Sunrun Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

RUN$8.71-10.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	Nine Months Ended September 30,
	2025	2024
Operating activities:
Net loss	$(834,000)	$(955,266)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net of amortization of deferred grants	541,149	458,533
Income tax benefit	(207,652)	(26,953)
Stock-based compensation expense	79,620	83,956
Interest on pass-through financing obligations	—	8,837
Reduction in pass-through financing obligations	—	(20,787)
Unrealized loss on derivatives	78,704	2,311
Other noncash items	218,094	105,259
Changes in operating assets and liabilities:
Accounts receivable	(95,748)	(20,715)
Inventories	(167,904)	117,398
Prepaid expenses and other assets	(443,908)	(470,617)
Accounts payable	(35,082)	36,379
Accrued expenses and other liabilities	11,679	76,406
Deferred revenue	143,437	97,465
Deferred tax liabilities	193,223	—
Net cash used in operating activities	(518,388)	(507,794)
Investing activities:
Payments for the costs of solar energy systems	(2,088,932)	(1,907,667)
Purchases of property and equipment, net	(2,551)	(945)
Net cash used in investing activities	(2,091,483)	(1,908,612)
Financing activities:
Proceeds from state tax credits, net of recapture	9,668	5,203
Proceeds from trade receivable financing	167,081	—
Repayment of trade receivable financing	(195,584)	—
Proceeds from line of credit	200,486	305,556
Repayment of line of credit	(265,502)	(452,534)
Proceeds from issuance of convertible senior notes, net of capped call transaction	—	444,822
Repurchase of convertible senior notes	(2,124)	(229,346)
Proceeds from issuance of non-recourse debt	3,896,379	3,364,956
Repayment of non-recourse debt	(2,170,694)	(1,692,214)
Payment of debt fees	(63,930)	(93,747)
Proceeds from pass-through financing and other obligations, net	—	4,795
Repayment of pass-through financing obligation	—	(240,288)
Payment of finance lease obligations	(19,037)	(20,635)
Contributions received from noncontrolling interests and redeemable noncontrolling interests	1,460,099	1,290,486
Distributions paid to noncontrolling interests and redeemable noncontrolling interests	(177,099)	(238,388)
Acquisition of noncontrolling interest	(30,704)	(21,434)
Proceeds from transfer of investment tax credits	1,156,652	557,111
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits	(1,156,652)	(557,111)
Net proceeds related to stock-based award activities	9,172	11,953
Net cash provided by financing activities	2,818,211	2,439,185
Net change in cash and restricted cash	208,340	22,779
Cash and restricted cash, beginning of period	947,416	987,838
Cash and restricted cash, end of period	$1,155,756	$1,010,617
Supplemental disclosures of cash flow information
Cash paid for interest	$547,317	$423,839
Cash paid for income taxes	$—	$—
Supplemental disclosures of noncash investing and financing activities
Purchases of solar energy systems and property and equipment included in accounts payable and accrued expenses	$58,229	$59,658
Right-of-use assets obtained in exchange for new finance lease liabilities	$2,732	$35,507

ContentsView on SEC.gov

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