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Sunrun (RUN) investor relations material
Sunrun Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved sixth consecutive quarter of positive cash generation, with $108 million in Q3 2025 and net change in cash and restricted cash of $144 million.
Aggregate Subscriber Value reached $1.6 billion in Q3, up 10% year-over-year; Contracted Net Value Creation was $279 million, up 35% year-over-year.
Customer base exceeded 1.1 million, with over 217,000 storage systems installed and 8.2 GW of solar capacity; Storage Attachment Rate rose to 70%.
Launched the nation’s first residential vehicle-to-grid distributed power plant program in partnership with BGE; over 106,000 customers enrolled in grid service programs.
Achieved total revenue of $724.6 million for Q3 2025, up 35% year-over-year, with net income attributable to common stockholders of $16.6 million.
Financial highlights
Upfront Net Subscriber Value margin expanded to 7% (+5 ppt y/y), driven by cost control and higher-value offerings; Net Subscriber Value per addition was $13,205 (+11% y/y).
Aggregate Creation Costs were $1.2 billion in Q3, up 3% year-over-year; Creation Costs per Subscriber Addition were $39,241 (+4%).
Customer agreements and incentives revenue increased 21% year-over-year to $491.6 million; solar energy systems and product sales revenue rose 77% to $233.0 million.
Net income attributable to common stockholders was $16.6 million, or $0.07 per basic share and $0.06 per diluted share.
Net Earning Assets were $8.2 billion; Contracted Net Earning Assets were $3.4 billion ($14.56/share).
Outlook and guidance
Full-year 2025 guidance: Aggregate Subscriber Value $5.7–$6.0 billion (14% growth at midpoint), Contracted Net Value Creation $1.0–$1.3 billion (67% growth at midpoint), Cash Generation $250–$450 million.
Q4 2025 guidance: Aggregate Subscriber Value $1.33–$1.63 billion, Contracted Net Value Creation $182–$482 million, Cash Generation $60–$260 million.
Expects to grow in 2026 despite industry volume declines, leveraging subscription and storage-first strategy.
Management expects continued market uncertainty due to interest rate volatility, regulatory changes, and supply chain risks.
Believes current cash, investment fund commitments, and available borrowings are sufficient for at least the next 12 months.
Implications of narrowed 2025 Cash Gen guidance?
Impact of V2G pilot on future strategy?
Impact of Q3 asset sale on future revenue mix?
Grid services NPV upside beyond $2,000
New asset sale structure's GAAP P&L impact
25D expiration impact on 2026 Q1/Q2 volume
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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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