Sunrun (RUN) financial statements
Sunrun reported revenue of $3.0B in fiscal 2025, up 22.5% a year over 9 years.
Net income was $450M and the operating margin -4.3%, against -40.3% in 2016.
The diluted share count rose 152% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sunrun's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $477M | $533M | $760M | $859M | $922M | $1.6B | $2.3B | $2.3B | $2.0B | $3.0B |
| Cost of revenue | $239M | $254M | — | — | — | — | — | — | — | — |
| Gross profit | $238M | $278M | — | — | — | — | — | — | — | — |
| Research and development | $10M | $15M | $19M | $24M | $20M | $23M | $21M | $22M | $39M | $36M |
| Selling, general and admin | $261M | $254M | $324M | $400M | $619M | $888M | $940M | $962M | $862M | $987M |
| Operating income | -$192M | -$181M | -$122M | -$216M | -$465M | -$666M | -$662M | -$2.0B | -$3.7B | -$126M |
| Pre-tax income | -$265M | -$275M | -$251M | -$399M | -$688M | -$971M | -$847M | -$2.7B | -$4.4B | -$1.2B |
| Income tax | $56M | $12M | $9M | -$8M | -$61M | $9M | $2M | -$13M | -$27M | -$167M |
| Net income | $75M | $125M | $27M | $26M | -$173M | -$79M | $173M | -$1.6B | -$2.8B | $450M |
| EPS (diluted) | $0.72 | $1.16 | $0.23 | $0.21 | -$1.24 | -$0.39 | $0.80 | -$7.41 | -$12.81 | $1.71 |
| Diluted shares | 105M | 108M | 117M | 124M | 140M | 205M | 219M | 217M | 222M | 264M |
| 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 | 15.7% | 23.6% | 3.5% | 3.1% | -18.8% | -4.9% | 7.5% | -71.0% | -139.7% | 15.2% |
Balance sheet
Fiscal years, from Sunrun's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $206M | $203M | $227M | $270M | $520M | $618M | $741M | $679M | $575M | $823M |
| Receivables | $60M | $66M | $66M | $78M | $95M | $146M | $214M | $172M | $171M | $263M |
| Inventory | $67M | $94M | $79M | $261M | $283M | $507M | $784M | $460M | $402M | $501M |
| Total current assets | $369M | $417M | $461M | $734M | $1.1B | $1.5B | $2.1B | $1.9B | $1.7B | $2.2B |
| Property, plant and equipment | $48M | $36M | $35M | $57M | $62M | $57M | $67M | $149M | $121M | $76M |
| Goodwill | $88M | $88M | $88M | $95M | $4.3B | $4.3B | $4.3B | $3.1B | $0 | $0 |
| Total assets | $3.6B | $4.0B | $4.7B | $5.8B | $14.4B | $16.5B | $19.3B | $20.5B | $19.9B | $22.6B |
| Total current liabilities | $245M | $311M | $372M | $530M | $901M | $1.0B | $1.2B | $1.5B | $1.3B | $1.3B |
| Long-term debt | $884M | $1.3B | $1.7B | $2.2B | — | — | — | — | — | — |
| Total liabilities | $2.5B | $2.6B | $3.3B | $4.2B | $7.1B | $8.9B | $11.1B | $13.5B | $15.7B | $17.6B |
| Shareholders' equity | $673M | $882M | $949M | $965M | $6.1B | $6.3B | $6.7B | $5.2B | $2.6B | $3.1B |
| Net debt | $692M | $1.1B | $1.5B | $2.0B | -$520M | -$618M | -$741M | -$679M | -$575M | -$823M |
Cash flow
Fiscal years, from Sunrun's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$200M | -$96M | -$62M | -$204M | -$318M | -$817M | -$849M | -$821M | -$766M | -$421M |
| Capital spending | $13M | $8M | $5M | $25M | $3M | $9M | $18M | $21M | $2M | — |
| Free cash flow | -$213M | -$104M | -$67M | -$230M | -$321M | -$826M | -$867M | -$842M | -$768M | — |
| Stock-based compensation | $19M | $22M | $28M | $26M | $171M | $211M | $111M | $112M | $113M | $108M |
| Share buybacks (net) | — | $0 | $0 | -$5M | $0 | $0 | — | — | — | — |
| Net borrowing | $313M | — | — | — | — | — | — | $2.2B | $2.2B | $1.8B |
| Free cash flow margin | -44.6% | -19.5% | -8.9% | -26.8% | -34.8% | -51.3% | -37.3% | -37.2% | -37.7% | — |
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What was Sunrun's revenue in 2025?
$3.0B in fiscal 2025, from its 10-K filing.
From Sunrun's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.