Sunrun Inc. (RUN) Income Statement
RUN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRUN revenue and net income
Where RUN's revenue goes
2025Each bar shows an amount and its share of revenue. RUN kept 15.2% of revenue as net income.
RUN profit margins
RUN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +45.1% | +8.4% | +26.2% | +25.5% |
| Gross profit | +141.2% | +38.4% | +34.7% | +41.8% |
| Operating income | — | — | — | — |
| Net income | — | +37.4% | — | — |
| EPS (diluted) | +43.7% | +30.5% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RUN quarterly EPS vs estimates
Sunrun beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.26).
RUN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.04B | $2.26B | $2.32B | $1.61B | $922.2M | $858.6M | $760.0M | $529.7M | $453.9M |
| Cost of revenue | $2.16B | $1.71B | $2.10B | $2.02B | $1.37B | $743.5M | $645.8M | $534.9M | $448.1M | $399.2M |
| Gross profit | $792.5M | $328.6M | $163.1M | $298.7M | $244.5M | $178.7M | $212.7M | $225.1M | $81.6M | $54.7M |
| Research & development | $36.1M | $39.3M | $21.8M | $20.9M | $23.2M | $19.5M | $23.6M | $18.8M | $15.1M | $10.2M |
| Sales, general & admin | $278.0M | $862.3M | $961.9M | $940.0M | $887.5M | $619.0M | $400.2M | $323.9M | $244.5M | $255.2M |
| Total operating expenses | $918.6M | $4.02B | $2.14B | $960.9M | $910.7M | $643.8M | $428.5M | $346.9M | $263.8M | $269.6M |
| Operating income | −$126.1M | −$3.70B | −$1.98B | −$662.2M | −$666.2M | −$465.1M | −$215.7M | −$121.9M | −$182.2M | −$214.9M |
| Interest income | — | — | — | — | — | — | $174.2M | $131.8M | $92.3M | $73.3M |
| Interest expense | $2.41B | $848.4M | $653.0M | $445.8M | $327.7M | $230.6M | $174.2M | $131.8M | $92.3M | $73.3M |
| Income before taxes | −$1.18B | −$4.38B | −$2.70B | −$847.4M | −$971.3M | −$687.5M | −$399.2M | −$250.9M | −$254.6M | −$267.3M |
| Income taxes | −$167.2M | −$26.8M | −$12.7M | $2.3M | $9.3M | −$60.6M | −$8.2M | $9.3M | $32.1M | $36.0M |
| Net income | $449.9M | −$2.85B | −$1.60B | $173.4M | −$79.4M | −$173.4M | $26.3M | $26.7M | $124.5M | $91.7M |
| EBITDA | $1.95B | −$2.91B | −$1.51B | $49.5M | −$255.5M | −$214.0M | −$37.8M | $36.9M | −$54.3M | −$92.7M |
| EPS (diluted) | $1.71 | $1.19 | −$1.80 | $0.77 | −$0.40 | −$0.81 | $0.20 | $0.23 | $0.85 | $0.87 |
| Gross margin | 26.8% | 16.1% | 7.2% | 12.9% | 15.2% | 19.4% | 24.8% | 29.6% | 15.4% | 12.0% |
| Operating margin | −4.3% | −181.3% | −87.6% | −28.5% | −41.4% | −50.4% | −25.1% | −16.0% | −34.4% | −47.3% |
| Net margin | 15.2% | −139.7% | −71.0% | 7.5% | −4.9% | −18.8% | 3.1% | 3.5% | 23.5% | 20.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870.0M | $722.2M | $1.16B | $724.6M | $569.3M | $504.3M | $518.5M | $537.2M | $523.9M | $458.2M | $516.6M | $563.2M |
| Cost of revenue | $541.8M | $502.4M | $749.8M | $481.3M | $474.9M | $405.4M | $421.0M | $433.7M | $428.8M | $425.7M | $482.6M | $518.0M |
| Gross profit | $328.2M | $219.8M | $409.1M | $243.3M | $94.4M | $98.8M | $97.5M | $103.5M | $95.1M | $32.5M | $34.0M | $45.2M |
| Research & development | $10.2M | $10.1M | $8.8M | $9.3M | $8.1M | $10.0M | $8.8M | $8.2M | $10.2M | $12.1M | $7.7M | $5.0M |
| Sales, general & admin | $283.2M | $253.2M | $83.2M | $230.3M | $71.5M | $203.8M | $222.8M | $223.1M | $212.9M | $203.5M | $64.4M | $229.6M |
| Total operating expenses | $293.4M | $263.3M | $311.7M | $239.6M | $208.8M | $213.7M | $3.35B | $231.3M | $223.1M | $215.6M | $231.5M | $1.39B |
| Operating income | $34.8M | −$43.5M | $97.4M | $3.7M | −$114.3M | −$114.9M | −$3.26B | −$127.8M | −$128.0M | −$183.1M | −$197.5M | −$1.35B |
| Interest expense | $264.4M | $263.9M | $256.4M | $265.8M | $252.0M | $227.4M | $233.4M | $215.6M | $207.2M | $192.2M | $181.8M | $171.3M |
| Income before taxes | −$212.1M | −$290.3M | −$134.7M | −$275.7M | −$373.9M | −$387.7M | −$3.40B | −$426.0M | −$270.9M | −$285.4M | −$537.0M | −$1.44B |
| Income taxes | −$4.0M | $7.1M | $40.4M | $2.2M | −$94.9M | −$110.5M | $136,000 | −$13.8M | −$10.9M | −$2.2M | −$1.6M | $29.8M |
| Net income | −$208.2M | $167.6M | $103.6M | $16.6M | $280.4M | $50.0M | −$2.81B | −$83.8M | $139.1M | −$87.8M | −$350.1M | −$1.07B |
| EBITDA | $245.1M | $163.2M | $306.2M | $171.7M | $67.8M | $9.6M | −$3.00B | −$54.8M | $88.8M | $57.3M | −$212.2M | −$1.13B |
| EPS (diluted) | $0.42 | $0.62 | $0.38 | $0.06 | $1.07 | $0.20 | $1.41 | −$0.37 | $0.55 | −$0.40 | −$1.33 | $0.40 |
| Gross margin | 37.7% | 30.4% | 35.3% | 33.6% | 16.6% | 19.6% | 18.8% | 19.3% | 18.1% | 7.1% | 6.6% | 8.0% |
| Operating margin | 4.0% | −6.0% | 8.4% | 0.5% | −20.1% | −22.8% | −628.0% | −23.8% | −24.4% | −40.0% | −38.2% | −239.3% |
| Net margin | −23.9% | 23.2% | 8.9% | 2.3% | 49.2% | 9.9% | −542.7% | −15.6% | 26.5% | −19.2% | −67.8% | −189.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RUN's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RUN financial results
In fiscal year 2025 (ended December 31, 2025), Sunrun reported revenue of $3.0 billion, up 45.1% from the year before. It had net income of $449.9 million, a net profit margin of 15.2%. Diluted earnings per share came to $1.71. Over five years revenue grew at an average rate of 26.2% a year.
See the RUN stock overview for the latest quote and news, or the RUN chart for price history and technical indicators.
RUN income statement FAQ
What is Sunrun's annual revenue?
Sunrun reported total revenue of $3.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 45.1% from $2.0 billion the previous year.
Is Sunrun profitable?
Yes. Sunrun reported net income of $449.9 million in fiscal 2025, a net profit margin of 15.2%; its operating margin was −4.3%.
What is Sunrun's gross margin?
Sunrun's gross margin was 26.8% in fiscal 2025: for every $100 of revenue, Sunrun kept $27 after the direct cost of its products and services.
How much does Sunrun spend on research and development?
Sunrun spent $36.1 million on research and development in fiscal 2025, 1.2% of revenue.
How fast is Sunrun growing?
Revenue grew 26.2% a year on average over the last five fiscal years, from $922.2 million to $3.0 billion.
What are Sunrun's earnings per share?
Sunrun earned $1.71 per diluted share in fiscal 2025, compared with $1.19 a year earlier.
When will Sunrun report its next earnings?
Sunrun is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Sunrun's fiscal year end?
Sunrun's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.