Sunrun Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $699,428 | $823,380 |
| Restricted cash | 421,757 | 413,460 |
| Accounts receivable (net of allowances for credit losses of $35,667 and $20,692 as of September 30, 2026 and December 31, 2025, respectively) | 289,933 | 262,627 |
| Inventories | 709,656 | 501,286 |
| Prepaid expenses and other current assets | 183,805 | 155,216 |
| Total current assets | 2,304,579 | 2,155,969 |
| Restricted cash | 148 | 148 |
| Energy systems, net | 17,410,940 | 16,817,863 |
| Property and equipment, net | 55,505 | 75,692 |
| Other assets | 4,199,515 | 3,560,924 |
| Total assets (1) | $23,970,687 | $22,610,596 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $419,673 | $271,021 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 52,155 | 47,072 |
| Accrued expenses and other liabilities | 498,389 | 518,835 |
| Deferred revenue, current portion | 166,651 | 162,839 |
| Deferred grants, current portion | 8,991 | 8,681 |
| Finance lease obligations, current portion | 22,727 | 24,557 |
| Non-recourse debt, current portion | 350,362 | 269,510 |
| Total current liabilities | 1,518,948 | 1,302,515 |
| Deferred revenue, net of current portion | 1,416,115 | 1,350,494 |
| Deferred grants, net of current portion | 187,985 | 196,726 |
| Finance lease obligations, net of current portion | 20,026 | 36,908 |
| Convertible senior notes | 475,314 | 473,749 |
| Line of credit | 135,077 | 238,323 |
| Non-recourse debt, net of current portion | 14,310,006 | 13,708,532 |
| Other liabilities | 202,053 | 156,199 |
| Deferred tax liabilities | 293,606 | 163,176 |
| Total liabilities (1) | 18,559,130 | 17,626,622 |
| Commitments and contingencies (Note 14) | ||
| Redeemable noncontrolling interests | 765,551 | 709,255 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of September 30, 2026 and December 31, 2025; no shares issued and outstanding as of September 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of September 30, 2026 and December 31, 2025; issued and outstanding, 241,228 and 233,612 shares as of September 30, 2026 and December 31, 2025, respectively | 24 | 23 |
| Additional paid-in capital | 6,986,340 | 6,899,277 |
| Accumulated other comprehensive income | 99,652 | 63,103 |
| Retained earnings | (3,393,877) | (3,829,919) |
| Total stockholders’ equity | 3,692,139 | 3,132,484 |
| Noncontrolling interests | 953,867 | 1,142,235 |
| Total equity | 4,646,006 | 4,274,719 |
| Total liabilities, redeemable noncontrolling interests and total equity | $23,970,687 | $22,610,596 |
1)The Company’s consolidated assets as of September 30, 2026 and December 31, 2025 include $16,096,818 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 September 30, 2026 and December 31, 2025 were $14,247,196 and $13,777,190, respectively; cash as of September 30, 2026 and December 31, 2025 were $398,189 and $539,440, respectively; restricted cash as of September 30, 2026 and December 31, 2025 were $58,919 and $59,010, respectively; accounts receivable, net as of September 30, 2026 and December 31, 2025 were $156,496 and $118,907, respectively; inventories as of September 30, 2026 and December 31, 2025 were $160,766 and $180,841, respectively; prepaid expenses and other current assets as of September 30, 2026 and December 31, 2025 were $11,177 and $64,588, respectively; and other assets as of September 30, 2026 and December 31, 2025 were $1,064,075 and $853,713, respectively. The Company’s consolidated liabilities as of September 30, 2026 and December 31, 2025 include $2,596,419 and $2,643,128, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of September 30, 2026 and December 31, 2025 of $6,531 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of September 30, 2026 and December 31, 2025 of $52,155 and $47,072, respectively; accrued expenses and other liabilities as of September 30, 2026 and December 31, 2025 of $55,360 and $110,390, respectively; deferred revenue as of September 30, 2026 and December 31, 2025 of $1,063,752 and $1,025,241, respectively; non-recourse debt as of September 30, 2026 and December 31, 2025 of $1,397,688 and $1,434,535, respectively; and other liabilities as of September 30, 2026 and December 31, 2025 of $20,933 and $20,765, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.