RUN

MKT CAP:$3B

Sunrun Inc.

Market Cap

$3B

Energy·Solar·🇺🇸 United States·NASDAQ

Energy·Solar·🇺🇸·NASDAQ

Stock Price

$12.71-$6.73 (-34.62%)

Apr 22, 2026

Company Details

Sunrun Inc. engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. It also sells solar energy systems and products, such as panels and racking; and solar ...

CEO

Mary Grace Powell

IPO Date

Aug 5, 2015

Website

www.sunrun.com

Key Metrics TTM

Revenue

$2.0B

-8.4% YoY

Net Income

-$383M

EPS (Diluted)

-$3.29

Free Cash Flow

-$3.2B

Revenue / Share

$9.10

Gross Margin

13.0%

Operating Margin

-31.3%

Net Margin

-18.8%

FCF Margin

-156.6%

P/S

1.5x

P/E

—

Earnings Reports

Q4 2024

May 6, 2026

PENDING

Q3 2024

Nov 7, 2024

$537M-4.6%EPS -$1.84

Q2 2024

Aug 6, 2024

$524MEPS $0.55

Q1 2024

May 8, 2024

$458M-22.3%EPS -$0.40

FY 2023

Feb 21, 2024

$2.3B-2.7%EPS -$7.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$244M	$62M	-$48M
Q1 20	$211M	$41M	-$63M
Q3 21	$439M	$92M	-$138M
Q3 22	$632M	$111M	-$136M
Q1 23	$590M	$33M	-$228M
Q3 23	$563M	$45M	-$1.3B
Q4 23	$517M	$34M	-$198M
Q1 24	$458M	$32M	-$183M
Q2 24	$524M	$95M	-$128M
Q3 24	$537M	$103M	-$128M

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q3 21	—	—
Q3 22	4.0x	27.7x
Q1 23	2.3x	—
Q3 23	1.1x	—
Q4 23	1.6x	—
Q1 24	1.3x	—
Q2 24	1.2x	—
Q3 24	2.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$98M	-$324M
Q1 20	-$117M	-$327M
Q3 21	-$180M	-$621M
Q3 22	-$90M	-$637M
Q1 23	-$439M	-$950M
Q3 23	-$63M	-$805M
Q4 23	-$116M	-$772M
Q1 24	-$143M	-$682M
Q2 24	-$209M	-$814M
Q3 24	-$156M	-$921M

Capital Expenditures

Quarter	CapEx
Q4 19	$225M
Q1 20	$210M
Q3 21	$441M
Q3 22	$547M
Q1 23	$510M
Q3 23	$741M
Q4 23	$656M
Q1 24	$539M
Q2 24	$605M
Q3 24	$764M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+141.8%	+179.6%
Q3 23	+167.3%	+598.0%
Q4 23	+17.7%	+23.8%
Q1 24	-27.5%	-16.5%
Q2 24	-11.2%	-20.3%
Q3 24	-4.6%	-65.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q3 21	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$28M	4.9%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 19	$5M	$32M	$72M
Q1 20	$4M	$28M	$70M
Q3 21	$6M	$51M	$171M
Q3 22	$4M	$47M	$194M
Q1 23	$5M	$53M	$203M
Q3 23	$5M	$53M	$176M
Q4 23	$8M	$64M	$167M
Q1 24	$12M	$51M	$152M
Q2 24	$10M	$61M	$152M
Q3 24	$8M	$61M	$162M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$629M	$0	$629M
Q2 22	$522M	$0	$522M
Q3 22	$672M	$0	$672M
Q4 22	$741M	$0	$741M
Q1 23	$629M	$0	$629M
Q2 23	$669M	$0	$669M
Q3 23	$644M	$0	$644M
Q4 23	$679M	$0	$679M
Q1 24	$487M	$0	$487M
Q2 24	$708M	$0	$708M
Q3 24	$534M	$0	$534M
Q4 24	$575M	$0	$575M
Q1 25	$605M	$0	$605M
Q2 25	$618M	$0	$618M
Q3 25	$1.2B	$0	$1.2B
Q4 25	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	125M	—	—
Q1 20	119M	-4.3%	—
Q3 21	213M	+78.7%	—
Q3 22	221M	+3.7%	—
Q1 23	215M	-2.9%	+72.3%
Q3 23	217M	+1.3%	+82.3%
Q4 23	218M	+0.5%	+2.6%
Q1 24	220M	+0.7%	-0.4%
Q2 24	255M	+16.0%	+18.9%
Q3 24	224M	-12.3%	+2.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$50.8K	5K
Q1 20	$43.9K	5K
Q3 21	$51.6K	9K
Q3 22	$55.5K	11K
Q1 23	$47.5K	12K
Q3 23	$45.4K	12K
Q4 23	$47.7K	11K
Q1 24	$42.3K	11K
Q2 24	$48.4K	11K
Q3 24	$49.6K	11K

Revenue / Employee