Sunrun Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did RUN Beat Earnings? Q2 2025 Results
Sunrun delivered a blowout second quarter in 2025, reporting earnings per share of $1.07 against a consensus estimate of negative $0.12, a beat of more than 1,030%, while revenue of $569.34 million edged ahead of the $560.29 million estimate and grew 8.7% year-over-year. The single biggest driver of the quarter's strength was a dramatic improvement in unit economics, with Contracted Net Value Creation surging 316% year-over-year to $376.00 million, fueled by a record 70% battery storage attachment rate, up from 54% a year ago, which helped push Net Subscriber Value 182% higher to $17,004 per addition. The strong print sent the stock sharply higher, reflecting renewed optimism across the residential solar sector. Looking ahead, Sunrun raised its full-year Contracted Net Value Creation guidance to $1.00 to $1.30 billion from a prior range of $650.00 to $850.00 million, while reiterating Cash Generation guidance of $200.00 to $500.00 million, signaling sustained confidence in its cost efficiency trajectory through the remainder of 2025.
- Storage attachment rate reached all-time high of 70%, up from 54% YoY
- Customer Additions with storage grew 50% year-over-year
- Creation Costs per Subscriber Addition decreased 4% YoY to $36,887
- Installation, sales and overhead cost improvements exceeded 10%
- Subscriber Value increased 22% to $53,891 per addition
- Average Investment Tax Credit rose to 42.6% from 35.2% in the prior year
- Upfront Net Subscriber Value margin expanded by 17 percentage points year-over-year
“We are delivering the best product and experience for customers, underwriting volumes with strong unit margins, driving cost and efficiency improvements, and growing our generation capabilities as the nation's largest distributed power plant operator, hitting records this summer in providing energy capacity for the grid. This focus resulted in Sunrun setting a new record in the second quarter for Contracted Net Value Creation as we achieved an all time high 70% storage attachment rate. Not only is Sunrun providing Americans with the reliable and affordable energy they need to power their lives, we are scaling our generation business, and helping to stabilize the electricity grid while we do it.”
Sunrun CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, Sunrun expects Aggregate Subscriber Value of $1.5–$1.6 billion (8% YoY growth at midpoint), Contracted Net Value Creation of $275–$375 million (58% growth at midpoint), and Cash Generation of $50–$100 million. For full-year 2025, Aggregate Subscriber Value is expected at $5.7–$6.0 billion (14% growth at midpoint, unchanged). Contracted Net Value Creation guidance was raised significantly to $1.0–$1.3 billion from $650–$850 million previously (67% growth at midpoint), driven by increased cost efficiencies and value optimization. Full-year Cash Generation guidance is reiterated at $200–$500 million. The company expects to pay down recourse debt by $100 million or more in 2025.
RUN YoY Financials
RUN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.