RUN (Sunrun Inc.) Stock Financials & Earnings | Market Cap Arena

RUN (Sunrun Inc.) Stock Financials & Earnings | Market Cap Arena

RUNSunrun Inc.

Mkt Cap$3B

Energy·Solar·🇺🇸 United States·NASDAQ

Revenue (TTM)$3.0B

Net Income (TTM)$451M

EPS (TTM)$1.71

Free Cash Flow (TTM)-$1.1B

Gross Margin28.6%

Op. Margin-4.3%

Net Margin15.2%

FCF Margin-37.1%

P/S Ratio (TTM)0.9x

P/E Ratio (TTM)6.1x

YoY Rev Growth+45.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$590M	$33M	-$228M
Q2 23	$590M	$51M	-$206M
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
Q4 24	$518M	$97M	-$3.3B
Q1 25	$504M	$99M	-$115M
Q2 25	$569M	$94M	-$114M
Q3 25	$725M	$243M	$4M
Q4 25	$1.2B	$409M	$97M

Valuation

Quarter	P/S	P/E
Q1 23	1.1x	131.6x
Q2 23	1.1x	30.8x
Q3 23	1.2x	—
Q4 23	1.2x	—
Q1 24	1.3x	—
Q2 24	1.3x	—
Q3 24	1.3x	—
Q4 24	1.3x	—
Q1 25	1.3x	—
Q2 25	1.3x	—
Q3 25	1.2x	—
Q4 25	0.9x	6.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$439M	-$950M
Q2 23	-$202M	-$902M
Q3 23	-$63M	-$805M
Q4 23	-$116M	-$772M
Q1 24	-$143M	-$682M
Q2 24	-$209M	-$814M
Q3 24	-$156M	-$921M
Q4 24	-$258M	-$1.1B
Q1 25	-$104M	-$759M
Q2 25	-$293M	$431M
Q3 25	-$122M	-$865M
Q4 25	$97M	$98M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$510M
Q2 23	$700M
Q3 23	$741M
Q4 23	$656M
Q1 24	$539M
Q2 24	$605M
Q3 24	$764M
Q4 24	$792M
Q1 25	$655M
Q2 25	$724M
Q3 25	$744M
Q4 25	$774K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+19.0%	+20.7%
Q2 23	+1.0%	+7.6%
Q3 23	-10.9%	+148.7%
Q4 23	-15.2%	-10.5%
Q1 24	-22.3%	-21.6%
Q2 24	-11.2%	-18.1%
Q3 24	-4.6%	-65.2%
Q4 24	+0.4%	+428.6%
Q1 25	+10.1%	-3.5%
Q2 25	+8.7%	+4.9%
Q3 25	+34.9%	+8.4%
Q4 25	+123.5%	-71.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 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%
Q4 24	$29M	5.6%
Q1 25	$25M	5.0%
Q2 25	$25M	4.4%
Q3 25	$0	0.0%
Q4 25	$28M	2.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$5M	$53M	$203M
Q2 23	$5M	$57M	$195M
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
Q4 24	$9M	$72M	$151M
Q1 25	$10M	$58M	$146M
Q2 25	$8M	$72M	$152M
Q3 25	$9M	$66M	$165M
Q4 25	$9M	$83M	$246M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	215M	-2.7%
Q2 23	222M	+3.4%
Q3 23	217M	-2.0%
Q4 23	218M	+0.5%
Q1 24	220M	+0.7%
Q2 24	255M	+16.0%
Q3 24	224M	-12.3%
Q4 24	225M	+0.5%
Q1 25	258M	+14.7%
Q2 25	261M	+1.3%
Q3 25	267M	+2.4%
Q4 25	271M	+1.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$90K	3K
FY 16	$150K	3K
FY 17	$162K	3K
FY 18	$173K	4K
FY 19	$179K	5K
FY 20	$108K	9K
FY 21	$141K	11K
FY 22	$187K	12K
FY 23	$209K	11K
FY 24	$184K	11K
FY 25	$326K	9K