Revenue surged 52.8% year-over-year to $870.0M in 2026Q2, with gross margin expanding from 7.1% in 2024Q1 to 37.7%, though operating margin remains thin at 4.0% and net income swung to -$208.2M due to non-operating items.
Sunrun Inc. (RUN) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 3.85B | 2.96B | 2.04B | 2.26B | 2.32B | 1.61B | 922.19M | 858.58M | 759.98M | 529.7M | 453.9M | 304.61M | 198.56M | 54.74M |
| Revenue Growth % | 66.21% | 45.11% | -9.83% | -2.65% | 44.19% | 74.58% | 7.41% | 12.97% | 43.47% | 16.7% | 49.01% | 53.41% | 262.73% | - |
| Cost of Goods Sold | 2.42B | 2.16B | 1.71B | 2.1B | 2.02B | 1.37B | 743.53M | 645.83M | 534.92M | 448.08M | 399.24M | 280.54M | 173.7M | 43.09M |
| COGS % of Revenue | - | 73.2% | 83.88% | 92.78% | 87.13% | 84.81% | 80.63% | 75.22% | 70.39% | 84.59% | 87.96% | 92.1% | 87.48% | 78.71% |
| Gross Profit | 1.43B | 792.5M | 328.55M | 163.06M | 298.71M | 244.48M | 178.66M | 212.75M | 225.06M | 81.61M | 54.66M | 24.07M | 24.86M | 11.65M |
| Gross Margin % | 37.05% | 26.8% | 16.12% | 7.22% | 12.87% | 15.19% | 19.37% | 24.78% | 29.61% | 15.41% | 12.04% | 7.9% | 12.52% | 21.29% |
| Gross Profit Growth % | - | 141.21% | 101.49% | -45.41% | 22.18% | 36.84% | -16.02% | -5.47% | 175.76% | 49.31% | 127.07% | -3.16% | 113.33% | - |
| Operating Expenses | 1.18B | 918.63M | 4.02B | 2.14B | 960.9M | 910.67M | 643.77M | 428.49M | 346.94M | 263.82M | 269.56M | 243.27M | 157.48M | 65.62M |
| OpEx % of Revenue | - | 31.07% | 197.46% | 94.77% | 41.39% | 56.56% | 69.81% | 49.91% | 45.65% | 49.81% | 59.39% | 79.86% | 79.31% | 119.88% |
| Selling, General & Admin | 1.17B | 987.3M | 862.29M | 961.89M | 940M | 887.5M | 619.04M | 400.17M | 323.89M | 244.53M | 255.16M | 229.92M | 146.82M | 55.64M |
| SG&A % of Revenue | - | 33.39% | 42.32% | 42.56% | 40.49% | 55.13% | 67.13% | 46.61% | 42.62% | 46.16% | 56.21% | 75.48% | 73.94% | 101.64% |
| Research & Development | 39.34M | 36.13M | 39.3M | 21.82M | 20.91M | 23.16M | 19.55M | 23.56M | 18.84M | 15.08M | 10.2M | 9.66M | 8.39M | 9.98M |
| R&D % of Revenue | - | 1.22% | 1.93% | 0.97% | 0.9% | 1.44% | 2.12% | 2.74% | 2.48% | 2.85% | 2.25% | 3.17% | 4.22% | 18.24% |
| Other Operating Expenses | -1000K | -104.8M | 3.12B | 1.16B | 0 | 0 | 5.18M | 4.75M | 2.79M | -1.87M | 840K | -1.34M | -3.04M | -365K |
| Operating Income | 242.12M | -126.13M | -3.7B | -1.98B | -662.19M | -666.19M | -465.11M | -215.74M | -121.88M | -182.2M | -214.9M | -219.2M | -132.62M | -53.97M |
| Operating Margin % | 6.29% | -4.27% | -181.34% | -87.56% | -28.53% | -41.38% | -50.44% | -25.13% | -16.04% | -34.4% | -47.35% | -71.96% | -66.79% | -98.59% |
| Operating Income Growth % | - | 96.59% | -86.75% | -198.8% | 0.6% | -43.23% | -115.59% | -77.01% | 33.11% | 15.22% | 1.96% | -65.29% | -145.73% | - |
| EBITDA | 1.01B | 599.45M | -3.07B | -1.45B | -211.15M | -278.09M | -222.17M | -28.58M | 34.13M | -53.52M | -116.41M | -147.83M | -83.08M | -23.78M |
| EBITDA Margin % | 26.11% | 20.27% | -150.87% | -64.03% | -9.1% | -17.27% | -24.09% | -3.33% | 4.49% | -10.1% | -25.65% | -48.53% | -41.84% | -43.44% |
| EBITDA Growth % | 136.19% | 119.5% | -112.47% | -585.3% | 24.07% | -25.17% | -677.43% | -183.74% | 163.77% | 54.03% | 21.25% | -77.94% | -249.4% | - |
| D&A (Non-Cash Add-back) | 763.43M | 725.58M | 620.88M | 531.67M | 451.05M | 388.1M | 242.94M | 187.16M | 156.01M | 128.69M | 98.49M | 71.37M | 49.54M | 30.19M |
| EBIT | 465.52M | 1.23B | -3.53B | -2.04B | -401.54M | -643.56M | -456.92M | -224.99M | -119.09M | -183.01M | -191.24M | -220.97M | -140.01M | -54.33M |
| Net Interest Income | -1.06B | -2.41B | -848.37M | -652.99M | -445.82M | -327.7M | -230.6M | -174.25M | -131.77M | -92.25M | -73.34M | -33.24M | -27.52M | -11.75M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.06B | 2.41B | 848.37M | 652.99M | 445.82M | 327.7M | 230.6M | 174.25M | 131.77M | 92.25M | 73.34M | 33.24M | 27.52M | 11.75M |
| Other Income/Expense | -837.39M | -1.05B | -686.83M | -716.89M | -185.16M | -305.07M | -222.41M | -183.5M | -128.98M | -94.13M | -52.4M | -35.01M | -34.91M | -12.12M |
| Pretax Income | -595.28M | -1.18B | -4.38B | -2.7B | -847.35M | -971.26M | -687.52M | -399.24M | -250.86M | -254.6M | -267.31M | -254.21M | -167.53M | -66.09M |
| Pretax Margin % | -15.46% | -39.78% | -215.05% | -119.28% | -36.5% | -60.33% | -74.55% | -46.5% | -33.01% | -48.06% | -58.89% | -83.45% | -84.38% | -120.73% |
| Income Tax | -1.64M | -167.22M | -26.82M | -12.69M | 2.29M | 9.27M | -60.57M | -8.22M | 9.32M | 32.14M | 35.99M | -5.3M | -10.04M | -591K |
| Effective Tax Rate % | 0.28% | 14.22% | 0.61% | 0.47% | -0.27% | -0.95% | 8.81% | 2.06% | -3.72% | -12.62% | -13.46% | 2.08% | 5.99% | 0.89% |
| Net Income | 150.02M | 449.95M | -2.85B | -1.6B | 173.38M | -79.42M | -173.39M | 26.34M | 26.66M | 124.53M | 91.69M | -28.25M | -70.85M | -1.2M |
| Net Margin % | 3.9% | 15.22% | -139.67% | -71% | 7.47% | -4.93% | -18.8% | 3.07% | 3.51% | 23.51% | 20.2% | -9.27% | -35.68% | -2.19% |
| Net Income Growth % | 106.08% | 115.81% | -77.39% | -1025.44% | 318.3% | 54.2% | -758.42% | -1.21% | -78.59% | 35.82% | 424.6% | 60.13% | -5799.42% | - |
| Net Income (Continuing) | -593.64M | -1.01B | -4.36B | -2.68B | -849.64M | -980.53M | -626.95M | -391.02M | -260.19M | -287.62M | -320.84M | -248.91M | -157.49M | -65.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.72B | 1.85B | 1.61B | 1.68B | 1.47B | 1.32B | 1.21B | 673.27M | 460.38M | 477.81M | 389.13M | 252.63M | 227.7M | 167.39M |
| EPS (Diluted) | 0.55 | 1.71 | -12.81 | -7.41 | 0.79 | -4.78 | -4.49 | 0.21 | 0.23 | 1.15 | 0.72 | -0.51 | -0.89 | -0.02 |
| EPS Growth % | 117.71% | 113.35% | -72.87% | -1037.97% | 116.53% | -6.46% | -2238.1% | -8.7% | -80% | 59.72% | 241.18% | 42.7% | -5755.26% | - |
| EPS (Basic) | - | 1.96 | -12.81 | -7.41 | 0.82 | -4.78 | -4.49 | 0.23 | 0.23 | 1.18 | 0.73 | -0.51 | -0.89 | -0.02 |
| Diluted Shares Outstanding | 274.52M | 271.24M | 222.22M | 216.64M | 219.16M | 205.13M | 139.61M | 123.88M | 117.11M | 108.21M | 104.96M | 55.09M | 79.27M | 79.27M |
| Basic Shares Outstanding | 240.91M | 232.6M | 222.22M | 216.64M | 211.35M | 205.13M | 139.61M | 116.4M | 115.9M | 105.43M | 102.37M | 55.09M | 79.27M | 79.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RUN stock.
For fiscal year 2025, Sunrun Inc. (RUN) reported total revenue of $2.96B. This represents a 5301.9% increase compared to $54.7M in 2013.
Sunrun Inc. (RUN) is profitable, generating $449.9M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.
Sunrun Inc. (RUN) reported an operating income of $-126.1M, resulting in an operating profit margin of -4.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Sunrun Inc. (RUN) generated $792.5M in gross profit for the year, representing a gross profit margin of 26.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Net income volatility from non-operating items
Metrics are mathematically derived from official filings.
Revenue Rebound Accelerates Sharply
Sunrun's revenue surged 52.8% year-over-year in 2026Q2 to $870.0M, following a 123.5% jump in 2025Q4, indicating a strong acceleration in installation demand.
The sequential and year-over-year growth rates suggest a robust recovery from the 2024 trough, where revenue contracted by up to 22.3% in 2024Q1. The 2025Q4 spike to $1.2B appears to be a seasonal or one-time surge, but the sustained double-digit growth in 2026Q1 and Q2 indicates durable momentum. Investors should monitor whether this growth is driven by volume or pricing, as the data does not break down these components.
Gross Margin Expansion Signals Pricing Power
Gross margin improved from 7.1% in 2024Q1 to 37.7% in 2026Q2, a dramatic expansion that suggests enhanced pricing power or lower component costs.
The gross margin trajectory shows a clear inflection starting in 2025Q3, with margins consistently above 30% in recent quarters. This improvement likely reflects a shift in business mix toward higher-margin leasing or storage products, though the data does not specify. Compared to peers like SunPower (48.5%) and Shoals (35.0%), Sunrun's margin is competitive, but the volatility in 2024 (ranging from 7.1% to 19.6%) highlights cyclicality. The sustainability of this margin expansion warrants close monitoring.
Operating Leverage Emerges After Cost Discipline
Operating income swung from a -$183.1M loss in 2024Q1 to a $34.8M profit in 2026Q2, with operating margin improving from -40.0% to 4.0%.
The improvement in operating leverage is notable: while revenue grew 52.8% year-over-year in 2026Q2, SG&A increased only modestly from $203.5M in 2024Q1 to $283.2M, indicating that overhead costs are not scaling proportionally. However, the 2025Q4 operating income of $97.4M was an outlier, and the 2026Q2 margin of 4.0% is still thin. This suggests that Sunrun is achieving operational efficiency, but the sustainability of this leverage depends on maintaining revenue growth without a corresponding rise in SG&A.
Net Income Distorted by Non-Operating Items
Net income swung from -$208.2M in 2026Q2 to +$167.6M in 2026Q1, with EPS ranging from -$12.51 to $1.07, indicating significant non-operating volatility.
The reported net income figures are heavily influenced by items outside core operations, such as changes in fair value of derivatives or tax benefits. For instance, 2025Q2 net income of $280.4M on a -$114.3M operating loss suggests a large non-operating gain. Similarly, 2024Q4's -$2.8B net income on a -$3.3B operating loss likely includes impairment charges. Investors should focus on operating income and cash flow to assess underlying profitability, as EPS is not a reliable indicator of operational performance.
COGS and SG&A Drive Cost Structure
COGS as a percentage of revenue fell from 92.9% in 2024Q1 to 62.3% in 2026Q2, while SG&A remained elevated at around 32-38% of revenue.
The primary cost lines are COGS and SG&A, with R&D being minimal (around 1-2% of revenue). The significant reduction in COGS ratio is the main driver of gross margin expansion, likely due to lower panel costs or improved installation efficiency. SG&A, however, has remained sticky, hovering around $200-330M per quarter, which limits operating margin expansion. Management's expense discipline appears focused on COGS, but SG&A efficiency will be key to achieving sustainable profitability.
2025Q4 Marks Operational Turning Point
The 2025Q4 quarter saw revenue jump to $1.2B and operating income reach $97.4M, a stark contrast to the losses in prior quarters, signaling a potential inflection.
This quarter appears to be the most significant inflection point in the income statement history, with revenue more than doubling year-over-year and operating margin reaching 8.4%. The subsequent quarters in 2026 maintained positive operating income, albeit at lower levels, suggesting that the 2025Q4 performance was not a one-off. The drivers likely include a combination of higher installations, improved pricing, and cost reductions. The lasting impact is a shift from a loss-making trajectory to a marginally profitable one, though the sustainability of this inflection remains to be seen.
Net Income Volatility Masks Core Weakness
Despite revenue growth, Sunrun's operating income remains thin at 4.0% in 2026Q2, and net income swings are driven by non-operating items, raising questions about core profitability.
Short-sellers would likely highlight that the reported net income is not a reliable indicator of operational health, given the extreme volatility and the influence of non-operating gains and losses. The operating margin, while improved, is still below peers like Shoals (11.9%) and Array (5.7%). Additionally, the high SG&A intensity and reliance on debt financing for solar leases could pressure future margins if interest rates rise. The sustainability of the revenue growth and margin expansion is unproven, and investors should monitor cash flow from operations to validate the earnings quality.