Sunrun Q4 Cash Hits $187M, Storage Attachment Rises to 71%
Sunrun generated $187 million in Q4 cash and $377 million for full-year 2025 while paying down $81 million of parent-level debt in the quarter and $148 million for the year. Storage attachment rate climbed to 71%, driving a 26% increase in storage capacity installed and dispatching 425 MW to the grid in 2025.
1. Q4 Financial Performance
Sunrun delivered $187 million of cash generation in Q4 and $377 million for full-year 2025, while reducing parent-level recourse debt by $81 million in the quarter and $148 million for the year. Unrestricted cash increased by $248 million and net earning assets grew by $1.8 billion over 2025.
2. Subscriber and Storage Growth
Subscriber additions totaled approximately 25,000 in Q4 and 108,000 for full-year 2025, roughly flat year over year. Storage attachment rates rose to 71%, boosting storage capacity installed by 26%, while average system size grew 4%, resulting in similar solar capacity gains.
3. Dispatch and Partnerships
Sunrun dispatched 425 MW to the grid in 2025 and achieved over 4 GWh of dispatchable energy capacity, with batteries delivering power during multiple winter storm events. New partnerships with NRG and Tesla in Texas expanded optimized rate plans and dispatch integration, with more collaborations planned for 2026.
4. Financing and 2026 Outlook
The company diversified funding through asset sale structures, joint ventures, $2.7 billion of tax equity, $2.8 billion of project debt and a $600+ million revolving warehouse facility. For 2026, Sunrun expects high single-digit to low double-digit Direct growth, over 40% affiliate volume decline, $4.8–$5.2 billion in Aggregate Subscriber Value and $250–$450 million in cash generation.