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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Sunrun
Sunrun (RUN) investor relations material
Sunrun Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record cash generation of $377 million in 2025, driven by a disciplined, margin-focused growth strategy, high storage attachment rates, and a shift to storage-first offerings.
Net income reached $449.9 million for 2025, reversing prior year losses, with a focus on higher-value customer segments and improved unit economics.
Storage attachment rate reached 71% by year-end, with over 237,000 storage and solar systems installed.
Sunrun Direct business now represents over two-thirds of volume, with high single-digit to low double-digit growth expected in 2026.
Transitioned to a diversified capital structure, including asset sales and joint ventures, enhancing GAAP results and capital flexibility.
Financial highlights
Q4 2025 revenue was $1,158.8 million, up 124% year-over-year; full year revenue was $2,957.0 million, up 45%.
Aggregate Subscriber Value for 2025 was $5.6 billion (+10% YoY); Contracted Net Value Creation reached $1.0 billion (+44% YoY).
Q4 2025 Subscriber Additions were 25,475, down 17% year-over-year; full year additions were 108,000, flat year-over-year.
Upfront Net Subscriber Value margin improved to 7% in 2025 (+6ppt YoY); Net Subscriber Value per unit was $9,100, down $3,800 year-over-year.
Net Earning Assets at year-end were $8.5 billion ($36.55/share); Contracted Net Earning Assets were $3.6 billion ($15.28/share).
Outlook and guidance
2026 Aggregate Subscriber Value guidance: $4.8–$5.2 billion; Contracted Net Value Creation: $650–$1,050 million.
Cash Generation guidance for 2026 is $250–$450 million, with positive cash generation expected each quarter.
Plan to repay over $100 million in parent recourse debt in 2026, targeting leverage below 2x Cash Generation.
Safe harbor investments for ITC compliance may require $50–$100 million in cash allocation in 2026.
Direct channels expected to grow in 2026, offsetting industry-wide volume declines post-ITC sunset.
How do third-party system sales affect margins?
Volume vs. margin in Q4 subscriber additions?
Monetization of distributed power plant network?
What is the long-term volume strategy post-affiliate cut?
Capital allocation post-debt target achievement?
How do new financing structures impact value?
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Next Sunrun earnings date
Q1 20266 May, 2026
Sunrun
Next Sunrun earnings date
Q1 20266 May, 2026
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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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