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Sunrun vs Zeo Energy: revenue, profit, margins and growth compared

Sunrun brought in $3B of revenue in fiscal 2025, Zeo Energy $69.3M in fiscal 2025. Revenue changed by +45.1% at Sunrun and -5.3% at Zeo Energy on the year before, so Sunrun grew faster. Sunrun kept 15.2% of its revenue as net profit, Zeo Energy -20.2%.

Side by side, latest fiscal year

RUNZEO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3B$69.3M
Revenue growth+45.1%-5.3%
Net income$449.9M-$14M
Net margin15.2%-20.2%
Free cash flown/a-$9.9M
Free cash flow marginn/a-14.3%
Earnings per share (diluted)$1.71n/a
Cash$1.2B$6.1M
Debt$14.7B$79.1K
Price to earnings4.7n/a
Market value$2B$22.4M
Dividend yieldn/an/a
Rank by revenue in sector#5 of 34 · Other#25 of 34 · Other

Over the years

Revenue
RUN FY2018: $760MRUN FY2019: $858.6MRUN FY2020: $922.2MRUN FY2021: $1.6BRUN FY2022: $2.3BRUN FY2023: $2.3BRUN FY2024: $2BRUN FY2025: $3BZEO FY2023: $109.7MZEO FY2024: $73.2MZEO FY2025: $69.3MFY18FY19FY20FY21FY22FY23FY24FY25
RUN $3BZEO $69.3M
Net income
RUN FY2018: $26.7MRUN FY2019: $26.3MRUN FY2020: -$173.4MRUN FY2021: -$79.4MRUN FY2022: $173.4MRUN FY2023: -$1.6BRUN FY2024: -$2.8BRUN FY2025: $449.9MZEO FY2022: $14.3MZEO FY2023: -$3MZEO FY2024: -$2.7MZEO FY2025: -$14MFY18FY19FY20FY21FY22FY23FY24FY25
RUN $449.9MZEO -$14M
Net margin
RUN FY2018: 3.5%RUN FY2019: 3.1%RUN FY2020: -18.8%RUN FY2021: -4.9%RUN FY2022: 7.5%RUN FY2023: -71.0%RUN FY2024: -139.7%RUN FY2025: 15.2%ZEO FY2023: -2.7%ZEO FY2024: -3.6%ZEO FY2025: -20.2%FY18FY19FY20FY21FY22FY23FY24FY25
RUN 15.2%ZEO -20.2%
Revenue growth
RUN FY2019: +13.0%RUN FY2020: +7.4%RUN FY2021: +74.6%RUN FY2022: +44.2%RUN FY2023: -2.7%RUN FY2024: -9.8%RUN FY2025: +45.1%ZEO FY2024: -33.2%ZEO FY2025: -5.3%FY19FY20FY21FY22FY23FY24FY25
RUN +45.1%ZEO -5.3%
Free cash flow
RUN FY2018: -$67.4MRUN FY2019: -$229.8MRUN FY2020: -$321.1MRUN FY2021: -$825.8MRUN FY2022: -$867MRUN FY2023: -$841.7MRUN FY2024: -$767.7MZEO FY2023: $10.9MZEO FY2024: -$9.1MZEO FY2025: -$9.9MFY18FY19FY20FY21FY22FY23FY24FY25
RUN -$767.7MZEO -$9.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Sunrun and Zeo Energy

Which is bigger by revenue, Sunrun or Zeo Energy?

Sunrun is bigger by revenue: $3B in fiscal 2025, against $69.3M for Zeo Energy in fiscal 2025.

Which keeps more of its revenue as profit, Sunrun or Zeo Energy?

Sunrun had a net margin of 15.2% in fiscal 2025; Zeo Energy had -20.2% in fiscal 2025.

Which grew revenue faster, Sunrun or Zeo Energy?

In their latest fiscal years revenue changed by +45.1% at Sunrun and -5.3% at Zeo Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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