Sunrun (RUN) Q1 2026 earnings summary

Executive summary

• Achieved total revenue of $722.2 million in Q1 2026, up 43% year-over-year, with net income attributable to common stockholders of $167.6 million, and aggregate subscriber value of $1.1 billion.

• Storage attachment rate reached a record 73%, with strong direct sales momentum and a focus on vertical integration and capital-light recurring cash flows.

• Net subscriber value per addition was $11,892, up 14% year-over-year, and upfront net subscriber value margin was 9% of contracted subscriber value.

• Cash generation was negative $59 million, impacted by project finance timing and safe harbor investments.

• Subscriber additions were 17,665, representing an 11% increase in total subscribers year-over-year but a 25% decrease in quarterly additions.

Financial highlights

• Customer agreements and incentives revenue increased 16% year-over-year to $467.8 million, while energy systems and product sales revenue rose 151% to $254.4 million.

• Aggregate creation costs were $872 million, with creation costs per subscriber addition at $49,348, up 18% year-over-year.

• Upfront net value creation was $91 million, or 9% of aggregate contracted subscriber value, with unit value $5,136 per subscriber.

• Ended Q1 with $680 million in unrestricted cash and $626 million in recourse debt, having repaid $92 million of recourse debt in Q1.

• Net cash provided by operating activities was $10.6 million, with $428.6 million used in investing activities and $270.2 million provided by financing activities.

Outlook and guidance

• Reiterated full-year 2026 cash generation guidance of $250 million to $450 million, excluding $50–$100 million for safe harbor investments.

• Aggregate subscriber value expected between $1.1 billion and $1.2 billion in Q2 2026, and $4.8 billion to $5.2 billion for full-year 2026.

• Contracted net value creation expected between $100 million and $200 million in Q2 2026, and $650 million to $1,050 million for full-year 2026.

• Guidance assumes continued capital market access, stable or improving ITC pricing, and strong direct business growth.