Companies /Technology

Sunrun Inc

NASDAQ: RUN Solar
$8.96
▲ $0.59 (+7.05%) today
Markets closed · 4:34pm ET

Q3 2025 Earnings

Reported Nov 6, 2025, 4:10pm ET · SEC source
$0.06
Miss −48.72%
EPS · est. $0.12
$724.6M
Beat +20.53%
Revenue · est. $601.2M
+4.5%
Beating market
RUN vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−16%−8%0+8%Nov 6Nov 7report 4:10pm ETearnings+0.1%−11.1%
−16%−8%0+8%Nov 6Nov 7earnings+0.1%−11.1%
RUN −11.1%S&P 500 +0.1%
−16%−8%0+8%Nov 6Nov 7report 4:10pm ETearnings−0.1%−11.1%
−16%−8%0+8%Nov 6Nov 7earnings−0.1%−11.1%
RUN −11.1%NASDAQ −0.1%
−16%−8%0+8%Nov 5Nov 14report 4:10pm ETearnings+0.1%−2.1%
−16%−8%0+8%Nov 5Nov 14earnings+0.1%−2.1%
RUN −2.1%S&P 500 +0.1%
−16%−8%0+8%Nov 5Nov 14report 4:10pm ETearnings−0.5%−2.1%
−16%−8%0+8%Nov 5Nov 14earnings−0.5%−2.1%
RUN −2.1%NASDAQ −0.5%
−16.11%
Day of report
+7.12%
Next session
+8.87%
One week
+6.95%
30 days

S&P 500 over the same 30 days: +2.47%.

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 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

“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.”

Sunrun CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Sunrun expects Aggregate Subscriber Value of $1.33 billion to $1.63 billion (5% decline YoY at midpoint), Contracted Net Value Creation of $182 million to $482 million (6% growth YoY at midpoint), and Cash Generation of $60 million to $260 million. For full-year 2025, Aggregate Subscriber Value guidance is $5.7 billion to $6.0 billion (14% growth YoY at midpoint, unchanged), Contracted Net Value Creation of $1.0 billion to $1.3 billion (67% growth YoY at midpoint, unchanged), and Cash Generation narrowed to $250 million to $450 million (within prior range of $200 million to $500 million, midpoint of $350 million reiterated).

RUN YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$200.0M$400.0M$600.0M$537.2M$724.6MRevenue$1.8M$3.7MOperating Income$7.5M$16.6MNet Income
$0$200.0M$400.0M$600.0MRevenueOperating IncomeNet Income

RUN Revenue by Segment

Energy Systems and Product Sales
Customer Agreements and Incentives$491.6M+21.0%
Solar Energy Systems and Product Sales$233.0M+77.0%

Figures from SEC filings and company reports. Not investment advice.