Sunrun

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus expectations, with revenue of $870.0M beating the $745.5M estimate (+16.70%) and diluted EPS of $0.42 crushing the $0.1761 mean (+138.50%). The performance was primarily driven by a strategic pivot to asset monetization, notably $250.8M in revenue from a newly formed non-controlled joint venture. Gross margin reached 37.73%, well above the 31.56% consensus, as pricing increases and system sales mix improved unit economics. Management's transition to a 'storage-first' model aligns with the OBBB legislation, which maintains tax credits for storage through 2033 despite sunsetting solar credits in 2027.