding changes in the Company’s accrued restructuring balances under the 2024 Restructuring Plan for the periods indicated:


	Employee Severance and Benefits		Contract Termination Charges		Asset Impairment		Total

	(In thousands)




Balance as of December 31, 2023	$	—	$	—	$	—	$	—
Charges	5,161		766		3,902		9,829
Cash payments	(2,941)		—		—		(2,941)
Non-cash settlement and other	—		—		(3,902)		(3,902)
Balance as of December 31, 2024	2,220		766		—		2,986
Charges	5,223		381		1,527		7,131
Cash payments and receipts, net	(6,789)		(2,307)		—		(9,096)
Non-cash settlement and other	(588)		1,284		(1,527)		(831)
Balance as of December 31, 2025	$	66	$	124	$	—	$	190

REVENUE RECOGNITION - Schedule of Estimated Revenue Expected to be Recognized in Future Periods (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 518,447
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 180,524
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 105,097
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 91,701
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 73,985
Total estimated revenue expected to be recognized in future periods, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total estimated revenue expected to be recognized in future periods	$ 67,140
Total estimated revenue expected to be recognized in future periods, expected timing

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consist of the following:


	Estimated Useful Life	December 31,
		2025		2024

	(Years)	(In thousands)
Equipment and machinery	3-10	$	232,023	$	207,300
Furniture and fixtures	5-10	3,375		3,341
Computer equipment	3-5	7,512		7,241
Capitalized software costs	3-5	84,453		74,558
Leasehold improvements	3-10	32,860		19,047

Construction in process		10,461		19,305
Total		370,684		330,792
Less: accumulated depreciation and amortization		(233,880)		(183,278)
Property and equipment, net		$	136,804	$	147,514

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangibles	$ 286,000	$ 286,000
Intangible assets with finite lives:
Accumulated Amortization	(114,495,000)	(94,420,000)
Impairment	0	(3,528,000)	$ (3,800,000)
Net	22,002,000
Total purchased intangible assets, gross	136,783,000	140,346,000
Total purchased intangible assets, net	22,288,000	$ 42,398,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Charges
Developed technology
Intangible assets with finite lives:
Gross	47,683,000	$ 51,054,000
Accumulated Amortization	(42,242,000)	(35,903,000)
Impairment		(3,351,000)
Net	5,441,000	11,800,000
Customer relationships
Intangible assets with finite lives:
Gross	51,114,000	51,306,000
Accumulated Amortization	(42,000,000)	(35,804,000)
Impairment		(177,000)
Net	9,114,000	15,325,000
Trade-names
Intangible assets with finite lives:
Gross	37,700,000	37,700,000
Accumulated Amortization	(30,253,000)	(22,713,000)
Impairment		0
Net	$ 7,447,000	$ 14,987,000

CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Contractual maturities, Due within one year, Amortized Cost	$ 943,153
Contractual maturities, Due within one year, Fair Value	944,502
Contractual maturities, Due within one to three years, Amortized Cost	323,735
Contractual maturities, Due within one to three years, Fair Value	325,581
Amortized Cost	1,266,888	$ 1,539,785
Fair Value	$ 1,270,083	$ 1,539,890

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregation

Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line were as follows:


	Years Ended December 31,
		2025		2024		2023

		(In thousands)
Primary geographical markets:
United States		$	1,188,718	$	934,690	$	1,469,108




International (1)		284,267		395,693		821,678
Total		$	1,472,985	$	1,330,383	$	2,290,786

Timing of revenue recognition:
Products delivered at a point in time		$	1,350,011	$	1,204,367	$	2,181,099
Products and services delivered over time		122,974		126,016		109,687
Total		$	1,472,985	$	1,330,383	$	2,290,786

Schedule of Contract Assets and Contract Liabilities, and Changes in Balances from Contracts with Customers

Accounts receivable, and contract assets and contract liabilities from contracts with customers, were as follows:


	December 31, 2025		December 31, 2024

	(In thousands)
Accounts receivable	$	229,881	$	223,749


Short-term contract assets (Prepaid expenses and other current assets)	$	35,976	$	42,001
Long-term contract assets (Other assets)	$	115,067	$	110,954


Short-term contract liabilities (Deferred revenues, current)	$	180,524	$	237,225
Long-term contract liabilities (Deferred revenues, non-current)	$	337,923	$	341,982

Significant changes in the balances of contract assets (prepaid expenses and other assets) in the year ended December 31, 2025 were as follows (in thousands):


Contract Assets
Contract assets, beginning of period	$	152,955
Amount recognized	(34,792)
Increased due to billings	32,880
Contract assets, end of period	$	151,043

Significant changes in contract liabilities (deferred revenue) in the year ended December 31, 2025 were as follows (in thousands):


Contract Liabilities
Contract liabilities, beginning of period	$	579,207
Revenue recognized	(233,246)

Increased due to billings	172,486

Contract liabilities, end of period	$	518,447

Schedule of Estimated Revenue Expected to be Recognized in Future Periods

Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period were as follows:


	December 31, 2025
	(In thousands)
Fiscal year:
2026	$	180,524
2027	105,097
2028	91,701
2029	73,985

Thereafter	67,140
Total	$	518,447

INCOME TAXES - Schedule of Domestic and Foreign Components of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 145,956	$ 80,903	$ 465,463
Foreign	58,858	39,256	47,676
Income before income taxes	$ 204,814	$ 120,159	$ 513,139

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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+ Details

WARRANTY OBLIGATIONS - Schedule of Warranty Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes in the Company's product warranty liability
Warranty obligations, beginning of period	$ 192,889	$ 189,087	$ 131,446
Accruals for warranties issued during period	29,108	27,544	51,866
Expense (benefit) from changes in estimates	12,500	1,082	(19,176)
Settlements	(27,086)	(27,611)	(27,216)
Increase due to accretion expense	13,399	11,010	13,821
Change in discount rate	(203)	(459)	44,422
Other	(6,564)	(7,764)	(6,076)
Warranty obligations, end of period	214,043	192,889	189,087
Less: warranty obligations, current	(29,038)	(34,656)	(36,066)
Warranty obligations, non-current	$ 185,005	$ 158,233	$ 153,021

FAIR VALUE MEASUREMENTS - Schedule of Principal Outstanding of Loan Receivables (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Current	$ 47,000
Non-current	1,500
Loan receivables	$ 48,500

NET INCOME PER SHARE - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Net Income Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,832	12,598	8,385
Employee stock-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,234	1,359	1,113
Warrants \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	619	0	0
Warrants \| 2026 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,057	5,673	3,038
Warrants \| 2028 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,018	5,566	2,981
Notes due 2025 \| Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	200	0	1,253
Notes due 2025 \| 2026 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	704	0	0

REVENUE RECOGNITION - Narrative (Details)	12 Months Ended
REVENUE RECOGNITION - Narrative (Details)	Dec. 31, 2025 USD ($) businessActivity	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Number of major business activity \| businessActivity	1
Contract asset impairment charges	$ 0
Cash prepayments	$ 62,900,000	$ 110,300,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, income tax provision, inventory valuation, government grants, accrued warranty obligations, fair value of debt securities, convertible notes, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties.
Revenue Recognition, Cost of Revenues and Contract Liabilities	Revenue Recognition The Company generates revenue from the sale of its various products, which include microinverter units and related accessories, IQ Battery and related accessories, IQ PowerPack 1500 and related accessories, electric vehicle (“EV”) charging solutions, IQ Combiner, IQ Gateway and IQ Energy Router, as well as from the sale of services, which include cloud-based monitoring services, design, proposal, permitting, installation and solar appointment generation services, and Enphase Care services. Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. The Company generates all of its revenues from contracts with its customers. A description of principal activities from which the Company generates revenues follows. •Products Delivered at a Point in Time. The Company sells its products and professional services to customers in accordance with the terms of the related customer contracts. The Company generates revenues from sales of its solutions, which include microinverter units and related accessories, storage solutions, EV charging solutions, and design, proposal, permitting, installation and solar appointment services. Such microinverter units, microinverter accessories, storage and EV solutions, design, proposal, permitting, installation and solar appointment services, are delivered to customers at a point in time, and the Company recognizes revenue for these products or professional services when the Company transfers control of the product or professional services to the customer, which is generally upon product shipment or service delivery, respectively. •Products Delivered Over Time. The sale of IQ Gateway and IQ Energy Router products includes the Company’s cloud-based monitoring service. The full consideration for these products represents a single performance obligation and is deferred at the sale date and recognized over the estimated service period of 7 and 15 years. The Company also sells certain communication accessories that contain a service performance obligation to be delivered over time. The revenue from these products is recognized over the related service period, which is typically 5 years. The subscription services revenue generated from each customer’s subscription to the Company’s design and proposal software is recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer. The subscription contracts are generally 3 to 12 months in length and billed in advance. The Enphase Care service plans are offered as either an annual plan or a 10-year prepaid plan and pricing is customized based on the customer’s site and system configuration. When the Company sells a product with more than one performance obligation, such as the IQ Combiner, which includes both hardware and IQ Gateway, the total consideration is allocated to these performance obligations based on their relative standalone selling prices. The Company estimates and records certain revenue promotions as variable consideration and recognizes these promotions as a reduction in revenue at the time the related revenue is recorded. The Company records upfront contract acquisition costs, such as sales commissions, to be capitalized and amortized over the estimated life of the asset. For contracts that have a duration of less than one year, the Company follows the Topic 606 practical expedient and expenses these costs when incurred. Commissions related to the Company’s sale of monitoring hardware and service are capitalized and amortized over the period of the associated revenue, which is 5 years to 7 years. Refer to Note 3. “Revenue Recognition,” for additional information related to revenue recognition. Cost of Revenues The Company includes the following in cost of revenues: product costs, warranty, manufacturing and installation services personnel, logistics costs, freight costs, inventory write-downs, hosting services costs related to the Company’s cloud-based services, credits recognized from the advanced manufacturing production tax credit (“AMPTC”), depreciation of manufacturing and test equipment, and amortization of capitalized software development costs related to the Company’s cloud-based services, lead acquisition costs, design and proposal services, and employee-related expenses associated with proposal and permitting services and design and proposal service customer support. A description of principal activities from which the Company recognizes cost of revenue is as follows: •Products Delivered at a Point in Time. Cost of revenue from these products is recognized when the Company transfers control of the product to the customer, which is generally upon shipment or service delivery. •Products Delivered Over Time. Cost of revenue from these products is recognized over the related service period. Contract Liabilities Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Government Grants	Government Grants Government grants represent benefits provided by federal, state, or local governments that are not subject to the scope of Accounting Standards Codification (“ASC”) 740. The Company recognizes a grant when it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. Government grants that are not related to long-lived assets are considered income-based grants, which are recognized as a reduction to the related cost of activities that generated the benefit. In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”), which includes credits under the AMPTC, to incentivize clean energy component sourcing and production, including for the production of microinverters. The IRA provides for an AMPTC on microinverters of 11 cents per alternating current watt basis. The AMPTC on microinverters decreases by 25% each year beginning in 2030 and ending after 2032. The Company recognized credits under AMPTC as a reduction to cost of revenues in the consolidated statements of operations for the microinverters manufactured in the United States and sold to customers. Such credit is also reflected as an increase to prepaid income tax on the Company’s consolidated balance sheets within prepaid expenses and other current assets. For the years ended December 31, 2025 and 2024, benefits recognized from AMPTC of $238.7 million and $157.5 million, respectively, were recorded as a prepaid income tax of $227.5 million and $94.9 million (included in prepaid expenses and other current assets), respectively, and reduction of income tax payable of $11.2 million and $62.7 million (included in accrued liabilities), respectively, on the consolidated balance sheets, and as a reduction to cost of revenues of $238.7 million and $157.5 million on the consolidated statements of operations for the year ended December 31, 2025 and 2024, respectively. In addition, the Company recognized a grant receivable of $76.6 million and $15.1 million included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2025 and 2024, respectively, for inventory on hand because it has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received when sold in the following 12 months, which is equal to the reduction of the carrying cost of the inventory on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. Amounts recognized in the consolidated financial statements are based on management’s judgment and interpretation of the most current guidance.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year in order to meet liquidity needs or to grow the business, including for potential business acquisitions or other strategic transactions. Marketable securities are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive income (loss), net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net, in the consolidated statements of operations. The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s investments in marketable securities during the periods presented. For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest of $9.7 million and $10.1 million, net of the allowance for credit losses, if any, is recorded in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2025 and 2024, respectively.
Restricted Cash	Restricted Cash Restricted cash represents cash held as certificates of deposit collateralized under a letter of credit issued to a customer through April 2025. The letter of credit was required as a performance security in a face amount equal to the aggregate purchase price of the executed sales agreement. The letter of credit was issued per the terms of the executed sales agreement and the Company collateralized certificates of deposit under this letter of credit in an amount of $95.0 million, which was reflected as restricted cash on the Company’s consolidated balance sheet as of December 31, 2024.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The financial instruments include the Company’s cash and cash equivalents, restricted cash, accounts receivable, loan receivables, accounts payable and accrued liabilities. The Company considers the carrying amount of short-term financial instruments to approximate the fair value because of the short maturity of those instruments. The Company’s long-term financial instruments are measured at amortized cost when the fair value option is not elected. The Company evaluates the allowance for credit losses by assessing the risks and losses inherent to the financial instruments.
Investments in Debt Securities	Investments in Debt Securities The Company elected the fair value option for its investments in convertible notes. These notes are measured at fair value on a recurring basis, with changes in fair value recognized in other expense, net, in the consolidated statements of operations.
Accounts Receivable and Contract Assets	Accounts Receivable and Contract Assets The Company receives payments from customers based upon contractual payment terms. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets recorded in prepaid assets and other current assets on the consolidated balance sheet include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains allowances for credit losses for uncollectible accounts receivable. Management estimates anticipated credit losses based on days past due, customer specific experience, collection history, the financial health of customers, among other factors.
Inventory	Inventory Inventory is valued at the lower of cost or market. Market is current replacement cost (by purchase or by reproduction, dependent on the type of inventory). In cases where market exceeds net realizable value (i.e., estimated selling price less reasonably predictable costs of completion and disposal), inventories are stated at net realizable value. Market is not considered to be less than net realizable value reduced by an allowance for an approximately normal profit margin. The Company determines cost on a first-in first-out basis and include both the costs of acquisition and manufacturing in the Company’s inventory costs. These costs include direct materials, direct labor, and indirect manufacturing costs, including depreciation and amortization. The capitalization of indirect costs is based on the normal utilization of the Company’s manufacturing facility in Texas. If the manufacturing facility utilization is abnormally low, the portion of the Company’s indirect manufacturing costs related to the abnormal utilization level is expensed as incurred. Other abnormal manufacturing costs, such as wasted materials or excess yield losses, are also expensed as incurred. Certain factors could affect the realizable value of its inventory, including customer demand and market conditions. Management assesses the valuation on a quarterly basis and writes down the value for any excess and obsolete inventory based upon expected demand, anticipated sales price, effect of new product introductions, product obsolescence, customer concentrations, product merchantability and other factors. Inventory write-downs are equal to the difference between the cost of inventories and market.
Long-Lived Assets	Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation. Cost includes amounts paid to acquire or construct the asset as well as any expenditure that substantially adds to the value of or significantly extends the useful life of an existing asset. Repair and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements.
Internal-Use Software	Internal-use software, whether purchased or developed, is capitalized at cost and amortized on a straight-line basis over its estimated useful life. Costs associated with internally developed software are expensed until the point at which the project has reached the development stage. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they provide additional functionality. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalization of internal-use software requires judgment in determining when a project has reached the development stage and the period over which the Company expects to benefit from the use of that software. Capitalized costs are recorded as part of property and equipment in the consolidated balance sheets. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally three years, and is recorded as cost of revenue in the consolidated statements of operations. The Company capitalizes implementation costs related to cloud computing (i.e., hosting) arrangements that are accounted for as a service contract that meets the accounting requirement for capitalization as such implementation costs were incurred to develop or utilize internal-use software hosted by a third-party vendor. The capitalized implementation costs are recorded as part of “Other assets” on the consolidated balance sheets and is amortized over the length of the service contract.
Impairment of Long-Lived Assets	Property and equipment, including internal-use software, and capitalized implementation costs related to cloud computing arrangements, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using an undiscounted cash flow analysis.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments over the lease term. The Company does not have any finance leases. Operating lease assets and liabilities are recognized based on the present value of the remaining lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Operating lease assets also include initial direct costs incurred and prepaid lease payments, minus any lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Leases with an initial term of one year or less are considered short-term leases and are not recognized as lease assets and liabilities. The Company recognizes the cost of such short-term leases on a straight-line basis over the term of the underlying agreement. The Company combines the lease and non-lease components in determining the operating lease assets and liabilities. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group.
Business Combinations	Business Combinations Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired also requires the Company to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Accounting for business acquisitions requires the Company to make judgments as to whether a purchase transaction is a multiple element contract, meaning that it includes other transaction components. This judgment and determination affect the amount of consideration paid that is allocable to assets and liabilities acquired in the business purchase transaction. Additional information existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, not to exceed 12 months from the acquisition date, which may result in changes to the amounts and allocations recorded.
Goodwill and Intangible Assets	Goodwill Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed. Qualitative factors include industry and market consideration, overall financial performance, share price trends and market capitalization and Company-specific events. The Company determined, after performing a qualitative review of its one reporting unit, that it is more likely than not that the fair value of its reporting unit exceeds its carrying value. Intangible Assets Intangible assets include patents and other purchased intangible assets. Intangible assets with finite lives are amortized on a straight-line basis, with estimated useful lives ranging from 5 to 9 years. Indefinite-lived intangible assets are tested for impairment annually and are also tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired. Intangible assets with finite lives are tested for impairment whenever events or circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss is recognized when the carrying amount of an asset group exceeds the estimated undiscounted cash flows used in determining the fair value of the asset group. The amount of the impairment loss to be recorded is calculated by the excess of the asset group’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. The Company recorded asset impairment charges of zero, $3.5 million and $3.8 million in the years ended December 31, 2025, 2024 and 2023, respectively, associated with the developed technology and customer relationship intangible asset. There were no events or changes in circumstances that may indicate the carrying amount of remaining assets is not recoverable.
Warranty Obligations	Warranty Obligations The Company’s warranty accrual provides for the replacement of microinverter units, AC Battery storage solutions and accessories, EV Chargers, IQ Gateway units and IQ Energy Router units that fail during the product’s warranty term. The warranty term related to microinverter units is typically 15 years for first and second generation microinverters and up to 25 years for subsequent generation microinverters. The warranty term for AC Battery storage solutions is 10 to 15 years depending on the generation and 5 years for IQ PowerPack 1500. The warranty term for the IQ Gateway is 5 to 15 years depending on the generation, IQ Energy Router is 5 years, and for EV Chargers is 1 to 5 years depending on the product. On a quarterly basis, the Company employs a consistent, systematic and rational methodology to assess the adequacy of its warranty liability. This assessment includes updating all key estimates and assumptions for each generation of product, based on historical results, trends and the most current data available as of the filing date. The key estimates and assumptions used in the warranty liability are thoroughly reviewed by management on a quarterly basis. The key estimates used by the Company to estimate its warranty liability are: (1) the number of units expected to fail and be repaired or returned for replacement over time (i.e., return rate); and (2) the per unit cost of repair or replacement of units, including outbound shipping and labor costs, expected to be incurred to replace failed units over time (i.e., replacement cost). Estimated Return Rates — The Company’s Quality and Reliability department has primary responsibility to determine the estimated return rates for each generation of product. To establish initial return rate estimates for each generation of product, the Company’s quality engineers use a combination of industry standard mean time between failure estimates for individual components contained in its product, third-party data collected on similar equipment deployed in outdoor environments similar to those in which the Company’s products are installed, and rigorous long term reliability and accelerated life cycle testing which simulates the service life of the product in a short period of time. As units are deployed into operating environments, the Company continues to monitor product performance through its cloud-based monitoring services. It typically takes three to nine months between the date of sale and date of end-user installation. Consequently, the Company’s ability to monitor actual failures of units sold similarly lags by three to nine months. When a product fails and is returned, the Company performs diagnostic root cause failure analysis to understand and isolate the underlying mechanism(s) causing the failure. The Company then uses the results of this analysis (combined with the actual, cumulative performance data collected on those units prior to failure through the Company’s cloud-based monitoring services) to draw conclusions with respect to how or if the identified failure mechanism(s) will impact the remaining units deployed in the installed base. As the vast majority of the Company’s microinverters have been sold to end users for residential applications, the Company believes that warranty return rates will be affected by changes over time in residential home ownership because the Company expects that subsequent homeowners are less likely to file returns than the homeowners who originally purchase the microinverters. Estimated Replacement Costs — Three factors are considered in the Company’s analysis of estimated replacement cost: (1) the estimated cost of replacement products; (2) the estimated cost to ship replacement products to end users; and (3) the estimated labor reimbursement expected to be paid to third-party installers, or estimated labor cost expected to be incurred for field service technicians, performing replacement services for the end user. Because the Company’s warranty provides for the replacement of defective microinverters or other products over long periods of time (between 5 years to 25 years, depending on the product and the generation of that product purchased), the estimated per unit cost of current and future product generations is considered in the estimated replacement cost. Estimated costs to ship replacement units are based on observable, market-based shipping costs paid by the Company to third-party freight carriers. The Company has a separate program that allows third-party installers to claim fixed-dollar reimbursements for labor costs they incur to replace failed products for a limited time from the date of original installation. Included in the Company’s estimated replacement cost is an analysis of the number of fixed-dollar labor reimbursements expected to be claimed by third-party installers over the limited offering period. In addition to the key estimates noted above, the Company also compares actual warranty results to expected results and evaluates any significant differences. Management may make additional adjustments to the warranty provision based on performance trends or other qualitative factors. If actual return rates or replacement costs differ from the Company’s estimates in future periods, changes to these estimates may be required, resulting in increases or decreases in the Company’s warranty obligations. Such increases or decreases could be material. Fair Value Option for Microinverters and Other Products Sold Since January 1, 2014 The Company’s warranty obligations related to products sold since January 1, 2014 provide the Company the right, but not the requirement, to assign its warranty obligations to a third party. Under ASC 825, “Financial Instruments” (also referred to as “fair value option”), an entity may choose to elect the fair value option for such warranties at the time it first recognizes the eligible item. The Company made an irrevocable election to account for all eligible warranty obligations associated with products sold since January 1, 2014 at fair value. This election was made to reflect the underlying economics of the time value of money for an obligation that will be settled over an extended period of up to 25 years. The Company estimates the fair value of warranty obligations by calculating the warranty obligations in the same manner as for sales prior to January 1, 2014 and applying an expected present value technique to that result. The expected present value technique, an income approach, converts future amounts into a single current discounted amount. In addition to the key estimates of return rates and replacement costs, the Company used certain inputs that are unobservable and significant to the overall fair value measurement. Such additional assumptions included compensation comprised of a profit element and risk premium required of a market participant to assume the obligation and a discount rate based on the Company’s credit-adjusted risk-free rate. Refer to Note 10. “Fair Value Measurements,” for additional information. Warranty obligations initially recorded at fair value at the time of sale will be subsequently re-measured to fair value at each reporting date. In addition, the fair value of the liability will be accreted over the corresponding term of the warranty of up to 25 years using the effective interest method.
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business. An accrual for a loss contingency is recognized when it is probable and the amount of loss can be reasonably estimated.
Common Stock Repurchase	Common Stock Repurchase The Company accounts for repurchase of common stock under Accounting Standards Codification Topic 505 and charges the entire cost of repurchase including excise tax accrued pursuant to the repurchase to the accumulated earnings (deficit).
Advertising Costs	Advertising Costs Advertising costs, which are expensed and included in sales and marketing expense when incurred, were $2.7 million, $1.7 million and $3.8 million during the years ended December 31, 2025, 2024 and 2023, respectively.
Research and Development Costs	Research and Development Costs The Company expenses research and development costs as incurred. Research and development expense consists primarily of expensed equipment for product development, personnel costs, including salaries, benefits and stock-based compensation, other professional costs and allocated facilities costs.
Stock-Based Compensation	Stock-Based Compensation Share-based payments are required to be recognized in the Company’s consolidated statements of operations based on their fair values and the estimated number of shares expected to vest. The Company measures stock-based compensation expense for all share-based payment awards made to employees and directors, based on the estimated fair values on the date of the grant. The fair value of restricted stock units (“RSUs”) granted is determined based on the price of the Company’s common stock on the date of grant. The fair value of non-market‑based performance stock units (“PSUs”) granted is determined based on the date of grant or when achievement of performance is probable. The fair value of market‑based performance stock units granted is determined using a Monte‑Carlo model based on the date of grant or when achievement of performance is probable. Stock-based compensation for RSUs is recognized on a straight-line basis over the requisite service period. Stock-based compensation for PSUs without market conditions is recognized when the performance condition is probable of being achieved, and then on a graded basis over the requisite service period. Stock-based compensation for PSUs with market conditions is recognized on a straight-line basis over the requisite service period. Additionally, the Company estimates its forfeiture rate annually based on historical experience and revises the estimates of forfeiture in subsequent periods if actual forfeitures differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The Company and most of its subsidiaries use their respective local currency as their functional currency. Accordingly, foreign currency assets and liabilities are translated using exchange rates in effect at the end of the period and income or loss are translated using average exchange rates for the period. Aggregate exchange gains and losses arising from the translation of foreign assets and liabilities are included in accumulated other comprehensive loss in stockholders' equity. Foreign subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities using exchange rates in effect at the end of the period. In addition, transactions that are denominated in non-functional currency are remeasured using exchange rates in effect at the end of the period. Exchange gains and losses arising from the remeasurement of monetary assets and liabilities are included in other income (expense), net, in the consolidated statements of operations. Non-monetary assets and liabilities are carried at their historical values.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to gains and losses that are recorded as an element of stockholders’ equity but are excluded from net income. The Company’s other comprehensive income consists of foreign currency translation adjustments and changes in net unrealized gain (loss) on marketable securities, net of tax.
Income Taxes	Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company assesses the realizability of the deferred tax assets to determine release of valuation allowance as necessary. In the event the Company determines that it is more likely than not that the Company would be able to realize deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance for the deferred tax asset would increase income in the period such determination was made. Likewise, should it be determined that additional amounts of the net deferred tax asset will not be realized in the future, an adjustment to increase the deferred tax asset valuation allowance will reduce income in the period such determination is made. The Company operates in various tax jurisdictions and is subject to audit by various tax authorities. The Company follows accounting for uncertainty in income taxes which requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes.
Recently Adopted and Issued Accounting Pronouncements Not Yet Effective	Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024 and interim periods for fiscal years beginning after December 15, 2025. The Company adopted ASU 2023-09 effective for this Annual Report on Form 10-K for the year ended December 31, 2025. Refer to Note 16. “Income Taxes,” for additional disclosures. Since ASU 2023-09 addresses only disclosures, the adoption of ASU 2023-09 did not have a significant impact on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which introduces a practical expedient for the application of the current expected credit loss model to current accounts receivable and contract assets. The practical expedient allows entities to assume that conditions as of the balance sheet date remain unchanged over the remaining life of these assets, thereby eliminating the need to incorporate macroeconomic forecasts. ASU 2025-05 is effective beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted ASU 2025-05 effective for this Annual Report on Form 10-K for the year ended December 31, 2025, which did not have a significant impact on its consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Effective In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact from ASU 2024-03 on its consolidated financial statements disclosures. In September 2025, the FASB issued ASU 2025-06, “Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 permits an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact from ASU 2025-06 on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), which establishes the accounting and presentation for government grants received by a business entity. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-10 permits an entity to apply the new guidance using a modified prospective basis, a modified retrospective basis, or a full retrospective basis. The Company is currently evaluating the impact from ASU 2025-10 on its consolidated financial statements.
Fair Value Measurements	The accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of such assets or liabilities do not entail a significant degree of judgment. •Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Net Income Per Share	Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed in a similar manner, but it also includes the effect of potential common shares outstanding during the period, when dilutive.

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides information regarding the Company’s debt:


	December 31, 2025		December 31, 2024

	(In thousands)
Convertible notes
Notes due 2028	$	575,000	$	575,000

Less: unamortized debt issuance costs	(2,806)		(4,102)
Carrying amount of Notes due 2028	572,194		570,898

Notes due 2026	632,500		632,500

Less: unamortized debt issuance costs	(317)		(2,309)
Carrying amount of Notes due 2026	632,183		630,191

Notes due 2025	—		102,168

Less: unamortized debt discount	—		(803)
Less: unamortized debt issuance costs	—		(74)
Carrying amount of Notes due 2025	—		101,291












Total carrying amount of debt	1,204,377		1,302,380

Less: debt, current	(632,183)		(101,291)
Debt, non-current	$	572,194	$	1,201,089

The following tables present the total amount of interest cost recognized in the consolidated statements of operations relating to the Notes:


	Years Ended December 31,
	2025						2024

	Notes due 2028		Notes due 2026		Notes due 2025			Notes due 2028		Notes due 2026		Notes due 2025

	(In thousands)
Contractual interest expense	$	—	$	—	$	43		$	—	$	—	$	256
Amortization of debt discount	—		—		803			—		—		4,841
Amortization of debt issuance costs	1,296		1,991		75			1,308		2,006		490
Total interest cost recognized	$	1,296	$	1,991	$	921		$	1,308	$	2,006	$	5,587