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Sunrun cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$301M in Q3 2026 · $223M over twelve months

Operating cash flow$301M
Free cash flow+$301M
Cash / net income3.5×

Analysis

In Q3 2026, Sunrun generated $301M of operating cash flow. That is $423M more than in Q3 2025 (−$122M).

Over the twelve months to Sep 30, 2026, operating cash flow was $223M; the largest uses were other investing ($1.7B), other financing ($172M); besides operations, cash came from partners ($1.2B), net borrowing (+) / repaid (−) ($387M); the cash balance fell by $34.4M.

Operating cash flow was $301M against net income of $87.0M — 3.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$197M, prepaid and other assets −$112M, other non-cash +$95.8M.

Free cash flow

Sunrun: free cash flow by quarterSunrun: free cash flow by quarter−$259MQ4 2024−$104MQ1 2025−$293MQ2 2025−$122MQ3 2025$96.9MQ4 2025$10.6MQ1 2026−$186MQ2 2026$301MQ3 2026
Operating cash flow less capital spending.
Sunrun: operating cash flow against capital spendingSunrun: operating cash flow against capital spendingOperating cash flowCapital spending−$258M$627KQ4 2024−$104M$0Q1 2025−$293M$0Q2 2025−$122M$0Q3 2025$96.9M$0Q4 2025$10.6M$0Q1 2026−$186M$0Q2 2026$301M$0Q3 2026
Latest (Q3 2026): Operating cash flow $301M, Capital spending $0.

Capital allocation, year by year

Sunrun: where the cash came from (up) and went (down), by fiscal yearSunrun: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$817MFY2021: Net borrowing $340MFY2021: Shares issued $36.1MFY2021: Capital spending −$8.6M$376MFY2021FY2022: Operating cash flow −$849MFY2022: Net borrowing $280MFY2022: Shares issued $32.9MFY2022: Capital spending −$18.2M$313MFY2022FY2023: Operating cash flow −$821MFY2023: Net borrowing $2.2BFY2023: Shares issued $22.6MFY2023: Capital spending −$21.0M$2.2BFY2023FY2024: Operating cash flow −$766MFY2024: Net borrowing $2.0BFY2024: Shares issued $18.9MFY2024: Capital spending −$1.6M$2.1BFY2024FY2025: Operating cash flow −$421MFY2025: Net borrowing $1.7BFY2025: Shares issued $16.8M$1.7BFY2025
Over these 5 years operating cash flow totalled −$3.7B; the largest uses were operating cash flow ($3.7B) and capital spending ($49.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$699M
Debt$15.3B
Net debt$14.6B
Due within a year$294M

Sunrun funds itself: free cash flow was $223M over the last twelve months, and $699M of cash and investments stands against $15.3B of debt ($294M due within a year, 2.4× covered by cash).

Sunrun: debt maturities by year (FY2025)Sunrun: debt maturities by year (FY2025)$294MYear 1$1.4BYear 2$2.5BYear 3$1.4BYear 4$1.9BYear 5$7.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $699M of cash and investments now.

Where the cash came from and went

Sunrun: sources (+) and uses (−) of cash, Q3 2026Sunrun: sources (+) and uses (−) of cash, Q3 2026Other investing−$420MOperating cash flow$301MPartners$71.1MNet borrowing (+) / repaid (−)$51.7MOther financing−$19.4MCash drawn (+) / kept (−)$15.1M
Sunrun: sources (+) and uses (−) of cash, TTM to Q3 2026Sunrun: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.7BPartners$1.2BNet borrowing (+) / repaid (−)$387MOperating cash flow$223MOther financing−$172MCash drawn (+) / kept (−)$34.4MShares issued$17.0M

From profit to cash

Sunrun: net income to operating cash flow, Q3 2026Sunrun: net income to operating cash flow, Q3 2026Net income$87.0MDepreciation & amortization$197MStock-based pay$19.3MOther non-cash$95.8MReceivables−$69.6MInventory−$28.3MPayables$89.5MAccrued liabilities$54.3MDeferred revenue$38.9MPrepaid and other assets−$112MOperating cash flow$301M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$301M—$51.7M—$15.1M$301M
Q2 2026−$186M—$273M$8.1M−$47.1M−$186M
Q1 2026$10.6M—$50.1M$1.3M$148M$10.6M
Q4 2025$96.9M—−$87.0M$7.6M−$81.2M$96.9M
Q3 2025−$122M—$567M$607K−$144M−$122M
Q2 2025−$293M—$424M$8.5M−$33.2M−$293M
Q1 2025−$104M—$650M$21K−$31.5M−$104M
Q4 2024−$258M−$627K$527M$6.9M$63.2M−$259M

Sunrun: income statement and cash flow

Sunrun, Q3 2026: revenue $1.1B (+52% year over year), operating margin 14.0%. The chart follows the revenue to costs, profit and cash.

Sunrun: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.