The earnings call highlighted strong financial and operational performance, record-breaking metrics, and positive cash generation trends. While there were some challenges related to cash generation guidance and tax equity monetization timelines, the overall outlook remains positive with reaffirmed or raised guidance for the year.

Company Guidance -

Q3 2025

During Sunrun's second quarter earnings call for fiscal year 2025, the company reported robust financial and operational performance, surpassing guidance and achieving significant year-over-year growth. Sunrun generated $1.6 billion in aggregate subscriber value, marking a 40% increase from the previous year, and recorded a contracted net value creation of $376 million, more than doubling from the prior quarter. The company also reported a 17 percentage point improvement in margin compared to the previous year, now representing an 11% margin on contracted subscriber value. Sunrun achieved a 70% attachment rate for storage offerings, driving record profitability. Additionally, Sunrun generated $27 million in cash for the quarter and paid down $21 million in recourse debt, maintaining $618 million in unrestricted cash. With nearly 200,000 storage systems installed and a plan to scale to over 10 gigawatt hours of dispatchable energy by 2029, Sunrun expects significant future cash flow. The company reiterated its guidance for 2025, projecting cash generation between $200 million to $500 million and contracted net value creation between $1 billion to $1.3 billion for the full year.

Record Aggregate Subscriber Value

Sunrun generated $1.6 billion in aggregate subscriber value, representing a 40% year-over-year growth and significantly exceeding guidance.

Highest Ever Contracted Net Value Creation

Contracted net value creation reached $376 million, more than doubling from the previous quarter and achieving the highest result in company history.

Increased Storage Attachment Rate

Storage attachment rate grew to an all-time high of 70% of customer additions in the period.

Positive Cash Generation

Sunrun generated $27 million in cash, marking the fifth consecutive quarter of positive cash generation.

Debt Reduction

The company paid down $21 million in recourse debt, ending with $618 million in unrestricted cash, a $13 million increase from the prior quarter.

Strong Growth in Home-to-Grid Programs

Enrollment in home-to-grid programs grew by 300% year-over-year, providing 354 megawatts of power capacity to the grid.

Improved Net Subscriber Value

Net subscriber value grew 182% year-over-year to $17,000, the highest in company history.

Reaffirmed Guidance

Sunrun reiterated or raised all of its 2025 guidance, including aggregate subscriber value and contracted net value creation.

Sunrun (RUN) Earnings, Revenues Date & History

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RUN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.11 / -	-0.37	―	―	―
Aug 06, 2025	2025 (Q2)	-0.09 / 1.07	0.55	94.55% (+0.52)
May 07, 2025	2025 (Q1)	-0.34 / 0.20	-0.4	150.00% (+0.60)
Feb 27, 2025	2024 (Q4)	-0.29 / -12.51	-1.6	-681.88% (-10.91)
Nov 07, 2024	2024 (Q3)	-0.09 / -0.37	-4.92	92.48% (+4.55)
Aug 06, 2024	2024 (Q2)	-0.33 / 0.55	0.25	120.00% (+0.30)
May 08, 2024	2024 (Q1)	-0.37 / -0.40	-1.12	64.29% (+0.72)
Feb 21, 2024	2023 (Q4)	-0.21 / -1.60	0.29	-651.72% (-1.89)
Nov 01, 2023	2023 (Q3)	-0.10 / -4.92	0.96	-612.50% (-5.88)
Aug 02, 2023	2023 (Q2)	-0.24 / 0.25	-0.06	516.67% (+0.31)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RUN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$9.07	$12.00	+32.30%
May 07, 2025	$7.39	$8.50	+15.02%
Feb 27, 2025	$7.91	$7.25	-8.34%
Nov 07, 2024	$11.60	$10.23	-11.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.