Q1 26 EPS
$0.62
BEAT +1,231.39%
Est. $-0.05
Q1 26 Revenue
$722.2M
BEAT +13.10%
Est. $638.6M
vs S&P Since Q1 26
+7.2%
BEATING MARKET
RUN +7.5% vs S&P +0.2%
Market Reaction
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 headli… Read more 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
RUN 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, source: SEC Filings
RUN Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Mary Powell, Q1 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
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% |