Sunrun Reports Second Quarter 2026 Financial Results
Sunrun reported Q2 2026 financial results with a record 74% storage attachment rate and 4.6 GWh of networked storage capacity, while revising full-year cash generation guidance to $200–$375 million.
Sunrun, the largest U.S. provider of home battery storage and solar systems, reported second-quarter 2026 financial results on August 5, 2026. The company achieved a record 74% storage attachment rate in the quarter, up from 70% a year earlier, with networked storage capacity reaching 4.6 gigawatt-hours by June 30, 2026. Net cash used in operating activities totaled $186 million, while cash generation was $23 million, or $45 million excluding $22 million in equipment safe harbor investments. The company revised its full-year 2026 cash generation guidance to a range of $200 million to $375 million, excluding safe harbor investments, citing reduced affiliate channel volumes and higher capital costs.
Sunrun added 19,793 subscribers in Q2 2026, a 31% decline from Q2 2025, bringing the total subscriber base to 1,034,738 as of June 30, 2026. Storage capacity installed in the quarter was 332 megawatt-hours, down 15% year-over-year, while solar capacity installed was 174 megawatts, a 23% decrease. Subscriber value increased 10% to $59,377, reflecting a 7.3% discount rate and a 44.0% average Investment Tax Credit. Total operating expenses rose 23% to $835 million, driven by a 92% increase in creation costs reflected in operating expenses.
Total revenue for Q2 2026 reached $870 million, up 53% from Q2 2025, with energy systems and product sales revenue increasing 193% to $326.3 million due to a third-party transaction involving storage and energy systems under customer agreements. Customer agreements and incentives revenue grew 19% to $543.7 million. Net income attributable to common stockholders was $115.2 million, or $0.48 per basic share and $0.42 per diluted share. The company also reported $1.2 billion in aggregate subscriber value for the quarter, a 24% decrease from the prior year.
Sunrun revised its full-year 2026 aggregate subscriber value guidance to a range of $4.6 billion to $4.9 billion, down from the prior guidance of $4.8 billion to $5.2 billion. Contracted net earning assets totaled $3.7 billion as of June 30, 2026, including $1.1 billion in cash. The company will host an analyst and investor conference call at 1:30 p.m. Pacific Time on August 5, 2026, to discuss results and business outlook.