Sunrun Q4 Revenue Surges 124% to $1.16B, 2026 Cash Guidance $250–450M
Sunrun reported Q4 revenue of $1.16 billion, up 124% year-over-year, with net income of $103.6 million ($0.45 per share), and full-year revenue rose 45% to $2.975 billion with net income of $449.9 million ($1.96 per share). The company forecast Aggregate Subscriber Value of $850–950 million and cash generation of $250–450 million for 2026.
1. Q4 and Annual Financial Results
Sunrun delivered Q4 revenue of $1.16 billion, a 124% increase year-over-year, and net income of $103.6 million, or $0.45 per share. For full-year 2025, revenue climbed 45% to $2.975 billion and net income reached $449.9 million, or $1.96 per share.
2. Cash Generation and CFO Commentary
CFO Danny Abajian affirmed that the company surpassed its mid-point cash generation target for 2025, reinforcing Sunrun’s focus on free cash flow as a growth metric. This performance underpins management’s confidence in balancing growth with financial discipline.
3. 2026 Guidance Overview
Sunrun projects Aggregate Subscriber Value of $850 million to $950 million for Q1 2026 and $4.8 billion to $5.2 billion for the full year. It expects cash generation between $250 million and $450 million in 2026, signaling a tempered volume growth outlook.
4. Analyst Downgrade Explanation
Jefferies downgraded Sunrun to Hold from Buy with a $22 price target, citing concerns over softer volume expansion and reduced cash generation guidance for 2026. The downgrade highlights investor caution despite strong recent results.