Sunrun Inc. (RUN) Q3 2025 10-Q Quarterly Report
Filed: Nov 6, 2025Period ending Sep 30, 2025
Information Technology
Miscellaneous Electrical Machinery, Equipment & SuppliesSEC EDGAR Sunrun Inc. (RUN) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 6, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Sunrun Inc. Q3 2025 10-Q Analysis
Risk Factors
- • New risk: OBBB law (July 2025) alters tax credit availability, adding "Prohibited Foreign Entity" restrictions, shortening Section 48E credit for solar to 2027, ending Section 25D credit in 2026
- • Updated regulatory risk: California’s Net Billing Tariff (April 2023) reduces financial credits, causing originations below prior levels; risk of continued decline in the largest market (45% customer base)
- • Impactful compliance risk: U.S. forced labor laws (Uyghur Forced Labor Prevention Act, WRO) cause supply chain delays and operational impacts, increasing costs and equipment shortages
- • Market risk: Escalating U.S. tariffs and trade investigations since Jan 2025, including 10-50% reciprocal tariffs effective Aug 2025, raise module costs and supply uncertainties, complicating cost forecasting
- • Financial risk: Transition to tax credit transferability framework delays funding timing by up to a year post-installation, increasing cash flow volatility and impacting liquidity management
Sunrun Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$725M
▲ +34.9% YoY▲ +27.3% QoQ
Net Income
$17M
▲ +119.8% YoY▼ -94.1% QoQ
Operating Margin
0.5%
▲ +2429bp YoY▲ +2022bp QoQ
Net Margin
2.3%
▲ +1788bp YoY▼ -4685bp QoQ
ROE
0.6%
Total Assets
$22.2B
EPS (Diluted)
$0.05
▲ +113.2% YoY▼ -95.4% QoQ
Operating Cash Flow
-$122M
▲ +22.2% YoY▲ +58.5% QoQ
Source: XBRL data from Sunrun Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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