Key Highlights

  • Total Revenue was USD 1.10 billion against a USD 757.53 million estimate, with EPS of USD 0.56 against USD 0.16.
  • Net income attributable to common stockholders was USD 153.2 million, against USD 16.6 million in the third quarter of 2025.
  • Energy systems and product sales revenue was USD 546.0 million, with customer agreements and incentives revenue at USD 553.5 million.
  • Cash stood at USD 699.4 million, and subscriber additions were 22,957 against 30,104 a year earlier.

Sunrun Inc. (NASDAQ:RUN) reported third quarter total revenue of USD 1,099.5 million, compared with USD 724.6 million a year earlier. Diluted Earnings per Share attributable to common stockholders were USD 0.56 against USD 0.06, and Net Income attributable to common stockholders was USD 153.2 million.

Revenue Drivers and Cost Lines

Customer agreements and incentives revenue was USD 553.5 million, up 13%, with the company citing new systems placed in service and a full quarter of revenue from systems placed in service in the third quarter of 2025. Energy systems and product sales revenue was USD 546.0 million against USD 233.0 million. Energy systems sales were USD 513.6 million against USD 164.8 million, which the company tied to a transaction entered in the third quarter of 2025 and to a non-controlled joint venture entered in fiscal 2026. Product sales were USD 32.4 million against USD 68.2 million, which it linked to lower average sales prices and lower Volume to installers as Supply constraints eased.

Cost of customer agreements and incentives fell to 59% of related revenue from 64%, and cost of energy systems and product sales fell to 56% of related revenue from 71%. Sales and Marketing expense was USD 240.0 million against USD 164.8 million, reflecting higher customer Acquisition costs through Sales Lead partners.

Below the operating line, net interest expense was USD 276.0 million against USD 265.8 million, and other income, net was USD 164.3 million against an expense of USD 17.9 million, mainly from gains on derivatives. The company recorded an income tax benefit of USD 45.2 million, which it linked to ITC transfer originations. Net loss attributable to noncontrolling interests was USD 66.3 million against USD 294.4 million.

Subscribers, Capacity and Earning Assets

Subscriber additions were 22,957 against 30,104. Contracted subscriber value was USD 52,525 per subscriber against USD 48,507, and aggregate contracted subscriber value was USD 1,205.8 million against USD 1,460.2 million. Networked solar capacity was 8,936 megawatts against 8,188 megawatts, and customers numbered 1,229,709 against 1,137,913. Gross earning Assets were approximately USD 22.4 billion, of which USD 17.0 billion was contracted.

Cash, Financing and Commitments

Cash was USD 699.4 million at September 30, 2026. For nine months, Operating Activities provided USD 125.8 million against a use of USD 518.4 million a year earlier, while investing activities used USD 1.3 billion and financing activities provided USD 1.1 billion. Financing included USD 744.4 million of net proceeds from fund investors and USD 325.1 million of net proceeds from debt.

Borrowings were USD 135.1 million on a USD 321.4 million Credit Facility maturing in March 2028. In February 2026 the company increased the commitment on one Subsidiary senior secured facility to USD 2.7 billion and extended its Maturity to February 2030. Management said that growth depends on outside financing and that it is seeking additional Capital from new and existing investors.

The company also has supplier purchase commitments of USD 294.1 million for batteries through the third quarter of 2027 and USD 2.1 billion for modules, inverters and batteries between fiscal 2026 and fiscal 2029.

Data Points to Watch

Revenue of USD 1.10 billion sits alongside diluted EPS of USD 0.56, Operating Income of USD 153.5 million, subscriber additions of 22,957 and cash of USD 699.4 million.

The company did not provide numerical guidance. Dated items management named include the USD 294.1 million battery purchase commitments through the third quarter of 2027, the March 2028 maturity of its bank credit facility and the February 2030 maturity of the expanded subsidiary facility. Management described interest rates, tariffs and federal tax policy as factors affecting its business.