Enphase Energy Inc. reported its second-quarter 2025 earnings with revenue of $363.2 million, surpassing analyst estimates of approximately $361.9 million and marking a 20% year-over-year increase. The company posted an adjusted earnings per share (EPS) of $0.69, beating the estimated $0.64 and reflecting a 60% year-over-year rise. Adjusted net income reached $89.9 million, exceeding the $84.1 million forecast and up 53% year-over-year. Gross margin stood at 48.6% including the Inflation Reduction Act (IRA) benefits, and 37.2% excluding them. GAAP operating income was $37.0 million with an 8.8% margin, and GAAP net income was $37.1 million. Enphase also reported record IQ Battery shipments at 190.9 MWh and noted strong momentum in U.S. manufacturing. However, shares declined by over 5% in after-hours trading due to a cautious revenue guidance for the third quarter, projected between $330 million and $370 million, which was below analyst expectations. Meanwhile, NextEra Energy posted second-quarter 2025 adjusted EPS of $1.05, beating estimates of $1.01, but its operating revenue of $6.70 billion fell short of the $7.36 billion forecast. The company maintained its full-year adjusted EPS guidance between $3.45 and $3.70, slightly below the $3.62 consensus. NextEra’s net income for the quarter was $2.03 billion, supported by growth in renewable energy and increased AI-driven power demand, contributing to over 9% year-over-year adjusted EPS growth. Analyst Oppenheimer maintained an Outperform rating on Enphase Energy but reduced its price target to $77 from $86, citing potential margin recovery tempered by slower demand in Europe and a transition in U.S. leasing.