RUN
Sunrun Inc.17.54
+0.19+1.1%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Cash gen flat on headwinds, mix details.
Q&A unpacked why 2026 cash generation guidance holds flat at $250-450 million despite tailwinds like higher storage attachments: headwinds from lower ITC pricing, elevated insurance and module costs, plus net volume drag from 40%+ affiliate cuts. Management expects asset sale mix to dip below Q4's 50% under new JVs, while safe harbor investments of $50-100 million sit outside the range. They anticipate share gains as weaker TPO players falter amid complexity, with FIAC rules playing to Sunrun's vertically integrated strengths. Debt paydown exceeds $100 million to breach 2x leverage, teeing up shareholder returns. Q&A was candid on offsets. Investors will eye direct channel ramp and tax equity pricing.
Key Stats
Market Cap
4.07BP/E (TTM)
-Basic EPS (TTM)
-11.33Dividend Yield
0%Recent Filings
10-K
FY2025 results
Sunrun ended FY2025 with a networked solar capacity of 8,404 MW, up from 7,531 MW at FY2024 end, reflecting steady deployments amid policy headwinds. Revenue surged 45% to $3.0B, driven by $1.1B in energy systems sales including Q3's third-party investor deal, while customer agreements grew 21% to $1.8B from new systems entering service. Q4 subscriber additions fell to 25,475 from 30,709, signaling deceleration, yet gross earning assets hit $21.1B with contracted value at $16.2B. Debt rose to $14.7B (non-recourse majority), cash at $823M; $3.2B financing inflows funded $2.5B capex. Net income flipped to $450M gain for common stockholders. Regulatory risks from OBBB's ITC sunsetting post-2027 could curb quarterly momentum.
8-K
Sunrun's strong cash generation
Sunrun reported Q4 and full-year 2025 results on February 26, 2026, with net cash up $290 million and Cash Generation of $377 million for the year. Storage attachment hit a record 71%, while subscriber additions fell 17% to 25,475; paid down $81 million recourse debt in Q4. Guides $250-450 million Cash Generation for 2026. Balance sheet strengthens.
8-K
Sunrun extends revolver to 2028
Sunrun extended its revolving credit facility maturity from March 1, 2027 to March 1, 2028 via Amendment No. 4 on December 31, 2025, while trimming commitments to $321M—precisely matching current utilization—and hiking the LC sublimit to $150M. Yet covenants tightened: quarter-end liquidity rises stepwise to 20% of utilization by Q4 2026, leverage drops to 5.0x. Compliance held as of Q3 2025.
8-K
Sunrun Q3 cash flows strong
Sunrun posted Q3 results with $1.6B Aggregate Subscriber Value, up 10% year-over-year, and $279M Contracted Net Value Creation, surging 35%. Cash Generation hit $108M, marking six straight positive quarters, while storage attachments climbed to 70%. Board added Craig Cornelius, Clearway CEO with renewables depth. 2025 Cash Generation midpoint holds at $350M.
10-Q
Q3 FY2025 results
Sunrun posted Q3 revenue of $725M, up 35% y/y from $537M, fueled by 77% growth in solar energy systems and product sales to $233M while customer agreements rose 21% y/y to $492M. Gross margins strengthened sharply, with customer agreements improving to 64% from 76% y/y as pricing caught costs, flipping operations to a slim $3.7M profit versus a $128M loss. Yet net loss widened to $278M on $266M interest expense, up 23% y/y from heavier non-recourse debt at $13.8B (derived). Cash climbed to $709M with $1.2B restricted; revolver drew $319M of $448M facility. Revenue beats expectations. Tariffs threaten supply costs.
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