Sunrun Inc.

Listed Company

RUNCIK 0001469367NasdaqLarge AcceleratedMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.96B

Net Income

$449.95M

Total Assets

$22.61B

Equity

$3.13B

Shares Out

238.55M

Op. Cash Flow

$-421.44M

RUN$11.83+18.66% · past yearDBEQ Basic

Daily closing prices

Business

Sunrun is the nation's leading residential solar and energy storage provider, offering clean energy as a subscription service with no upfront costs to homeowners. The company designs, installs, owns, and maintains residential solar and battery storage systems under long-term lease and power purchase agreements, typically 20–25 years, and also sells systems outright. Sunrun operates through three channels: direct-to-consumer, energy system partnerships with integrators and installation subcontractors, and strategic partnerships with retailers and consumer-focused companies. The company serves primarily residential homeowners in the United States and manages energy services for communities and utilities.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	2,957	2,038	2,260	2,321	1,610
Sales and marketing	709	617	741	745	623
Research and development	36	39	22	21	23
General and administrative	278	245	221	195	265
Goodwill impairment	0	3,100	1,158	0	0
Total operating expenses	3,083	5,733	4,238	2,984	2,276
Loss from operations	−126	−3,695	−1,979	−662	−666
Interest expense, net	−997	−848	−653	−446	−328
Other (expense) income, net	−53	162	−64	261	23
Loss before income taxes	−1,176	−4,382	−2,696	−847	−971
Income tax benefit	−167	−27	−13	2	9
Net loss	−1,009	−4,355	−2,683	−850	−981
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	−1,459	−1,509	−1,078	−1,023	−901
Net income (loss) attributable to common stockholders	450	−2,846	−1,604	173	−79
Basic (in dollars per share)	1.96	−12.81	−7.41	0.82	−0.39
Diluted (in dollars per share)	1.71	−12.81	−7.41	0.8	−0.39
Basic (in shares)	230	222	217	211	205
Diluted (in shares)	264	222	217	219	205

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	823	575	679	741	618
Restricted cash	413	372	309	212	233
Accounts receivable (net of allowances for credit losses of $20,692 and $15,420 as of December 31, 2025 and 2024, respectively)	263	171	172	214	146
Inventories	501	402	460	784	507
Prepaid expenses and other current assets	155	203	263	147	45
Total current assets	2,156	1,723	1,882	2,098	1,548
Restricted cash	148,000	148,000	148,000	148,000	148,000
Energy systems, net	16,818	15,032	13,029	10,988	9,460
Property and equipment, net	76	121	149	67	57
Other assets	3,561	3,022	2,268	1,835	1,126
Total assets	22,611	19,898	20,450	19,269	16,483
Accounts payable	271	354	231	339	288
Distributions payable to noncontrolling interests and redeemable noncontrolling interests	47	41	35	32	32
Accrued expenses and other liabilities	519	544	499	406	364
Deferred revenue, current portion	163	129	129	184	112
Deferred grants, current portion	9	8	8	8	8
Finance lease obligations, current portion	25	26	22	11	11
Non-recourse debt, current portion	270	232	548	158	190
Total current liabilities	1,303	1,334	1,488	1,155	1,012
Deferred revenue, net of current portion	1,350	1,209	1,067	912	762
Deferred grants, net of current portion	197	197	196	201	207
Finance lease obligations, net of current portion	37	66	69	17	11
Line of credit	238	384	540	505	211
Non-recourse debt, net of current portion	13,709	11,806	9,192	7,343	5,711
Convertible senior notes	474	479	393	393	391
Other liabilities	156	120	191	140	190
Deferred tax liabilities	163	138	123	133	102
Total liabilities	17,627	15,734	13,536	11,090	8,911
Commitments and contingencies (Note 17)	—	—	—	—	—
Redeemable noncontrolling interests	709	624	676	610	595
Preferred stock, $0.0001 par valueauthorized, 200,000 shares as of December 31, 2025 and 2024; no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par valueauthorized, 2,000,000 shares as of December 31, 2025 and 2024; issued and outstanding, 233,612 and 225,662 shares as of December 31, 2025 and 2024, respectively	23,000	23,000	22,000	21,000	21,000
Additional paid-in capital	6,899	6,747	6,609	6,470	6,330
Accumulated other comprehensive loss	63	87	55	67	−73
Retained earnings	−3,830	−4,280	−1,434	171	−3
Total stockholders equity	3,132	2,554	5,230	6,708	6,255
Noncontrolling interests	1,142	986	1,008	861	723
Total equity	4,275	3,540	6,238	7,569	6,978
Total liabilities, redeemable noncontrolling interests and total equity	22,611	19,898	20,450	19,269	16,483

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, net of amortization of deferred grants	726	621	532	451	388
Income tax benefit	−167	−27	−13	2	10
Stock-based compensation expense	108	113	112	111	211
Interest on pass-through financing obligations	0	9	20	20	21
Reduction in pass-through financing obligations	0	−21	−40	−41	−42
Unrealized (gain) loss on derivatives	55	−120	28	−185	−22
Other noncash items	308	210	261	54	82
Accounts receivable	−120	−15	16	−87	−62
Inventories	−99	58	324	−277	−224
Prepaid expenses and other current assets	−614	−772	−477	−379	−378
Accounts payable	−80	177	−109	40	67
Accrued expenses and other liabilities	85	81	−56	64	33
Deferred revenue	188	153	107	227	78
Deferred tax liabilities	198	0	0	—	—
Net cash used in operating activities	−421	−766	−821	−849	−817
Payments for the costs of energy systems	−2,499	−2,699	−2,587	—	—
Purchase of equity investment	0	0	−5	−75	0
Purchases of property and equipment, net	−2	−2	−21	—	—
Net cash used in investing activities	−2,500	−2,701	−2,613	−2,086	−1,686
Proceeds from state tax credits, net of recapture	10	5	4	0	0
Proceeds from trade receivable financing	167	124	41	0	—
Repayment of trade receivable financing	−291	0	−41	0	—
Proceeds from line of credit	383	354	1,125	1,165	738
Repayment of line of credit	−529	−510	−1,090	−871	−758
Proceeds from issuance of convertible senior notes, net of capped call transaction	0	445	0	0	372
Repurchase of convertible senior notes	−2	−347	−2	0	0
Proceeds from issuance of non-recourse debt	4,111	4,010	3,746	—	—
Repayment of non-recourse debt	−2,286	−1,795	−1,576	—	—
Payment of debt fees	−67	−94	−47	−63	−54
Proceeds from pass-through financing and other obligations, net	0	5	9	4	10
Repayment of pass-through financing obligation	0	−240	0	0	−18
Payment of finance lease obligations	−25	−27	−23	−14	−12
Contributions received from noncontrolling interests and redeemable noncontrolling interests	2,002	1,812	1,572	1,415	1,239
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	−247	−309	−225	−218	−196
Acquisition of noncontrolling interest	−31	−26	−46	−43	−42
Net proceeds related to stock-based award activities	17	19	23	33	36
Proceeds from transfer of investment tax credits	1,603	706	7	0	—
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits	−1,603	−706	−7	0	—
Net cash provided by financing activities	3,211	3,427	3,469	3,037	2,646
Net change in cash and restricted cash	290	−40	35	103	142
Cash paid for interest	742	591	433	300	225
Cash paid for income taxes	0	0	0	0	0
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses	38	41	62	—	—
Right-of-use assets obtained in exchange for new finance lease liabilities	3	37	88	21	11

Filings

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Frequently asked questions

What is Sunrun Inc.'s CIK number?

Sunrun Inc.'s SEC CIK number is 0001469367 (1469367). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Sunrun Inc.'s SEC filings?

All of Sunrun Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Sunrun Inc. last report earnings?

Sunrun Inc. (RUN) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-031259). This is Sunrun Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Sunrun Inc.'s most recent earnings 8-K?

Sunrun Inc.'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001628280-26-031259. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Sunrun Inc.'s latest earnings 8-K →
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