Sunrun Inc. Earnings Per Share Disclosure
Years Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
Numerator: | ||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 449,947 | $ | (2,846,167) | $ | (1,604,497) | ||||||||||||||
| Debt discount amortization | 2,303 | — | — | |||||||||||||||||
| Net income (loss) available to common stockholders | $ | 452,250 | $ | (2,846,167) | $ | (1,604,497) | ||||||||||||||
Denominator: | ||||||||||||||||||||
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders, basic | 229,809 | 222,215 | 216,642 | |||||||||||||||||
Weighted average effect of potentially dilutive shares to purchase common stock | 34,656 | — | — | |||||||||||||||||
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders, diluted | 264,465 | 222,215 | 216,642 | |||||||||||||||||
| Net income (loss) per share attributable to common stockholders | ||||||||||||||||||||
Basic | $ | 1.96 | $ | (12.81) | $ | (7.41) | ||||||||||||||
Diluted | $ | 1.71 | $ | (12.81) | $ | (7.41) | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
Outstanding stock options | 1,927 | 1,805 | 1,674 | |||||||||||||||||
Unvested restricted stock units | 6,734 | 7,534 | 7,398 | |||||||||||||||||
| Convertible Senior Notes (if converted) | — | 11,232 | 2,544 | |||||||||||||||||
Total | 8,661 | 20,571 | 11,616 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2022 | Feb 22, 2023 | |
| 2017 | Mar 6, 2018 | |
| 2016 | Mar 8, 2017 | |
| 2015 | Mar 11, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.