Sunrun’s FY2025 revenue rose 45% YoY, driven by customer agreements and product sales
Q4 FY2025 revenue reached $1.16 billion, up 124% YoY, with customer agreements and incentives growing 20% and energy systems and product sales surging 433%
Its installed storage capacity declined 5% to 371 MW, and solar capacity dropped 11% to 216 MW. However, the storage attachment rate increased 71% in Q4 2025
For FY2026, the company guides aggregate subscriber value of $4.8 billion to $5.2 billion and contracted net value creation of $650 million to $1,050 million
Sunrun, the US residential solar and storage company, exited FY2025 with a 45% year-on-year (YoY) growth in revenue that totaled $2.96 billion, driven by $1.82 billion in customer agreements and incentives that themselves grew by 21%.
The remaining $1.14 billion in energy systems and product sales revenue increased 114% YoY.
The largest contribution to FY2025 revenue was reported in Q4, at $1.16 billion, which was 124% more than in Q4 2024. Both customer agreements & incentives and energy systems & product sales division revenue increased by 20% and 433%, respectively (see Sunrun Reports Flat Revenue Growth In Q4; FY2024 Net Loss Widens).
This increase was despite a 5% annual decrease in installed storage capacity (371 MW) and an 11% drop in installed solar capacity (216 MW).
Nevertheless, storage attachment rate rose 71% during the quarter, up from 62% in Q4 2024. The company installed more than 237,000 storage and solar systems, representing close to 4.0 GWh of networked storage capacity as Sunrun continues to execute on its storage-first strategy.
“We have built a base of incredibly valuable grid resources that are helping to improve our country’s energy system and meet the growing energy capacity challenges,” said Sunrun CEO Mary Powell. “Just last year we dispatched 425 MW’s to the grid, equivalent to the peaking capacity in some states. Our growth each year is equivalent to adding a moderate sized utility to our fleet, in addition to dispatchable generation capabilities of 1.5 gigawatt hours added in 2025.”
Last year, its network dispatched nearly 18 GWh of energy, with a combined peak output of over 400 MW to support grids across America. As of December 31, 2025, Sunrun says it has more than 106,000 customers enrolled across 18 distributed power plant programs.
During the reporting quarter, its subscriber additions of 25,475 was down 17% from Q4 2024. Its total subscribers of 997,280 at the end of December 2025 showed a YoY improvement of 12%.
The $1.3 billion aggregate subscriber value for the reporting quarter represented an 18% decline from the prior year. Aggregate creation costs were $1 billion, 11% less YoY.
Guidance
For Q1 2026, Sunrun says the aggregate subscriber value will reach $850 million to $950 million, while contracted net value creation will range from $25 million to $125 million. It projects cash generation to increase sequentially throughout the year.
For the full year 2026, the company projects aggregate subscriber value within $4.8 billion to $5.2 billion while contracted net value creation is guided between $650 million and $1,050 million. Cash generation for the entire year is projected to range from $250 million to $450 million, excluding potential investment related to safe harbor strategies.
Earlier this year, Sunrun partnered with HASI to finance more than 300 MW of distributed energy assets under a joint venture (see Sunrun, HASI Partner To Finance 300 MW US Distributed Energy Assets).
