RUN · Sunrun Inc.
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;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.
- + Set a record 74% storage attachment rate with over 266,000 storage-plus-solar systems and 4.6 GWh of networked storage capacity
- + Direct sales have inflected positively with monthly growth exceeding 10% year-over-year in June and July and second-half direct volume expected to grow more than 10%
- + Securitization priced at a 200 bps spread, a 20 bps improvement from the prior transaction, demonstrating continued strong capital markets execution
- + Contracted Subscriber Value per subscriber rose 10% year-over-year to $55,033, with Upfront Proceeds estimated at approximately $52,000 per subscriber
- + Produced positive Cash Generation of $45 million excluding safe harbor investments, with H1 2026 positive and $428 million over the last two years
- − Subscriber additions fell 31% year-over-year to 19,793, with solar capacity installed down 23% and storage capacity installed down 15%
- − Affiliate channel volume down more than 70% year-over-year with full-year affiliate volume now expected to decline greater than 60%
- − Upfront Net Subscriber Value margin compressed to 3.7% from 11.4% year-over-year, with Net Subscriber Value down 44% to $9,444
- − Higher interest rates increased capital costs, weighing on cash generation guidance
- − GAAP net loss of $208 million in Q2 with Net cash used in operating activities of $(186) million
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Solar — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RUN
this stock
Sunrun Inc.
|
$1.95B | -57.8% | +13.0% | 5.5 | 29.5% |
|
FSLR
First Solar, Inc.
|
$19.10B | -32.9% | +24.1% | 11.0 | 9.8% |
|
NXT
Nextpower Inc.
|
$12.27B | -10.5% | +20.3% | 20.9 | 5.8% |
|
ENPH
Enphase Energy, Inc.
|
$4.27B | +2.9% | +10.7% | 32.1 | 18.1% |
|
SMTGF
SMA Solar Technology AG/ADR
|
$2.32B | +76.2% | — | — | 0.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RUN | -7.0% | -7.2% | -41.7% | -9.3% | -57.8% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -6.3% | -7.3% | -53.9% | -8.8% | -69.6% |
Capital returns
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.