Sunrun Inc Financials
This page shows Sunrun Inc (RUN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Sunrun’s model is still capital-hungry, with external financing bridging the gap between improving earnings, asset growth, and negative operating cash.
FY2025’s apparent profit inflection is mostly below the operating line: a-$126M operating loss became roughly break-even net income only with a-$167M tax benefit. With operating cash flow still at-$421M , the recovery is meaningful after FY2024’s deep loss, but it is not yet self-funding.
Liquidity and leverage are telling different stories: FY2025 cash of
Across FY2023-FY2025, operating cash burn improved from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Sunrun Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sunrun Inc has an operating margin of -4.3%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -181.3% the prior year.
Sunrun Inc's revenue surged 45.1% year-over-year to $3.0B, reflecting rapid business expansion. This strong growth earns a score of 57/100.
Sunrun Inc has elevated debt relative to equity (D/E of 4.69), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.
Sunrun Inc's current ratio of 1.66 is below the typical benchmark, resulting in a score of 29/100. However, the company holds substantial cash reserves (95% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Sunrun Inc generates a 0.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -111.4% the prior year.
Sunrun Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sunrun Inc generates $-936.64 in operating cash flow (-$421.4M OCF vs $450K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Sunrun Inc generated $3.0B in revenue in fiscal year 2025. This represents an increase of 45.1% from the prior year.
Sunrun Inc's EBITDA was -$87.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 97.6% from the prior year.
Sunrun Inc reported $450K in net income in fiscal year 2025. This represents an increase of 100.0% from the prior year.
Sunrun Inc earned $1.71 per diluted share (EPS) in fiscal year 2025. This represents an increase of 113.3% from the prior year.
Cash & Balance Sheet
Sunrun Inc held $1.2B in cash against $14.7B in long-term debt as of fiscal year 2025.
Sunrun Inc had 234M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.
Margins & Returns
Sunrun Inc's operating margin was -4.3% in fiscal year 2025, reflecting core business profitability. This is up 177.1 percentage points from the prior year.
Sunrun Inc's net profit margin was 0.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 139.7 percentage points from the prior year.
Sunrun Inc's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 111.4 percentage points from the prior year.
Capital Allocation
Sunrun Inc invested $36.1M in research and development in fiscal year 2025. This represents a decrease of 8.1% from the prior year.
RUN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $722.2M-37.7% | $1.2B+59.9% | $724.6M+27.3% | $569.3M+12.9% | $504.3M-2.7% | $518.5M-3.5% | $537.2M+2.5% | $523.9M |
| Cost of Revenue | $314.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $153.1M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $10.1M+15.1% | $8.8M-4.9% | $9.3M+14.9% | $8.1M-19.2% | $10.0M+13.5% | $8.8M+7.5% | $8.2M-20.1% | $10.2M |
| SG&A Expenses | $74.6M-10.3% | $83.2M+26.9% | $65.5M-8.4% | $71.5M+23.9% | $57.8M-19.8% | $72.0M+18.9% | $60.6M-1.0% | $61.2M |
| Operating Income | -$43.5M-144.7% | $97.4M+2566.6% | $3.7M+103.3% | -$112.2M+2.3% | -$114.9M+96.5% | -$3.3B-2448.4% | -$127.8M+0.2% | -$128.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $215.6M+4.1% | $207.2M |
| Income Tax | $7.1M-82.5% | $40.4M+1961.6% | -$2.2M+97.7% | -$94.9M+14.1% | -$110.5M-81386.8% | $136K+101.0% | -$13.8M-26.1% | -$10.9M |
| Net Income | $167.6M+148.5% | -$345.9M-2185.3% | $16.6M-94.1% | $279.8M+459.4% | $50.0M+101.8% | -$2.8B-3258.9% | -$83.8M-160.2% | $139.1M |
| EPS (Diluted) | $0.62 | N/A | $0.06-94.4% | $1.07+435.0% | $0.20 | N/A | $-0.37-167.3% | $0.55 |
RUN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $22.8B+0.7% | $22.6B+1.7% | $22.2B+4.7% | $21.2B+4.2% | $20.4B+2.4% | $19.9B-10.0% | $22.1B+3.1% | $21.4B |
| Current Assets | $2.0B-8.8% | $2.2B+4.1% | $2.1B+15.9% | $1.8B+7.1% | $1.7B-3.2% | $1.7B+7.5% | $1.6B-4.4% | $1.7B |
| Cash & Equivalents | $1.1B-11.9% | $1.2B+7.0% | $1.2B+14.2% | $1.0B+3.4% | $978.9M+3.3% | $947.4M-6.3% | $1.0B-3.0% | $1.0B |
| Inventory | $490.4M-2.2% | $501.3M-12.1% | $570.0M+16.1% | $491.1M+18.5% | $414.4M+3.1% | $402.1M+17.4% | $342.3M-3.1% | $353.1M |
| Accounts Receivable | $232.5M-11.5% | $262.6M+5.8% | $248.3M+33.1% | $186.5M+8.4% | $172.1M+0.8% | $170.7M-6.5% | $182.5M+1.4% | $179.9M |
| Goodwill | N/A | $0 | N/A | N/A | N/A | $0-100.0% | $3.1B0.0% | $3.1B |
| Total Liabilities | $17.8B+1.0% | $17.6B+0.3% | $17.6B+4.7% | $16.8B+3.1% | $16.3B+3.5% | $15.7B+4.4% | $15.1B+4.7% | $14.4B |
| Current Liabilities | $1.4B+4.3% | $1.3B-8.3% | $1.4B+12.0% | $1.3B+0.5% | $1.3B-5.4% | $1.3B+22.3% | $1.1B+8.3% | $1.0B |
| Long-Term Debt | $14.8B+0.7% | $14.7B+0.5% | $14.6B+4.2% | $14.0B+3.5% | $13.6B+5.2% | $12.9B+3.6% | $12.5B+4.1% | $12.0B |
| Total Equity | $3.3B+6.6% | $3.1B+5.0% | $3.0B+2.0% | $2.9B+11.9% | $2.6B+2.4% | $2.6B-51.6% | $5.3B-1.6% | $5.4B |
| Retained Earnings | -$3.7B+4.4% | -$3.8B+2.6% | -$3.9B+0.4% | -$4.0B+6.6% | -$4.2B+1.2% | -$4.3B-191.9% | -$1.5B-6.1% | -$1.4B |
RUN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.6M-89.0% | $96.9M+179.8% | -$121.5M+58.5% | -$292.7M-180.8% | -$104.2M+59.7% | -$258.4M-65.4% | -$156.2M+25.1% | -$208.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $627K+210.4% | $202K | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$259.0M-65.6% | -$156.4M | N/A |
| Investing Cash Flow | -$428.6M-4.8% | -$408.9M+45.0% | -$743.6M-7.3% | -$692.8M-5.8% | -$655.0M+17.3% | -$792.4M-3.7% | -$764.4M-25.6% | -$608.8M |
| Financing Cash Flow | $270.2M-31.3% | $393.1M-61.0% | $1.0B-1.0% | $1.0B+28.8% | $790.7M-19.9% | $987.6M+11.1% | $888.9M-17.4% | $1.1B |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
RUN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -6.0%-14.4pp | 8.4%+7.9pp | 0.5%+20.2pp | -19.7%+3.1pp | -22.8%+605.2pp | -628.0%-604.2pp | -23.8%+0.7pp | -24.4% |
| Net Margin | 23.2%+53.1pp | -29.8%-32.1pp | 2.3%-46.9pp | 49.1%+39.2pp | 9.9%+552.6pp | -542.7%-527.1pp | -15.6%-42.1pp | 26.6% |
| Return on Equity | 5.0%+16.1pp | -11.0%-11.6pp | 0.6%-9.0pp | 9.6%+7.7pp | 1.9%+112.1pp | -110.2%-108.6pp | -1.6%-4.2pp | 2.6% |
| Return on Assets | 0.7%+2.3pp | -1.5%-1.6pp | 0.1%-1.3pp | 1.3%+1.1pp | 0.3%+14.4pp | -14.1%-13.8pp | -0.4%-1.0pp | 0.7% |
| Current Ratio | 1.45-0.2 | 1.66+0.2 | 1.46+0.0 | 1.41+0.1 | 1.32+0.0 | 1.29-0.2 | 1.47-0.2 | 1.66 |
| Debt-to-Equity | 4.43-0.3 | 4.69-0.2 | 4.90+0.1 | 4.80-0.4 | 5.19+0.1 | 5.05+2.7 | 2.36+0.1 | 2.23 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -50.0%-20.8pp | -29.1% | N/A |
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Frequently Asked Questions
What is Sunrun Inc's annual revenue?
Sunrun Inc (RUN) reported $3.0B in total revenue for fiscal year 2025. This represents a 45.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sunrun Inc's revenue growing?
Sunrun Inc (RUN) revenue grew by 45.1% year-over-year, from $2.0B to $3.0B in fiscal year 2025.
Is Sunrun Inc profitable?
Yes, Sunrun Inc (RUN) reported a net income of $450K in fiscal year 2025, with a net profit margin of 0.0%.
What is Sunrun Inc's EBITDA?
Sunrun Inc (RUN) had EBITDA of -$87.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sunrun Inc have?
As of fiscal year 2025, Sunrun Inc (RUN) had $1.2B in cash and equivalents against $14.7B in long-term debt.
What is Sunrun Inc's operating margin?
Sunrun Inc (RUN) had an operating margin of -4.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sunrun Inc's net profit margin?
Sunrun Inc (RUN) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sunrun Inc's return on equity (ROE)?
Sunrun Inc (RUN) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sunrun Inc's operating cash flow?
Sunrun Inc (RUN) generated -$421.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sunrun Inc's total assets?
Sunrun Inc (RUN) had $22.6B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Sunrun Inc spend on research and development?
Sunrun Inc (RUN) invested $36.1M in research and development during fiscal year 2025.
What is Sunrun Inc's current ratio?
Sunrun Inc (RUN) had a current ratio of 1.66 as of fiscal year 2025, which is generally considered healthy.
What is Sunrun Inc's debt-to-equity ratio?
Sunrun Inc (RUN) had a debt-to-equity ratio of 4.69 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sunrun Inc's return on assets (ROA)?
Sunrun Inc (RUN) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sunrun Inc's cash runway?
Based on fiscal year 2025 data, Sunrun Inc (RUN) had $1.2B in cash against an annual operating cash burn of $421.4M. This gives an estimated cash runway of approximately 35 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Sunrun Inc's Piotroski F-Score?
Sunrun Inc (RUN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sunrun Inc's earnings high quality?
Sunrun Inc (RUN) has an earnings quality ratio of -936.64x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sunrun Inc?
Sunrun Inc (RUN) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.