Sunrun Inc Financials

RUN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Sunrun Inc (RUN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 6/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Sunrun Inc has an operating margin of -181.3%, meaning the company retains $-181 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -87.6% the prior year.

Growth

Sunrun Inc's revenue declined 9.8% year-over-year, from $2.3B to $2.0B. This contraction results in a growth score of 0/100.

Leverage

Sunrun Inc has elevated debt relative to equity (D/E of 5.05), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Sunrun Inc's current ratio of 1.29 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Sunrun Inc generated -$766.2M in operating cash flow, capex of $1.6M consumed most of it, leaving -$767.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Sunrun Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.27x

For every $1 of reported earnings, Sunrun Inc generates $0.27 in operating cash flow (-$766.2M OCF vs -$2.8B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$2.0B

YoY-9.8%

5Y CAGR+18.9%

10Y CAGR+26.2%

Sunrun Inc generated $2.0B in revenue in fiscal year 2024. This represents a decrease of 9.8% from the prior year.

EBITDA

-$3.7B

YoY-87.5%

Sunrun Inc's EBITDA was -$3.7B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 87.5% from the prior year.

Free Cash Flow

-$767.7M

YoY+8.8%

Sunrun Inc generated -$767.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 8.8% from the prior year.

Net Income

-$2.8B

YoY-77.4%

Sunrun Inc reported -$2.8B in net income in fiscal year 2024. This represents a decrease of 77.4% from the prior year.

EPS (Diluted)

$-12.81

YoY-72.9%

Sunrun Inc earned $-12.81 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 72.9% from the prior year.

Cash & Debt

$947.4M

YoY-4.1%

5Y CAGR+21.1%

10Y CAGR+20.1%

Sunrun Inc held $947.4M in cash against $12.9B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

226M

YoY+2.9%

5Y CAGR+13.8%

Sunrun Inc had 226M shares outstanding in fiscal year 2024. This represents an increase of 2.9% from the prior year.

Gross Margin

N/A

Operating Margin

-181.3%

YoY-93.8pp

5Y CAGR-156.2pp

10Y CAGR-114.5pp

Sunrun Inc's operating margin was -181.3% in fiscal year 2024, reflecting core business profitability. This is down 93.8 percentage points from the prior year.

Net Margin

-139.7%

YoY-68.7pp

5Y CAGR-142.7pp

10Y CAGR-104.0pp

Sunrun Inc's net profit margin was -139.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 68.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$39.3M

YoY+80.2%

5Y CAGR+10.8%

10Y CAGR+16.7%

Sunrun Inc invested $39.3M in research and development in fiscal year 2024. This represents an increase of 80.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.6M

YoY-92.5%

5Y CAGR-42.7%

10Y CAGR-20.4%

Sunrun Inc invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 92.5% from the prior year.

RUN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.0B-9.8%	$2.3B-2.7%	$2.3B+44.2%	$1.6B+74.6%	$922.2M+7.4%	$858.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$39.3M+80.2%	$21.8M+4.3%	$20.9M-9.7%	$23.2M+18.5%	$19.5M-17.0%	$23.6M
SG&A Expenses	$245.1M+10.9%	$221.1M+13.6%	$194.6M-26.4%	$264.5M-0.8%	$266.7M+113.4%	$125.0M
Operating Income	-$3.7B-86.8%	-$2.0B-198.8%	-$662.2M+0.6%	-$666.2M-43.2%	-$465.1M-115.6%	-$215.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$26.8M-111.3%	-$12.7M-654.0%	$2.3M-75.3%	$9.3M+115.3%	-$60.6M-637.1%	-$8.2M
Net Income	-$2.8B-77.4%	-$1.6B-1025.4%	$173.4M+318.3%	-$79.4M+54.2%	-$173.4M-758.4%	$26.3M
EPS (Diluted)	$-12.81-72.9%	$-7.41-1026.3%	$0.80+305.1%	$-0.39+68.5%	$-1.24-690.5%	$0.21

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$724.6M+27.3%	$569.3M+12.9%	$504.3M-2.4%	$516.6M-8.3%	$563.2M-4.6%	$590.2M+0.1%	$589.8M-3.2%	$609.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$9.3M+14.9%	$8.1M-19.2%	$10.0M+30.2%	$7.7M+52.1%	$5.0M+10.6%	$4.6M0.0%	$4.6M+10.8%	$4.1M
SG&A Expenses	$65.5M-8.4%	$71.5M+23.9%	$57.8M+1.1%	$57.1M+7.2%	$53.3M-7.3%	$57.5M+8.0%	$53.2M-2.3%	$54.5M
Operating Income	$3.7M+103.3%	-$112.2M+2.3%	-$114.9M+41.8%	-$197.5M+85.3%	-$1.3B-554.3%	-$205.9M+9.6%	-$227.7M-20.4%	-$189.2M
Interest Expense	$215.6M+4.1%	$207.2M	N/A	N/A	$171.3M+9.0%	$157.2M	N/A	N/A
Income Tax	-$2.2M+97.7%	-$94.9M+14.1%	-$110.5M-6831.0%	-$1.6M-105.3%	$29.8M+59.8%	$18.7M+131.3%	-$59.6M-2702.3%	$2.3M
Net Income	$16.6M-94.1%	$279.8M+459.4%	$50.0M+114.3%	-$350.1M+67.3%	-$1.1B-2027.9%	$55.5M+123.1%	-$240.4M-481.4%	$63.0M
EPS (Diluted)	$0.06-94.4%	$1.07+435.0%	$0.20+112.3%	$-1.62+67.1%	$-4.92-2068.0%	$0.25+122.3%	$-1.12-450.0%	$0.32

RUN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$19.9B-2.7%	$20.5B+6.1%	$19.3B+16.9%	$16.5B+14.6%	$14.4B+147.7%	$5.8B
Current Assets	$1.7B-8.5%	$1.9B-10.3%	$2.1B+35.5%	$1.5B+36.0%	$1.1B+55.0%	$733.8M
Cash & Equivalents	$947.4M-4.1%	$987.8M+3.7%	$953.0M+12.1%	$850.4M+20.1%	$708.2M+95.0%	$363.2M
Inventory	$402.1M-12.5%	$459.7M-41.4%	$783.9M+54.7%	$506.8M+79.1%	$283.0M+8.6%	$260.6M
Accounts Receivable	$170.7M-0.8%	$172.0M-19.7%	$214.3M+46.7%	$146.0M+53.5%	$95.1M+22.4%	$77.7M
Goodwill	$0-100.0%	$3.1B-27.1%	$4.3B0.0%	$4.3B0.0%	$4.3B+4401.0%	$95.1M
Total Liabilities	$15.7B+16.2%	$13.5B+22.1%	$11.1B+24.5%	$8.9B+25.6%	$7.1B+70.2%	$4.2B
Current Liabilities	$1.3B-10.3%	$1.5B+28.8%	$1.2B+14.2%	$1.0B+12.3%	$901.4M+70.0%	$530.1M
Long-Term Debt	$12.9B+20.9%	$10.7B+27.1%	$8.4B+29.2%	$6.5B+35.6%	$4.8B+116.1%	$2.2B
Total Equity	$2.6B-51.2%	$5.2B-22.0%	$6.7B+7.2%	$6.3B+2.9%	$6.1B+530.0%	$964.7M
Retained Earnings	-$4.3B-198.5%	-$1.4B-939.4%	$170.8M+6722.6%	-$2.6M-103.4%	$76.8M-69.4%	$251.5M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$22.2B+4.7%	$21.2B+4.2%	$20.4B-0.4%	$20.5B+2.1%	$20.0B-2.3%	$20.5B+3.9%	$19.7B+2.4%	$19.3B
Current Assets	$2.1B+15.9%	$1.8B+7.1%	$1.7B-11.4%	$1.9B-2.4%	$1.9B-7.4%	$2.1B-0.1%	$2.1B-0.6%	$2.1B
Cash & Equivalents	$1.2B+14.2%	$1.0B+3.4%	$978.9M-0.9%	$987.8M+3.8%	$951.9M+3.4%	$921.1M+9.2%	$843.2M-11.5%	$953.0M
Inventory	$570.0M+16.1%	$491.1M+18.5%	$414.4M-9.9%	$459.7M-30.5%	$661.8M-16.4%	$791.7M-10.8%	$887.9M+13.3%	$783.9M
Accounts Receivable	$248.3M+33.1%	$186.5M+8.4%	$172.1M+0.1%	$172.0M-8.9%	$188.9M-12.3%	$215.4M-1.5%	$218.7M+2.1%	$214.3M
Goodwill	$0-100.0%	$3.1B0.0%	$3.1B0.0%	$3.1B0.0%	$3.1B-27.1%	$4.3B0.0%	$4.3B0.0%	$4.3B
Total Liabilities	$17.6B+4.7%	$16.8B+3.1%	$16.3B+20.3%	$13.5B+4.5%	$13.0B+5.3%	$12.3B+6.4%	$11.6B+4.2%	$11.1B
Current Liabilities	$1.4B+12.0%	$1.3B+0.5%	$1.3B-15.2%	$1.5B+4.6%	$1.4B+0.1%	$1.4B+23.6%	$1.2B-0.5%	$1.2B
Long-Term Debt	$14.6B+4.2%	$14.0B+3.5%	$13.6B+27.1%	$10.7B+4.2%	$10.2B+6.6%	$9.6B+7.6%	$8.9B+6.3%	$8.4B
Total Equity	$3.0B+2.0%	$2.9B+11.9%	$2.6B-50.0%	$5.2B-6.8%	$5.6B-15.0%	$6.6B+2.0%	$6.5B-3.6%	$6.7B
Retained Earnings	-$3.9B+0.4%	-$4.0B+6.6%	-$4.2B-195.0%	-$1.4B-32.3%	-$1.1B-7576.2%	-$14.1M+79.7%	-$69.6M-140.7%	$170.8M

RUN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$766.2M+6.7%	-$820.7M+3.3%	-$848.8M-3.9%	-$817.2M-157.0%	-$318.0M-55.5%	-$204.5M
Capital Expenditures	$1.6M-92.5%	$21.0M+15.1%	$18.2M+112.3%	$8.6M+177.1%	$3.1M-87.8%	$25.3M
Free Cash Flow	-$767.7M+8.8%	-$841.7M+2.9%	-$867.0M-5.0%	-$825.8M-157.2%	-$321.1M-39.7%	-$229.8M
Investing Cash Flow	-$2.7B-3.4%	-$2.6B-25.3%	-$2.1B-23.7%	-$1.7B-238.7%	-$497.8M+41.0%	-$843.3M
Financing Cash Flow	$3.4B-1.2%	$3.5B+14.2%	$3.0B+14.8%	$2.6B+127.9%	$1.2B+4.9%	$1.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$5.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	-$121.5M+58.5%	-$292.7M-180.8%	-$104.2M+10.2%	-$116.0M-83.4%	-$63.2M+68.7%	-$202.2M+54.0%	-$439.3M-44.2%	-$304.7M
Capital Expenditures	$627K	N/A	N/A	$4.7M-0.1%	$4.7M-38.9%	$7.6M+91.1%	$4.0M-45.9%	$7.4M
Free Cash Flow	-$259.0M	N/A	N/A	-$120.7M-77.7%	-$67.9M+67.6%	-$209.8M+52.7%	-$443.3M-42.1%	-$312.1M
Investing Cash Flow	-$743.6M-7.3%	-$692.8M-5.8%	-$655.0M+0.9%	-$661.1M+10.8%	-$741.4M-5.9%	-$700.3M-37.2%	-$510.3M+1.6%	-$518.7M
Financing Cash Flow	$1.0B-1.0%	$1.0B+28.8%	$790.7M-2.7%	$813.0M-2.7%	$835.6M-14.8%	$980.3M+16.7%	$839.8M+2.4%	$820.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RUN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-181.3%-93.8pp	-87.6%-59.0pp	-28.5%+12.8pp	-41.4%+9.1pp	-50.4%-25.3pp	-25.1%
Net Margin	-139.7%-68.7pp	-71.0%-78.5pp	7.5%+12.4pp	-4.9%+13.9pp	-18.8%-21.9pp	3.1%
Return on Equity	N/A	N/A	2.6%	N/A	N/A	2.7%
Return on Assets	-14.3%-6.4pp	-7.8%-8.8pp	0.9%+1.4pp	-0.5%+0.7pp	-1.2%-1.7pp	0.4%
Current Ratio	1.29+0.0	1.26-0.6	1.82+0.3	1.53+0.3	1.26-0.1	1.38
Debt-to-Equity	5.05+3.0	2.04+0.8	1.25+0.2	1.04+0.3	0.79-1.5	2.30
FCF Margin	-37.7%-0.4pp	-37.3%+0.1pp	-37.4%+13.9pp	-51.3%-16.5pp	-34.8%-8.1pp	-26.8%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	0.5%+20.2pp	-19.7%+3.1pp	-22.8%+15.5pp	-38.2%+201.0pp	-239.3%-204.4pp	-34.9%+3.7pp	-38.6%-7.5pp	-31.1%
Net Margin	2.3%-46.9pp	49.1%+39.2pp	9.9%+77.7pp	-67.8%+122.1pp	-189.9%-199.3pp	9.4%+50.1pp	-40.8%-51.1pp	10.3%
Return on Equity	0.6%-9.0pp	9.6%+7.7pp	1.9%	N/A	N/A	0.8%	N/A	0.9%
Return on Assets	0.1%-1.3pp	1.3%+1.1pp	0.3%+2.0pp	-1.7%+3.6pp	-5.3%-5.6pp	0.3%+1.5pp	-1.2%-1.6pp	0.3%
Current Ratio	1.46+0.0	1.41+0.1	1.32+0.1	1.26-0.1	1.35-0.1	1.47-0.3	1.810.0	1.82
Debt-to-Equity	4.90+0.1	4.80-0.4	5.19+3.1	2.04+0.2	1.82+0.4	1.46+0.1	1.38+0.1	1.25
FCF Margin	-50.0%	N/A	N/A	-23.4%-11.3pp	-12.1%+23.5pp	-35.5%+39.6pp	-75.2%-23.9pp	-51.2%

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Frequently Asked Questions

What is Sunrun Inc's annual revenue?

Sunrun Inc (RUN) reported $2.0B in total revenue for fiscal year 2024. This represents a -9.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sunrun Inc's revenue growing?

Sunrun Inc (RUN) revenue declined by 9.8% year-over-year, from $2.3B to $2.0B in fiscal year 2024.

Is Sunrun Inc profitable?

No, Sunrun Inc (RUN) reported a net income of -$2.8B in fiscal year 2024, with a net profit margin of -139.7%.

What is Sunrun Inc's earnings per share (EPS)?

Sunrun Inc (RUN) reported diluted earnings per share of $-12.81 for fiscal year 2024. This represents a -72.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Sunrun Inc's EBITDA?

Sunrun Inc (RUN) had EBITDA of -$3.7B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Sunrun Inc have?

As of fiscal year 2024, Sunrun Inc (RUN) had $947.4M in cash and equivalents against $12.9B in long-term debt.

What is Sunrun Inc's operating margin?

Sunrun Inc (RUN) had an operating margin of -181.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Sunrun Inc's net profit margin?

Sunrun Inc (RUN) had a net profit margin of -139.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Sunrun Inc's free cash flow?

Sunrun Inc (RUN) generated -$767.7M in free cash flow during fiscal year 2024. This represents a 8.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Sunrun Inc's operating cash flow?

Sunrun Inc (RUN) generated -$766.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sunrun Inc's total assets?

Sunrun Inc (RUN) had $19.9B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Sunrun Inc's capital expenditures?

Sunrun Inc (RUN) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Sunrun Inc spend on research and development?

Sunrun Inc (RUN) invested $39.3M in research and development during fiscal year 2024.

How many shares does Sunrun Inc have outstanding?

Sunrun Inc (RUN) had 226M shares outstanding as of fiscal year 2024.

What is Sunrun Inc's current ratio?

Sunrun Inc (RUN) had a current ratio of 1.29 as of fiscal year 2024, which is considered adequate.

What is Sunrun Inc's debt-to-equity ratio?

Sunrun Inc (RUN) had a debt-to-equity ratio of 5.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sunrun Inc's return on assets (ROA)?

Sunrun Inc (RUN) had a return on assets of -14.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sunrun Inc's cash runway?

Based on fiscal year 2024 data, Sunrun Inc (RUN) had $947.4M in cash against an annual operating cash burn of $766.2M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Sunrun Inc's Piotroski F-Score?

Sunrun Inc (RUN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sunrun Inc's earnings high quality?

Sunrun Inc (RUN) has an earnings quality ratio of 0.27x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sunrun Inc?

Sunrun Inc (RUN) scores 6 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.