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RUN

Sunrun Inc.

RUN

Sunrun Inc. • NASDAQ
$20.23 ▲ 5.23% (+1.00)
Market Cap $4.70 B
52w High $22.44
52w Low $5.38
Dividend Yield 0%
P/E -1.73
Volume 4.59M
Outstanding Shares 232.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $724.557M ▲ $239.615M ▲ $16.589M ▼ 2.29% ▼ $0.07 ▼ $171.661M ▲
Q2-2025 $569.336M ▲ $208.765M ▼ $280.391M ▲ 49.249% ▲ $1.22 ▲ $93.153M ▲
Q1-2025 $504.271M ▼ $213.732M ▼ $50.011M ▲ 9.917% ▲ $0.22 ▲ $9.603M ▲
Q4-2024 $518.492M ▼ $3.354B ▲ $-2.814B ▼ -542.662% ▼ $-12.51 ▼ $-3.004B ▼
Q3-2024 $537.173M $231.257M $-83.766M -15.594% $-1.84 $-54.848M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.156B ▲ $22.225B ▲ $17.581B ▲ $2.984B ▲
Q2-2025 $618.057M ▲ $21.23B ▲ $16.784B ▲ $2.927B ▲
Q1-2025 $604.874M ▲ $20.378B ▲ $16.28B ▲ $2.615B ▲
Q4-2024 $574.956M ▲ $19.898B ▼ $15.734B ▲ $2.554B ▼
Q3-2024 $533.863M $22.104B $15.07B $5.278B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.102M ▲ $-121.523M ▲ $-233.311M ▲ $498.513M ▼ $143.679M ▲ $-865.164M ▼
Q2-2025 $-278.984M ▼ $-292.659M ▼ $-692.821M ▼ $1.019B ▲ $33.174M ▲ $431.083M ▲
Q1-2025 $-277.171M ▲ $-104.206M ▲ $-655.021M ▲ $790.714M ▼ $31.487M ▲ $-759.227M ▲
Q4-2024 $-3.4B ▼ $-258.359M ▼ $-792.412M ▼ $987.57M ▲ $-63.201M ▼ $-1.051B ▼
Q3-2024 $-83.766M $-156.156M $-271.295M $395.82M $-31.631M $-920.519M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Customer Agreements
Customer Agreements
 $720.00M ▲$380.00M ▼$430.00M ▲$460.00M ▲
Incentives
Incentives
 $60.00M ▲$20.00M ▼$20.00M ▲$30.00M ▲
Manufactured Product Other
Manufactured Product Other
 $170.00M ▲$60.00M ▼$70.00M ▲$70.00M ▲
Product
Product
 $270.00M ▲$100.00M ▼$110.00M ▲$230.00M ▲
Service
Service
 $780.00M ▲$400.00M ▼$460.00M ▲$490.00M ▲
Solar Energy Systems
Solar Energy Systems
 $90.00M ▲$40.00M ▼$40.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Sunrun has built a sizeable revenue base and grew very quickly through 2022, but sales have softened over the last two years. Profitability is the main concern: gross profit has been uneven and, while it improved recently, overall operating losses and net losses have increased materially over time. The company briefly approached breakeven on a cash‑earnings basis a few years ago, but since then its cost structure, financing expenses, and integration and growth investments have pushed it back into deeper loss‑making territory. In short, this is still a scale and growth story, not an earnings story, and the trend in losses is moving the wrong way for now.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive model funded heavily with debt. Total assets have steadily expanded as Sunrun installs more systems and builds its long‑term portfolio, but debt has risen faster than equity. Shareholders’ equity has been shrinking as cumulative losses mount, which effectively increases financial leverage and reduces the cushion against future shocks. Cash on hand is relatively modest compared with the size of the overall balance sheet and the debt load, underscoring the importance of continued access to financing markets and tax‑equity partners.

Cash Flow

Cash Flow Sunrun’s underlying cash generation remains weak. Operating cash flow has been consistently negative, meaning the business, as structured today, does not yet fund itself from the cash coming in from customers. Capital spending on solar systems and related assets is substantial every year, so free cash flow is deeply negative and has generally trended worse as the company has scaled. This pattern is typical for some asset‑heavy, contract‑driven models but also means Sunrun is reliant on outside capital, securitizations, and structured financings to sustain growth and operations. Any disruption in those funding channels would be a key risk.

Competitive Edge

Competitive Edge Within U.S. residential solar, Sunrun is one of the largest players and an early pioneer of the “solar‑as‑a‑service” model. Its scale, brand recognition, and nationwide footprint give it advantages in purchasing, marketing, and financing compared with smaller local installers. The acquisition of Vivint Solar strengthened this position and broadened its customer base. Sunrun also stands out for its flexible financing options and its growing virtual power plant programs, which can create additional revenue streams from utilities. At the same time, it operates in a crowded, price‑sensitive market with competition from both national brands and local firms, and its model is exposed to policy changes and interest‑rate swings, which can quickly shift customer economics.

Innovation and R&D

Innovation and R&D Sunrun’s innovation is driven more by business model and software than by in‑house hardware R&D. Its key differentiators include the subscription‑style solar and storage offerings, advanced design and sales tools powered by platforms like Google’s Solar API, and enterprise systems aimed at squeezing out operational efficiencies. The Brightbox battery product and the build‑out of virtual power plants are especially important, turning a network of home systems into a grid‑supporting asset. New offerings like Sunrun Flex, which bundle solar, storage, and more adaptive billing features, show ongoing financial and product innovation. Overall, the company is pushing toward a “storage‑first,” grid‑services‑enabled future, but must prove that these innovations can meaningfully improve profitability, not just growth.

Summary

Sunrun sits at the intersection of two very different narratives. On one hand, it is a clear leader in U.S. residential solar and storage, with a large installed base, a well‑known brand, creative financing models, and promising opportunities in virtual power plants and grid services. On the other hand, its financial profile is challenging: persistent and growing losses, heavy capital needs, negative free cash flow, rising leverage, and dependence on supportive capital markets and policy frameworks. The core question going forward is whether Sunrun can convert its scale, technology partnerships, and storage‑driven strategy into a more self‑funding, profitable model before financial constraints tighten. The long‑term potential is significant, but so are the execution, policy, and financing risks along the way.

NEWS

November 13, 2025 · 8:00 AM UTC

Sunrun Earns Multiple No. 1 Rankings in Extel's All-America Executive Team Survey

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November 6, 2025 · 4:02 PM UTC

Sunrun Announces Appointment of Craig Cornelius to its Board of Directors

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November 6, 2025 · 4:01 PM UTC

Sunrun Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 8:00 AM UTC

New Sunrun Survey Finds Soaring Electricity Demand and Extreme Weather Are Fueling Homeowner Anxiety; 80% Fear Data Centers Will Drive Up Utility Prices

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October 14, 2025 · 8:00 AM UTC

Sunrun Announces Date for Third Quarter 2025 Earnings Report

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