NASDAQ : RUN
Sunrun Inc. — Financial statements
Technology · Solar · United States
Last price 7.59 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.83B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Sunrun Inc. (RUN) reported revenue of 3.48B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.48B | 2.96B | 2.04B | 2.26B | 2.32B | 1.61B |
| Cost of Revenue | 2.25B | 2.06B | 1.71B | 2.10B | 2.02B | 1.37B |
| Gross Profit | 1.23B | 897.30M | 328.55M | 163.06M | 298.71M | 244.48M |
| Selling, General & Admin | 1.10B | 987.30M | 862.29M | 961.89M | 940.00M | 887.50M |
| Research & Development | 38.46M | 36.12M | 39.30M | 21.82M | 20.91M | 23.16M |
| Operating Expenses | 1.13B | 1.02B | 901.59M | 983.70M | 960.90M | 910.67M |
| Operating Income | 92.29M | -126.13M | -573.04M | -820.64M | -662.19M | -666.19M |
| Interest Expense | -997.73M | -1.05B | -726.70M | -653.65M | -256.11M | -306.31M |
| Other Non Operating Income (Expenses) | -11.66M | -3.58M | 39.87M | -63.24M | 70.95M | 1.24M |
| EBT Excluding Unusual Items | -917.10M | -1.18B | -1.26B | -1.54B | -847.35M | -971.26M |
| Impairment of Goodwill | -3.12B | -1.16B | ||||
| Pretax Income | -917.10M | -1.18B | -4.38B | -2.70B | -847.35M | -971.26M |
| Income Tax Expense | 41.36M | -167.22M | -26.82M | -12.69M | 2.29M | 9.27M |
| Earnings From Continuing Operations | -958.46M | -1.01B | -4.36B | -2.68B | -849.64M | -980.53M |
| Minority Interest in Earnings | 1.36B | 1.46B | 1.51B | 1.08B | 1.02B | 901.11M |
| Net Income | 402.96M | 449.95M | -2.85B | -1.60B | 173.38M | -79.42M |
| Preferred Dividends & Other Adjustments | 2.30M | 2.30M | -2.26M | |||
| Net Income to Common | 400.66M | 447.64M | -2.85B | -1.60B | 175.63M | -79.42M |
| Shares Outstanding (Basic) | 234.31M | 229.81M | 222.22M | 216.64M | 211.35M | 205.13M |
| Shares Outstanding (Diluted) | 271.29M | 264.46M | 222.22M | 216.64M | 219.16M | 205.13M |
| EPS (Basic) | 1.71 | 1.95 | -12.81 | -7.41 | 0.83 | -0.39 |
| EPS (Diluted) | 1.48 | 1.70 | -12.81 | -7.41 | 0.80 | -0.39 |
| Free Cash Flow | -2.21B | -2.92B | -3.47B | -3.43B | -2.86B | -2.50B |
| Free Cash Flow Per Share | -8.15 | -11.05 | -15.60 | -15.83 | -13.05 | -12.20 |
| Gross Margin | 35.29% | 30.34% | 16.12% | 7.22% | 12.87% | 15.19% |
| Operating Margin | 2.66% | -4.26% | -28.12% | -36.31% | -28.52% | -41.38% |
| Profit Margin | 11.53% | 15.14% | -139.67% | -71.00% | 7.57% | -4.93% |
| Free Cash Flow Margin | -63.62% | -98.81% | -170.15% | -151.73% | -123.19% | -155.49% |
| EBITDA | 840.61M | 599.45M | 47.84M | -288.97M | -211.15M | -278.09M |
| EBITDA Margin | 24.19% | 20.27% | 2.35% | -12.79% | -9.10% | -17.27% |
| D&A For EBITDA | 748.32M | 725.58M | 620.88M | 531.67M | 451.05M | 388.10M |
| EBIT | 92.29M | -126.13M | -573.04M | -820.64M | -662.19M | -666.19M |
| EBIT Margin | 2.66% | -4.26% | -28.12% | -36.31% | -28.52% | -41.38% |
| Revenue as Reported | 3.48B | 2.96B | 2.04B | 2.26B | 2.32B | 1.61B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 712.42M | 823.38M | 574.96M | 678.82M | 740.51M | 617.63M |
| Trading Asset Securities | 14.00M | 9.80M | 30.60M | 55.50M | 55.00M | |
| Cash & Short-Term Investments | 726.42M | 833.18M | 605.56M | 734.32M | 795.51M | 617.63M |
| Accounts Receivable | 219.79M | 215.29M | 163.73M | 167.50M | 205.33M | 136.34M |
| Other Receivables | 15.63M | 47.34M | 6.97M | 4.51M | 8.92M | 9.70M |
| Receivables | 235.42M | 262.63M | 170.71M | 172.00M | 214.25M | 146.04M |
| Inventory | 649.85M | 501.29M | 402.08M | 459.75M | 783.90M | 506.82M |
| Prepaid Expenses | 131.00M | 145.42M | 171.98M | 207.32M | 91.61M | 44.58M |
| Restricted Cash | 423.81M | 413.46M | 372.31M | 308.87M | 212.37M | 232.65M |
| Total Current Assets | 2.17B | 2.16B | 1.72B | 1.88B | 2.10B | 1.55B |
| Property, Plant & Equipment | 17.40B | 16.96B | 15.23B | 13.27B | 11.16B | 9.61B |
| Long-Term Investments | 197.84M | 81.30M | 81.30M | 132.56M | 186.20M | 63.83M |
| Goodwill | 3.12B | 4.28B | 4.28B | |||
| Other Intangible Assets | 12.89M | |||||
| Long-Term Accounts Receivable | 1.11B | 921.77M | 674.89M | 463.61M | 321.06M | 210.32M |
| Long-Term Deferred Charges | 2.25B | 2.14B | 1.84B | 1.40B | 985.86M | 631.03M |
| Other Long-Term Assets | 232.31M | 356.62M | 345.86M | 180.98M | 237.31M | 128.01M |
| Total Assets | 23.36B | 22.61B | 19.90B | 20.45B | 19.27B | 16.48B |
| Accounts Payable | 321.42M | 271.02M | 354.21M | 230.72M | 339.17M | 288.11M |
| Accrued Expenses | 419.53M | 487.28M | 514.97M | 469.65M | 375.16M | 316.36M |
| Current Portion of Long-Term Debt | 513.60M | 275.81M | 231.66M | 547.87M | 157.81M | 213.19M |
| Current Portion of Leases | 47.88M | 49.81M | 54.83M | 67.93M | 59.30M | 42.85M |
| Current Unearned Revenue | 171.91M | 171.52M | 137.34M | 136.80M | 191.97M | 120.04M |
| Other Current Liabilities | 49.12M | 47.07M | 41.46M | 35.18M | 32.05M | 31.58M |
| Total Current Liabilities | 1.52B | 1.30B | 1.33B | 1.49B | 1.16B | 1.01B |
| Long-Term Debt | 14.65B | 14.43B | 12.68B | 10.18B | 8.25B | 6.37B |
| Long-Term Leases | 24.91M | 91.54M | 66.14M | 347.09M | 407.08M | 325.55M |
| Long-Term Unearned Revenue | 1.57B | 1.55B | 1.41B | 1.26B | 1.11B | 968.49M |
| Long-Term Deferred Tax Liabilities | 198.78M | 163.18M | 137.94M | 122.87M | 133.05M | 101.75M |
| Other Long-Term Liabilities | 186.16M | 93.01M | 112.46M | 130.47M | 31.27M | 129.18M |
| Total Liabilities | 18.15B | 17.63B | 15.73B | 13.54B | 11.09B | 8.91B |
| Common Stock | 24.00K | 23.00K | 23.00K | 22.00K | 21.00K | 21.00K |
| Additional Paid-In Capital | 6.97B | 6.90B | 6.75B | 6.61B | 6.47B | 6.33B |
| Retained Earnings | -3.55B | -3.83B | -4.28B | -1.43B | 170.80M | -2.58M |
| Comprehensive Income & Other | 69.19M | 63.10M | 86.81M | 54.68M | 67.11M | -73.05M |
| Total Common Equity | 3.49B | 3.13B | 2.55B | 5.23B | 6.71B | 6.25B |
| Minority Interest | 1.72B | 1.85B | 1.61B | 1.68B | 1.47B | 1.32B |
| Shareholders' Equity | 5.21B | 4.98B | 4.16B | 6.91B | 8.18B | 7.57B |
| Total Liabilities & Equity | 23.36B | 22.61B | 19.90B | 20.45B | 19.27B | 16.48B |
| Total Debt | 15.23B | 14.85B | 13.03B | 11.15B | 8.87B | 6.96B |
| Net Cash (Debt) | -14.51B | -14.01B | -12.42B | -10.41B | -8.08B | -6.34B |
| Net Cash Per Share | -53.47 | -52.99 | -55.91 | -48.07 | -36.86 | -30.89 |
| Filing Date Shares Outstanding | 240.85M | 234.49M | 226.21M | 219.59M | 214.42M | 208.42M |
| Total Common Shares Outstanding | 240.13M | 233.61M | 225.66M | 219.39M | 214.18M | 208.18M |
| Working Capital | 643.06M | 853.45M | 388.15M | 394.10M | 942.19M | 535.60M |
| Book Value Per Share | 14.53 | 13.41 | 11.32 | 23.84 | 31.32 | 30.05 |
| Tangible Book Value | 3.49B | 3.13B | 2.55B | 2.11B | 2.43B | 1.96B |
| Tangible Book Value Per Share | 14.53 | 13.41 | 11.32 | 9.61 | 11.34 | 9.42 |
| Machinery | 20.33B | 19.59B | 16.99B | 14.58B | 12.02B | 10.23B |
| Construction In Progress | 651.46M | 767.59M | 951.49M | 789.47M | 756.03M | 581.83M |
| Leasehold Improvements | 29.01M | 43.84M | 47.81M | 44.55M | 41.21M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 402.96M | 449.95M | -2.85B | -1.60B | 173.38M | -79.42M |
| Depreciation & Amortization | 748.32M | 725.58M | 620.88M | 531.67M | 451.05M | 388.10M |
| Asset Writedown & Restructuring Costs | 3.12B | 1.16B | ||||
| Stock-Based Compensation | 105.34M | 107.95M | 112.83M | 111.78M | 110.63M | 211.00M |
| Other Operating Activities | -1.03B | -1.26B | -1.46B | -822.41M | -1.17B | -851.78M |
| Change in Accounts Receivable | -80.47M | -119.77M | -14.97M | 15.75M | -86.76M | -62.12M |
| Change in Inventory | -80.63M | -99.20M | 57.66M | 324.16M | -277.08M | -223.77M |
| Change in Accounts Payable | -47.13M | -80.06M | 177.45M | -108.78M | 40.46M | 66.93M |
| Change in Unearned Revenue | 128.65M | 188.19M | 152.76M | 106.70M | 227.30M | 78.19M |
| Change in Other Net Operating Assets | -578.33M | -528.96M | -691.41M | -533.10M | -314.69M | -344.31M |
| Operating Cash Flow | -200.13M | -421.44M | -766.15M | -820.74M | -848.79M | -817.19M |
| Capital Expenditures | -2.01B | -2.50B | -2.70B | -2.61B | -2.01B | -1.69B |
| Investment in Securities | -19.25M | -5.00M | -75.00M | |||
| Investing Cash Flow | -2.03B | -2.50B | -2.70B | -2.61B | -2.09B | -1.69B |
| Long-Term Debt Issued | 4.66B | 4.94B | 4.92B | 4.60B | 3.31B | |
| Long-Term Debt Repaid | -3.13B | -2.92B | -2.73B | -2.68B | -1.64B | |
| Net Debt Issued (Repaid) | 825.95M | 1.53B | 2.02B | 2.19B | 1.91B | 1.66B |
| Issuance of Common Stock | 17.61M | 16.80M | 18.88M | 22.61M | 32.86M | 36.14M |
| Other Financing Activities | 1.51B | 1.67B | 1.39B | 1.26B | 1.09B | 946.52M |
| Financing Cash Flow | 2.35B | 3.21B | 3.43B | 3.47B | 3.04B | 2.65B |
| Net Cash Flow | 124.31M | 289.57M | -40.42M | 34.81M | 102.59M | 142.22M |
| Free Cash Flow | -2.21B | -2.92B | -3.47B | -3.43B | -2.86B | -2.50B |
| Free Cash Flow Margin | -63.62% | -98.81% | -170.15% | -151.73% | -123.19% | -155.49% |
| Free Cash Flow Per Share | -8.15 | -11.05 | -15.60 | -15.83 | -13.05 | -12.20 |
| Levered Free Cash Flow | -1.97B | -2.66B | -2.55B | -2.78B | -2.19B | -1.87B |
| Unlevered Free Cash Flow | -1.35B | -2.00B | -2.10B | -2.37B | -2.03B | -1.68B |
| Cash Interest Paid | 789.62M | 741.67M | 591.28M | 433.05M | 300.12M | 225.25M |
| Change in Working Capital | -429.23M | -441.72M | -318.51M | -195.28M | -410.78M | -485.08M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.99B | 4.27B | 2.08B | 4.28B | 5.12B | 7.10B |
| Enterprise Value | 16.49B | 19.95B | 15.94B | 15.81B | 14.23B | 14.39B |
| Last Close Price | 7.48 | 18.40 | 9.25 | 19.63 | 24.02 | 34.30 |
| PE Ratio | 5.56 | 9.54 | 29.14 | |||
| Forward PE | 9.80 | 30.19 | 121.14 | 121.14 | 239.34 | 183.34 |
| PS Ratio | 0.57 | 1.44 | 1.02 | 1.89 | 2.21 | 4.41 |
| PB Ratio | 0.51 | 0.86 | 0.50 | 0.62 | 0.63 | 0.94 |
| P/TBV Ratio | 0.57 | 1.36 | 0.81 | 2.03 | 2.11 | 3.62 |
| PEG Ratio | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | |
| EV/Sales Ratio | 4.74 | 6.75 | 7.83 | 7.00 | 6.13 | 8.94 |
| EV/EBITDA Ratio | 19.61 | 33.28 | 333.31 | |||
| Debt / Equity Ratio | 2.92 | 2.98 | 3.13 | 1.61 | 1.08 | 0.92 |
| Debt / EBITDA Ratio | 17.22 | 23.11 | 146.19 | |||
| Net Debt / Equity Ratio | 2.79 | 2.81 | 2.98 | 1.51 | 0.99 | 0.84 |
| Net Debt / EBITDA Ratio | 17.26 | 23.38 | 259.72 | -36.03 | -38.26 | -22.79 |
| Net Debt / FCF Ratio | -6.56 | -4.80 | -3.58 | -3.04 | -2.83 | -2.53 |
| Asset Turnover | 0.16 | 0.14 | 0.10 | 0.11 | 0.13 | 0.10 |
| Inventory Turnover | 3.94 | 4.56 | 3.97 | 3.37 | 3.13 | 3.46 |
| Quick Ratio | 0.63 | 0.84 | 0.58 | 0.61 | 0.87 | 0.76 |
| Current Ratio | 1.42 | 1.66 | 1.29 | 1.26 | 1.81 | 1.53 |
| Return on Equity (ROE) | -19.86% | -22.06% | -78.63% | -35.55% | -10.79% | -13.20% |
| Return on Assets (ROA) | 0.26% | -0.37% | -1.77% | -2.58% | -2.31% | -2.70% |
| Return on Capital Employed (ROCE) | 0.40% | -0.60% | -3.10% | -4.30% | -3.70% | -4.30% |
| Earnings Yield | 17.99% | 10.54% | -137.16% | -37.52% | 3.39% | -1.12% |
| FCF Yield | -111.96% | -68.43% | -167.08% | -80.17% | -55.87% | -35.26% |
| Buyback Yield / Dilution | -20.29% | -19.01% | -2.57% | 1.15% | -6.84% | -46.94% |