Sunrun Inc.

RUN 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,956,997 2,037,719 +45.1%
Show Product Lines breakouts
Customer agreements 1,708,483 1,388,412 +23.1%
Energy systems 878,341 204,776 +328.9%
Energy systems · Largest Customer 683.7 — —
Incentives 110,524 116,815 -5.4%
Manufactured Product Other 259,649 327,716 -20.8%
Product 1,137,990 532,492 +113.7%
Service 1,819,007 1,505,227 +20.8%
Cost of Revenue (FY) — — —
Show Product Lines breakouts
Product 777,342 539,952 +44.0%
Product · Cost Of Goods Total 1 854.9 -99.9%
Service 1,282,357 1,169,213 +9.7%
Sales & Marketing 709,253 617,162 +14.9%
Research & Development 36,125 39,304 -8.1%
General & Administrative 278,049 245,127 +13.4%
Total Costs & Expenses 3,083,126 5,732,926 -46.2%
Operating Income -126,129 -3,695,207 +96.6%
Interest Income Expense Nonoperating Net -996,782 -848,366 -17.5%
Other Non-Operating Income (Expense) -53,413 161,539 -133.1%
Income Before Taxes -1,176,324 -4,382,034 +73.2%
Income Tax Expense (Benefit) -167,218 -26,817 -523.6%
Net Income -1,009,106 -4,355,217 +76.8%
Net Income Loss Attributable To Noncontrolling Interest -1,459,053 -1,509,050 +3.3%
Net Income 449,947 -2,846,167 +115.8%
EPS (Basic) 1.96 -12.81 +115.3%
EPS (Diluted) 1.71 -12.81 +113.3%
Wtd Avg Shares (Basic) 229,809 222,215 +3.4%
Wtd Avg Shares (Diluted) 264,465 222,215 +19.0%
Comprehensive Income 426,236 -2,814,029 +115.1%
Other Comprehensive Income -23,711 32,138 -173.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -23,711 32,138 -173.8%
Parent -23,711 32,138 -173.8%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -12,443 58,056 -121.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash 823,380 574,956 +43.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 539,440 420,756 +28.2%
Restricted Cash Current 413,460 372,312 +11.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 59,010 57,892 +1.9%
Accounts Receivable 262,627 170,706 +53.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 118,907 92,259 +28.9%
Show Related Party Transactions By Related Party breakouts
Related Party 8.6 14.3 -39.9%
Inventory 501,286 402,083 +24.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 180,841 62,581 +189.0%
Prepaid Expenses & Other Current Assets 155,216 202,579 -23.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 64,588 7,616 +748.1%
Total Current Assets 2,155,969 1,722,636 +25.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 962,786 641,104 +50.2%
Non-Current Assets
Restricted Cash Noncurrent 148 148 0.0%
Other Non-Current Assets 3,560,924 3,021,746 +17.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 853,713 586,293 +45.6%
Total Assets 22,610,596 19,897,884 +13.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 15,593,689 13,290,216 +17.3%
Operating Lease Right-of-Use Assets 62,839 76,810 -18.2%
Other Assets
Property Subject To Or Available For Operating Lease Net 16,817,863 15,032,115 +11.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 13,777,190 12,062,819 +14.2%
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 75,692 121,239 -37.6%
Current Liabilities
Accounts Payable 271,021 354,214 -23.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,125 5,400 -5.1%
Distributions Payable To Noncontrolling Interests And Redeemable Noncontrolling Interests 47,072 41,464 +13.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 47,073 41,465 +13.5%
Accrued Liabilities And Other Liabilities 518,835 543,752 -4.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 110,390 42,997 +156.7%
Deferred Revenue (Current) 162,839 129,442 +25.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 77,663 62,278 +24.7%
Deferred Grant Current Portion 8,681 7,900 +9.9%
Finance Lease Liability Current 24,557 26,045 -5.7%
Non Recourse Debt Current 269,510 231,665 +16.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 54,129 60,292 -10.2%
Total Current Liabilities 1,302,515 1,334,482 -2.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 294,380 212,432 +38.6%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 1,350,494 1,208,905 +11.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 947,578 764,576 +23.9%
Deferred Grant Income Noncurrent 196,726 196,535 +0.1%
Finance Lease Liability Noncurrent 36,908 66,139 -44.2%
Non Recourse Debt Noncurrent 13,708,532 11,806,181 +16.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,380,406 1,347,492 +2.4%
Convertible Debt Noncurrent 473,749 479,420 -1.2%
Other Non-Current Liabilities 156,199 119,846 +30.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 20,765 18,540 +12.0%
Deferred Tax Liabilities 163,176 137,940 +18.3%
Total Liabilities 17,626,622 15,733,674 +12.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,643,129 2,343,040 +12.8%
Long-Term Debt 14,695,571 12,901,492 +13.9%
Show Debt Instrument breakouts
Convertible Senior Notes · Convertible Debt 483.2 — —
Convertible Senior Notes · Non-recourse debt 5.5 — —
Fixed Rate Senior Non Revolving Loans · Non-recourse debt 1.7 — —
Floating Rate Subordinated Loans · Non-recourse debt 680.7 — —
Subordinated loans · Non-recourse debt 162.4 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,434,535 1,407,784 +1.9%
Show Long-Term Debt Type breakouts
Non-recourse debt 13,978,042 12,037,846 +16.1%
Recourse debt 717,529 863,646 -16.9%
Other Liabilities
Long Term Line Of Credit 238,323 384,226 -38.0%
Redeemable Noncontrolling Interest Equity Carrying Amount 709,255 624,159 +13.6%
Minority Interest 1,142,235 985,844 +15.9%
Stockholders' Equity
Common Stock 23 23 0.0%
Additional Paid-In Capital 6,899,277 6,747,236 +2.3%
Accumulated Other Comprehensive Income 63,103 86,814 -27.3%
Retained Earnings -3,829,919 -4,279,866 +10.5%
Total Stockholders' Equity 3,132,484 2,554,207 +22.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 4,274,719 3,540,051 +20.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 63,103 86,814 -27.3%
Additional Paid In Capital 6,899,277 6,747,236 +2.3%
Common Stock 23 23 0.0%
Noncontrolling Interest 1,142,235 985,844 +15.9%
Parent 3,132,484 2,554,207 +22.6%
Retained Earnings -3,829,919 -4,279,866 +10.5%
Total Liabilities & Equity 22,610,596 19,897,884 +13.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation And Amortization 725,578 620,876 +16.9%
Deferred Income Tax Expense Benefit Noncash -167,218 -26,817 -523.6%
Stock-Based Compensation 107,952 112,825 -4.3%
Unrealized Gain Loss On Derivatives 55,245 -120,008 +146.0%
Other Non-Cash Items 307,833 210,479 +46.3%
Change in Accounts Receivable -119,765 -14,974 -699.8%
Change in Inventory -99,203 57,663 -272.0%
Change in Prepaid & Other Assets -613,652 -771,997 +20.5%
Change in Accounts Payable -80,057 177,449 -145.1%
Increase Decrease In Accrued Liabilities And Other Operating Liabilities 84,690 80,588 +5.1%
Change in Deferred Revenue 188,192 152,762 +23.2%
Increase Decrease In Deferred Liabilities 198,071 — —
Net Cash from Operations -421,440 -766,153 +45.0%
Depreciation & Amortization 38.3 44.1 -13.2%
Deferred Income Taxes -167,218 -26,817 -523.6%
Investing Activities
Payments For Cost Of Energy Systems To Be Leased -2,498,561 -2,699,452 +7.4%
Payments For Proceeds From Productive Assets -1,777 -1,572 -13.0%
Net Cash from Investing -2,500,338 -2,701,024 +7.4%
Purchases Of Energy Systems And Property And Equipment Included In Accounts Payable And Accrued Expenses 37,679 40,814 -7.7%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 3,058 36,991 -91.7%
Financing Activities
Proceeds From State Tax Credits Net Of Recapture 9,668 5,203 +85.8%
Proceeds From Trade Receivable Financing 167,081 124,261 +34.5%
Repayment Of Trade Receivable Financing -291,342 — —
Proceeds From Lines Of Credit 382,986 354,256 +8.1%
Repayments Of Lines Of Credit -528,889 -509,532 -3.8%
Payments For Repurchase Of Convertible Preferred Stock -2,124 -346,581 +99.4%
Proceeds From Issuance Of Debt 4,111,079 4,009,906 +2.5%
Debt Repayments -2,286,014 -1,794,962 -27.4%
Debt Issuance Costs -67,452 -93,875 +28.1%
Finance Lease Principal Payments -25,185 -27,240 +7.5%
Proceeds From Minority Shareholders 2,002,177 1,811,966 +10.5%
Payments To Minority Shareholders -246,731 -308,657 +20.1%
Payments To Acquire Non Controlling Interest -30,705 -26,195 -17.2%
Proceeds From Stock Options Exercised 16,801 18,876 -11.0%
Proceeds From Transfer Of Investment Tax Credits 1,602,866 705,697 +127.1%
Payments To Noncontrolling Interest Of Investment Tax Credits -1,602,866 -705,697 -127.1%
Net Cash from Financing 3,211,350 3,426,755 -6.3%
Supplemental
Interest Paid 741,674 591,285 +25.4%
Other Cash Flow
Net Change in Cash 289,572 -40,422 +816.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,236,988 947,416 +30.6%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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