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Dec 31, 2025
Sunrun Q4 2025 Earnings Report
Sunrun reported strong Q4 2025 results with significant revenue growth, positive net income, and record storage attachment rates.
Key Takeaways
Sunrun delivered substantial year-over-year revenue growth in Q4 2025, driven primarily by energy systems and product sales. The company generated positive net income and strong cash generation, while achieving a record 71% storage attachment rate and $176 million in contracted net value creation.
Total revenue increased 124% year-over-year to 1158833000.
Net income attributable to common stockholders was 103574000, with diluted EPS of 0.38.
Storage attachment rate reached a record 71% in Q4.
Cash Generation was 187000000 during the quarter.
Revenue by Segment
Forward Guidance
For full year 2026, Sunrun expects Aggregate Subscriber Value between 4800000000 and 5200000000, Contracted Net Value Creation between 650000000 and 1050000000, and Cash Generation between 250000000 and 450000000.
Positive Outlook
- Aggregate Subscriber Value expected between 4800000000 and 5200000000 for FY2026.
- Contracted Net Value Creation projected between 650000000 and 1050000000 for FY2026.
- Cash Generation expected between 250000000 and 450000000 for FY2026.
- Positive Cash Generation expected in Q1 2026.
- Strong capital markets positioning with extended debt maturities.
Challenges Ahead
- Q1 2026 Contracted Net Value Creation guidance ranges widely from 25000000 to 125000000.
- Aggregate Subscriber Value in Q1 2026 expected lower than Q4 2025.
- Cash Generation guidance excludes potential safe harbor investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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