Short answer
Sunrun Inc. (RUN) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $3.0B (+45.1% year over year) and net income of $450M.
- Top risk flagged: Convertible senior notes $475M issued Feb 2024, maturity Mar 2030, reliance on outside financing for growth and capital deployment
FY2025 key financial metrics · XBRL
- Revenue
- $3.0B
- +45.1% YoY
- Net income
- $450M
- +115.8% YoY
- Operating margin
- -4.3%
- +177.1 pp YoY
- EPS (diluted)
- $1.71
- +113.3% YoY
- ROE
- 14.4%
- +125.8 pp YoY
- Operating cash flow
- −$421M
- +45.0% YoY
Source: XBRL data from the Sunrun Inc. (RUN) FY2025 10-K on SEC EDGAR. USD.
Sunrun Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Residential solar and battery storage subscription services with no upfront costs, serving homeowners primarily through leases and power purchase agreements
- New emphasis: Expanded strategic partnerships providing access to millions of potential customers from new market entrants in retail and energy sectors
- Strategic shift: Multi-channel sales model integration of direct-to-consumer, energy system partnerships, and strategic partnerships boosting capital-efficient growth and market reach
- Quantitative metric: Networked Solar Energy Capacity totaled 8,404 megawatts as of December 31, 2025, with Gross Earning Assets of approximately $21.1 billion
- Noteworthy fact: Operated the largest fleet of residential energy systems in the U.S. as of end 2025, post-acquisition of Vivint Solar in 2020
Management Discussion & Analysis
- Revenue $2.96B, up 45% YoY from $2.04B; Customer agreements up $314M (21%), energy systems up $606M (114%)
- Gross margin on customer agreements improved: cost ratio 70% vs 78%; on energy systems margin improved: cost ratio 68% vs 101% prior year
- Best segment: Energy systems and product sales revenue up $605.5M (114%), cost ratio improved from 101% to 68%
- Worst segment: Product sales declined $68.1M (21%) in revenue, negative impact on overall energy product sales growth
- Cash $823.4M end 2025; $1.2B new secured credit facilities, $1.6B secured long-term non-recourse loans commitments received
- No dividend or buybacks mentioned; Capital expenditures implied in business funding and energy system acquisition costs
- Outlook: Reduced goodwill impairment (zero in 2025 vs $3.1B in 2024); increased income tax benefit $167M; management focus on funded growth and leveraging financing arrangements
Risk Factors
- Convertible senior notes $475M issued Feb 2024, maturity Mar 2030, reliance on outside financing for growth and capital deployment
- Purchase commitments $2.0B photovoltaic modules, inverters, batteries through Q4 2025, cancelable without significant penalties
- Operating cash outflow $421.4M in 2025 driven by cost of revenue and SG&A expenses, notable working capital outflow $441.7M
- Financing activities generated $3.2B in 2025, driven by $1.8B fund investor proceeds, $1.6B debt net proceeds, reflecting capital raising dependency
- Committed capital $1.0B restricted for energy system purchase/installation as of Dec 31, 2025, limiting liquidity flexibility
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.