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Stock research / United States / RUN / FY2023

Sunrun (RUN) FY2023 results: revenue $2.3 billion, down 2.7% on the year

Sunrun Inc. (RUN) reported revenue of $2.3 billion for fiscal 2023, the year ended 31 December 2023, down 2.7% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-7.41. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue
$2.3 billion
-2.7% on the year
FY2016FY2023
Operating margin
-87.6%
-28.5% a year earlier
FY2016FY2023
Net income
-$1.6 billion
FY2016FY2023
Diluted EPS
-$7.41
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue2,2602,3211,610-2.7%
Cost of revenue2,0972,0231,365+3.7%
Gross profit163299244-45.4%
Gross margin7.2%12.9%15.2%
Research and development21.820.923.2+4.3%
Operating income-1,979-662-666
Operating margin-87.6%-28.5%-41.4%
Pre-tax income-2,696-847-971
Income tax-12.72.39.3
Net income-1,604173-79.4
Net margin-71.0%7.5%-4.9%
Diluted EPS-$7.41$0.80-$0.39
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow-821-849-817
Capital expenditure21.018.28.6+15.1%
Free cash flow-842-867-826
Free cash flow margin-37.2%-37.3%-51.3%
Cash from investing-2,613-2,086-1,686
Cash from financing3,4693,0372,646+14.2%
Depreciation and amortisation31.927.223.0+17.3%
Share-based compensation112111211+1.0%
Buybacksn/an/a0.0
Diluted shares, weighted217m219m205m-1.1%
Shares outstanding at period end219m214m208m+2.4%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity5,2306,7086,255-22.0%
Non-controlling interest1,008861723+17.0%
Redeemable equity676610595+10.9%
Debt10,6728,3996,503+27.1%
Finance lease liabilities68.817.311.3+297.4%
Other liabilities2,7962,6732,396+4.6%
Total liabilities and equity20,45019,26916,483+6.1%
Goodwill3,1224,2804,280-27.1%
Intangible assetsn/a7.512.9
Cash and equivalents988953850+3.7%
Receivables172214146-19.7%
Inventory460784507-41.4%
Other assets15,70813,03010,687+20.6%
Total assets20,45019,26916,483+6.1%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.