Sunrun Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout 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.
Jun 30, 2026 · Filed Aug 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| June 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $712,425 | $823,380 |
| Restricted cash | 423,812 | 413,460 |
| Accounts receivable (net of allowances for credit losses of $25,875 and $20,692 as of June 30, 2026 and December 31, 2025, respectively) | 235,421 | 262,627 |
| Inventories | 649,853 | 501,286 |
| Prepaid expenses and other current assets | 144,997 | 155,216 |
| Total current assets | 2,166,508 | 2,155,969 |
| Restricted cash | 148 | 148 |
| Energy systems, net | 17,245,212 | 16,817,863 |
| Property and equipment, net | 61,400 | 75,692 |
| Other assets | 3,886,099 | 3,560,924 |
| Total assets (1) | $23,359,367 | $22,610,596 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $321,422 | $271,021 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 49,123 | 47,072 |
| Accrued expenses and other liabilities | 444,439 | 518,835 |
| Deferred revenue, current portion | 162,902 | 162,839 |
| Deferred grants, current portion | 9,004 | 8,681 |
| Finance lease obligations, current portion | 23,162 | 24,557 |
| Non-recourse debt, current portion | 513,397 | 269,510 |
| Total current liabilities | 1,523,449 | 1,302,515 |
| Deferred revenue, net of current portion | 1,380,846 | 1,350,494 |
| Deferred grants, net of current portion | 190,933 | 196,726 |
| Finance lease obligations, net of current portion | 24,914 | 36,908 |
| Convertible senior notes | 474,780 | 473,749 |
| Line of credit | 153,700 | 238,323 |
| Non-recourse debt, net of current portion | 14,016,021 | 13,708,532 |
| Other liabilities | 188,276 | 156,199 |
| Deferred tax liabilities | 198,783 | 163,176 |
| Total liabilities (1) | 18,151,702 | 17,626,622 |
| Commitments and contingencies (Note 14) | ||
| Redeemable noncontrolling interests | 816,076 | 709,255 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2026 and December 31, 2025; issued and outstanding, 240,126 and 233,612 shares as of June 30, 2026 and December 31, 2025, respectively | 24 | 23 |
| Additional paid-in capital | 6,967,992 | 6,899,277 |
| Accumulated other comprehensive income | 69,191 | 63,103 |
| Retained earnings | (3,547,123) | (3,829,919) |
| Total stockholders’ equity | 3,490,084 | 3,132,484 |
| Noncontrolling interests | 901,505 | 1,142,235 |
| Total equity | 4,391,589 | 4,274,719 |
| Total liabilities, redeemable noncontrolling interests and total equity | $23,359,367 | $22,610,596 |
1)The Company’s consolidated assets as of June 30, 2026 and December 31, 2025 include $15,867,122 and $15,593,689, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. Energy systems, net as of June 30, 2026 and December 31, 2025 were $14,026,301 and $13,777,190, respectively; cash as of June 30, 2026 and December 31, 2025 were $482,999 and $539,440, respectively; restricted cash as of June 30, 2026 and December 31, 2025 were $56,898 and $59,010, respectively; accounts receivable, net as of June 30, 2026 and December 31, 2025 were $129,921 and $118,907, respectively; inventories as of June 30, 2026 and December 31, 2025 were $184,717 and $180,841, respectively; prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were $7,075 and $64,588, respectively; and other assets as of June 30, 2026 and December 31, 2025 were $979,211 and $853,713, respectively. The Company’s consolidated liabilities as of June 30, 2026 and December 31, 2025 include $2,575,400 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2026 and December 31, 2025 of $5,204 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 of $49,124 and $47,073, respectively; accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 of $53,544 and $110,390, respectively; deferred revenue as of June 30, 2026 and December 31, 2025 of $1,031,169 and $1,025,241, respectively; non-recourse debt as of June 30, 2026 and December 31, 2025 of $1,415,834 and $1,434,535, respectively; and other liabilities as of June 30, 2026 and December 31, 2025 of $20,525 and $20,765, respectively.
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