Filing Flows › Sunrun (RUN) › Q3 2025
Sunrun (RUN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Sunrun (RUN) reported revenue of $725M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +27% from the quarter before. Operating margin was 0.5%, net loss $278M (38.3% of revenue).
Sunrun, Q3 2025: revenue $725M (+35% year over year), operating margin 0.5%, net loss $278M, operating cash flow −$122M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $725M | +27% | +35% |
| Operating profit | $3.7M | — | — |
| Net earnings | −$278M | — | — |
| Operating cash flow | −$122M | — | — |
What changed
Revenue was $724.6M in Q3 2025, up 35% year over year and up 27% from the previous quarter. Customer agreements was the largest line at 63% of revenue. Solar energy systems added $117.6M year over year (up 249%), 63% of the total change. Product sales declined 19%.
Operating profit was $3.7M, a 0.5% margin (up 24.3 points year over year). Total costs grew 8% against revenue growth of 35%. The fastest-growing cost line was Research & development (+13%). The quarter ended with a net loss of $277.8M, narrower than the previous quarter's $279.0M loss. Minority interests bore $294.4M of it: to shareholders the quarter was a profit of $16.6M. Net interest and other expense of $283.7M was the main reason.
Operating cash flow was −$121.5M. Non-cash charges added back $181.5M of depreciation and amortization and $29.6M of share-based compensation. Working capital and other items used $54.8M.
Questions
What was Sunrun's revenue in the third quarter 2025?
Sunrun (RUN) reported revenue of $725M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +27% from the quarter before.
Was Sunrun profitable in the third quarter 2025?
Operating profit was $3.7M (0.5% of revenue) and net loss $278M.
Source: Sunrun 10-Q on SEC EDGAR.