RUN earnings analysis
What we found in RUN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Performance
- Reported revenue was $722.2 million, up 43% from $504.3 million year-over-year.
- Positive EPS Surprise
- Diluted EPS reached $0.62 versus an expected loss of $0.05.
- Increased Subscriber Base
- Subscriber additions in Q1 were 17,665, up from 23,692 in Q1 2025.
- Improved Operating Margins
- Operating margin improved to -6% compared to -22.8% in the prior year.
- Cash Flow Performance
- Operating cash flow generated was $10.6 million, a significant improvement from a $104.2 million outflow in Q1 2025.
- Record Installed Capacity
- Networked Solar Capacity reached 8,558 MW, a 10% increase from the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Cost of Goods Sold
- Cost of energy systems and product sales rose to 74% of total revenue, from 96% year-over-year.
- Regulatory Challenges
- Changes in California’s net metering policies have adversely affected originations, with new installations falling below targets.
- Reliance on Tax Credits
- Ongoing changes to federal tax credits under the OBBB pose risks to financing and project viability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.62
- Gross margin
- 35.5%
- Operating margin
- -6%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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