RUN · Sunrun Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $722.23M | - | $724.56M | $569.34M | $504.27M | - | $537.17M | $523.87M | $458.19M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $10.14M | - | $9.27M | $8.06M | $9.98M | - | $8.18M | $10.24M | $12.09M | - |
| SG&A | $74.64M | - | $65.55M | $71.54M | $57.76M | - | $60.59M | $61.23M | $51.27M | - |
| Total Operating Expenses | $765.74M | - | $720.91M | $681.59M | $619.16M | - | $664.95M | $651.91M | $641.31M | - |
| D&A | $189.56M | - | $173.40M | $166.00M | $169.89M | - | $146.20M | $143.40M | $150.52M | - |
| Operating Income | ($43.51M) | - | $3.65M | ($112.25M) | ($114.89M) | - | ($127.78M) | ($128.05M) | ($183.12M) | - |
| Interest Expense | - | - | - | - | - | - | $215.62M | $207.21M | - | - |
| Income Tax | $7.07M | - | ($2.17M) | ($94.93M) | ($110.55M) | - | ($13.80M) | ($10.95M) | ($2.20M) | - |
| Net Income | $167.64M | - | $16.59M | $279.77M | $50.01M | - | ($83.77M) | $139.07M | ($87.82M) | - |
| EPS - Basic | $0.71 | - | $0.07 | $1.22 | $0.22 | - | ($0.37) | $0.63 | ($0.40) | - |
| EPS - Diluted | $0.62 | - | $0.06 | $1.07 | $0.20 | - | ($0.37) | $0.55 | ($0.40) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.09B | $1.24B | $1.16B | $1.01B | $978.90M | $947.42M | $1.01B | $1.04B | $783.18M | $987.84M |
| Accounts Receivable | $232.51M | $262.63M | $248.28M | $186.53M | $172.12M | $170.71M | $182.51M | $179.95M | $169.66M | $172.00M |
| Inventory | $490.39M | $501.29M | $569.99M | $491.15M | $414.40M | $402.08M | $342.35M | $353.13M | $411.99M | $459.75M |
| Accounts Payable | $343.23M | $271.02M | $336.55M | $279.77M | $268.91M | $354.21M | $244.18M | $216.56M | $286.92M | $230.72M |
| Current Assets | $1.97B | $2.16B | $2.07B | $1.79B | $1.67B | $1.72B | $1.60B | $1.68B | $1.67B | $1.88B |
| Total Assets | $22.77B | $22.61B | $22.23B | $21.23B | $20.38B | $19.90B | $22.10B | $21.44B | $20.83B | $20.45B |
| Current Liabilities | $1.36B | $1.30B | $1.42B | $1.27B | $1.26B | $1.33B | $1.09B | $1.01B | $1.27B | $1.49B |
| Long-term Debt | $14.80B | $14.70B | $14.63B | $14.04B | $13.57B | $12.90B | $12.45B | $11.96B | $11.15B | $10.67B |
| Total Liabilities | $17.81B | $17.63B | $17.58B | $16.78B | $16.28B | $15.73B | $15.07B | $14.39B | $14.08B | $13.54B |
| Stockholders' Equity | $3.34B | $3.13B | $2.98B | $2.93B | $2.62B | $2.55B | $5.28B | $5.37B | $5.18B | $5.23B |
| Retained Earnings | ($3.66B) | ($3.83B) | ($3.93B) | ($3.95B) | ($4.23B) | ($4.28B) | ($1.47B) | ($1.38B) | ($1.52B) | ($1.43B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.62M | - | - | - | ($104.21M) | - | - | - | ($143.09M) | - |
| Investing Cash Flow | ($428.55M) | - | - | - | ($655.02M) | - | - | - | ($535.44M) | - |
| Financing Cash Flow | $270.21M | - | - | - | $790.71M | - | - | - | $473.88M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -6.0% | - | 0.5% | -19.7% | -22.8% | - | -23.8% | -24.4% | -40.0% | - |
| EBITDA margin | 20.2% | - | 24.4% | 9.4% | 10.9% | - | 3.4% | 2.9% | -7.1% | - |
| Net margin | 23.2% | - | 2.3% | 49.1% | 9.9% | - | -15.6% | 26.5% | -19.2% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 1.4% | - | 1.3% | 1.4% | 2.0% | - | 1.5% | 2.0% | 2.6% | - |
| SG&A / Revenue | 10.3% | - | 9.0% | 12.6% | 11.5% | - | 11.3% | 11.7% | 11.2% | - |
| Effective tax rate | 4.0% | - | -15.1% | -51.4% | - | - | - | -8.5% | - | - |
| Return on assets | 0.7% | - | 0.1% | 1.3% | 0.2% | - | -0.4% | 0.6% | -0.4% | - |
| Return on equity | 5.0% | - | 0.6% | 9.6% | 1.9% | - | -1.6% | 2.6% | -1.7% | - |
| Return on invested capital | -0.2% | - | 0.0% | -0.7% | -0.6% | - | -0.6% | -0.7% | -0.9% | - |
| Liquidity | ||||||||||
| Current ratio | 1.45 | 1.66 | 1.46 | 1.41 | 1.32 | 1.29 | 1.47 | 1.66 | 1.31 | 1.26 |
| Quick ratio | 1.09 | 1.27 | 1.06 | 1.02 | 0.99 | 0.99 | 1.15 | 1.31 | 0.99 | 0.96 |
| Cash ratio | 0.80 | 0.95 | 0.81 | 0.80 | 0.78 | 0.71 | 0.93 | 1.03 | 0.61 | 0.66 |
| Leverage | ||||||||||
| Debt / Equity | 4.43 | 4.69 | 4.90 | 4.80 | 5.19 | 5.05 | 2.36 | 2.23 | 2.15 | 2.04 |
| Debt / Assets | 0.65 | 0.65 | 0.66 | 0.66 | 0.67 | 0.65 | 0.56 | 0.56 | 0.54 | 0.52 |
| Debt / EBITDA | 101.31 | - | 82.61 | 261.18 | 246.65 | - | 675.94 | 779.20 | - | - |
| Interest coverage | - | - | - | - | - | - | -0.6x | -0.6x | - | - |
| Equity multiplier | 6.81 | 7.22 | 7.45 | 7.25 | 7.79 | 7.79 | 4.19 | 4.00 | 4.02 | 3.91 |
| Liabilities / Assets | 0.78 | 0.78 | 0.79 | 0.79 | 0.80 | 0.79 | 0.68 | 0.67 | 0.68 | 0.66 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.03 | 0.03 | 0.02 | - | 0.02 | 0.02 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 118d | - | 125d | 120d | 125d | - | 124d | 125d | 135d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 21.9x | - | 288.2x | 7.6x | 29.3x | - | - | 21.6x | - | - |
| P / B | 1.1x | - | 1.5x | 0.7x | 0.6x | - | 0.8x | 0.6x | 0.6x | - |
| P / S | 5.1x | - | 6.4x | 3.8x | 3.0x | - | 7.5x | 5.8x | 6.3x | - |
| EV / EBITDA | 119.1x | - | 102.2x | 282.1x | 256.3x | - | 840.4x | 908.4x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 43.2% | - | 34.9% | 8.7% | 10.1% | - | -4.6% | -11.2% | -22.3% | - |
| Revenue CAGR (3y) | 7.0% | - | 4.7% | -0.9% | 0.6% | - | 7.0% | 9.3% | 29.6% | - |
| Revenue CAGR (5y) | 27.9% | - | 27.4% | 25.7% | 19.1% | - | 20.0% | 20.7% | 18.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 62.1% | - | - | 12.3% | 37.3% | - | 90.5% | 37.8% | 19.6% | - |
| Net income growth (YoY) | 235.2% | - | - | 101.2% | - | - | 92.2% | 150.7% | 63.5% | - |
| EPS growth (YoY) | 210.0% | - | - | 94.5% | - | - | 92.5% | 120.0% | 64.3% | - |
| EPS CAGR (3y) | - | - | -60.3% | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | -26.5% | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 27.7% | 22.6% | -43.5% | -45.5% | -49.5% | -51.2% | -5.9% | -18.7% | -19.9% | -22.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$5.91B totalService$1.82B · 30.8%
Customer Agreements$1.71B · 28.9%
Product$1.14B · 19.2%
Energy Systems$878.34M · 14.9%
Manufactured Product Other$259.65M · 4.4%
Incentives$110.52M · 1.9%
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing Sunrun Inc. against the 5 most active filers in the same SIC group.