Companies /Technology

Sunrun Inc

NASDAQ: RUN Solar
$8.96
▲ $0.59 (+7.05%) today
Markets closed · 4:38pm ET

Q4 2025 Earnings

Reported Feb 26, 2026, 4:08pm ET · SEC source
$0.38
Beat +699.37%
EPS · est. $-0.06
$1.2B
Beat +89.88%
Revenue · est. $610.3M
+7.5%
Beating market
RUN vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−40%−20%0Feb 26Feb 27report 4:08pm ETearnings−0.8%−41.1%
−40%−20%0Feb 26Feb 27earnings−0.8%−41.1%
RUN −41.1%S&P 500 −0.8%
−40%−20%0Feb 26Feb 27report 4:08pm ETearnings−0.6%−41.1%
−40%−20%0Feb 26Feb 27earnings−0.6%−41.1%
RUN −41.1%NASDAQ −0.6%
−40%−20%0Feb 25Mar 6report 4:08pm ETearnings−2.3%−43.5%
−40%−20%0Feb 25Mar 6earnings−2.3%−43.5%
RUN −43.5%S&P 500 −2.3%
−40%−20%0Feb 25Mar 6report 4:08pm ETearnings−1.4%−43.5%
−40%−20%0Feb 25Mar 6earnings−1.4%−43.5%
RUN −43.5%NASDAQ −1.4%
−35.11%
Day of report
−5.51%
Next session
−14.42%
One week
+2.34%
30 days

S&P 500 over the same 30 days: −5.20%.

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 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

“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.”

Sunrun CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, Sunrun expects Aggregate Subscriber Value in the range of $850 million to $950 million, Contracted Net Value Creation in the range of $25 million to $125 million, and positive Cash Generation. For full-year 2026, Aggregate Subscriber Value is expected to be $4.8 billion to $5.2 billion, Contracted Net Value Creation is expected to be $650 million to $1.05 billion, and Cash Generation is expected to be in the range of $250 million to $450 million, excluding potential investment related to safe harbor strategies.

RUN YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$400.0M$800.0M$1.2B$518.5M$1.2BRevenue$97.5M$435.3MGross Profit$48.0M$97.4MOperating Income$50.9M$103.6MNet Income
$0$400.0M$800.0M$1.2BRevenueGross ProfitOperating IncomeNet Income

RUN Revenue by Segment

Energy Systems and Product Sales$692.3M+433.0%
Customer Agreements and Incentives$466.5M+20.0%
Solar Energy Systems and Product Sales

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