Sunrun Inc
sunrun.comWhat Do They Do?
Provides solar power and battery storage to homeowners, and residential energy-system services to commercial developers.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Residential customers generally pay monthly for solar power under leases or power-purchase agreements, though some prepay. Sunrun also sells energy systems to customers or third-party investors, solar products to resellers, and renewable-energy credits.
10-K for FY2025, filed Feb 26, 2026We provide clean, solar energy and energy storage to customers. Since we were founded in 2007, we have been providing solar energy to…View ↗
Although many of our customers choose to pay little to nothing upfront and instead receive a monthly bill, some customers choose to prepay…View ↗
Revenue from Customer Agreements includes payments by customers for the use of the system as well as utility and other rebates assigned by…View ↗
-
10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$3B
-
10-K for FY2025, filed Feb 26, 2026
$3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Customer agreements
Recurring
10-K for FY2025, filed Feb 26, 2026 |
58%
FY2022: 38%
|
Customer agreements, FY2025
$1.7B Sources
|
Recurring |
|
Incentives
Sold outright
|
3.7%
FY2022: 4.8%
|
Incentives, FY2025
$110.5M Sources
|
Sold outright |
|
Energy systems
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
30% |
Energy systems, FY2025
$878.3M Sources
|
Sold outright |
|
Products
Sold outright
|
8.8%
FY2022: 18%
|
Products, FY2025
$259.6M Sources
|
Sold outright |
Who Are Their Customers?
Homeowners get solar service or systems through Sunrun's direct sales channels or through energy-system and retail partners; commercial developers buy multi-family and new-home services, while resellers buy solar products.
10-K for FY2025, filed Feb 26, 2026We are engaged in the design, development, installation, sale, ownership and maintenance of residential energy systems (“Projects”) in the…View ↗
We sell storage and solar service offerings and install energy systems for customers through our direct-to-consumer channel. These energy…View ↗
We contract with a variety of organizations that act as either exclusive or non-exclusive (depending on the terms of their contract with…View ↗
Our strategic partnerships encompass relationships with new market entrants not previously engaged in solar or energy storage, including…View ↗
We offer our solar service offerings both directly to the customer and through our energy system partners, which include sales and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$115.2MView ↗
- ▼ −59%
- vs $279.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
Growing. Revenue grew 84% in 4 years, from $1.6B in FY2021 to $3B in FY2025, about 16% a year.
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