U.S.-based residential solar and battery storage provider Sunrun reported total revenues of $724.6 million for the third quarter (Q3), a 35% year-over-year (YoY) increase from $537.2 million.

The company attributed the revenue growth to increased customer demand for solar-plus-storage systems and improved pricing discipline across its offerings.

The revenue exceeds the analysts’ expectations by $123.39 million.

The company’s revenue from customer agreements and incentives rose 21% YoY to $491.6 million, while revenue from solar energy systems and product sales increased 77% to $233 million. The company’s income from operations reached $3.65 million during the quarter, compared to an operating loss of $127.8 million in the same quarter of 2024, reflecting improved cost control and operational efficiency.

The company recorded a net loss of $277.8 million. The earnings per share (EPS) were $0.06.

9M Performance

For the nine months ended September 30, 2025, Sunrun posted a revenue of $1.8 billion, up from $1.52 billion in the same period of 2024.

Net income attributable to common stockholders was $346.4 million, translating to earnings of $1.51 per basic share and $1.33 per diluted share.

Danny Abajian, Chief Financial Officer of Sunrun, noted that the company added $2.8 billion in traditional and hybrid tax equity so far in 2025, along with $811 million in unused commitments available under its senior revolving warehouse loan facility to fund 288 MW of projects for retained subscribers.

“We have recorded revenue of $115 million from the sale of non-retained or partially retained subscribers, resulting in a strong runway. Our strong debt capital runway has allowed us to be selective in timing term-out transactions.” Abaijan added.

He also stated that residential solar credit spreads have stayed elevated around 240 basis points, while other asset classes have seen tighter spreads. “We view that as an opportunity as we further distance ourselves from some of the events this year that drove spreads higher. We are consistent in paying down parent debt, targeting a 2x leverage ratio of total parent debt against trailing cash generation,” he said.

Business Highlights

The company has installed 217,000 storage systems and 3.7 GWh of dispatchable energy from home batteries. CEO Mary Powell said, “We expect to have more than 10 gigawatt hours of dispatchable energy online by the end of 2028.”

Sunrun reported that it had over 106,000 customers enrolled in its home-to-grid distributed power plant programs at the end of the third quarter, a 300% YoY increase. The company’s distributed power plants delivered hundreds of megawatts of peak power to the grid in several states, enhancing grid stability and preventing blackouts.

Outlook

For Q4, the company forecast the aggregate subscriber value to be between $1.3 billion and $1.6 billion. For the full year 2025, Sunrun reaffirmed its guidance for aggregate subscriber value, which is expected to be between $5.7 billion and $6 billion, representing 14% growth over 2024 at the midpoint.

Sunrun expects to continue gaining market share in 2026, focusing on subscription offerings and its storage-first strategy while maintaining financial discipline.

Sunrun reported a 10% increase in total revenue of $504.27 million for the first quarter of 2025 compared to $458.19 million in the same period of 2024. The revenue exceeded analysts’ expectations, which ranged from $484.8 million to $493.97 million.

The company’s revenue for the fourth quarter of 2024 was $518.49 million, a small increase from the same quarter in the previous year.