Companies /Technology

Sunrun Inc

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

Q1 2026 Earnings

Reported May 6, 2026, 4:07pm ET · SEC source
$0.62
Beat +1,231.39%
EPS · est. $-0.05
$722.2M
Beat +13.10%
Revenue · est. $638.6M
−9.5%
Trailing market
RUN vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+6%+12%+18%May 6May 7report 4:07pm ETearnings−0.4%+8.2%
0+6%+12%+18%May 6May 7earnings−0.4%+8.2%
RUN +8.2%S&P 500 −0.4%
0+6%+12%+18%May 6May 7report 4:07pm ETearnings−0.3%+8.2%
0+6%+12%+18%May 6May 7earnings−0.3%+8.2%
RUN +8.2%NASDAQ −0.3%
−5%0+5%+10%May 5May 14report 4:07pm ETearnings+1.9%+9.5%
−5%0+5%+10%May 5May 14earnings+1.9%+9.5%
RUN +9.5%S&P 500 +1.9%
−5%0+5%+10%May 5May 14report 4:07pm ETearnings+3.5%+9.5%
−5%0+5%+10%May 5May 14earnings+3.5%+9.5%
RUN +9.5%NASDAQ +3.5%
+7.56%
Day of report
+5.87%
Next session
+6.23%
One week
−8.70%
30 days

S&P 500 over the same 30 days: +0.75%.

Did RUN Beat Earnings? Q1 2026 Results

Sunrun delivered a standout first quarter for fiscal 2026, posting earnings of $0.62 per diluted share against a consensus estimate of negative $0.07, a beat of more than 934%, while revenue climbed 43.2% year-over-year to $722.23 million. The headline driver was a 151% surge in Energy Systems and Product Sales revenue to $254.41 million, fueled by an asset sale structure launched in late 2025 in which certain storage and energy systems are sold to a third-party, a mechanism the company is now evolving into a joint venture with a leading U.S. energy investor to preserve long-term project cash flows. Volume trends told a more cautious story, with subscriber additions falling 25% to 17,665 and solar capacity installed dropping 19% to 154 MW, though the storage attachment rate reached a record 73%. Net Earning Assets grew to $8.87 billion, or $37.67 per share, and management held full-year 2026 Cash Generation guidance steady at $250 million to $450 million, with Aggregate Subscriber Value expected in the range of $4.8 billion to $5.2 billion.

Key Takeaways
  • Storage Attachment Rate reached record 73%, up from 69% year-over-year
  • Subscriber Value per addition increased 17% year-over-year to $61,240
  • Upfront Net Subscriber Value margin improved to 9.3% of Contracted Subscriber Value, up 8 percentage points year-over-year
  • Energy Systems and Product Sales revenue surged 151% driven by third-party asset sale structure launched in Q3 2025
  • Lower discount rate of 6.3% vs 7.5% in prior year reflecting improved project-level capital costs
  • Advance Rate on Contracted Subscriber Value rose to 98.2% from 86.9% a year ago

“Sunrun is the nation's leading residential distributed power plant operator, delivering reliable energy to American homes and helping stabilize the grid. Many companies are struggling to navigate the changes reshaping our industry; these market dislocations occurring around us present opportunities that play directly into Sunrun's strengths. We believe that our subscription model, vertical integration, balance sheet, and scale are competitive advantages. With over 1.1 million customers and the largest residential battery fleet in the country, we are well positioned to capitalize on this moment.”

Sunrun CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, Aggregate Subscriber Value is expected to be $1.1 billion to $1.2 billion, and Contracted Net Value Creation is expected to be $100 million to $200 million. For full-year 2026, Aggregate Subscriber Value guidance is unchanged at $4.8 billion to $5.2 billion, Contracted Net Value Creation guidance is unchanged at $650 million to $1,050 million, and Cash Generation guidance (excluding equipment safe harbor investments) is unchanged at $250 million to $450 million.

RUN YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$300.0M$600.0M$504.3M$722.2MRevenue$98.8M$219.8MGross Profit$-26,836,489$-43,510,000Operating Income$50.0M$167.6MNet Income
$0$300.0M$600.0MRevenueGross ProfitOperating IncomeNet Income

RUN Revenue by Segment

Energy Systems and Product Sales$254.4M+151.0%
Customer Agreements and Incentives$467.8M+16.0%
Solar Energy Systems and Product Sales

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