Q3 25 EPS
$0.06
MISS 48.72%
Est. $0.12
Q3 25 Revenue
$724.6M
BEAT +20.53%
Est. $601.2M
vs S&P Since Q3 25
-33.2%
TRAILING MARKET
RUN -23.9% vs S&P +9.3%
Market Reaction
Did RUN Beat Earnings? Q3 2025 Results
Sunrun posted a strikingly split Q3 2025, delivering a substantial revenue beat while falling short on the bottom line. The residential solar company reported revenue of $724.56 million, exceeding the $601.17 million consensus estimate by 20.53% and … Read more Sunrun posted a strikingly split Q3 2025, delivering a substantial revenue beat while falling short on the bottom line. The residential solar company reported revenue of $724.56 million, exceeding the $601.17 million consensus estimate by 20.53% and marking a 34.9% year-over-year increase, driven largely by a new transaction structure in which certain solar and storage systems under Customer Agreements are sold to a third party while Sunrun retains servicing relationships, pushing solar energy systems and product sales up 77%. Yet earnings per diluted share came in at $0.06, missing the $0.12 consensus by 48.72%, even as the company swung to a net income of $16.59 million from a year-ago loss of $83.77 million. Operationally, momentum was evident, with storage attachment rates climbing to 70% and Cash Generation reaching $108.00 million, the sixth consecutive positive quarter. Looking ahead, Sunrun narrowed its full-year 2025 Cash Generation guidance to $250.00 million to $450.00 million, reiterating a $350.00 million midpoint, while keeping its Contracted Net Value Creation outlook of $1.00 billion to $1.30 billion unchanged.
Key Takeaways
- • Storage-first strategy driving 70% storage attachment rate, up from 60% in prior-year period
- • Customer Additions with storage grew 20% year-over-year
- • Storage Capacity Installed increased 23% to 412 MWh
- • Subscriber Value increased 11% YoY to $52,446 per subscriber
- • Net Subscriber Value increased 38% to $13,205 per subscriber
- • Upfront Net Subscriber Value margin improved to 7.3%, a 5 percentage point improvement YoY
- • New transaction structure for selling certain storage and solar systems to third parties while retaining customer servicing
- • Strong capital markets execution with three securitizations raising ~$1.4 billion in Q3
RUN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
RUN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strategic focus on providing Americans a way to achieve energy independence is yielding strong results. We are generating cash while growing our customer base at a healthy rate. We are continuing to lead the industry with superior energy offerings for our customers, allowing them to power through grid outages and protect their households from rising energy costs, while we are also building critical energy infrastructure the country needs as energy demand grows at a rapid rate.”
— Mary Powell, Q3 2025 Earnings Press Release
RUN Earnings Trends
RUN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RUN EPS Trend
Earnings per share: estimate vs actual
RUN Revenue Trend
Quarterly revenue: estimate vs actual
RUN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.05 | $0.62 | +1,231.39% | $722.2M | +13.10% |
| Q4 25 BEAT FY | $-0.06 | $0.38 | +699.37% | $1.16B | +89.88% |
| FY Full Year | $1.35 | $1.71 | +26.37% | $2.96B | +23.21% |
| Q3 25 MISS | $0.12 | $0.06 | -48.72% | $724.6M | +20.53% |
| Q2 25 BEAT | $-0.12 | $1.07 | +1,030.43% | $569.3M | +1.62% |
| Q1 25 BEAT | $-0.27 | $0.20 | +173.45% | $504.3M | +3.52% |