10-K · February 26, 2026
Sunrun positions itself as “the nation’s leading provider of clean energy as a subscription service,” operating the largest U.S. residential fleet with Networked Solar Energy Capacity of 8,404 megawatts and Gross…
Earnings analysis · 10-Q
RUN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Sunrun's Q1 2026 results showed revenue of $722.2 million, significantly exceeding expectations of $645.9 million and up 43% year-over-year. EPS of $0.62 marked a positive surprise against a loss expectation of $0.05,…
Read full summary
Sunrun's Q1 2026 results showed revenue of $722.2 million, significantly exceeding expectations of $645.9 million and up 43% year-over-year. EPS of $0.62 marked a positive surprise against a loss expectation of $0.05, reflecting robust growth in energy system sales and improved customer agreements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.62
What stood out
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Strong Revenue Performance
Reported revenue was $722.2 million, up 43% from $504.3 million year-over-year.
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Positive EPS Surprise
Diluted EPS reached $0.62 versus an expected loss of $0.05.
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Increased Subscriber Base
Subscriber additions in Q1 were 17,665, up from 23,692 in Q1 2025.
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Improved Operating Margins
Operating margin improved to -6% compared to -22.8% in the prior year.
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Cash Flow Performance
Operating cash flow generated was $10.6 million, a significant improvement from a $104.2 million outflow in Q1 2025.
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Record Installed Capacity
Networked Solar Capacity reached 8,558 MW, a 10% increase from the prior year.
What to watch
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Increased Cost of Goods Sold
Cost of energy systems and product sales rose to 74% of total revenue, from 96% year-over-year.
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Regulatory Challenges
Changes in California’s net metering policies have adversely affected originations, with new installations falling below targets.
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Reliance on Tax Credits
Ongoing changes to federal tax credits under the OBBB pose risks to financing and project viability.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 6, 2025
Sunrun reported Q2 revenue of $569,336,000 (three months ended June 30, 2025), up from $523,866,000 in Q2 2024, with diluted EPS of $1.07 versus $0.55 a year earlier. Gross margin improved to ~21.0% and operating loss…
10-Q · November 7, 2024
Sunrun reported Q3 revenue of $537,173,000 and a net loss attributable to common stockholders of $83,766,000 (diluted EPS $(0.37)). Gross profit was $103,479,000 (≈19.3% of revenue) and loss from operations narrowed to…
10-K · February 21, 2024
Sunrun presents a scale-driven, multi-channel residential solar & storage platform emphasizing long-term Customer Agreements (typically 20- or 25-year terms) and claims the largest U.S. fleet with a Networked Solar…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.