Sunrun Inc. income statement
In fiscal 2025, Sunrun Inc. reported revenue of $2.96bn, up 45.1% on the year before, operating income of −$126m (a -4.3% margin) and net income of $450m, or $1.71 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 199 | 305 | 477 | 533 | 760 | 859 | 922 | 1,610 | 2,321 | 2,260 | 2,038 | 2,957 | 3,476 |
| Cost of revenue | — | 101 | 169 | 239 | 254 | — | — | — | — | — | — | — | — | — |
| Gross profit | — | 98 | 136 | 238 | 278 | — | — | — | — | — | — | — | — | — |
| Research and development | 10 | 8 | 10 | 10 | 15 | 19 | 24 | 20 | 23 | 21 | 22 | 39 | 36 | 38 |
| Selling and marketing | 22 | 79 | 145 | 169 | 146 | 207 | 275 | 352 | 623 | 745 | 741 | 617 | 709 | 780 |
| General and administrative | 33 | 68 | 84 | 92 | 107 | 117 | 125 | 267 | 265 | 195 | 221 | 245 | 278 | 316 |
| Operating income | −54 | −133 | −219 | −192 | −181 | −122 | −216 | −465 | −666 | −662 | −1,979 | −3,695 | −126 | 92 |
| Income before tax | −66 | −168 | −254 | −265 | −275 | −251 | −399 | −688 | −971 | −847 | −2,696 | −4,382 | −1,176 | −917 |
| Income tax | −1 | −10 | −5 | 56 | 12 | 9 | −8 | −61 | 9 | 2 | −13 | −27 | −167 | 41 |
| Net income | −1 | −71 | −28 | 75 | 125 | 27 | 26 | −173 | −79 | 173 | −1,604 | −2,846 | 450 | 403 |
| Diluted EPS | −$0.06 | −$1.55 | −$0.48 | $0.72 | $1.16 | $0.23 | $0.21 | −$1.24 | −$0.39 | $0.80 | −$7.41 | −$12.81 | $1.71 | $1.49 |
| Diluted shares (average) | 20m | 46m | 110m | 105m | 108m | 117m | 124m | 140m | 205m | 219m | 217m | 222m | 264m | 271m |
| EBITDA | −51 | −126 | −208 | −173 | −162 | −101 | −193 | −445 | −643 | −635 | −1,947 | −3,651 | −88 | 137 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 537 | 518 | 504 | 569 | 725 | 1,159 | 722 | 870 |
| Research and development | 8 | 9 | 10 | 8 | 9 | 9 | 10 | 10 |
| Selling and marketing | 162 | 151 | 146 | 152 | 165 | 246 | 179 | 191 |
| General and administrative | 61 | 72 | 58 | 72 | 66 | 83 | 75 | 93 |
| Operating income | −128 | −3,256 | −115 | −112 | 4 | 97 | −44 | 35 |
| Interest expense | 216 | — | — | — | — | — | — | — |
| Income before tax | −426 | −3,400 | −388 | −374 | −280 | −135 | −290 | −212 |
| Income tax | −14 | 0 | −111 | −95 | −2 | 40 | 7 | −4 |
| Net income | −84 | −2,814 | 50 | 280 | 17 | 104 | 168 | 115 |
| Diluted EPS | −$0.37 | −$12.66 | $0.20 | $1.07 | $0.06 | $0.38 | $0.62 | $0.42 |
| EBITDA | 18 | −3,671 | 55 | 54 | 177 | −405 | 146 | 219 |
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