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Sunrun (RUN) investor relations material

Sunrun Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Achieved $1.6B Aggregate Subscriber Value in Q2 2025, up 40% year-over-year, and record $376M Contracted Net Value Creation, up 316% year-over-year.

  • Fifth consecutive quarter of positive cash generation, with $27M in Q2 2025.

  • Storage attachment rate reached a record 70%, with customer additions with storage up 50% year-over-year.

  • Installed over 195,000 solar and storage systems, representing 3.2 GWh of networked storage capacity.

  • Expanded grid services, dispatching over 130,000 home batteries and enrolling 71,000+ customers in grid programs.

Financial highlights

  • Q2 2025 revenue was $569.3M, up 9% year-over-year; customer agreements and incentives revenue rose 18%, while product sales revenue fell 18%.

  • Net income attributable to common stockholders was $279.8M ($1.22 basic EPS, $1.07 diluted EPS) in Q2 2025.

  • Aggregate creation costs were $1.1B, up 11% year-over-year, but per-subscriber creation costs fell 4% to $36,887.

  • Net Subscriber Value per addition was $17,004, up 182% year-over-year; upfront net value margin reached 11%.

  • Gross Earning Assets reached $19.8B as of June 30, 2025; unrestricted cash at quarter end was $618M.

Outlook and guidance

  • Full-year 2025 Aggregate Subscriber Value guidance: $5.7B–$6.0B (14% growth midpoint); Contracted Net Value Creation: $1.0B–$1.3B (67% growth midpoint).

  • Q3 2025 guidance: Aggregate Subscriber Value $1.5B–$1.6B, Contracted Net Value Creation $275M–$375M, Cash Generation $50M–$100M.

  • Cash Generation guidance for 2025: $200M–$500M; safe harbor strategy extends ITC benefits through 2029.

  • Management expects continued macroeconomic and regulatory uncertainty, especially due to changes in federal tax credits and California's net billing tariff.

  • Cash, investment fund commitments, and available borrowings expected to meet anticipated cash needs for at least 12 months.

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Frequently asked questions

Sunrun Inc. engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar energy systems and products to its customers through referrals generated from its marketing efforts; and online channels, including owned Websites, search engine marketing campaigns, referral programs and network partnerships, as well as online marketplaces. The company leases and sells solar energy systems that generate electricity over contract periods ranging from 20 to 25 years. It has approximately 301,000 customers in 21 states, Puerto Rico and the District of Columbia. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California.

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