For the full year of 2025, Sunrun reported revenue of US$2.96 billion, up 45% year-on-year, continuing to expand its customer base despite a decline in quarterly installation volumes.
In the fourth quarter, revenue rose 124% to US$1.16 billion, driven primarily by energy systems and product sales, which increased 433% year-on-year to US$692.3 million.
Chief financial officer Danny Abajian said the company exceeded the midpoint of its cash generation guidance for 2025 and improved full-year margins to 7%, up six percentage points from 2024. Sunrun also reduced recourse debt by US$148 million and increased unrestricted cash by US$248 million over the year.
Distributed power plant expansion and strategic agreements
The company has installed more than 237,000 solar and storage systems, representing around 4GWh of networked storage capacity. During 2025, its distributed power plant fleet dispatched nearly 18GWh to grids across the US, with a combined peak output exceeding 400MW. By the end of the fourth quarter, more than 106,000 customers were enrolled across 18 distributed power plant programmes.
In December, Sunrun closed a joint venture with New York-listed investor HA Sustainable Infrastructure Capital (HASI) to finance more than 300MW of capacity across over 40,000 residential systems, with up to US$500 million in structured equity commitments over 18 months.
The company also announced a multi-year partnership with NRG Energy in Texas to combine solar-plus-storage systems with tailored retail electricity plans, supporting the creation of a 1GW virtual power plant by 2035. Separately, Sunrun completed a targeted distributed power plant dispatch season with Pacific Gas and Electric Company (PG&E) , using more than 1,000 solar-plus-storage systems to relieve local grid constraints in California.
