Sunrun Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
RUN$9.74-2.4%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Customer agreements and incentives | $1,819,007 | $1,505,227 | $1,186,706 |
| Energy systems and product sales | 1,137,990 | 532,492 | 1,073,107 |
| Total revenue | 2,956,997 | 2,037,719 | 2,259,813 |
| Operating expenses: | |||
| Cost of customer agreements and incentives | 1,282,357 | 1,169,213 | 1,077,114 |
| Cost of energy systems and product sales | 777,342 | 539,952 | 1,019,638 |
| Sales and marketing | 709,253 | 617,162 | 740,821 |
| Research and development | 36,125 | 39,304 | 21,816 |
| General and administrative | 278,049 | 245,127 | 221,067 |
| Goodwill impairment | — | 3,122,168 | 1,158,000 |
| Total operating expenses | 3,083,126 | 5,732,926 | 4,238,456 |
| Loss from operations | (126,129) | (3,695,207) | (1,978,643) |
| Interest expense, net | (996,782) | (848,366) | (652,989) |
| Other (expense) income, net | (53,413) | 161,539 | (63,900) |
| Loss before income taxes | (1,176,324) | (4,382,034) | (2,695,532) |
| Income tax benefit | (167,218) | (26,817) | (12,691) |
| Net loss | (1,009,106) | (4,355,217) | (2,682,841) |
| Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (1,459,053) | (1,509,050) | (1,078,344) |
| Net income (loss) attributable to common stockholders | $449,947 | $(2,846,167) | $(1,604,497) |
| Net income (loss) per share attributable to common stockholders | |||
| Basic | $1.96 | $(12.81) | $(7.41) |
| Diluted | $1.71 | $(12.81) | $(7.41) |
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders | |||
| Basic | 229,809 | 222,215 | 216,642 |
| Diluted | 264,465 | 222,215 | 216,642 |
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