Sunrun Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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$9.98+1.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Customer agreements and incentives | $491,600 | $405,861 | $1,352,520 | $1,116,653 |
| Solar energy systems and product sales | 232,957 | 131,312 | 445,644 | 402,574 |
| Total revenue | 724,557 | 537,173 | 1,798,164 | 1,519,227 |
| Operating expenses: | ||||
| Cost of customer agreements and incentives | 315,811 | 308,382 | 969,816 | 876,581 |
| Cost of solar energy systems and product sales | 165,480 | 125,312 | 366,422 | 411,591 |
| Sales and marketing | 164,798 | 162,490 | 463,247 | 466,411 |
| Research and development | 9,267 | 8,180 | 27,309 | 30,510 |
| General and administrative | 65,550 | 60,587 | 194,856 | 173,082 |
| Total operating expenses | 720,906 | 664,951 | 2,021,650 | 1,958,175 |
| Income (Loss) from operations | 3,651 | (127,778) | (223,486) | (438,948) |
| Interest expense, net | (265,788) | (215,615) | (740,359) | (614,981) |
| Other (expense) income, net | (17,880) | (82,598) | (77,807) | 71,710 |
| Loss before income taxes | (280,017) | (425,991) | (1,041,652) | (982,219) |
| Income tax benefit | (2,172) | (13,803) | (207,652) | (26,953) |
| Net loss | (277,845) | (412,188) | (834,000) | (955,266) |
| Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (294,434) | (328,422) | (1,180,373) | (922,756) |
| Net income (loss) attributable to common stockholders | $16,589 | $(83,766) | $346,373 | $(32,510) |
| Net income (loss) per share attributable to common stockholders | ||||
| Basic | $0.07 | $(0.37) | $1.51 | $(0.15) |
| Diluted | $0.06 | $(0.37) | $1.33 | $(0.15) |
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders | ||||
| Basic | 230,980 | 223,695 | 228,868 | 222,078 |
| Diluted | 267,473 | 223,695 | 262,196 | 222,078 |
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