How does Sunrun (RUN) make money?

Sunrun (RUN) generates revenue primarily from Service, which accounted for 33% of total revenue in TTM through Q1 2026. The company reported $3.17B in revenue and converted 17.9% of it into net profit, equivalent to roughly $568M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Sunrun (RUN)?

Sunrun (RUN) reported a gross profit margin of 30.4% in TTM through Q1 2026, equivalent to $967M in gross profit on $3.17B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Sunrun (RUN)?

Sunrun (RUN) reported an operating profit margin of -1.8% in TTM through Q1 2026, equivalent to -$56.9M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Sunrun (RUN)?

Sunrun (RUN) reported a net profit margin of 17.9% in TTM through Q1 2026, equivalent to $568M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Sunrun (RUN) profitable?

Yes. Sunrun (RUN) reported $568M in net income for TTM through Q1 2026, with a net profit margin of 17.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Sunrun (RUN) invest in research and development?

Sunrun (RUN) invested $36.3M in research and development during TTM through Q1 2026, roughly 1.1% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Sunrun (RUN) spend on capital expenditures?

Sunrun (RUN) spent $444M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 14.0% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Sunrun (RUN) generate?

Sunrun (RUN) generated -$751M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -23.6%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Sunrun (RUN)?

Sunrun (RUN) reports revenue across 7 reportable product segments, led by Service at 33% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Sunrun Makes Money: 2026 Visual Revenue Map

Sunrun (RUN) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 6, 2026).

Sunrun discloses geographic revenue only in annual filings. to view the full breakdown.

Sunrun (RUN) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Sunrun (RUN), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Service	$1.05B	33%
Customer Agreements	$986M	31%
Product	$717M	22.6%
Manufactured Product, Other	$134M	4.2%
Energy Systems	$118M	3.7%
Solar Energy Systems	$113M	3.5%
Incentives	$60.9M	1.9%
Total	$3.17B	100%

Service$1.05B
Customer Agreements$986M
Product$717M
Manufactured Product, Other$134M
Energy Systems$118M
Solar Energy Systems$113M
Incentives$60.9M
Total$3.17B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Sunrun (RUN) reports revenue across 7 reportable product segments; the largest segment was Service at 33%, followed by Customer Agreements (31%) and Product (22.6%).

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