Q4 25 EPS
$0.38
BEAT +699.37%
Est. $-0.06
Q4 25 Revenue
$1.16B
BEAT +89.88%
Est. $610.3M
vs S&P Since Q4 25
-35.4%
TRAILING MARKET
RUN -28.5% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$1.71
BEAT +26.37%
Est. $1.35
FY 25 Revenue
$2.96B
BEAT +23.21%
Est. $2.40B
Market Reaction
Did RUN Beat Earnings? Q4 2025 Results
Sunrun delivered a standout Q4 2025, posting earnings per share of $0.38 against a consensus estimate of negative $0.04, a beat of more than 1,170%, while revenue of $1.16 billion came in 92.57% ahead of the $601.77 million analysts had expected and … Read more Sunrun delivered a standout Q4 2025, posting earnings per share of $0.38 against a consensus estimate of negative $0.04, a beat of more than 1,170%, while revenue of $1.16 billion came in 92.57% ahead of the $601.77 million analysts had expected and represented a 123.5% year-over-year gain. The primary engine behind those figures was a 433% surge in energy systems and product sales revenue to $692.35 million, driven by a third-party system sale transaction in which Sunrun sold newly originated customer agreement systems while retaining servicing relationships. The quarter also marked a decisive swing to profitability, with net income attributable to common stockholders reaching $103.57 million versus a loss of roughly $2.81 billion a year earlier. A record storage attachment rate of 71% underscored the company's storage-first strategy, even as subscriber additions slipped 17% year-over-year. Despite some analyst concern about volume headwinds into 2026, management guided full-year Cash Generation of $250 million to $450 million and Aggregate Subscriber Value of $4.80 billion to $5.20 billion, signaling confidence in long-term monetization of its growing networked asset base.
Key Takeaways
- • Record 71% Storage Attachment Rate in Q4, up from 62% in prior year
- • 124% year-over-year total revenue growth driven by energy systems and product sales transaction
- • Customer agreements and incentives revenue grew 20% year-over-year
- • Upfront Net Subscriber Value margin improved to 7% for full-year 2025, a 6 percentage point improvement vs. prior year
- • Cash Generation of $377 million in 2025 exceeded midpoint of guidance
- • Paid down $148 million of recourse debt while increasing unrestricted cash by $248 million
RUN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
RUN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Sunrun is delivering innovative, storage-first energy offerings that protect American families from rising utility costs and an increasingly unreliable power grid. As we continue to scale our network of over one million customers, we are building a distributed power plant that we believe is critical in meeting the nation's urgent demand for more power. We are executing on this vital mission from a position of financial strength – generating strong margins and structurally generating cash.”
— Mary Powell, Q4 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% |