Q2 26 EPS GAAP
$0.42
BEAT +68.81%
Est. $0.25
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests of $323.3 million significantly impacts the gap between net loss of $208.2 million and net income attributable to common stockholders of $115.2 million
Q2 26 Revenue
$870.0M
BEAT +16.71%
Est. $745.5M
vs S&P Since Q2 26
-13.0%
TRAILING MARKET
RUN -11.9% vs S&P +1.1%
Market Reaction
Did RUN Beat Earnings? Q2 2026 Results
Sunrun posted a emphatic double beat in the second quarter of 2026, with revenue surging 52.8% year over year to $869.99 million against a consensus estimate of $745.46 million, a 16.71% beat, while GAAP diluted EPS of $0.42 cleared the $0.25 consens… Read more Sunrun posted a emphatic double beat in the second quarter of 2026, with revenue surging 52.8% year over year to $869.99 million against a consensus estimate of $745.46 million, a 16.71% beat, while GAAP diluted EPS of $0.42 cleared the $0.25 consensus by 68.81%. The headline earnings figure reflects the company's GAAP basis, shaped meaningfully by $323.32 million in net losses attributed to noncontrolling interests, which converted a net loss of $208.17 million at the consolidated level into $115.15 million of net income attributable to common stockholders. The single biggest revenue driver was a 193% jump in energy systems and product sales to $326.26 million, stemming from a third-party asset sale arrangement launched in mid-2025 under which certain storage and solar systems are sold to a third party while Sunrun retains servicing relationships. Despite the revenue strength, the company trimmed its full-year Aggregate Subscriber Value outlook to $4.60 billion to $4.90 billion and reduced Cash Generation guidance to $200 million to $375 million, citing softer affiliate channel volumes and a slower-than-expected direct sales ramp, even as management expressed confidence that an expanded sales force would reach full productivity before year-end.
Key Takeaways
- • Record 74% Storage Attachment Rate in Q2 2026, up from 70% in prior year
- • Energy systems and product sales revenue surged 193% YoY driven by third-party asset sale arrangement initiated in Q3 2025
- • Customer agreements and incentives revenue grew 19% YoY
- • Subscriber Value per addition increased 10% YoY to $59,377
- • Subscriber Additions declined 31% YoY to 19,793 due to reduced affiliate channel volumes and delayed direct sales ramp
- • Net Subscriber Value fell 44% YoY to $9,444 per addition due to higher creation costs
RUN Forward Guidance & Outlook
Sunrun revised its full-year 2026 guidance downward. Aggregate Subscriber Value is now expected in a range of $4.6 billion to $4.9 billion (previously $4.8 billion to $5.2 billion). Cash Generation guidance was reduced to $200 million to $375 million excluding equipment safe harbor investments (previously $250 million to $450 million). The revision reflects reduced affiliate channel volumes, a delayed ramp in direct sales activities, and modestly higher capital costs than previously forecasted. Management expects the expanded sales force to reach full productivity, enabling the company to exit the year at a robust growth rate with higher unit margins.
RUN YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
RUN Revenue by Segment
With YoY comparisons, source: SEC Filings
“The need for affordable, reliable power has never been more evident, and our storage-first offering is meeting it — customers attached batteries at the highest rate in our history this quarter. We are positioning the business for strong growth, bringing on some of the best talent in the industry and scaling deliberately, with a focus on customer experience and asset quality. And as that engine scales, we're aiming to unlock new ways to monetize the network we've already built, from distributed power plant programs to emerging data center and grid edge applications, creating new streams of Cash Generation.”
— Mary Powell, Q2 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Net loss attributable to noncontrolling interests and redeemable noncontrolling interests of $323.3 million significantly impacts the gap between net loss of $208.2 million and net income attributable to common stockholders of $115.2 million | $0.25 | $0.42 | +68.81% | $870.0M | +16.71% |
| 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% |