Sunrun

RUN · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

RUN · Last close · November 6, 2026

$9.98

Sunrun's revenue rose 45.1% to $3.0 billion in fiscal 2025. Its operating margin was −4.3%, up from −181.3% a year earlier. The diluted share count rose 19.0%.

Sunrun Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001628280-26-012289 Updated November 5, 2026

Revenue

$3.0B

45.1%

Operating margin

−4.3%

177.1 pts

Net income

$450M

Free cash flow

—

Return on capital

−0.6%

17.9 pts

Market cap

$2.7B

Nov 6 close

P/E

5.0x

On $1.98 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Capital spending and free cash flow are left blank: Sunrun builds the solar systems it owns and the filings tag that spending in its own way. The small property and equipment line the data shows is only office and equipment spending.

Charts show fiscal years, from the 10-K filings.

What Sunrun does

Sunrun designs, installs, owns and maintains solar energy systems, and often battery storage, on homes in the United States. Its main customers are homeowners. Most of them do not buy a system. They sign a lease or a power purchase agreement, which Sunrun calls Customer Agreements, and pay for the solar power the system produces, with no large upfront cost.

Under these agreements Sunrun installs the system and typically provides the power for an initial term of 20 or 25 years, and it monitors, maintains and insures the system. After that term, customers can renew, typically at a 10% discount to then-prevailing power prices, buy the system, or have it removed. Sunrun also sells to some commercial developers through its multi-family and new homes offerings.

Sunrun sells through a partner network and its own direct-to-consumer sales. It receives payments from customers over time and qualifies for tax and other benefits. It pays for its upfront costs partly by financing these cash flows and tax benefits through tax equity, non-recourse debt and project equity.

Its biggest risks, as it describes them

A solar and battery storage market that may not grow as fast as it expects.
Tariffs and trade measures that raise the cost of equipment.
Competition from traditional energy companies and other solar companies.
A drop in the retail price of utility electricity, which would make its offer less attractive.
Higher interest rates, which raise the cost of the capital it relies on.

From Sunrun's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 10.1% a year and net income 22.0% a year, as new shares raised the share count by 152% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	850	953	988	947	1,237
Debt incl. finance leases	6,525	8,428	10,763	12,994	14,757
Net debt (negative means net cash)	5,675	7,475	9,775	12,046	13,520
Net debt to EBITDA	—	—	—	—	—
Debt to equity	1.0x	1.3x	2.1x	5.1x	4.7x
Interest coverage	−3.0x	−2.2x	−4.6x	−6.2x	−0.2x
Current ratio	1.5x	1.8x	1.3x	1.3x	1.7x
Quick ratio	1.0x	1.1x	1.0x	1.0x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Sunrun's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Sunrun's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Sunrun's projections

What Sunrun says to expect

Full year 2026: aggregate subscriber valueFor the full-year 2026, Aggregate Subscriber Value is now expected to be approximately $4.6 billion, compared to the company’s prior guidance of $4.6 billion to $4.9 billion.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed November 4, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $149,000 of Sunrun shares on the open market, and 8 insiders sold $22.5 million, $13.6 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 4, 2026	Maria BarakChief Accounting Officer	Sold plan	3,256	$9.35	$30,444	Form 4
Aug 3, 2026	Lynn Michelle JurichDirector	Sold plan	50,000	$9.96	$498,000	Form 4
Jul 9, 2026	Maria BarakChief Accounting Officer	Sold plan	3,278	$12.17	$39,893	Form 4
Jul 6, 2026	Mary PowellChief Executive Officer, Director	Sold	23,985	$13.19	$316,362	Form 4
Jul 6, 2026	Danny AbajianChief Financial Officer	Sold	16,495	$13.19	$217,569	Form 4
Jul 6, 2026	Paul S. DicksonPres. & Chief Revenue Officer	Sold	15,613	$13.18	$205,779	Form 4
Jul 6, 2026	Jeanna SteeleChief Legal & People Officer	Sold	9,897	$13.19	$130,541	Form 4
Jul 6, 2026	Maria BarakChief Accounting Officer	Sold	1,747	$13.17	$23,008	Form 4
Jul 1, 2026	Lynn Michelle JurichDirector	Sold plan	50,000	$13.61	$680,500	Form 4
Jun 11, 2026	Sonita LontohDirector	Sold	7,500	$12.00	$90,000	Form 4
Jun 8, 2026	Danny AbajianChief Financial Officer	Sold	2,030	$13.39	$27,182	Form 4
Jun 1, 2026	Lynn Michelle JurichDirector	Sold plan	50,000	$15.92	$796,000	Form 4

The latest 12 of 49 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	2 of 8	2 of 8	4 of 8
Rule of 40	—	—	—
Altman Z''	−0.27	−1.58	−0.09
Accruals ratio	−4.0%	−10.3%	4.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	2 of 8	2 of 8	4 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Sunrun side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Sunrun	FY25	45.1%	−4.3%	—	−0.6%	—	4
Advanced Drainage Systems	FY26	5.0%	20.3%	18.7%	15.8%	1.9x	4	Compare
MasterBrand	FY25	1.3%	4.3%	4.3%	3.2%	3.7x	6	Compare
Louisiana-Pacific	FY25	−7.9%	7.7%	3.4%	9.0%	0.2x	5	Compare
Griffon	FY25	−4.0%	8.2%	12.1%	6.8%	5.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	477	532	760	859	922	1,610	2,321	2,260	2,038	2,957
Revenue growth	56.6%	11.6%	42.7%	13.0%	7.4%	74.6%	44.2%	−2.6%	−9.8%	45.1%
Gross profit	238	278	—	—	—	—	—	—	—	—
Research and development	10	15	19	24	20	23	21	22	39	36
Operating income	−192	−181	−122	−216	−465	−666	−662	−1,979	−3,695	−126
Net income	75	126	27	26	−173	−79	173	−1,604	−2,846	450
Diluted EPS (US$)	0.72	1.16	0.23	0.21	−1.24	−0.39	0.80	−7.41	−12.81	1.71
Diluted shares (millions)	105	108	117	124	140	205	219	217	222	264
Cash flow
Cash from operations	−200	−96	−62	−204	−318	−817	−849	−821	−766	−421
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	5	0	0	0	0	0	0
Acquisitions	5	0	0	3	537	0	0	0	0	0
Stock-based compensation	19	22	28	26	171	211	111	112	113	108
Balance sheet at fiscal year end
Cash and short-term investments	224	242	304	363	708	850	953	988	947	1,237
Debt incl. finance leases	898	1,308	1,768	2,278	4,820	6,525	8,428	10,763	12,994	14,757
Total assets	3,573	3,963	4,750	5,806	14,383	16,483	19,269	20,450	19,898	22,611
Total liabilities	2,511	2,599	3,341	4,168	7,094	8,911	11,090	13,536	15,734	17,627
Shareholders' equity	673	882	949	965	6,078	6,255	6,708	5,230	2,554	3,132
Margins and ratios
Gross margin	49.8%	52.3%	—	—	—	—	—	—	—	—
Operating margin	−40.3%	−34.0%	−16.0%	−25.1%	−50.4%	−41.4%	−28.5%	−87.6%	−181.3%	−4.3%
Net margin	15.8%	23.6%	3.5%	3.1%	−18.8%	−4.9%	7.5%	−71.0%	−139.7%	15.2%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	−11.5%	−7.2%	−3.8%	−5.7%	−5.2%	−4.5%	−3.8%	−10.1%	−18.5%	−0.6%
Return on equity	12.2%	16.1%	2.9%	2.8%	−4.9%	−1.3%	2.7%	−26.9%	−73.1%	15.8%
Return on assets	2.4%	3.3%	0.6%	0.5%	−1.7%	−0.5%	1.0%	−8.1%	−14.1%	2.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Sunrun's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Sunrun.