SAN FRANCISCO, Nov. 06, 2025 — Leads & Copy — Sunrun (Nasdaq: RUN) announced its Q3 2025 financial results, showcasing a 10% year-over-year growth in aggregate subscriber value, reaching $1.6 billion.
The company’s contracted net value creation rose by 35% year-over-year to $279 million. The net change in cash and restricted cash was $144 million, with a Cash Generation of $108 million, marking the sixth consecutive quarter of positive Cash Generation.
Sunrun has narrowed its 2025 Cash Generation guidance to between $250 million and $450 million, reiterating the $350 million midpoint of its original range.
CEO Mary Powell said Sunrun’s strategic focus on energy independence is producing strong results, including cash generation and customer base growth. Sunrun’s offerings allow customers to power through grid outages, protect against rising energy costs, and build critical energy infrastructure.
CFO Danny Abajian noted the company’s disciplined margin management, which resulted in strong Upfront Net Subscriber Values, representing a 7% margin, a 5 percentage point improvement compared to the prior year. He added that Sunrun paid down $66 million of recourse debt and increased its unrestricted cash balance by $134 million year-to-date.
Other key Q3 updates include:
- Customer additions with storage grew 20% compared to Q3 2024, with a storage attachment rate of 70%, up from 60% in the prior-year period.
- More than 217,000 storage and solar systems installed, representing approximately 3.7 Gigawatt hours of Networked Storage Capacity.
- Approximately $1.4 billion raised in senior non-recourse debt through three securitizations of leases and power purchase agreements.
- Year-to-date, approximately $2.8 billion of non-recourse debt raised, including $2.4 billion of senior debt across five securitizations.
- Repaid $17 million of recourse debt during Q3, reducing borrowings under the Working Capital Facility.
- Increased unrestricted cash balance by $134 million and grown Net Earning Assets by $1.5 billion since December 31, 2024.
- More than 106,000 customers enrolled in home-to-grid distributed power plant programs, representing over 300% growth year-over-year.
- Maryland’s first residential vehicle-to-grid distributed power plant program activated with Baltimore Gas and Electric Company (BGE).
Subscriber additions decreased 1% to 30,104 in Q3 2025, while total subscribers grew 13% year-over-year to 971,805. Storage capacity installed increased 23% to 412 megawatt hours, and solar capacity installed rose 4% to 239 megawatts.
Sunrun expects aggregate subscriber value to range from $1.33 billion to $1.63 billion in Q4 2025 and contracted net value creation to range from $182 million to $482 million. Cash Generation is expected to be between $60 million and $260 million.
Total revenue increased 35% year-over-year to $724.6 million in Q3 2025. Net income attributable to common stockholders was $16.6 million, or $0.07 per basic share and $0.06 per diluted share.
Patrick Jobin, SVP, Deputy CFO & Investor Relations Officer, investors@sunrun.com
Bronson Fleig, Director, Finance & Investor Relations, investors@sunrun.com
Wyatt Semanek, Director, Corporate Communications, press@sunrun.com
Source: Sunrun
