v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net loss $ (418,533) $ (834,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization, net of amortization of deferred grants 579,004 541,149
Deferred income taxes (42,073) (207,652)
Stock-based compensation expense 66,705 79,620
Unrealized (gain) loss on derivatives (196,253) 78,704
Other noncash items 268,814 218,094
Changes in operating assets and liabilities:    
Accounts receivable (57,428) (95,748)
Inventories (98,820) (167,904)
Prepaid expenses and other assets (361,607) (443,908)
Accounts payable 158,822 (35,082)
Accrued expenses and other liabilities 1,584 11,679
Deferred revenue 67,442 143,437
Deferred tax liabilities 158,167 193,223
Net cash provided by (used in) operating activities 125,824 (518,388)
Investing activities:    
Payments for the costs of energy systems (1,229,242) (2,088,932)
Purchase of equity investment (61,533) 0
Purchases of property and equipment, net (6,854) (2,551)
Net cash used in investing activities (1,297,629) (2,091,483)
Financing activities:    
Proceeds from state tax credits, net of recapture 12,384 9,668
Proceeds from trade receivable financing 0 167,081
Repayment of trade receivable financing 0 (195,584)
Proceeds from line of credit 184,000 200,486
Repayment of line of credit (287,245) (265,502)
Repurchase of convertible senior notes (5,457) (2,124)
Proceeds from issuance of non-recourse debt 2,991,055 3,896,379
Repayment of non-recourse debt (2,494,890) (2,170,694)
Payment of debt fees (62,326) (63,930)
Payment of finance lease obligations (18,276) (19,037)
Contributions received from noncontrolling interests and redeemable noncontrolling interests 961,655 1,460,099
Distributions paid to noncontrolling interests and redeemable noncontrolling interests (217,241) (177,099)
Acquisition of noncontrolling interest (16,878) (30,704)
Proceeds from transfer of investment tax credits 972,556 1,156,652
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits (972,556) (1,156,652)
Net proceeds related to stock-based award activities 9,369 9,172
Net cash provided by financing activities 1,056,150 2,818,211
Net change in cash and restricted cash (115,655) 208,340
Cash and restricted cash, beginning of period 1,236,988 947,416
Cash and restricted cash, end of period 1,121,333 1,155,756
Supplemental disclosures of cash flow information    
Cash paid for interest 616,124 547,317
Cash paid for income taxes 0 0
Supplemental disclosures of noncash investing and financing activities    
Purchases of energy systems and property and equipment included in accounts payable and accrued expenses 27,509 58,229
Right-of-use assets obtained in exchange for new finance lease liabilities 41 2,732
Portion of energy systems included in inventory 27,600 0
Portion of inventory financed with seller financing, included within non-recourse debt $ 89,550 $ 0

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