v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts receivable, net of allowances for credit losses $ 25,875 $ 20,692
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 240,126,000 233,612,000
Common stock, shares outstanding (in shares) 240,126,000 233,612,000
Total assets [1] $ 23,359,367 $ 22,610,596
Energy systems, net 17,245,212 16,817,863
Cash 712,425 823,380
Restricted cash 423,812 413,460
Accounts receivable, net 235,421 262,627
Inventories 649,853 501,286
Prepaid expenses and other current assets 144,997 155,216
Other assets 3,886,099 3,560,924
Total liabilities [1] 18,151,702 17,626,622
Accounts payable 321,422 271,021
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 49,123 47,072
Accrued expenses and other liabilities 444,439 518,835
Deferred revenue 1,543,748 1,513,333
Total debt, net 15,157,898 14,695,571
Other liabilities 188,276 156,199
Variable Interest Entities    
Total assets 15,867,122 15,593,689
Energy systems, net 14,026,301 13,777,190
Cash 482,999 539,440
Restricted cash 56,898 59,010
Accounts receivable, net 129,921 118,907
Inventories 184,717 180,841
Prepaid expenses and other current assets 7,075 64,588
Other assets 979,211 853,713
Total liabilities 2,575,400 2,643,129
Accounts payable 5,204 5,125
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 49,124 47,073
Accrued expenses and other liabilities 53,544 110,390
Deferred revenue 1,031,169 1,025,241
Total debt, net 1,415,834 1,434,535
Other liabilities $ 20,525 $ 20,765
[1] The Company’s consolidated assets as of June 30, 2026 and December 31, 2025 include $15,867,122 and $15,593,689, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. Energy systems, net as of June 30, 2026 and December 31, 2025 were $14,026,301 and $13,777,190, respectively; cash as of June 30, 2026 and December 31, 2025 were $482,999 and $539,440, respectively; restricted cash as of June 30, 2026 and December 31, 2025 were $56,898 and $59,010, respectively; accounts receivable, net as of June 30, 2026 and December 31, 2025 were $129,921 and $118,907, respectively; inventories as of June 30, 2026 and December 31, 2025 were $184,717 and $180,841, respectively; prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were $7,075 and $64,588, respectively; and other assets as of June 30, 2026 and December 31, 2025 were $979,211 and $853,713, respectively. The Company’s consolidated liabilities as of June 30, 2026 and December 31, 2025 include $2,575,400 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2026 and December 31, 2025 of $5,204 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 of $49,124 and $47,073, respectively; accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 of $53,544 and $110,390, respectively; deferred revenue as of June 30, 2026 and December 31, 2025 of $1,031,169 and $1,025,241, respectively; non-recourse debt as of June 30, 2026 and December 31, 2025 of $1,415,834 and $1,434,535, respectively; and other liabilities as of June 30, 2026 and December 31, 2025 of $20,525 and $20,765, respectively.