Sunrun (Nasdaq: RUN) announced its financial results for the fourth quarter and full year ended December 31, 2025, highlighting improved cash generation, balance sheet strengthening, and continued execution of its storage-first strategy. The company also provided financial guidance for 2026, projecting continued positive cash performance.
For the full-year 2025, Sunrun reported a $290 million net increase in cash and restricted cash, alongside total Cash Generation of $377 million. The company positioned this improvement as a key milestone in its effort to enhance liquidity and financial flexibility.
Looking ahead, Sunrun expects full-year 2026 Cash Generation to range between $250 million and $450 million, excluding potential investment tied to safe harbor strategies.
During the fourth quarter, Sunrun reported an Aggregate Subscriber Value of $1.3 billion and Contracted Net Value Creation of $176 million, or $0.76 per share. The company also achieved a record storage attachment rate of 71%, reflecting its continued shift toward integrated solar-plus-storage offerings.
In addition, Sunrun paid down $81 million in recourse debt during the quarter using excess cash, reinforcing its focus on strengthening the balance sheet.
During the fourth quarter, Sunrun reported an Aggregate Subscriber Value of $1.3 billion and Contracted Net Value Creation of $176 million, or $0.76 per share. The company also achieved a record storage attachment rate of 71%, reflecting its continued shift toward integrated solar-plus-storage offerings.
In addition, Sunrun paid down $81 million in recourse debt during the quarter using excess cash, reinforcing its focus on strengthening the balance sheet.
A central theme of the update was Sunrun’s storage-first operating strategy. The storage attachment rate rose to 71% in Q4, compared to 62% a year earlier. The company reported installing more than 237,000 storage and solar systems to date, representing approximately 4.0 gigawatt-hours of networked storage capacity.
Management emphasized that increasing storage penetration enhances grid resilience while improving customer value and long-term economics.
Sunrun detailed several financing actions during the quarter. The company extended the maturity of a working capital facility to March 2028 and announced the formation of a joint venture designed to finance more than 300 megawatts across 40,000-plus home power plants. The structured equity investment capacity for the venture could reach up to $500 million over 18 months.
The company also noted that it has no recourse debt maturities until March 2028, supporting improved financial visibility.
Subscriber additions in Q4 totaled 25,475, representing a 17% decline year over year. However, total subscribers reached 997,280 as of December 31, 2025, marking 12% growth compared to the prior year.
Storage capacity installed during the quarter was 371 MWh, down 5% year over year, while solar capacity installed reached 216 MW, reflecting an 11% decrease. The company indicated that its evolving business model and strategic adjustments influenced installation volumes.
On a GAAP basis, Sunrun reported Q4 total revenue of $1,158.8 million, representing a 124% increase year over year. Net income attributable to common stockholders was $103.6 million, translating to $0.45 basic earnings per share and $0.38 diluted earnings per share.
The company noted that part of the revenue increase reflects a transaction introduced in Q3 2025 involving sales of certain storage and solar systems linked to newly originated customer agreements, while Sunrun continues servicing those customers.
For the full year, total revenue reached $2,957.0 million, up 45% compared to 2024. Net income attributable to common stockholders totaled $449.9 million, equivalent to $1.96 basic EPS and $1.71 diluted EPS.
The results reflect both operational performance and the impact of strategic transactions executed during the year.
For the first quarter of 2026, Sunrun expects Aggregate Subscriber Value between $850 million and $950 million. Contracted Net Value Creation is projected in the range of $25 million to $125 million, and Cash Generation is expected to remain positive.
Looking at the full year, Sunrun projects Aggregate Subscriber Value between $4.8 billion and $5.2 billion. Contracted Net Value Creation is expected to range from $650 million to $1,050 million. Cash Generation is forecasted between $250 million and $450 million, excluding the potential impact of safe harbor-related investments.
With strengthened liquidity, reduced near-term debt maturities, and increasing storage adoption, Sunrun enters 2026 focused on disciplined growth and continued cash generation within its evolving residential solar and storage platform.
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