Sunrun Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash | $823,380 | $574,956 |
| Restricted cash | 413,460 | 372,312 |
| Accounts receivable (net of allowances for credit losses of $20,692 and $15,420 as of December 31, 2025 and 2024, respectively) | 262,627 | 170,706 |
| Inventories | 501,286 | 402,083 |
| Prepaid expenses and other current assets | 155,216 | 202,579 |
| Total current assets | 2,155,969 | 1,722,636 |
| Restricted cash | 148 | 148 |
| Energy systems, net | 16,817,863 | 15,032,115 |
| Property and equipment, net | 75,692 | 121,239 |
| Other assets | 3,560,924 | 3,021,746 |
| Total assets (1) | $22,610,596 | $19,897,884 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $271,021 | $354,214 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 47,072 | 41,464 |
| Accrued expenses and other liabilities | 518,835 | 543,752 |
| Deferred revenue, current portion | 162,839 | 129,442 |
| Deferred grants, current portion | 8,681 | 7,900 |
| Finance lease obligations, current portion | 24,557 | 26,045 |
| Non-recourse debt, current portion | 269,510 | 231,665 |
| Total current liabilities | 1,302,515 | 1,334,482 |
| Deferred revenue, net of current portion | 1,350,494 | 1,208,905 |
| Deferred grants, net of current portion | 196,726 | 196,535 |
| Finance lease obligations, net of current portion | 36,908 | 66,139 |
| Line of credit | 238,323 | 384,226 |
| Non-recourse debt, net of current portion | 13,708,532 | 11,806,181 |
| Convertible senior notes | 473,749 | 479,420 |
| Other liabilities | 156,199 | 119,846 |
| Deferred tax liabilities | 163,176 | 137,940 |
| Total liabilities (1) | 17,626,622 | 15,733,674 |
| Commitments and contingencies (Note 17) | ||
| Redeemable noncontrolling interests | 709,255 | 624,159 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2025 and 2024; no shares issued and outstanding as of December 31, 2025 and 2024 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2025 and 2024; issued and outstanding, 233,612 and 225,662 shares as of December 31, 2025 and 2024, respectively | 23 | 23 |
| Additional paid-in capital | 6,899,277 | 6,747,236 |
| Accumulated other comprehensive loss | 63,103 | 86,814 |
| Retained earnings | (3,829,919) | (4,279,866) |
| Total stockholders’ equity | 3,132,484 | 2,554,207 |
| Noncontrolling interests | 1,142,235 | 985,844 |
| Total equity | 4,274,719 | 3,540,051 |
| Total liabilities, redeemable noncontrolling interests and total equity | $22,610,596 | $19,897,884 |
(1)The Company’s consolidated assets as of December 31, 2025 and 2024 include $15,593,689 and $13,290,216, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Energy systems, net, as of December 31, 2025 and 2024 were $13,777,190 and $12,062,819, respectively; cash as of December 31, 2025 and 2024 were $539,440 and $420,756, respectively; restricted cash as of December 31, 2025 and 2024 were $59,010 and $57,892, respectively; accounts receivable, net as of December 31, 2025 and 2024 were $118,907 and $92,259, respectively; inventories as of December 31, 2025 and 2024 of $180,841 and $62,581, respectively; prepaid expenses and other current assets as of December 31, 2025 and 2024 were $64,588 and $7,616, respectively and other assets as of December 31, 2025 and 2024 were $853,713 and $586,293, respectively. The Company’s consolidated liabilities as of December 31, 2025 and 2024 include $2,643,129 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2025 and 2024 of $5,125 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2025 and 2024 of $47,073 and $41,465, respectively; accrued expenses and other liabilities as of December 31, 2025 and 2024 of $110,390 and $42,997, respectively; deferred revenue as of December 31, 2025 and 2024 of $1,025,241 and $826,854, respectively; non-recourse debt as of December 31, 2025 and 2024 of $1,434,535 and $1,407,784, respectively; and other liabilities as of December 31, 2025 and 2024 of $20,765 and $18,540, respectively.
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