Sunrun (RUN) Company Report

Sunrun delivered $1.6 billion in Aggregate Subscriber Value in Q3 2025, a 10% year-over-year increase, and $279 million in Contracted Net Value Creation, up 35% year-over-year.
The company achieved $108 million in Cash Generation in Q3 2025, marking its sixth consecutive quarter of positive Cash Generation.
Upfront Net Subscriber Value reached $3,522 in Q3 2025, representing a 7% margin and an expansion of 5 percentage points year-over-year.
While Subscriber Additions decreased 1% year-over-year to 30,104 in Q3 2025, the Storage Attachment Rate reached 70%.
Sunrun anticipates positive volume growth and margin expansion in 2026, despite industry projections for a decline.

Nov 6, 2025, 9:30 PM

Sunrun reports strong Q2 2025 results and raises full-year 2025 Contracted Net Value Creation guidance

RUN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Sunrun reported strong 2Q 2025 results, with Aggregate Subscriber Value reaching $1.6 billion (+40% year-over-year) and Contracted Net Value Creation at $376 million (+316% year-over-year), or $1.64 per share.
The company achieved its fifth consecutive quarter of positive Cash Generation, reporting $27 million in 2Q 2025.
Net Subscriber Value expanded to a record high of $17,004 in 2Q 2025, driven by a 70% Storage Attachment Rate and 42.6% Average ITC Level.
Sunrun raised its full-year 2025 guidance for Contracted Net Value Creation to $1.0 to $1.3 billion, an increase from the prior guidance of $650 to $850 million.
Net Earning Assets reached $7.6 billion as of 2Q 2025, or $33.13 per share.

Nov 6, 2025, 9:30 PM

Sunrun Reports Strong Q3 2025 Financial Results and Reiterates Annual Guidance

RUN

Earnings

Guidance Update

New Projects/Investments

Sunrun generated $108 million in cash during Q3 2025, marking its sixth consecutive quarter of positive cash generation. The company reiterated its annual cash generation guidance midpoint at $350 million for 2025.
Aggregate subscriber value for Q3 2025 was $1.6 billion, representing a 10% increase year-over-year, while contracted net value creation grew 35% year-over-year to $279 million.
The customer base exceeded 1.1 million customers by the end of Q3 2025, with 3.7 gigawatt-hours of dispatchable energy from over 217,000 home batteries. Sunrun expects to have more than 10 gigawatt-hours of dispatchable energy online by the end of 2028.
A new capital strategy was introduced in Q3 2025, involving the sale of a portion of newly originated storage and solar assets to an energy infrastructure investor, which generated $115 million in revenue and diversifies capital sources.

Nov 6, 2025, 9:30 PM

Sunrun Reports Strong Q3 2025 Financial Results with Increased Revenue and Positive Cash Generation

RUN

Earnings

Guidance Update

Debt Issuance

Sunrun reported total revenue of $724.6 million in Q3 2025, a 35% increase from Q3 2024, and achieved net income attributable to common stockholders of $16.6 million, or $0.07 basic EPS.
The company delivered $108 million in Cash Generation in Q3 2025, marking its sixth consecutive quarter of positive Cash Generation, and reiterated its full-year 2025 Cash Generation guidance midpoint of $350 million.
Operational growth included a 70% Storage Attachment Rate in Q3 2025, up from 60% in the prior year, and a 13% year-over-year increase in total Subscribers to 971,805 as of September 30, 2025.
Sunrun strengthened its balance sheet by paying down $66 million of recourse debt year-to-date and increasing its unrestricted cash balance by $134 million year-to-date.

Nov 6, 2025, 9:10 PM

Earnings Transcripts

Quarterly earnings call transcripts for Sunrun.

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