Sunrun, the US residential solar and storage company, expanded its customer additions with storage by 20% during Q3 2025 compared to the prior-year period. The company also reported a storage attachment rate of 70%, having gone up from 60% annually.  

At the end of September 2025, Sunrun had installed over 217,000 storage and solar systems, representing a combined networked storage capacity of approximately 3.7 GWh. The number of its customers enrolled in home-to-grid distributed power plant programs, with over 106,000 in number, represented over 300% annual growth. 

Nevertheless, it reported a year-over-year (YoY) decrease of 1% in subscriber additions during the period, at 30,104. However, on an aggregate basis, its 971,805 subscribers were 13% more than the prior-year period. Aggregate Subscriber Value increased 10% y/y to $1.6 billion while Aggregate Creation Costs increased 3% to $1.2 billion.  

Its net value creation increased to $398 million in the reporting period, up from $291 million in Q3 2024 and $490 million in Q2 2025 (see Sunrun Sees Strong Outlook Despite Solar Tax Credit Changes).   

Sunrun’s Q3 revenues of $724.6 million increased by 35% YoY. This was led by the customer agreements and incentives business, which expanded by 21% to $491.6 million, while solar energy systems and product sales revenue of $233 million increased by 77%. 

“We delivered our sixth consecutive quarter of positive Cash Generation and are reiterating the midpoint of our Cash Generation outlook for 2025,” said Danny Abajian, Sunrun’s Chief Financial Officer.   

For FY 2025, the company has reiterated its guidance for aggregate subscriber value to be between $5.7 billion and $6.0 billion, representing growth at the midpoint. It expects contracted net value creation in the range of $1.0 billion to $1.3 billion, representing 67% growth at the midpoint. Cash generation is forecast between $250 million and $450 million.  

Sunrun projects its Q4 2025 Aggregate Subscriber Value to range from $1.3 billion to $1.6 billion with a 5% decline at the midpoint. Contracted Net Value Creation will likely be between $182 million and $482 million with a 6% growth at the midpoint. 

Cash Generation for the last quarter of the year is expected to be within $60 million and $260 million, depending on finance transaction timing and working capital, it added. 

According to analysts at ROTH, Sunrun has only 5% of its volume from customers eligible for Section 25D residential tax credits that are due to expire by December 31, 2025. The remaining 95% of Q3 volume comprised subscribers under a lease or PPA model that continue to benefit from the 30% to 70% Investment Tax Credit (ITC) adders. It also expects to gain share in 2026 as it focuses on a subscription offering and follows a storage-first strategy. 

Abajian discussed the company’s asset monetization strategy, which was slightly modified in Q3. Instead of keeping all new solar and storage assets, the company now sells some to an energy investor. This brings in upfront revenue while Sunrun still manages customer relationships and future value. Overall, the financial impact is similar to past funding methods, explained Abajian. ROTH sees potential in this strategy.  

ROTH Managing Director, Sr. Research Analyst Philip Shen said, “In the coming year, we expect (1) the company has potential to grow, while the overall industry contracts, and can win yet more market share, (2) RUN to drive cash generation higher, which can start to support the potential to support shareholder buybacks and/or dividends, and (3) the new alternative structure to help start making the financial statements look more "normal." This, in our view, is a formula for multiple expansion ahead.”