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Sunrun lowered its 2026 aggregate subscriber value guidance to approximately $4.6 billion from $4.6 to $4.9 billion and 2026 cash generation guidance to approximately $200 million from $200 to $375 million.
Sunrun reported Subscriber Additions of 22,957 for the three months ended September 30, 2026. Networked Solar Energy Capacity reached 8,936 megawatts and Gross Earning Assets were approximately $22.4 billion.
Sunrun reported third-quarter revenue of $1,099.5 million, up 52%. Cash Generation was $6 million, or $56 million excluding $50 million of equipment safe harbor investments, and full-year 2026 guidance was reduced to approximately $200 million.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Sunrun reported record 74% storage attachment and 4.6 GWh of networked storage, but lowered full-year Cash Generation guidance to $200–$375 million (from $250–$450 million) and Aggregate Subscriber Value to $4.6–$4.9 billion (from $4.8–$5.2 billion), citing affiliate channel declines including the Freedom Forever bankruptcy, a slower-than-expected direct sales ramp, and modestly higher capital costs.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Advance Rate on Contracted Subscriber Value (estimated) | 94.4% | 2Q26 | — |
| Aggregate Contracted Subscriber Value | 1.09B | 2Q26 | — |
| Aggregate Subscriber Value | 1.2B | Q2 2026 | — |
| Aggregate Upfront Proceeds (estimated) | 1.03B | 2Q26 | — |
| Cash Generation non-GAAP | 23M | 2Q26 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by (used in) operating activities -$186M
-$429M Payments for the costs of energy systems
-$16M Purchase of equity investment
-$4M Purchases of property and equipment, net
+$0M Proceeds from state tax credits, net of recapture
+$0M Proceeds from trade receivables financing
+$0M Repayment of trade receivable financing
+$1.45B Proceeds from issuance of non-recourse debt
-$1.17B Repayment of non-recourse debt
-$25M Payment of debt fees
+$0M Proceeds from pass-through financing and other obligations, net
+$0M Repayment of pass-through financing obligation
-$6M Payment of finance lease obligations
+$516M Contributions received from noncontrolling interests and redeemable noncontrolling interests
-$73M Distributions paid to noncontrolling interest and redeemable noncontrolling interests
-$17M Acquisition of noncontrolling interest
+$307M Proceeds from transfer of investment tax credits
-$307M Payments to redeemable noncontrolling interest and noncontrolling interests of investment tax credits
-$14M Increase / (+) decrease in Restricted Cash
+$0M Changes in 2026 convertible senior notes reserve balance
= Cash Generation $23M
|
|||
| Contracted Net Earning Assets | 3.7B | As of June 30, 2026 | — |
| Contracted Net Earning Assets ($ millions) | $3.68B | 6/30/2026 | — |
| Contracted Net Subscriber Value | $5,100 | Q2 2026 | — |
| Contracted Subscriber Value | $55,033 | Q2 2026 | — |
| Contracted Subscriber Value (per Subscriber) | $55,033 | Three months ended June 30, 2026 filing | — |
| Creation Costs Reflected in Capital Expenditures non-GAAP | $519M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash used in investing activities $449M
+$85M Additions to capitalized CTOC (sales commissions)
-$16M Purchase of equity method investment
= Creation Costs Reflected in Capital Expenditures $519M
|
|||
| Creation Costs Reflected in Operating Expenses non-GAAP | $469M | Q2 2026 | — |
GAAP → non-GAAP reconciliationGAAP Total Operating Expenses $835M
-$57M Fleet servicing cost in COGS
-$15M Non-cash impairment of energy systems, net
-$193M Depreciation & Amortization
-$27M Amortization of CTOC (sales commissions) in S&M expense
-$54M Cost of Energy Systems and Product Sales (Excluding Non-Retained or Partially Retained Subscribers)
-$5M Gross profit from Systems & Product Sales (Excluding Non-Retained or Partially Retained Subscribers) as contra cost
-$21M Non-cash stock based compensation expense
+$0M Goodwill Impairment
+$0M Amortization of intangible assets
-$13M Other adjustments (e.g., restructuring, legal)
+$19M Adjustments to reflect purchase price adjustment for Non-Retained or Partially Retained Subscribers owing to consigned inventory
= Creation Costs Reflected in Operating Expenses $469M
|
|||
| Customer Additions | 20,979 | 2Q26 | — |
| Customer Additions with Storage | 15,531 | 2Q26 | — |
| Customer Additions without Storage | 5,448 | 2Q26 | — |
| Customers | 1,205,613 | 6/30/2026 | — |
| Discount rate (observed project-level capital costs) | 7.3% | 2Q26 | — |
| Net Earning Assets ($ millions) | $9B | 6/30/2026 | — |
| Net Subscriber Value | $9,444 | Q2 2026 | — |
| Networked Solar Capacity (MWs) | 8,732 | 6/30/2026 | — |
| Networked Storage Capacity | 4.6 | As of June 30, 2026 | — |
| Networked Storage Capacity (MWhrs) | 4,647 | 6/30/2026 | — |
| Solar Capacity Installed | 174 | Q2 2026 | — |
| Solar Capacity Installed with Storage (MWs) | 133.8 | 2Q26 | — |
| Solar Capacity Installed without Storage (MWs) | 40.5 | 2Q26 | — |
| Storage Attachment Rate | 74% | Q2 2026 | — |
| Storage Capacity Installed | 332 | Q2 2026 | — |
| Subscriber Additions as % of Customer Additions | 94% | 2Q26 | — |
| Subscriber Additions in period | 19,793 | 2Q26 | — |
| Subscriber Value | $59,377 | Q2 2026 | — |
| Subscribers | 1,034,738 | As of June 30, 2026 | — |
| Upfront Net Subscriber Value | $2,016 | 2Q26 | — |
| Upfront Net Subscriber Value margin as a % of Contracted Subscriber Value | 3.7% | 2Q26 | — |
| Upfront Proceeds (estimated) | $51,949 | 2Q26 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RUN
this stock
Sunrun Inc.
|
$2.09B | -53.1% | +13.0% | 4.4 | 29.4% |
|
FSLR
First Solar, Inc.
|
$18.42B | -34.4% | +24.1% | 9.9 | 10.4% |
|
NXT
Nextpower Inc.
|
$14.31B | +9.1% | +20.3% | 23.9 | 6.8% |
|
ENPH
Enphase Energy, Inc.
|
$3.45B | -18.7% | +10.7% | 38.9 | 20.7% |
|
SMTGF
SMA Solar Technology AG
|
$1.94B | +47.1% | — | — | 0.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Sunrun reported Subscriber Additions of 22,957 for the three months ended September 30, 2026. Networked Solar Energy Capacity reached 8,936 megawatts and Gross Earning Assets were approximately $22.4 billion.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RUN | -13.5% | +18.2% | -41.1% | +15.4% | -53.1% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -16.1% | +19.4% | -41.6% | +15.6% | -63.7% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
