Sunrun Inc. RUN
Sunrun's (the "Company," "our," "we") mission is to connect people to the cleanest energy on earth. Sunrun transformed the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation's leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun's innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value.
We are engaged in the design, development, installation, sale, ownership and maintenance of residential energy systems ("Projects") in the United States. We provide clean, solar energy typically at savings compared to traditional utility energy. Our primary customers are residential homeowners. We also offer battery storage along with solar energy systems to our customers in select markets and sell our services to certain commercial developers through our multi-family and new homes offerings. After inventing the residential solar service model and recognizing its market potential, we have built the infrastructure and capabilities necessary to acquire and serve customers in a low-cost and scalable manner. Today, our scalable operating platform provides us with a number of distinct advantages. First, we are able to drive distribution by marketing our solar service offerings through multiple channels, including our partner network and direct-to-consumer operations. This approach supports broad sales and installation capabilities, which together allow us to achieve capital-efficient growth. Second, we are able to provide differentiated solutions to our customers that, combined with a great customer experience, we believe will drive meaningful margin advantages for us over the long term as we strive to create and serve the industry's most valuable and satisfied customer base.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.04B | $2.26B | $2.32B | $1.61B | $922.2M | $858.6M | $760.0M | $532.5M | $477.1M |
| Cost of revenue | — | — | — | — | — | — | — | — | $254.1M | $239.4M |
| Gross profit | — | — | — | — | — | — | — | — | $278.4M | $237.7M |
| R&D | $36.1M | $39.3M | $21.8M | $20.9M | $23.2M | $19.5M | $23.6M | $18.8M | $15.1M | $10.2M |
| SG&A | $278.0M | $245.1M | $221.1M | $194.6M | $264.5M | $266.7M | $125.0M | $116.7M | $107.4M | $92.4M |
| Total operating expenses | $3.08B | $5.73B | $4.24B | $2.98B | $2.28B | $1.39B | $1.07B | $881.9M | $713.7M | $669.2M |
| Operating income | -$126.1M | -$3.70B | -$1.98B | -$662.2M | -$666.2M | -$465.1M | -$215.7M | -$121.9M | -$181.1M | -$192.1M |
| Pre-tax income | -$1.18B | -$4.38B | -$2.70B | -$847.4M | -$971.3M | -$687.5M | -$399.2M | -$250.9M | -$275.3M | -$264.6M |
| Income tax | $167.2M | $26.8M | $12.7M | $2.3M | $9.3M | $60.6M | $8.2M | $9.3M | $12.4M | $56.3M |
| Net income | $449.9K | -$2.85B | -$1.60B | $173.4M | -$79.4M | -$173.4M | $26.3M | $26.7M | $125.5M | $75.1M |
| EPS, basic | 1.96 | -12.81 | -7.41 | 0.82 | -0.39 | -1.24 | 0.23 | 0.24 | 1.19 | 0.73 |
| EPS, diluted | 1.71 | -12.81 | -7.41 | 0.80 | -0.39 | -1.24 | 0.21 | 0.23 | 1.16 | 0.72 |
| Shares, diluted (wtd. avg.) | $264.5M | $222.2M | $216.6M | $219.2M | $205.1M | $139.6M | $123.9M | $117.1M | $108.2M | $105.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.24B | $947.4M | $987.8M | $953.0M | $850.4M | $708.2M | $363.2M | $304.4M | $241.8M | $224.4M |
| Receivables | $262.6M | $170.7M | $172.0M | $214.3M | $146.0M | $95.1M | $77.7M | $66.4M | $60.4M | $60.3M |
| Inventory | $501.3M | $402.1M | $459.7M | $783.9M | $506.8M | $283.0M | $260.6M | $79.5M | $94.4M | $67.3M |
| Total current assets | $2.16B | $1.72B | $1.88B | $2.10B | $1.55B | $1.14B | $733.8M | $461.4M | $416.9M | $369.3M |
| Property, plant and equipment | — | — | — | — | — | $62.2M | $56.7M | $34.9M | $36.4M | $48.5M |
| Goodwill | $0 | $0 | $3.12B | $4.28B | $4.28B | $4.28B | $95.1M | $87.5M | $87.5M | $87.5M |
| Other intangibles | — | — | — | $7.5M | $12.9M | $18.3M | $19.5M | $10.1M | $14.3M | $18.5M |
| Total assets | $22.61B | $19.90B | $20.45B | $19.27B | $16.48B | $14.38B | $5.81B | $4.75B | $3.96B | $3.57B |
| Accounts payable | $271.0M | $354.2M | $230.7M | $339.2M | $288.1M | $207.4M | $223.4M | $131.3M | $115.2M | $66.0M |
| Short-term debt | — | — | — | — | — | — | $35.3M | $35.5M | $21.5M | $14.2M |
| Total current liabilities | $1.30B | $1.33B | $1.49B | $1.16B | $1.01B | $901.4M | $530.1M | $372.2M | $311.1M | $244.8M |
| Long-term debt | $14.70B | $12.90B | $10.67B | $8.40B | $6.50B | $4.80B | $2.25B | $1.71B | $1.27B | $883.9M |
| Total liabilities | $17.63B | $15.73B | $13.54B | $11.09B | $8.91B | $7.09B | $4.17B | $3.34B | $2.60B | $2.51B |
| Retained earnings | -$3.83B | -$4.28B | -$1.43B | $170.8M | -$2.6M | $76.8M | $251.5M | $229.4M | $202.7M | $4.4M |
| Total equity | $3.13B | $2.55B | $6.24B | $7.57B | $6.98B | $6.73B | $1.33B | $1.28B | $1.24B | $995.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$421.4M | -$766.2M | -$820.7M | -$848.8M | -$817.2M | -$318.0M | -$204.5M | -$62.5M | -$96.1M | -$200.1M |
| Depreciation and amortisation | $38.3M | $44.1M | $31.9M | $27.2M | $23.0M | $20.0M | $22.6M | $20.4M | $19.5M | $18.8M |
| Stock-based compensation | $108.0M | $112.8M | $111.8M | $110.6M | $211.0M | $170.6M | $26.3M | $27.9M | $22.0M | $18.7M |
| Capital expenditure | — | $1.6M | $21.0M | $18.2M | $8.6M | $3.1M | $25.3M | $5.0M | $8.0M | $12.5M |
| Investing cash flow | -$2.50B | -$2.70B | -$2.61B | -$2.09B | -$1.69B | -$497.8M | -$843.3M | -$811.3M | -$777.3M | -$695.8M |
| Financing cash flow | $3.21B | $3.43B | $3.47B | $3.04B | $2.65B | $1.16B | $1.11B | $936.4M | $890.8M | $899.1M |
| Buybacks | — | — | — | — | $0 | $0 | $5.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001469367-26-000029.
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