At a glance
Sunrun Inc is worth $1.79B, about 4 times its fiscal 2025 earnings. Revenue grew 45.1% to $2.96B in fiscal 2025, with 15.2% kept as profit; over 5 years it has grown 26.2% a year. It pays no dividend. The stock returned −62.8% over the past year with dividends reinvested and −33.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.3% in the 2020 crash (S&P 500: 33.7%) and 49.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 3 months after the lows.
The business in plain English
Sunrun puts solar panels, and in select markets batteries, on US homes. Its main customers are homeowners, most of whom skip a large upfront cost. Instead, they sign a lease or a power purchase agreement (a deal to pay for the panels' electricity at a set rate), typically for 20 or 25 years. Sunrun monitors, maintains and insures the system over that term. Prices stay fixed or rise by a preset percentage each year. Some customers pay for a system outright, and Sunrun also serves new-home and multi-family developers.
In the fiscal year ended December 31, 2025, these customer agreements brought in $1.71 billion, or 57.8% of $2.96 billion in revenue. Energy system sales added 29.7%, products 8.8% and incentives 3.7%. To fund upfront costs, Sunrun raises tax equity (money from investors who take a share of the tax benefits) and non-recourse debt (loans backed only by the projects themselves).
Customers arrive through Sunrun's own sales and installation teams, partner firms that find customers and install systems, and tie-ups with retailers and other consumer brands. Sunrun bought Vivint Solar in October 2020. It says it ran the largest US fleet of home energy systems as of December 31, 2025, with 8,404 megawatts of solar capacity deployed since 2007. California made up over 45% of its customer base.
Price history
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RUN -62.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Customer agreements | $1.71B | 57.8% |
| Energy systems | $878.3M | 29.7% |
| Products | $259.6M | 8.8% |
| Incentives | $110.5M | 3.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $870.0M, up 52.8% from a year earlier, and net income was $115.2M (-58.8%).
- For fiscal 2025, revenue was $2.96B (+45.1% year over year; +26.2% a year from FY2020 to FY2025) with a 15.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +26.2% good |
|---|---|
| Operating margin | -4.3% weak |
| Return on equity (FY2025) | 14.4% watch |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-14.02B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $922.2M | $-173.4M | $-321.1M |
| FY2021 | $1.61B | $-79.4M | $-825.8M |
| FY2022 | $2.32B | $173.4M | $-867.0M |
| FY2023 | $2.26B | $-1.60B | $-841.7M |
| FY2024 | $2.04B | $-2.85B | $-767.7M |
| FY2025 | $2.96B | $449.9M | — |
Valuation snapshot
| Market value | $1.79B |
|---|---|
| P/E ratio | 4.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Sunrun’s market value went from $551.3M at the end of 2016 to $1.79B on Oct 28, 2026, about 3.2 times as much; since the end of 2025 it is down 58%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.79B | -58.1% |
| 2025 | $4.27B | +105.7% |
| 2024 | $2.08B | -51.5% |
| 2023 | $4.28B | -16.4% |
| 2022 | $5.12B | -27.9% |
| 2021 | $7.10B | -48.2% |
| 2020 | $13.70B | +740.6% |
| 2019 | $1.63B | +33.8% |
| 2018 | $1.22B | +93.3% |
| 2017 | $630.0M | +14.3% |
| 2016 | $551.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RUN price data to Oct 28, 2026 | -59.7% | -62.8% | -5.7% | -33.3% | +3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -59.7% |
| 2025 | +98.9% |
| 2024 | -52.9% |
| 2023 | -18.3% |
| 2022 | -30.0% |
| 2021 | -50.6% |
| 2020 | +402.4% |
| 2019 | +26.8% |
| 2018 | +84.6% |
| 2017 | +11.1% |
| 2016 | -54.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59.9% over that stretch · deepest drop along the way 64.3%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.4% over that stretch · deepest drop along the way 49.4%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 18 sales ($4.3M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Lynn Michelle Jurich Director | sell (plan) | $796K |
| Jul 1, 2026 | Lynn Michelle Jurich Director | sell (plan) | $680K |
| May 1, 2026 | Lynn Michelle Jurich Director | sell (plan) | $645K |
| Aug 3, 2026 | Lynn Michelle Jurich Director | sell (plan) | $498K |
| Jul 6, 2026 | Mary Powell Chief Executive Officer, Director | sell | $316K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2026 |
| THE GOLDMAN SACHS GROUP, INC. | 7.4% | Dec 31, 2025 |
| Greenvale Capital LLP | 5.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.55% | Mar 31, 2026 |
| Vanguard Capital Management | 5.03% | Mar 31, 2026 |
| Point72 Asset Management, L.P. | 5% | Jun 26, 2025 |
| ORBIS INVESTMENT MANAGEMENT LTD | 4.9% | Dec 31, 2024 |
| Grantham, Mayo, Van Otterloo & Co. LLC | 4.64% | Jun 30, 2025 |
| G1 Execution Services, LLC | 4.4% | Sep 30, 2025 |
| Citadel Securities GP LLC | 3.2% | Jun 19, 2025 |
| Alyeska Investment Group, L.P. | 0.72% | Jun 30, 2025 |
| Trailblazer II LLC | 0.5% | Jun 30, 2025 |
ETFs with the most weight in RUN
| TAN Invesco Solar ETF | 4.56% |
| CTEX ProShares S&P Kensho Cleantech ETF | 2.83% |
| ACES ALPS Clean Energy ETF | 2.71% |
| CNRG SPDR S&P Kensho Clean Power ETF | 2.49% |
| PBW Invesco WilderHill Clean Energy ETF | 2.12% |
| PBD Invesco Global Clean Energy ETF | 0.76% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.66% |
| WCEO Hypatia Women CEO ETF | 0.63% |
What could go wrong
- Heavy reliance on California. California held over 45% of Sunrun's customers as of December 31, 2025. An April 2023 billing change can make its offers less attractive there, especially solar-only systems, and California sign-ups stayed below pre-change levels.
- Federal solar tax credits are shrinking. Sunrun's model relies on federal tax credits. A law signed July 4, 2025 ends the 48E credit for solar after 2027, keeping it for storage through 2033, and adds foreign-supplier rules that could deny credits.
- A very large and growing debt load. Sunrun had $15.2 billion of total debt and $1.1 billion of cash and investments as of June 30, 2026. It expects to borrow substantially more, and meeting payments and covenants (lender conditions) takes significant cash.
- Reliance on tax equity investors. Sunrun needs investors who want solar tax benefits to fund its systems. If the IRS values the systems lower for tax-credit purposes than Sunrun claimed, it may owe those investors significant sums.
- Higher interest rates raise funding costs. Because Sunrun borrows to pay for systems upfront, higher rates raise its cost of capital. Some of its loans carry variable rates tied to SOFR, a benchmark short-term rate, so payments rise with rates.
- Cheaper utility power would erode savings. Sunrun's pitch is that its power typically costs less than the utility's. A material drop in utility prices, or utility pricing rules that reduce solar's value, could cut customer savings and demand.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Executive or board change
For income and retirement investors
Sunrun pays no dividend. It paid none from fiscal 2020 through fiscal 2025, even after earning $1.71 per diluted share in 2025, and it bought back no stock over fiscal 2021 to 2025. Free cash flow (cash left after running and investing in the business) was negative every year from 2020 through 2024. The share count rose 17% between August 2021 and July 2026. That leaves an income investor with no cash payout; any return comes from the share price.
The share price has swung sharply. In the 2020 COVID crash, the stock fell 64% between February 20 and March 20, 2020, recovering by July 7. In the 2022 bear market, it fell 49% from January 3 to May 12, 2022, recovering by August 10. As of October 28, 2026, it was down 60% for the year to date, and its deepest drop from a peak was 94%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Sunrun make money?
Mostly from long-term solar contracts with homeowners. Sunrun installs solar systems, and in select markets batteries, then charges customers under leases or power purchase agreements (contracts to pay for the panels' electricity) that typically last 20 or 25 years. In the fiscal year ended December 31, 2025, these customer agreements produced $1.71 billion, or 57.8% of its $2.96 billion in revenue. Energy system sales added 29.7%, products 8.8% and incentives 3.7%. Tax equity investors and non-recourse loans fund each system's upfront cost.
Does Sunrun pay a dividend?
No. Sunrun paid no dividend from fiscal 2020 through fiscal 2025, and it made no share buybacks from fiscal 2021 through fiscal 2025. Instead, its share count grew 17% between August 2021 and July 2026. The stock offers no regular income, so any return depends on the share price, which was down 59.7% for the year to date as of October 28, 2026.
Is Sunrun profitable?
Yes, on a net basis in fiscal 2025, though its operations still ran at a loss. Sunrun reported net income of $450 million, or $1.71 per diluted share, for the year ended December 31, 2025, after net losses of $1.60 billion in 2023 and $2.85 billion in 2024. Operating income was a $126 million loss in 2025. In the quarter ended June 30, 2026, revenue rose 52.8% from a year earlier, while net income fell 58.8% to $115 million. Its 10-K warns it may not sustain profitability.
How much debt does Sunrun have?
About $15.2 billion as of June 30, 2026, against $1.1 billion of cash and investments, for net debt of roughly $14.0 billion. On the same date, Sunrun had total assets of $23.4 billion and equity of $3.5 billion. By comparison, its stock market value was about $1.8 billion as of October 28, 2026. Sunrun expects to take on substantially more debt, and some of its loans carry variable rates tied to SOFR (a benchmark short-term rate), so rising rates increase its costs.
How did the July 2025 tax law affect Sunrun?
It cut back federal tax credits that Sunrun relies on. The law, signed July 4, 2025, ends solar systems' eligibility for the 48E Clean Electricity Investment Credit after 2027, while keeping the credit for energy storage through 2033. It also ended the Residential Clean Energy Credit on January 1, 2026, and added prohibited foreign entity rules that could deny credits to projects using certain foreign components. Sunrun warns these changes could raise costs and reduce demand.