**Sunrun Inc. Reports Fiscal Year 2025 Results**
Sunrun Inc. (RUN) reported total revenue of $2.96 billion for the fiscal year ended December 31, 2025, an increase of 45% compared to $2.04 billion in 2024. This growth was primarily driven by a 21% increase in customer agreements and incentives revenue, reaching $1.82 billion, and a 114% increase in energy systems and product sales, totaling $1.14 billion. The company reported a net loss attributable to common stockholders of $449.9 million, or $1.96 per basic share, compared to a net loss of $2.85 billion, or $12.81 per basic share, in the previous year.
A significant factor impacting the company's financial performance was a goodwill impairment charge of $3.1 billion recorded in 2024, with no such charge in 2025. Operating expenses for 2025 totaled $3.08 billion, a decrease from $5.73 billion in 2024, largely due to the absence of the goodwill impairment. Interest expense, net, increased to $996.8 million in 2025 from $848.4 million in 2024, reflecting increased debt levels. The company's income tax benefit increased significantly to $167.2 million in 2025 from $26.8 million in 2024, primarily due to increased proceeds from investment tax credit transfers.
Key operational developments included a Networked Solar Energy Capacity of 8,404 megawatts as of December 31, 2025, up from 7,531 megawatts in the prior year. The company's customer base grew to 1,165,686, an increase from 1,048,842 in 2024. Subscriber additions for the quarter ended December 31, 2025, were 25,475, compared to 30,709 in the same period of the previous year. Gross Earning Assets as of December 31, 2025, were approximately $21.1 billion, compared to $17.8 billion in the prior year.
Looking ahead, Sunrun anticipates continued growth in the adoption of residential solar and storage solutions, driven by increasing demand for clean energy and energy independence. However, the company acknowledges potential challenges, including evolving regulatory landscapes, supply chain disruptions, and fluctuations in interest rates. Sunrun plans to capitalize on market opportunities created by the electrification of the U.S. economy with renewable energy, while managing risks associated with government incentives, competition, and data privacy and security. The company's human capital strategy focuses on attracting, retaining, and developing a high-quality workforce, with a strong emphasis on safety and employee well-being.
About Sunrun Inc.
Sunrun is a leading provider of residential solar energy systems and storage solutions in the U.S., offering solar as a subscription service through leases and power purchase agreements. The company designs, installs, finances, and maintains solar projects for homeowners, leveraging a multi-channel sales model and strategic partnerships. Its value proposition centers on affordable, predictable clean energy, energy security, and customer-centric solutions.
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