Short answer
Sunrun Inc. (RUN) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $725M (up 34.9% year over year) with net income of $17M.
Q3 2025 key financials · XBRL
- Revenue
- $725M
- +34.9% YoY · +27.3% QoQ
- Net income
- $17M
- +119.8% YoY · −94.1% QoQ
- Operating margin
- 0.5%
- EPS (diluted)
- $0.05
- +113.2% YoY · −95.4% QoQ
Source: XBRL data from the Sunrun Inc. (RUN) Q3 2025 10-Q on SEC EDGAR. USD.
Sunrun Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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