Sunrun (RUN) FY2025 results: revenue $3.0 billion, up 45.1% on the year
Sunrun Inc. (RUN) reported revenue of $3.0 billion for fiscal 2025, the year ended 31 December 2025, up 45.1% on the year before. Net income was $450 million, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$3.0 billion
+45.1% on the year
FY2018FY2025
Operating margin
-4.3%
-181.3% a year earlier
FY2018FY2025
Net income
$450 million
FY2018FY2025
Diluted EPS
$1.71
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new.
Revenue rose 124% in the quarter: Total revenue reached $1,158.8 million in Q4, up $640.3 million; full-year revenue was $2,957.0 million, up 45% from 2024.
Energy systems sales rose on third-party sale: Energy systems and product sales reached $692.3 million, up 433%, mainly from a Q3 2025 transaction selling certain newly originated storage and solar systems to a third party.
Subscriber additions fell 17%: Subscriber additions declined 17% from the prior-year quarter, while the subscriber base grew 12% over the year to year end.
Storage attachment hit record 71%: Storage Attachment Rate reached 71% in Q4, up from 62% in the prior-year period, the highest rate the release reports.
Contracted net value creation down 44%: Contracted Net Value Creation was $176 million, down 44% from Q4 2024, equal to $0.76 per weighted average basic share.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-421
-766
-821
Capital expenditure
1.8
1.6
21.0
+13.0%
Free cash flow
-423
-768
-842
Free cash flow margin
-14.3%
-37.7%
-37.2%
Cash from investing
-2,500
-2,701
-2,613
Cash from financing
3,211
3,427
3,469
-6.3%
Depreciation and amortisation
38.3
44.1
31.9
-13.2%
Share-based compensation
108
113
112
-4.3%
Diluted shares, weighted
264m
222m
217m
+19.0%
Shares outstanding at period end
234m
226m
219m
+3.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
3,132
2,554
5,230
+22.6%
Non-controlling interest
1,142
986
1,008
+15.9%
Redeemable equity
709
624
676
+13.6%
Debt
14,696
12,901
10,672
+13.9%
Finance lease liabilities
36.9
66.1
68.8
-44.2%
Other liabilities
2,894
2,766
2,796
+4.6%
Total liabilities and equity
22,611
19,898
20,450
+13.6%
Goodwill
0.0
0.0
3,122
Cash and equivalents
1,237
947
988
+30.6%
Receivables
263
171
172
+53.8%
Inventory
501
402
460
+24.7%
Other assets
20,610
18,378
15,708
+12.1%
Total assets
22,611
19,898
20,450
+13.6%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.