Filing Flows › Sunrun (RUN) › Q4 2025
Sunrun (RUN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Sunrun (RUN) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +124% from a year earlier and +60% from the quarter before. Operating margin was 8.4%, net loss $175M (15.1% of revenue).
Sunrun, Q4 2025: revenue $1.2B (+124% year over year), operating margin 8.4%, net loss $175M, operating cash flow $96.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +60% | +124% |
| Operating profit | $97.4M | 27× | — |
| Net earnings | −$175M | — | — |
| Operating cash flow | $96.9M | — | — |
What changed
Revenue was $1.2B in Q4 2025, up 124% year over year and up 60% from the previous quarter. Energy systems and product sales was the largest line at 60% of revenue.
Operating profit was $0.10B, a 8.4% margin (up 636.4 points year over year). Total costs fell 72% while revenue rose 124%. The fastest-growing cost line was Sales & marketing (+63%). The quarter ended with a net loss of $0.18B, narrower than the previous quarter's $0.28B loss. Minority interests bore $0.28B of it: to shareholders the quarter was a profit of $0.10B. Net interest and other expense of $0.23B was the main reason.
Operating cash flow was $0.10B. Non-cash charges added back $0.18B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.06B.
Questions
What was Sunrun's revenue in the fourth quarter 2025?
Sunrun (RUN) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025), +124% from a year earlier and +60% from the quarter before.
Was Sunrun profitable in the fourth quarter 2025?
Operating profit was $97.4M (8.4% of revenue) and net loss $175M.
Source: Sunrun 10-K on SEC EDGAR.