Enphase 能源 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or Commission File Number: 001-35480 (Exact name of registrant as specified in its charter) 20-4645388(I.R.S. EmployerIdentification No.) Delaware 47281 Bayside ParkwayFremont, CA 94538(Address of principal executive offices, including zip code) (707) 774-7000(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered Nasdaq Global Market Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer AcceleratedfilerSmallerreportingcompanyEmerging growth company If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates of the registrant on June30, 2025, based upon the closing price of$39.65 of the registrant’s common stock as reported on the Nasdaq Global Market, was approximately $3.0 billion. As of February5, 2026, there were 131,098,819 shares of the registrant’s common stock outstanding. 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 ExchangeCommission within 120 days after the end of the registrant’s fiscal year ended December31, 2025 are incorporated by reference into Part IIIof this Annual Report on Form 10-K. Enphase Energy, Inc.Table of Contents PagePART IItem1.Business6Item1A.Risk Factors17Item1B.Unresolved Staff Comments44Item 1C.Cybersecurity44Item2.Properties45Item3.Legal Proceedings46Item4.Mine Safety Disclosures47PART IIItem5.Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities47Item6.[Reserved]49Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations49Item7A.Quantitative and Qualitative Disclosures About Market Risk63Item8.Financial Statements and Supplementary Data64Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure116Item9A.Controls and Procedures116Item9B.Other Information116Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections116PART IIIItem10.Directors, Executive Officers and Corporate Governance117Item11.Executive Compensation117Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters117Item13.Certain Relationships and Related Transactions, and Director Independence117Item14.Principal Accountant Fees and Services118PART IVItem15.Exhibits and Financial Statement Schedules118Item16.Form 10-K Summary121Signatures Table of Conten