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We do not grant stock options, stock appreciation rights, or similar instruments with option-like features and have no policies or practices to disclose pursuant to Item 402(x)(1) of Regulation S-K. We do not take material nonpublic information into account when determining the timing and terms of equity awards, and do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. We have not granted stock options, stock appreciation rights or similar instruments with option-like features in many years. We did not make any awards of stock options, stock appreciation rights or similar instruments with option-like features in 2025.
We do not grant stock options, stock appreciation rights, or similar instruments with option-like features and have no policies or practices to disclose pursuant to Item 402(x)(1) of Regulation S-K. We do not take material nonpublic information into account when determining the timing and terms of equity awards, and do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. We have not granted stock options, stock appreciation rights or similar instruments with option-like features in many years. We did not make any awards of stock options, stock appreciation rights or similar instruments with option-like features in 2025.
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:140%">As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (or “CAP,” as defined by SEC rules and further described below) and certain Company financial performance metrics.</span></div><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year.</span><div style="margin-bottom:12pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">8 The dollar amounts reported represent the amount of net revenues reflected in our audited financial statements for the applicable year .</span></div><div style="margin-bottom:12pt;margin-top:15pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:18pt;font-weight:700;line-height:120%">Financial Performance Measures</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:140%">The following table identifies the four most important financial performance measures used by the Compensation Committee to link the “compensation actually paid” to our CEO and our non-CEO NEO in 2025, calculated in accordance with SEC regulations, to company performance. The role of each of these performance measures in our NEOs’ compensation is discussed in the CD&A section above.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:140%">Below are graphs showing the relationship of “compensation actually paid” to our CEO and our non-CEO NEO(s) in 2025, 2024, 2023, 2022 and 2021 compared to (1) our TSR and the TSR of the Invesco Solar ETF (“TAN TSR”), (2) our net income and (3) our net revenues.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:140%">All information provided above under the “Pay Versus Performance” heading will not be deemed to be incorporated by reference into any filing of Enphase under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent we specifically incorporate such information by reference.</span></div>
<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:5.221%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.675%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.250%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.681%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.374%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.392%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:0.25pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Value of Initial Fixed $100 Investment Based On:</span></div></td><td colspan="3" style="border-top:0.25pt solid #3c3c3c;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#3c3c3c;border-left:0.25pt solid #3c3c3c;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Year</span></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Summary Compensation Table Total for CEO</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Compensation Actually Paid to CEO</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Average Summary Compensation Table Total for Non-CEO NEOs ($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Average Compensation Actually Paid to Non-CEO NEOs ($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Total Shareholder Return</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(5)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Peer Group Total Shareholder Return</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Net Income </span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($ in millions)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(7)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;border-right:0.25pt solid #3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Net Revenues</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">($ in millions)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:4.87pt;font-weight:700;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(8)</span></div></td></tr><tr><td colspan="3" style="background-color:#fbf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,601,958</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(16,391)</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">5,293,375</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(23,712)</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">18</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">48</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">172.1</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"><div style="margin-bottom:3pt;text-align:center"></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;border-right:0.5pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,473.0</span></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">12,630,005</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3,357,725</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">6,672,535</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">805,193</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">263</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">108</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">102.7</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,330.4</span></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2023</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">19,527,534</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2,544,470</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">8,903,959</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">903,495</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">506</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">173</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">438.9</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2,290.8</span></div></td></tr><tr><td colspan="3" style="background-color:#fbf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2022</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">16,627,977</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">22,990,176</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">8,146,540</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,419,711</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,014</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">237</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">397.4</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2,330.9</span></div></td></tr><tr><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2021</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">19,019,162</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">13,787,093</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,443,797</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,339,538</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">700</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">250</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">145.4</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,382.0</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>
9601958
-16391
5293375
-23712
18
48
172100000
1473000000
12630005
3357725
6672535
805193
263
108
102700000
1330400000
19527534
2544470
8903959
903495
506
173
438900000
2290800000
16627977
22990176
8146540
9419711
1014
237
397400000
2330900000
19019162
13787093
9443797
9339538
700
250
145400000
1382000000
<span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">The dollar amounts reported in this column are the amounts of total compensation reported for our CEO, Badri Kothandaraman in the Summary Compensation Table for fiscal years 2025, 2024, 2023, 2022 and 2021. Mr. Kothandaraman served as CEO for each of the years presented.</span>
Badri Kothandaraman
<span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">“Compensation actually paid” to our CEO in each of 2025, 2024, 2023, 2022 and 2021</span><span style="color:#ff0090;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">reflects the respective amounts set forth in this column of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our CEO during the applicable year. For information regarding the decisions made by the Compensation Committee regarding the CEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.</span><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:140%">To calculate the amounts in the “Compensation Actually Paid to CEO” column in the table above for 2025, the following amounts were deducted from and added to (as applicable) the “Total” compensation of CEO, as reported in the Summary Compensation Table for 2025:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.568%"><tr><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.190%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#3c3c3c;border-left:0.25pt solid #3c3c3c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Year</span></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Reported Summary Compensation Table Total for CEO ($)</span></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Reported Value of Equity Awards for CEO</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Equity Award Adjustments for CEO</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Reported Change in the Actuarial Present Value of Pension Benefits for CEO ($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Pension Benefit Adjustments for CEO</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#3c3c3c;border-right:0.25pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Compensation Actually Paid to CEO<br/>($)</span></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,601,958</span></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,844,624)</span></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(773,725)</span></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#faf6ef;border-left:0.5pt solid #d6d6d6;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,391)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:12pt;font-weight:700;line-height:120%">________</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Represents the grant date fair value of the equity awards to our CEO, as reported in the “Stock Awards” column in the Summary Compensation Table for 2024.</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Represents the year-over-year change in the fair value of equity awards to our CEO, as itemized in the table below. No awards vested in the year they were granted and there is no value to report for dividends or other earnings on stock awards in the applicable year prior to the vesting date that were not otherwise reflected in the fair value of such awards.</span></div><div style="margin-bottom:6pt;padding-left:13.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.413%"><tr><td style="width:1.0%"></td><td style="width:86.068%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.143%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3c3c3c;border-left:0.25pt solid #3c3c3c;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Fair Value of Equity Awards for CEO</span></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of year-end for awards granted during the year</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3,387,816</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Year-over-year increase (decrease) of unvested awards granted in prior years</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2,577,964)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Increase (decrease) from prior fiscal year-end for awards that vested during the year</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,583,577)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of the vest date for awards granted during the year that are vested during the year</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 11.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:10.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total Equity Award Adjustment</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-bottom:3pt double #3c3c3c;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;border-top:1pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$(773,725)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">3</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">No pension benefit plans are offered by Enphase.</span></div>
<span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">The dollar amounts reported in this column are the average amounts of total compensation reported for our NEOs as a group, other than our CEO in the Summary Compensation Table for the applicable fiscal years. The names of the NEOs (excluding our CEO) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Ms. Yang; (ii) for 2024, Ms. Yang and Mr. Ranhoff; (iii) for 2023, Ms. Yang, Mr. Jeff McNeil and Mr. David Ranhoff; and (iv) for 2022, Ms. Yang, Mr. Branderiz, Mr. McNeil and Mr. Ranhoff; and (v) 2021, Mr. Branderiz, Mr. McNeil and Mr. Ranhoff. Because Ms. Yang was our only non-CEO NEO in 2025, the amounts in this column, in this table and in the footnotes to this table that reference our non-CEO NEOs for 2025 do not represent averages.</span><div style="margin-bottom:3pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">4</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Average “compensation actually paid” for our non-CEO NEOs in each of 2025, 2024, 2023, 2022 and 2021 reflects the respective amounts set forth in this column of the table above, adjusted as set forth in the table below, as determined in accordance with SEC rules. The dollar amounts reflected in the table above do not reflect the actual amount of compensation earned by or paid to our non-CEO NEOs during the applicable year. For information regarding the decisions made by the Compensation Committee regarding the non-CEO NEOs’ compensation for each fiscal year, please see the Compensation Discussion and Analysis section of the proxy statements reporting pay for the fiscal years covered in the table above.</span></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Equity Valuations: Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. PSU grant date fair values are calculated using the stock price as of date of grant assuming target performance. Adjustments have been made using the performance modifier as of year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of year end and as of each date of vest. The valuation assumptions used to calculate fair values did not materially differ from those disclosed as of the grant date of the equity awards.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:140%">To calculate the amounts in the “Average Compensation Actually Paid to Non-CEO NEOs” column in the table above for 2025, the following amounts were deducted from and added to (as applicable) the average of the “Total” compensation of our non-CEO named executive officers, as reported in the Summary Compensation Table for 2025:</span></div><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.997%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.141%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.695%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Year</span></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Reported Summary Compensation Table Total for Non-CEO NEOs<br/>($)</span></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Reported Value of Equity Awards for Non-CEO NEOs</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Equity Award Adjustments for Non-CEO NEOs ($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Reported Change in the Actuarial Present Value of Pension Benefits for Non-CEO NEOs</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Pension Benefit Adjustments for Non-CEO NEOs</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:5.2pt;font-weight:700;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="background-color:#3c3c3c;border-right:0.25pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Compensation Actually Paid to Non-CEO NEOs<br/>($)</span></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">5,293,375</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4,717,133)</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(599,954)</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(23,712)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:12pt;font-weight:700;line-height:120%">________</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Represents the average grant date fair value of the equity awards to our non-CEO NEOs, as reported in the “Stock Awards” column in the Summary Compensation Table for 2025.</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Represents the average year-over-year change in the fair value of equity awards to our non-CEO NEOs, as itemized in the table below. No awards vested in the year they were granted, and there is no value to report for dividends or other earnings on stock awards in the applicable year prior to the vesting date that were not otherwise reflected in the fair value of such awards.</span></div><div style="margin-bottom:6pt;padding-left:13.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.982%"><tr><td style="width:1.0%"></td><td style="width:86.455%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.753%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3c3c3c;border-left:0.25pt solid #3c3c3c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Fair Value of Equity Awards for Non-CEO NEOs</span></td><td colspan="3" style="background-color:#3c3c3c;padding:0 1pt"></td><td colspan="3" style="background-color:#3c3c3c;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025</span></div><div style="text-align:center"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">($)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of year-end for awards granted during the year</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,806,835</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Year-over-year increase (decrease) of unvested awards granted in prior years</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,369,259)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Increase (decrease) from prior fiscal year-end for awards that vested during the year</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1,037,530)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-left:0.25pt solid #929292;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of the vest date for awards granted during the year that are vested during the year</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#faf6ef;border-left:0.25pt solid #929292;padding:2px 1pt 2px 11.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:10.5pt"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total Average Equity Award Adjustment</span></div></td><td colspan="3" style="background-color:#faf6ef;padding:0 1pt"></td><td colspan="3" style="background-color:#faf6ef;border-bottom:3pt double #3c3c3c;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;border-top:1pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$(599,954)</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:21pt;margin-top:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%">3</span><span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">No pension benefit plans are offered by Enphase.</span></div>
<span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">For the relevant fiscal year, represents our TSR for the measurement periods ended on December 31 of 2025, 2024, 2023, 2022 and 2021, respectively. An investment of $100 is assumed to have been made in our common stock on December 31, 2020 all dividends were reinvested, and the performance of the investment is tracked through December 31, 2025. The information shown is historical, and stockholder returns over the indicated period should not be considered indicative of future stockholder returns or future performance.</span>
<span style="color:#7d7d7d;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.87pt">Represents comparison of cumulative TSR for our common stock and cumulative TSR for the Invesco Solar ETF for the period from December 31, 2020 to December 31, 2025. An investment of $100 is assumed to have been made in our common stock and in each index on December 31, 2020, all dividends were reinvested, and the relative performance of the investments are tracked through December 31, 2025. The information shown is historical and stockholder returns over the indicated period should not be considered indicative of future stockholder returns or future performance.</span>
9601958
-8844624
-773725
0
0
-16391
3387816
-2577964
-1583577
0
-773725
5293375
-4717133
-599954
0
0
-23712
1806835
-1369259
-1037530
0
-599954
<div style="margin-bottom:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.042%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.757%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.900%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.042%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.614%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.619%"></td><td style="width:0.1%"></td></tr><tr><td colspan="39" style="background-color:#3c3c3c;border-left:0.25pt solid #3c3c3c;border-right:0.25pt solid #3c3c3c;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Avenir Next LT Pro',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Financial Performance Measures</span></td></tr><tr><td colspan="39" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Net Revenues</span></div></td></tr><tr><td colspan="39" style="background-color:#ffffff;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Non-GAAP Gross Margin</span></div></td></tr><tr><td colspan="39" style="background-color:#faf6ef;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total Stockholder Return</span></div></td></tr><tr><td colspan="39" style="background-color:#ffffff;border-left:0.25pt solid #929292;border-right:0.25pt solid #929292;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Avenir Next LT Pro',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Free Cash Flow</span></div></td></tr></table></div>
Net Revenues
Non-GAAP Gross Margin
Total Stockholder Return
Free Cash Flow
<img alt="7265" id="i-65" src="enph-20260401_g53.jpg" style="height:250px;margin-bottom:5pt;vertical-align:text-bottom;width:345px"/>
<img alt="7266" id="i-66" src="enph-20260401_g54.jpg" style="height:250px;margin-bottom:5pt;vertical-align:text-bottom;width:345px"/>
<div style="margin-bottom:3pt;text-align:center"><img alt="7268" id="i-67" src="enph-20260401_g55.jpg" style="height:250px;margin-bottom:5pt;vertical-align:text-bottom;width:350px"/></div>