Sunrun Inc. · NASDAQ:RUN
Sunrun — Q3 2026 Earnings Presentation
41 slides from Sunrun's earnings presentation, Nov 4, 2026
Slide 1: 3Q 2026 Operating & Financial Results
3Q 2026 Operating & Financial Results November 4, 2026
Slide 2: Safe harbor & forward looking statements
Safe harbor & forward looking statements This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Co
Slide 3: Operating & Financial Performance Overview
OPERATING & FINANCIAL PERFORMANCE OVERVIEW Mary Powell CEO 3Q26 Earnings Presentation 3
Slide 4: Positive Cash Generation in Q3 and surpassed 5 GWh of Networked Storage
Sunrun delivered positive Cash Generation in Q3 and surpassed 5 Gigawatt-hours of Networked Storage Capacity $1.3 billion 5.0 GWh Aggregate Subscriber Value Networked Storage Capacity in 3Q26 as of 9/30/2026 -20% year-over-year +37% year-over-year $56 million $3.7 billion Cash Generation Contracted
Slide 5: Positioned to grow high-margin volumes through direct channel
Sunrun is positioned to grow high-margin volumes through direct channel while building dispatchable power asset base Transitioning to direct business Overall volume down YoY in-line with deliberate shift towards direct channel - ➔ Demand for our offering is strong as consumer interest in affordable, r
Slide 6: Growth Resuming; Direct business growing and affiliate reset complete
Growth Resuming; Direct business growing and affiliate reset complete with strong partners Direct volumes set to resume growth as Sunrun focuses on best customer experience, higher margins We grew sales over 10% in Q3 and grew most recently in October. We expect single-digit growth in installations in
Slide 7: US power demand expected to increase; Sunrun assets provide a solution
US power demand is expected to increase; Sunrun generating assets provide a real solution to consumers seeking relief from rising rates Electricity demand forecasted to increase 40% by The price of electricity nationwide already has risen 2040; necessitating >1,000 GW of new capacity(1) ~35% over th
Slide 8: Nation's largest distributed power plant operator
Sunrun is the nation’s largest distributed power plant operator, providing critical utility-scale grid services ➔ Distributed home-to-grid power plants are reliable, dispatchable resources. Sunrun’s power plants don’t take up land or need new transmission lines to be constructed as they are located
Slide 9: Home batteries delivering energy to the grid at increasing scale
Sunrun’s home batteries are delivering energy to the grid at increasing scale and frequency Sunrun and Tesla coordinated nearly 2,000 MW of residential battery capacity across three record-setting dispatch events in 2026, surpassing the record previously set by Sunrun and Tesla in July 2025. Over 10
Slide 10: Formed consortium to pursue opportunities with hyperscalers
Formed consortium to jointly pursue opportunities with hyperscalers & jointly push for capacity accreditation Together, we could bring 16.8 GW of fast, flexible capacity for data center and large load growth 3Q26 Earnings Presentation 10
Slide 11: America's Homes. Powering AI.
America’s Homes. Powering AI. Traditional data centers can take years to build and connect to the grid. Sunrun's distributed model leverages existing homes with solar and battery systems which could help bring AI compute capacity online faster. 11
Slide 12: Well positioned following passage of the 2025 budget bill
Sunrun is well positioned to continue to generate strong financial returns following the passage of the 2025 budget bill 48E Investment Tax Credits (ITC) maintained for storage portion of projects through 2033 at 30%+ while ITCs for solar portion are maintained through 2027 (with ability to complete
Slide 13: Positioned to generate strong unit margins & volume in 2031+
Sunrun is positioned to be able to generate strong unit margins & volume in 2031+ ➔ There are many paths to generating strong margins in 2031 without the solar portion of the tax credit. ➔ With conservative assumptions for pricing increases against utility rate escalation, equipment cost declines, c
Slide 14: We Love Our People: Teams Driving Success in Q3
We Love Our People Teams Driving Success in Q3 Illinois Sales Team Driving Strong Installation Growth with 100% Storage Attachment 3Q26 Earnings Presentation 14
Slide 15: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Danny Abajian CFO 3Q26 Earnings Presentation 15
Slide 16: Contracted Net Subscriber Value increased quarter-over-quarter
Contracted Net Subscriber Value increased quarter-over-quarter to $6,645 ➔ Subscriber Additions were 22,957 in 3Q26, a decrease of 24% year-over-year, driven by a deliberate reduction in affiliate channel originations in early 2026. ➔ Net Subscriber Value decreased year-over-year to $9,462 due to high
Slide 17: Upfront Net Subscriber Value expanding to $3.7k
Delivering strong margin execution, with Upfront Net Subscriber Value expanding to $3.7k, representing a 7% margin Upfront Net Subscriber Value Represents, on a per Subscriber basis, estimated proceeds from tax equity, non-recourse project debt, upfront incentives, and proceeds from Non-Retained or
Slide 18: Upfront Net Subscriber Value of $3,718 in Q3
Upfront Net Subscriber Value of $3,718 in Q3 ➔ Sunrun raises non-recourse capital against the Retained Subscribers we originate, including monetization of tax attributes from tax equity partners and non-recourse senior & subordinated debt against future Retained Subscriber cash flows along with custo
Slide 19: Net Earning Assets now at $9.0 billion
Net Earning Assets now at $9.0 billion as of 3Q26 ➔ Contracted Net Earning Assets at $3.7 billion See Appendix for glossary of terms. 3Q26 Earnings Presentation 19
Slide 20: Generating cash and paying down recourse debt
Sunrun is generating cash and paying down recourse debt Cash Generation ($ millions) Approximately $200 million of Cash Generation expected in 2026 Recourse Debt(1) ($ millions) Sunrun has repaid ~$190 million of recourse debt over the past year (1) Gross balances reflected in chart, excluding unamor
Slide 21: Strong capital markets execution
Strong capital markets execution ➔ We have a strong track record of attracting low-cost capital from diverse sources. Our access to capital markets puts us in a position to offer more advantageous financing options to consumers while creating long-term value for investors. ➔ We have demonstrated indus
Slide 22: Partners with top financial institutions to raise capital
Sunrun partners with top financial institutions and global asset managers to raise capital against the assets we originate Select Recent Financing Partners ✓ Tax Equity Sunrun secured ~$2.6 billion in new tax equity commitments and term sheets in 2025 across traditional and hybrid tax equity structur
Slide 23: Capital Allocation Framework
Capital Allocation Framework Sunrun is committed to a capital allocation strategy that maximizes long-term shareholder value. Continue to Grow While Strategically Investing in Products & Technology ➔ Already reflected in our Cash Generation outlook is the continued use of optimized asset-level financi
Slide 24: Guidance & Outlook
Guidance & Outlook Full-year 2026 Full-year 2026 Current Guidance Prior Guidance Aggregate Subscriber Approximately $4.6 billion $4.6 to $4.9 billion Value ➔ Reflects low-single digit volume growth in direct channels ➔ Reflects low single-digit growth in direct channels for for the full-year. the full
Slide 25: Appendix
3Q26 Earnings Presentation Appendix 25
Slide 26: Key Operating Metrics Summary
Key Operating Metrics Summary An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. 1 1 2 (1) See Appendix on page 32 and 33 for a reconciliation of Creation Costs Reflected in Operating Expenses and Creation Cos
Slide 27: Key Operating Metrics: Volume Additions in Period
Key Operating Metrics: Volume Additions in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 3Q26 Earnings Presentation 27
Slide 28: Key Operating Metrics: Costs in Period
Key Operating Metrics: Costs in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 3Q26 Earnings Presentation 28
Slide 29: Key Operating Metrics: Value Creation in Period
Key Operating Metrics: Value Creation in Period An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 3Q26 Earnings Presentation 29
Slide 30: Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA
Key Operating Metrics: Proceeds Realized, Cash Generation, GEA & NEA An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms and accompanying notes. 3Q26 Earnings Presentation 30
Slide 31: Metric Sensitivities
Metric Sensitivities An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. See Appendix for glossary of terms. 3Q26 Earnings Presentation 31
Slide 32: Non-GAAP Reconciliation of Creation Costs in Operating Expenses
Non-GAAP Reconciliation of Creation Costs Reflected in Operating Expenses An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP
Slide 33: Non-GAAP Reconciliation of Creation Costs in Capital Expenditures
Non-GAAP Reconciliation of Creation Costs Reflected in Capital Expenditures An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAA
Slide 34: Non-GAAP Reconciliation of Cash Generation
Non-GAAP Reconciliation of Cash Generation An Excel model containing Key Operating Metrics, financials and calculations shown in this presentation is available at investors.sunrun.com. Use of Non-GAAP Financial Measures This presentation includes the Company’s non-GAAP financial measures: Creation C
Slide 35: GAAP Income Statement
GAAP Income Statement Customer Agreements and Incentive Revenue is comprised of ongoing revenue from customers under long-term agreements, amortization of prepaid systems, and incentive revenue. The value of the Investment Tax Credits (ITC) are recognized as Incentive revenue, when monetized using a
Slide 36: GAAP Balance Sheet
GAAP Balance Sheet Deferred revenue is primarily Customer Prepayments which are recognized over the life of the contract, typically 20 or 25 years (~$1.0 billion balance of Payments Received Under Customer Agreements at the end of 2025). ~$14.7 billion of our debt is non-recourse project debt and so
Slide 37: GAAP Cash Flow Statement
GAAP Cash Flow Statement Cash Flow From Operations is negative as typically ~25-30% of our Creation Costs are expensed in the period, while revenue is recognized over 80 quarters or more. Additionally, we raise Debt and Project Equity to fund our growth, which covers CFO and CFI. These investments a
Slide 38: Glossary of Terms
Glossary of Terms Definitions for Volume-related Terms Contracted Cash Flows represent, (A) for Retained Subscribers, (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements (provided, that for Flex Customer Deployments represent solar or storage systems, whet
Slide 39: Glossary of Terms (continued)
Glossary of Terms (continued) Net Subscriber Value represents Subscriber Value less the summation of the following items divided by Proceeds Realized From Retained Subscribers represents cash flows received in respect of Retained Subscriber Additions: (A) payments for the costs of energy systems; (B
Slide 40: Glossary of Terms (continued)
Glossary of Terms (continued) Other Terms Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Retained Subscribers that have met initial revenue recognition criteria as of the measurement date. Average Contract Life Remaining represents t
Slide 41: Investor Relations
Investor Relations investors.sunrun.com 415-373-5206 investors@sunrun.com 3Q26 Earnings Presentation