v3.26.1
VIE Arrangements - Schedule of Carrying Amounts and Classification of the VIEs' Assets and Liabilities Included in the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Current assets:        
Cash $ 712,425 $ 823,380 $ 618,057 $ 574,956
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    
Total current assets 2,166,508 2,155,969    
Energy systems, net 17,245,212 16,817,863    
Other assets 3,886,099 3,560,924    
Total assets [1] 23,359,367 22,610,596    
Current liabilities:        
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, current portion 162,902 162,839    
Non-recourse debt, current portion 513,397 269,510    
Total current liabilities 1,523,449 1,302,515    
Deferred revenue, net of current portion 1,380,846 1,350,494    
Non-recourse debt, net of current portion 14,016,021 13,708,532    
Other liabilities 188,276 156,199    
Total liabilities [1] 18,151,702 17,626,622    
Variable Interest Entities        
Current assets:        
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    
Total current assets 861,610 962,786    
Energy systems, net 14,026,301 13,777,190    
Other assets 979,211 853,713    
Total assets 15,867,122 15,593,689    
Current liabilities:        
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, current portion 79,349 77,663    
Non-recourse debt, current portion 55,743 54,129    
Total current liabilities 242,964 294,380    
Deferred revenue, net of current portion 951,820 947,578    
Non-recourse debt, net of current portion 1,360,091 1,380,406    
Other liabilities 20,525 20,765    
Total liabilities $ 2,575,400 $ 2,643,129    
[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.