$RUN

Sunrun Inc.

CIK:0001469367|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 869,988	$ 569,336	$ 1,592,219	$ 1,073,607
Operating expenses:
Sales and marketing	190,681	152,459	369,214	298,449
Research and development	10,234	8,063	20,377	18,042
General and administrative	92,521	71,543	167,156	129,306
Total operating expenses	835,200	681,585	1,600,941	1,300,744
Income (loss) from operations	34,788	(112,249)	(8,722)	(227,137)
Interest expense, net	(264,428)	(247,137)	(528,371)	(474,571)
Other income (expense), net	17,495	(14,528)	34,681	(59,927)
Loss before income taxes	(212,145)	(373,914)	(502,412)	(761,635)
Income tax (benefit) expense	(3,972)	(94,930)	3,094	(205,480)
Net loss	(208,173)	(278,984)	(505,506)	(556,155)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(323,325)	(558,757)	(788,302)	(885,939)
Net income attributable to common stockholders	$ 115,152	$ 279,773	$ 282,796	$ 329,784
Net income per share attributable to common stockholders
Basic (in dollars per share)	$ 0.48	$ 1.22	$ 1.19	$ 1.45
Diluted (in dollars per share)	$ 0.42	$ 1.07	$ 1.04	$ 1.28
Weighted average shares used to compute net income per share attributable to common stockholders
Basic (in shares)	238,997	229,167	236,804	227,794
Diluted (in shares)	273,999	261,152	273,189	259,539
Customer agreements and incentives
Revenue:
Total revenue	$ 543,730	$ 458,000	$ 1,011,552	$ 860,920
Operating expenses:
Costs	342,452	345,376	657,194	654,005
Energy systems and product sales
Revenue:
Total revenue	326,258	111,336	580,667	212,687
Operating expenses:
Costs	$ 199,312	$ 104,144	$ 387,000	$ 200,942

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (505,506)	$ (556,155)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net of amortization of deferred grants	382,344	359,603
Deferred income taxes	3,094	(206,653)
Stock-based compensation expense	47,421	50,029
Unrealized (gain) loss on derivatives	(43,317)	62,625
Other noncash items	173,036	138,806
Changes in operating assets and liabilities:
Accounts receivable	12,154	(27,139)
Inventories	(70,495)	(89,066)
Prepaid expenses and other assets	(249,985)	(254,329)
Accounts payable	69,290	36,364
Accrued expenses and other liabilities	(52,733)	983
Deferred revenue	28,522	88,067
Deferred tax liabilities	30,619	0
Net cash used in operating activities	(175,556)	(396,865)
Investing activities:
Payments for the costs of energy systems	(853,785)	(1,346,780)
Purchase of equity investment	(19,253)	0
Purchases of property and equipment, net	(4,696)	(1,062)
Net cash used in investing activities	(877,734)	(1,347,842)
Financing activities:
Proceeds from state tax credits, net of recapture	12,384	9,668
Proceeds from trade receivable financing	0	71,323
Repayment of trade receivable financing	0	(124,261)
Proceeds from line of credit	184,000	150,686
Repayment of line of credit	(268,622)	(198,390)
Repurchase of convertible senior notes	(5,457)	(2,124)
Proceeds from issuance of non-recourse debt	2,259,156	2,048,429
Repayment of non-recourse debt	(1,839,323)	(913,749)
Payment of debt fees	(42,947)	(28,258)
Payment of finance lease obligations	(12,266)	(12,786)
Contributions received from noncontrolling interests and redeemable noncontrolling interests	821,556	935,284
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(148,285)	(118,800)
Acquisition of noncontrolling interest	(16,878)	(16,219)
Proceeds from transfer of investment tax credits	646,614	860,874
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits	(646,614)	(860,874)
Net proceeds related to stock-based award activities	9,369	8,565
Net cash provided by financing activities	952,687	1,809,368
Net change in cash and restricted cash	(100,603)	64,661
Cash and restricted cash, beginning of period	1,236,988	947,416
Cash and restricted cash, end of period	1,136,385	1,012,077
Supplemental disclosures of cash flow information
Cash paid for interest	401,851	353,909
Cash paid for income taxes	0	0
Supplemental disclosures of noncash investing and financing activities
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses	18,789	69,783
Right-of-use assets obtained in exchange for new finance lease liabilities	41	2,027
Purchases of energy systems included in inventory	$ 58,071	$ 0

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash

$ 712,425

$ 823,380

Restricted cash

423,812

413,460

Accounts receivable (net of allowances for credit losses of $25,875 and $20,692 as of June 30, 2026 and December 31, 2025, respectively)

235,421

262,627

Inventories

649,853

501,286

Prepaid expenses and other current assets

144,997

155,216

Total current assets

2,166,508

2,155,969

Restricted cash

148

Energy systems, net

17,245,212

16,817,863

Property and equipment, net

61,400

75,692

Other assets

3,886,099

3,560,924

Total assets

^[1]

23,359,367

22,610,596

Current liabilities:

Accounts payable

321,422

271,021

Distributions payable to noncontrolling interests and redeemable noncontrolling interests

49,123

47,072

Accrued expenses and other liabilities

444,439

518,835

Deferred revenue, current portion

162,902

162,839

Deferred grants, current portion

9,004

8,681

Finance lease obligations, current portion

23,162

24,557

Non-recourse debt, current portion

513,397

269,510

Total current liabilities

1,523,449

1,302,515

Deferred revenue, net of current portion

1,380,846

1,350,494

Deferred grants, net of current portion

190,933

196,726

Finance lease obligations, net of current portion

24,914

36,908

Convertible senior notes

474,780

473,749

Line of credit

153,700

238,323

Non-recourse debt, net of current portion

14,016,021

13,708,532

Other liabilities

188,276

156,199

Deferred tax liabilities

198,783

163,176

Total liabilities

^[1]

18,151,702

17,626,622

Commitments and contingencies (Note 14)

Redeemable noncontrolling interests

816,076

709,255

Stockholders’ equity:

Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2026 and December 31, 2025; issued and outstanding, 240,126 and 233,612 shares as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

6,967,992

6,899,277

Accumulated other comprehensive income

69,191

63,103

Retained earnings

(3,547,123)

(3,829,919)

Total stockholders’ equity

3,490,084

3,132,484

Noncontrolling interests

901,505

1,142,235

Total equity

4,391,589

4,274,719

Total liabilities, redeemable noncontrolling interests and total equity

$ 23,359,367

$ 22,610,596

[1]

The Company’s consolidated assets as of June 30, 2026 and December 31, 2025 include $15,867,122 and $15,593,689, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. Energy systems, net as of June 30, 2026 and December 31, 2025 were $14,026,301 and $13,777,190, respectively; cash as of June 30, 2026 and December 31, 2025 were $482,999 and $539,440, respectively; restricted cash as of June 30, 2026 and December 31, 2025 were $56,898 and $59,010, respectively; accounts receivable, net as of June 30, 2026 and December 31, 2025 were $129,921 and $118,907, respectively; inventories as of June 30, 2026 and December 31, 2025 were $184,717 and $180,841, respectively; prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were $7,075 and $64,588, respectively; and other assets as of June 30, 2026 and December 31, 2025 were $979,211 and $853,713, respectively. The Company’s consolidated liabilities as of June 30, 2026 and December 31, 2025 include $2,575,400 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2026 and December 31, 2025 of $5,204 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 of $49,124 and $47,073, respectively; accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 of $53,544 and $110,390, respectively; deferred revenue as of June 30, 2026 and December 31, 2025 of $1,031,169 and $1,025,241, respectively; non-recourse debt as of June 30, 2026 and December 31, 2025 of $1,415,834 and $1,434,535, respectively; and other liabilities as of June 30, 2026 and December 31, 2025 of $20,525 and $20,765, respectively.