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Sunrun Inc. designs, develops, installs, sells, owns, and maintains residential solar energy systems in the United States. The company sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. It offers battery storage along with solar energy systems; and sells services to commercial developers through multi-family and new homes. Its primary customers are residential homeowners. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network. It also operates distributed electricity power plants. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.0B | $546M | $450M | $-2.9B | 14.4% | 45.1% | -115.8% |
| 2024 | $2.0B | $-2.9B | $-2.8B | $-3.5B | -111.4% | -9.8% | 77.4% |
| 2023 | $2.3B | $-1.5B | $-1.6B | $-3.4B | -30.7% | -2.7% | -1025.4% |
| 2022 | $2.3B | $50M | $173M | $-2.9B | 2.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,321.42 | 2,259.81 | 2,037.72 | 2,957 |
| Cost Of Revenue | - | 2,022.71 | 2,096.75 | 1,709.16 | 2,059.70 |
| Gross Profit | - | 298.71 | 163.06 | 328.55 | 897.30 |
| Operating Expense | - | 960.90 | 983.70 | 901.59 | 1,023.43 |
| Operating Income | - | -662.19 | -820.64 | -573.04 | -126.13 |
| EBITDA | - | 49.51 | -1,510.87 | -2,912.79 | 546.04 |
| EBIT | - | -401.54 | -2,042.54 | -3,533.67 | -179.54 |
| Pretax Income | - | -847.35 | -2,695.53 | -4,382.03 | -1,176.32 |
| Tax Provision | - | 2.29 | -12.69 | -26.82 | -167.22 |
| Net Income | - | 173.38 | -1,604.50 | -2,846.17 | 449.95 |
| Net Income Common Stockholders | - | 173.38 | -1,604.50 | -2,846.17 | 449.95 |
| Total Expenses | - | 2,983.61 | 3,080.46 | 2,610.76 | 3,083.13 |
| Interest Expense | - | 445.82 | 652.99 | 848.37 | 996.78 |
| Research And Development | - | 20.91 | 21.82 | 39.30 | 36.12 |
| Selling General And Administration | - | 940 | 961.89 | 862.29 | 987.30 |
| Normalized EBITDA | - | 49.51 | -352.87 | 209.38 | 546.04 |
| Normalized Income | - | 173.38 | -451.94 | 256.96 | 449.95 |
| Market Cap | 3,000.42 | 3,000.42 | 3,000.42 | 3,000.42 | 3,000.42 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sunrun Inc.this co. | RUN | $2.9B | 6.67↓ discount | 0.96 | 14.4% | 31.05 |
| Adeia Inc. | ADEA | $3.3B | 30.21 | 6.98 | 23.1% | 15.47 |
| NCR Atleos Corporation | NATL | $3.3B | 20.28 | 8.15 | 40.2% | 7.78 |
| Diebold Nixdorf, Incorporated | DBD | $3.2B | 31.51 | 2.71 | 8.6% | 10.50 |
| Photronics, Inc. | PLAB | $3.1B | 22.60 | 2.63 |
| - |
| - |
| - |
| - |
| 11.6% |
| 8.67 |
| Q2 Holdings, Inc. | QTWO | $3.1B | 59.35 | 4.66 | 7.9% | 27.00 |
| Veeco Instruments Inc. | VECO | $3.1B | 88.28 | 3.53 | 4.0% | 47.02 |
| Calix, Inc. | CALX | $2.9B | 154.71 | 3.22 | 2.1% | 68.20 |
| Knowles Corporation | KN | $2.7B | 59.25 | 3.38 | 5.7% | 23.84 |
| Peer Median | - | 45.38 | 3.45 | 8.2% | 19.65 | |