Sunrun Inc. (RUN) FY2025 10-K Annual Report
Filed: Feb 26, 2026
Information Technology
Miscellaneous Electrical Machinery, Equipment & SuppliesSEC EDGAR Sunrun Inc. (RUN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Sunrun Inc. FY2025 10-K Analysis
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
Sunrun Inc. FY2025 Key Financial MetricsXBRL
Revenue
$3.0B
▲ +45.1% YoY
Net Income
$450M
▲ +115.8% YoY
Operating Margin
-4.3%
▲ +17707bp YoY
Net Margin
15.2%
▲ +15489bp YoY
ROE
14.4%
▲ +12579bp YoY
Total Assets
$22.6B
▲ +13.6% YoY
EPS (Diluted)
$1.71
▲ +113.3% YoY
Operating Cash Flow
-$421M
▲ +45.0% YoY
Source: XBRL data from Sunrun Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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