Revenue growth remains highly volatile, oscillating from a 22.3% contraction in 2024Q1 to a 123.5% expansion by 2025Q4, while gross margins have struggled to maintain consistency, peaking at 35.3% in 2025Q4.
| 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 | 3.17B | 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 % | 52.36% | 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 | 1.71B | 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 | 746.75M | 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 % | 23.52% | 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 | 1.53B | 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 | 1.04B | 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 | 36.29M | 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 | -56.85M | -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 % | -1.79% | -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 | 540.96M | 694.67M | -3.07B | -1.45B | -211.15M | -278.09M | -222.17M | -28.58M | 42.73M | -47.02M | -98.5M | -147.83M | -83.08M | -23.78M |
| EBITDA Margin % | 17.04% | 23.49% | -150.87% | -64.03% | -9.1% | -17.27% | -24.09% | -3.33% | 5.62% | -8.88% | -21.7% | -48.53% | -41.84% | -43.44% |
| EBITDA Growth % | 118.11% | 122.6% | -112.47% | -585.3% | 24.07% | -25.17% | -677.43% | -166.88% | 190.87% | 52.27% | 33.37% | -77.94% | -249.4% | - |
| D&A (Non-Cash Add-back) | 597.81M | 820.8M | 620.88M | 531.67M | 451.05M | 388.1M | 242.94M | 187.16M | 164.61M | 135.19M | 116.41M | 71.37M | 49.54M | 30.19M |
| EBIT | -10.09M | 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 | -510.22M | -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 | 510.22M | 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 | -1.02B | -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 | -1.07B | -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 % | -33.84% | -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 | -45.26M | -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 % | 4.21% | 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 | 568.2M | 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 % | 17.9% | 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 % | 120.98% | 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) | -564.29M | -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 | 47.94M | 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) | 2.09 | 1.71 | -12.81 | -7.41 | -3.88 | -4.78 | -4.49 | -3.16 | 0.23 | 1.15 | 0.72 | -0.51 | -0.89 | -0.02 |
| EPS Growth % | 115.66% | 113.35% | -72.87% | -90.98% | 18.83% | -6.46% | -42.09% | -1473.91% | -80% | 59.72% | 241.18% | 42.7% | -5755.26% | - |
| EPS (Basic) | - | 1.96 | -12.81 | -7.41 | -4.02 | -4.78 | -4.49 | -3.36 | 0.23 | 1.18 | 0.73 | -0.51 | -0.89 | -0.02 |
| Diluted Shares Outstanding | 272.35M | 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 | 234.58M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest rate sensitivity
According to the provided quarterly data, Sunrun's revenue trajectory remains highly inconsistent, oscillating from a 22.3% contraction in 2024Q1 to a significant 123.5% expansion by 2025Q4, reflecting the inherent sensitivity of residential solar installations to seasonal demand shifts and evolving regulatory environments like NEM 3.0.
The extreme variance in top-line performance suggests that Sunrun's growth is heavily dependent on external factors rather than steady, organic demand. Investors should monitor whether the recent revenue surge is sustainable or merely a temporary spike driven by specific tax incentive cycles or project timing.
As reported in financial statements, Sunrun's gross margin profile has demonstrated significant volatility, ranging from a low of 6.6% in 2023Q4 to a peak of 35.3% in 2025Q4, indicating that the company's ability to capture value is highly sensitive to installation costs and product mix.
The wide fluctuation in margins implies that Sunrun lacks consistent pricing power, likely due to the competitive nature of the residential solar market and the high variable costs associated with its direct-to-consumer model. Future margin stability appears contingent on the company's ability to successfully increase battery attachment rates and optimize installation soft costs.
Based on the reported income statement figures, Sunrun has struggled to achieve consistent operating leverage, with operating margins frequently dipping into negative territory, such as the -40.0% margin recorded in 2024Q1, despite periodic attempts to manage SG&A expenses relative to gross profit growth.
The persistent gap between gross profit and operating income suggests that the company's corporate overhead and customer acquisition costs remain disproportionately high relative to its scale. This indicates that the business model may require significantly higher installation volumes or a shift toward higher-margin grid services to reach sustainable operating profitability.
Analysis of the income statement reveals that Sunrun's net income is frequently decoupled from operational performance, as evidenced by the massive $2.8 billion loss in 2024Q4 followed by a $167.6 million profit in 2026Q1, largely driven by tax equity accounting and non-controlling interest adjustments.
The extreme swings in net income suggest that GAAP earnings are not a reliable proxy for the company's underlying economic health or cash-generating capability. Investors should exercise caution when interpreting these figures, as they are heavily influenced by complex tax monetization strategies rather than core operational efficiency.
Data from recent filings suggests that Sunrun's reliance on external financing and the inherent complexity of its 20-year PPA model create significant risks, as the company's profitability remains vulnerable to rising interest rates and potential shifts in the regulatory landscape for distributed energy resources.
Short-sellers may focus on the company's inability to generate consistent GAAP operating income and its heavy dependence on the securitization market to fund growth. The potential for margin compression, combined with the long-term nature of its assets, warrants further investigation into the company's true cost of capital and long-term cash flow durability.
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.