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Engineering & construction · Industrials · Fiscal year ends Dec 31
Sunrun reported revenue of $3B in the fiscal year ended Dec 2025, up 45.1% from the year before. Operating income was −$126M, an operating margin of −4.3%, and net income was $450M. Net debt was $13.5B.
Ranks among the 24 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,610 | 2,321 | 2,260 | 2,038 | 2,957 |
| Research & development | 23.2 | 20.9 | 21.8 | 39.3 | 36.1 |
| Selling, general & admin | 888 | 940 | 962 | 862 | 987 |
| Operating income | −666 | −662 | −1,979 | −3,695 | −126 |
| Pre-tax income | −971 | −847 | −2,696 | −4,382 | −1,176 |
| Income tax | 9.3 | 2.3 | −12.7 | −26.8 | −167 |
| Net income | −79.4 | 173 | −1,604 | −2,846 | 450 |
| Diluted EPS | −0.39 | 0.80 | −7.41 | −12.81 | 1.71 |
| Diluted shares | 205 | 219 | 217 | 222 | 264 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 850 | 953 | 988 | 947 | 1,237 |
| Receivables | 146 | 214 | 172 | 171 | 263 |
| Inventory | 507 | 784 | 460 | 402 | 501 |
| Current assets | 1,548 | 2,098 | 1,882 | 1,723 | 2,156 |
| Net PP&E | 56.9 | 67.4 | 149 | 121 | 75.7 |
| Goodwill | 4,280 | 4,280 | 3,122 | 0.0 | 0.0 |
| Total assets | 16,483 | 19,269 | 20,450 | 19,898 | 22,611 |
| Payables | 288 | 339 | 231 | 354 | 271 |
| Deferred revenue | 112 | 184 | 129 | 129 | 163 |
| Current liabilities | 1,012 | 1,155 | 1,488 | 1,334 | 1,303 |
| Long-term debt | 6,503 | 8,399 | 10,672 | 12,901 | 14,696 |
| Total liabilities | 8,911 | 11,090 | 13,536 | 15,734 | 17,627 |
| Shareholders' equity | 6,255 | 6,708 | 5,230 | 2,554 | 3,132 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −817 | −849 | −821 | −766 | −421 |
| Capital expenditure | 8.6 | 18.2 | 21.0 | 1.6 | – |
| Free cash flow | −826 | −867 | −842 | −768 | – |
| Depreciation & amortisation | 23.0 | 27.2 | 31.9 | 44.1 | 38.3 |
| Stock-based compensation | 211 | 111 | 112 | 113 | 108 |
| Acquisitions | 0.0 | 0.0 | – | – | – |
| Share buybacks | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 44.2% | −2.7% | −9.8% | 45.1% |
| EPS growth (YoY) | – | – | −1026.3% | – | – |
| Operating margin | −41.4% | −28.5% | −87.6% | −181.3% | −4.3% |
| Net margin | −4.9% | 7.5% | −71.0% | −139.7% | 15.2% |
| Return on equityBlank when equity is negative | −1.3% | 2.6% | −30.7% | −111.4% | 14.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.3% | −3.7% | −10.4% | −19.9% | −0.6% |
| Free cash flow margin | −51.3% | −37.3% | −37.2% | −37.7% | – |
| Cash conversion (CFO ÷ net income) | 10.3x | −4.90x | 0.51x | 0.27x | −0.94x |
| Receivable days | 33 | 34 | 28 | 31 | 32 |
| Debt ÷ equity | 1.04x | 1.25x | 2.04x | 5.05x | 4.69x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,652 | 7,446 | 9,684 | 11,954 | 13,459 |
| Current ratio | 1.53x | 1.82x | 1.26x | 1.29x | 1.66x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.