Net change in cash and restricted cash of $290 million and Cash Generation(1) of $377 million in 2025

Outlook for positive Cash Generation(2) in the range of $250 million to $450 million for full year 2026

Aggregate Subscriber Value of $1.3 billion in Q4

Contracted Net Value Creation of $176 million in Q4, or $0.76 per share

Storage Attachment Rate reached record 71% in Q4

Paid down $81 million of recourse debt in Q4 with excess cash

SAN FRANCISCO, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), America's largest provider of home battery storage, solar, and home-to-grid power plants, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"Sunrun is delivering innovative, storage-first energy offerings that protect American families from rising utility costs and an increasingly unreliable power grid. As we continue to scale our network of over one million customers, we are building a distributed power plant that we believe is critical in meeting the nation's urgent demand for more power. We are executing on this vital mission from a position of financial strength -- generating strong margins and structurally generating cash," said Mary Powell, Sunrun's Chief Executive Officer.

"We exceeded the midpoint of our Cash Generation guidance for the year and are on track for another strong year in 2026," said Danny Abajian, Sunrun's Chief Financial Officer.(1) "Our disciplined margin management allowed us to generate strong Upfront Net Subscriber Values, representing a 7% margin for the full-year, a 6 percentage point improvement compared to the prior year. We have continued to strengthen our balance sheet, paying down $148 million of recourse debt while increasing our unrestricted cash balance by $248 million in the year."

Fourth Quarter Updates

   -- Leading with Storage-First Strategy: Storage Attachment Rate was 71% in 
      Q4, up from 62% in the prior-year period. Sunrun has installed more than 
      237,000 storage and solar systems, representing approximately 4.0 
      Gigawatt hours of Networked Storage Capacity. 
 
   -- Continued Strong Capital Markets Execution: 
 
          -- In December 2025, Sunrun extended the maturity of its working 
             capital facility by one year to March 2028. The amendment provides 
             for potential future reductions in commitments, in line with our 
             commitment to continue to pay down parent recourse debt. 
 
          -- In December 2025, Sunrun closed on an innovative joint venture 
             with Hannon Armstrong Sustainable Infrastructure Capital (NYSE: 
             HASI) to finance over 300 megawatts of capacity across more than 
             40,000 home power plants. Under the agreement, HASI will make a 
             structured equity investment into the joint venture of up to $500 
             million over an 18-month period. 
 
   -- Paying Down Recourse Debt: We continued to pay down parent recourse debt. 
      During the fourth quarter, we repaid $81 million of recourse debt, 
      reducing our borrowings under our Working Capital Facility. Since 
      December 31, 2024, we have paid down recourse debt by $148 million, 
      primarily by reducing borrowings under our recourse Working Capital 
      Facility. We have also increased our unrestricted cash balance by $248 
      million and grown Net Earning Assets by $1.8 billion over this time 
      period. We have no recourse debt maturities until March 2028. 
 
   -- Improving grid stability with home-to-grid dispatchable power plants: In 
      2025, Sunrun successfully scaled the nation's largest distributed power 
      plant, increasing customer enrollment fivefold over the prior year, 
      reaching more than 100,000 enrolled customers. Our network dispatched 
      nearly 18 gigawatt-hours of energy to support grids across America - 
      enough to power 15 million homes for one hour - with a combined peak 
      output of over 400 megawatts. These dispatches supported grids during 
      critical hours and helped avoid power outages while putting downward 
      pressure on energy costs for all ratepayers. As of the end of the fourth 
      quarter, Sunrun had over 106,000 customers enrolled across 18 distributed 
      power plant programs. 
 
   -- Sunrun and NRG maximize the value of storage in Texas: In December 2025, 
      Sunrun and NRG Energy, Inc. $(NRG)$ announced a multi-year 
      partnership to deliver complete home energy solutions in Texas, pairing 
      Sunrun's solar-plus-storage systems with optimized rate plans and smart 
      battery programming through NRG's retail electricity provider, Reliant. 
      Aggregated capacity from new and existing Sunrun customers that enroll 
      with Reliant will support NRG's goal of creating a 1 GW virtual power 
      plant by 2035. Sunrun will be paid for aggregating the capacity and 
      participating Reliant customers will be compensated by Sunrun for sharing 
      their stored solar energy. 
 
   -- Sunrun and PG&E use distributed power plants to alleviate constrained 
      local grids: In Q4, Sunrun completed a first-of-its-kind distributed 
      power plant dispatch season with Pacific Gas and Electric Company (NYSE: 
      PCG), using more than 1,000 home storage-plus-solar systems to supply 
      targeted power to neighborhoods with highly-constrained electric grids. 
      From July through Oct. 2025, the batteries dispatched more than 50 times 
      across two dozen constrained power lines and substations--totaling over 
      1,200 hours--with nearly 99% dispatch accuracy. The goal of the precise, 
      location-specific load relief is to help PG&E avoid or defer distribution 
      upgrades while generating net savings for all utility customers. 
      Participating homeowners received $150 per enrolled battery, and Sunrun 
      was compensated for coordinating dispatches. 

Key Operating Metrics

In the fourth quarter of 2025, Subscriber Additions were 25,475, a 17% decrease compared to the fourth quarter of 2024. As of December 31, 2025, Sunrun had 997,280 Subscribers. Subscribers as of December 31, 2025 grew 12% compared to December 31, 2024.

Storage Capacity Installed was 371 megawatt hours in the fourth quarter of 2025, a 5% decrease from the fourth quarter of 2024. Solar Capacity Installed was 216 megawatts in the fourth quarter of 2025, an 11% decrease from the fourth quarter of 2024.

Subscriber Value was $50,165 in the fourth quarter of 2025, a 2% decrease compared to the fourth quarter of 2024. Contracted Subscriber Value was $47,988 in the fourth quarter of 2025, a 1% decrease compared to the fourth quarter of 2024. Subscriber Value figures for the fourth quarter of 2025 reflect a 7.1% discount rate based on observed project-level capital costs, compared to 7.3% in the prior year period. Subscriber Value reflects an average Investment Tax Credit of 42.4% in the fourth quarter of 2025 compared to 39.8% in the prior year period. Storage Attachment Rate was 71% in the fourth quarter of 2025 compared to 62% in the prior year period.

Creation Costs per Subscriber Addition were $41,067 in the fourth quarter of 2025, an 8% increase compared to the fourth quarter of 2024.

Net Subscriber Value was $9,098 in the fourth quarter of 2025, a 30% decrease compared to $12,927 in the fourth quarter of 2024. Contracted Net Subscriber Value was $6,921 in the fourth quarter of 2025, a 32% decrease compared to $10,202 in the fourth quarter of 2024.

Aggregate Subscriber Value was $1.3 billion in the fourth quarter of 2025, an 18% decrease compared to the fourth quarter of 2024. Total Operating Expenses were $1,061 million in the fourth quarter of 2025; Aggregate Creation Costs(1) were $1.0 billion in the fourth quarter of 2025, an 11% decrease compared to the fourth quarter of 2024. Contracted Net Value Creation was $176 million in the fourth quarter of 2025, a decrease of 44% compared to the fourth quarter of 2024, and representing $0.76 per weighted average basic share outstanding in the period.

Net change in cash and restricted cash was $81 million and Cash Generation was $187 million in the fourth quarter of 2025.

Contracted Net Earning Assets were $3.6 billion, or $15.28 per share, which included $1.2 billion in Total Cash, as of December 31, 2025.

Outlook

Aggregate Subscriber Value is expected to be in a range of $850 million to $950 million in the first quarter of 2026.

Contracted Net Value Creation is expected to be in a range of $25 million to $125 million in the first quarter of 2026.

Cash Generation(2) is expected to be positive in the first quarter of 2026.

For the full-year 2026, Aggregate Subscriber Value is expected to be in a range of $4.8 billion to $5.2 billion.

Contracted Net Value Creation is expected to be in a range of $650 million to $1,050 million for the full-year 2026.

Cash Generation(2) is expected to be in a range of $250 million to $450 million for the full-year 2026, excluding potential investment related to safe harbor strategies.

Fourth Quarter 2025 GAAP Results

Total revenue was $1,158.8 million in the fourth quarter of 2025, up $640.3 million, or 124%, from the fourth quarter of 2024. Customer agreements and incentives revenue was $466.5 million, an increase of $77.9 million, or 20%, compared to the fourth quarter of 2024. Energy systems and product sales revenue was $692.3 million, an increase of $562.4 million, or 433%, compared to the fourth quarter of 2024. The increase in Energy systems and product sales revenue is primarily due to a transaction that Sunrun entered into in the third quarter of 2025 whereby certain storage and solar energy systems subject to newly originated Customer Agreements are sold to a third-party. Sunrun continues to maintain the customer experience and servicing relationships and can sell future goods and services to these customers.

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February 26, 2026 16:02 ET (21:02 GMT)