Sunrun (RUN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Sunrun published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Sunrun reports in thousands of dollars; figures here are converted to millions with one decimal.
• Net income attributable to common stockholders is after allocating losses to tax equity fund investors under the HLBV method, so it can differ sharply from Sunrun's consolidated net income ($87.0 million in Q3 2026).

Source: Sunrun Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Sunrun splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Sunrun's Customer agreements and incentives revenue was $554 million in Q3 2026, up 13% from $492 million in Q3 2025, 50% of total revenue.
• Sunrun's Energy systems and product sales revenue was $546 million in Q3 2026, up 134% from $233 million in Q3 2025, 50% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The second quote is Sunrun's Cash Generation outlook, a non-GAAP measure.

In its Q3 2026 release, Sunrun said:

“For the full-year 2026, Aggregate Subscriber Value is now expected to be approximately $4.6 billion, compared to the company's prior guidance of $4.6 billion to $4.9 billion.”

“is now expected to be approximately $200 million for the full-year 2026, excluding investments related to equipment safe harboring, compared to the company's prior guidance of $200 million to $375 million.”

Source: Sunrun Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the RUN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS attributable to common stockholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Sunrun's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Sunrun's revenue comes in two lines. Customer agreements and incentives, $553.5 million in Q3 2026, is the recurring payment stream from the leases and power purchase agreements on homes where Sunrun owns the system, plus sales of solar renewable energy credits (SRECs). Energy systems and product sales, $546.0 million, is systems sold outright, mostly to a third-party investor and a joint venture, plus equipment sold to installers. (Sunrun Q3 2026 release, Nov 4, 2026; Sunrun Form 10-Q, Q3 2026, Nov 4, 2026)

Sunrun's Customer Agreements typically run for an initial term of 20 or 25 years, and Sunrun monitors, maintains and insures the system over that term. Customer agreement revenue rose $59.6 million, or 13%, to $518.0 million because of systems placed in service since October 1, 2025 and a full quarter of revenue from systems added in Q3 2025. (Sunrun Form 10-K, 2025, Feb 26, 2026; Sunrun Form 10-Q, Q3 2026, Nov 4, 2026)

Energy systems revenue rose to $513.6 million from $164.8 million, an increase of $348.8 million. Sunrun attributes it to a transaction it entered in Q3 2025 and a non-controlled joint venture formed in 2026, under which storage and energy systems on newly originated Customer Agreements are sold to the investor or the venture while Sunrun keeps the customer and servicing relationship. Product sales fell $35.8 million to $32.4 million on lower prices and volumes of equipment sold to other installers. (Sunrun Form 10-Q, Q3 2026, Nov 4, 2026)

Total revenue was $1,099.5 million, up 52%. Subscriber Additions were 22,957, down 24%, and Solar Capacity Installed fell 15% to 204 megawatts, while Sunrun said installations in its direct business rose 9%. Storage was attached to 75% of systems, up from 70%. (Sunrun Q3 2026 release, Nov 4, 2026)

Sunrun reports one EPS figure, on a GAAP basis. Diluted EPS attributable to common stockholders was $0.56 in Q3 2026, against $0.06 a year earlier. Sunrun's own adjusted measures are cash and value metrics (Cash Generation and Subscriber Value), not an adjusted EPS. (Sunrun Q3 2026 release, Nov 4, 2026)

Two non-operating items lifted the result. Other income (expense), net rose $182.2 million to $164.3 million, primarily from gains on derivatives; the cash flow statement shows a $152.9 million unrealized gain. Sunrun also recorded an income tax benefit of $45.2 million, which it attributes mainly to ITC transfer originations. Interest expense, net was $276.0 million. (Sunrun Form 10-Q, Q3 2026, Nov 4, 2026; Sunrun Q3 2026 release, Nov 4, 2026)

Consolidated net income was $87.0 million, and $66.3 million of net loss was allocated to noncontrolling interests (tax equity fund investors) under the HLBV method, giving $153.2 million attributable to common stockholders. Sunrun said that allocated loss fell from $294.4 million a year earlier because it opened no new investment funds in the quarter, against two in Q3 2025. Diluted shares were 274.5 million. (Sunrun Form 10-Q, Q3 2026, Nov 4, 2026; Sunrun Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Sunrun gives full-year guidance in its release for two of its own measures, not for revenue or EPS. With Q3 2026 results it set Aggregate Subscriber Value at approximately $4.6 billion, the bottom of its prior range of $4.6 billion to $4.9 billion, and Cash Generation at approximately $200 million excluding equipment safe harbor investments, the bottom of its prior range of $200 million to $375 million. (Sunrun Q3 2026 release, Nov 4, 2026)

Sunrun's Q3 2026 Cash Generation was $6 million, or $56 million excluding $50 million of net investments in equipment safe harbor. Its CFO said Sunrun expects higher Cash Generation in Q4. (Sunrun Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Sunrun, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Sunrun's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning RUN is on is RUN a buy or a sell?, what analysts expect next is on the RUN forecast, and what the company does is on the Sunrun (RUN) stock page.

Every number on this page can be traced to a document Sunrun published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.