Sunrun Inc.: Beat — EPS $0.56, Revenue $1.1B
Earnings BeatQ3 2026 · After-market
Did Sunrun Inc. (RUN) beat earnings today?
Yes, Sunrun Inc. (RUN) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+154.55% surprise
$0.56Actual
Expected: $0.22
vs. year ago +833.3%
Total Revenue+36.46% surprise
$1.1BActual
Expected: $805.71M
vs. year ago +52.0%
Released Nov 04 · 4:01 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $1.10B | $724.56M | +52.0% |
| Revenue detail — reported lines | |||
| └─Customer agreements and incentives | $553.45M | $491.60M | +13.0% |
| └─Energy systems and product sales | $546.05M | $232.96M | +134.0% |
| Net Income | $86.97M | ($277.85M) | - |
| GAAP Basic EPS | $0.64 | $0.07 | +814.3% |
| GAAP Diluted EPS | $0.56 | $0.06 | +833.3% |
Financial Outlook / Guidance
| Metric | FY2026 Outlook |
|---|---|
| Guidance | |
| Aggregate Subscriber Value | ~$4.6B (prev. $4.6B-$4.9B |
| Cash Generation | ~$200M (prev. $200M-$375M; excl. equipment safe harbor investments |
FY2026 Outlook
- Aggregate Subscriber Value
- Guidance~$4.6B(prev. $4.6B-$4.9B
- Cash Generation
- Guidance~$200M(prev. $200M-$375M; excl. equipment safe harbor investments
Business Highlights
- ➤Storage Attachment Rate reached a record 75% in Q3.
- ➤Networked Storage Capacity reached 5.0 Gigawatt-hours as of September 30, 2026.
- ➤Installed more than 284,000 storage and solar systems.
- ➤Received BestCompany.com’s exclusive 2026 Preferred Partner Award and Platinum Solar Award.
- ➤Earned the Platinum Solar Award for the third consecutive year.
- ➤Earned the Preferred Partner Award for the second consecutive year.
- ➤Participated in a record 580 MW residential distributed power plant dispatch event.
- ➤Contributed 400+ MW to a 669 MW dispatch event on October 5.
- ➤Contributed 430+ MW to a 745 MW dispatch event on October 6.
Management Commentary
Mary Powell, Chief Executive Officer
“Sunrun has returned its direct business to growth, with installations increasing 9% year-over-year. Sunrun is the nation's largest Residential Independent Power Producer. We hit a 75% attachment rate of storage assets, the highest in our history. The need for affordable, reliable power has never been more evident, and our storage-first offering is meeting it. We are positioning the business for strong growth, bringing on some of the best talent in the industry and scaling deliberately, with a focus on customer experience and asset quality. And as that engine scales, we're aiming to unlock new ways to monetize the network we've already built, from distributed power plant programs to emerging data center and grid edge applications, creating new streams of Cash Generation.”
Danny Abajian, Chief Financial Officer
“Q3 marked an important inflection point as we returned to growth in our direct business and expanded our Upfront Net Subscriber Value margins considerably. We delivered $56 million in Cash Generation in Q3, excluding investments in equipment for safe harbor activities, and expect higher Cash Generation in Q4 resulting in full-year Cash Generation of approximately $200 million.”