Rivian Releases Fourth Quarter and Full Year 2025 Financial Results
IRVINE, Calif.--( BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN), an American company, today announced fourth quarter and full year 2025 financial results. Rivian develops and manufactures category-defining electric vehicles as well as vertically-integrated technologies and services.
Rivian Founder and CEO RJ Scaringe said:
“In 2025 we focused on execution as we laid the foundation for dramatically scaling our business. Our Autonomy & AI Day in December unveiled our RAP1 Autonomy Processor, our autonomous driving platform and our AI-driven in-car Rivian Assistant. It’s incredibly exciting to see the early strong reviews of the R2 pre-production builds, and we can’t wait to get them to our customers next quarter.”
Fourth Quarter and Full Year 2025 Financial Results Summary
Q4 2025 Production and Deliveries:
Q4 2025 Revenues:
$1,286 million consolidated revenues, compared to $1,734 million in the same quarter in 2024.
Q4 2025 Gross Profit:
$120 million of consolidated gross profit, compared to $170 million in the same quarter in 2024.
Full Year 2025 Production and Deliveries:
Full Year 2025 Revenues:
$5,387 million consolidated revenues, compared to $4,970 million for the full year 2024, an 8 percent year-over-year increase.
Full Year 2025 Gross Profit:
For the full year 2025, consolidated gross profit was $144 million compared to $(1,200) million for the full year 2024. This is a greater than $1.3 billion improvement year-over-year driven by strong software and services performance, higher average selling prices, and reductions in cost per vehicle.
Business Highlights:
Progress on the manufacturing launch of R2 remains on track with the first customer deliveries expected in the second quarter of 2026. In mid-January, Rivian marked a key step with the completion of its first R2 manufacturing validation builds using production tools and processes at its plant in Normal, Illinois. R2’s launch variant will be a well-equipped Dual-Motor AWD Vehicle. The company expects to provide additional product and line-up details on March 12.
In December 2025, Rivian hosted its first Autonomy & AI Day. At the event, Rivian showcased its innovation across the company’s vertically integrated hardware, software and autonomy teams. Rivian announced its third generation autonomy platform, which it expects to be one of the most powerful combination of sensors and inference compute in a consumer vehicle in North America when launched in R2 in late 2026. It also introduced its proprietary Rivian Autonomy Processor, RAP1, Rivian’s first generation in-house custom chip, optimized to support multi-modal AI in the physical world. The architecture of RAP1 is expected to result in a significant leap in efficiency and capability from the current system. Rivian expects the combination of sensor modalities and R2’s advanced computing capabilities with RAP1 will enable the company to deliver advanced autonomous features such as “eyes-off” and personal level 4 capabilities in the future. For more information on Autonomy & AI Day, see stories.rivian.com/rivian-autonomy-ai-day.
In the fourth quarter, Rivian released Universal Hands-Free (UHF), a feature that significantly expands assisted driving capabilities to over 3.5 million miles across the US and Canada for the company’s second generation R1 vehicles. Since its release, customer utilization of Rivian’s assisted driving features has surged, doubling in the weeks post-launch.
The company also introduced Rivian Unified Intelligence, a common AI foundation that understands its products and operations as one continuous system and personalizes the experience for customers. Rivian Assistant, a next-generation voice interface using an in-house agenetic AI framework, is expected to launch in early 2026 on all Rivian consumer vehicles. Rivian Assistant is designed to understand its customers and their context with features such as Google Calendar integration.
Rivian remains focused on scaling the company’s commercial and service infrastructure to help drive brand awareness in preparation for the launch of R2 in the second quarter of 2026. The company now has 36 spaces, complemented by 97 service locations. In addition, Rivian has nearly 700 mobile service vehicles that carry out the majority of service appointments at a location convenient for its customers.
2026 Annual Guidance Summary
Vehicles Delivered
62,000 - 67,000
Adj. EBITDA
$(2.10) billion - $(1.80) billion
Capital Expenditures
$1.95 billion - $2.05 billion
Rivian will host an audio webcast to discuss the company’s results and provide a business update at 2:00pm PT / 5:00pm ET on Thursday, February 12, 2026. The link to the webcast will be made available on the company’s Investor Relations website at rivian.com/investors. After the call, a replay will be available at rivian.com/investors for four weeks.
Quarterly Financial Performance
(in millions, except production, delivery, and gross margin)
(unaudited)
Three Months Ended
December 31,
2024
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Production
12,727
14,611
5,979
10,720
10,974
Delivery
14,183
8,640
10,661
13,201
9,745
Revenues
Automotive
$
1,520
$
922
$
927
$
1,142
$
839
Software and services
214
318
376
416
447
Total revenues
$
1,734
$
1,240
$
1,303
$
1,558
$
1,286
Cost of revenues
Automotive
$
1,410
$
830
$
1,262
$
1,272
$
898
Software and services
154
204
247
262
268
Total cost of revenues
$
1,564
$
1,034
$
1,509
$
1,534
$
1,166
Gross profit
$
170
$
206
$
(206
)
$
24
$
120
Gross margin
10
%
17
%
(16
)%
2
%
9
%
Research and development
$
374
$
381
$
410
$
453
$
424
Selling, general, and administrative
457
480
498
554
529
Total operating expenses
$
831
$
861
$
908
$
1,007
$
953
Adjusted research and development (non-GAAP)¹
$
277
$
285
$
316
$
361
$
328
Adjusted selling, general, and administrative (non-GAAP)¹
343
345
365
422
384
Total adjusted operating expenses (non-GAAP)¹
$
620
$
630
$
681
$
783
$
712
Adjusted EBITDA (non-GAAP) 1
$
(277
)
$
(329
)
$
(667
)
$
(602
)
$
(465
)
Cash, cash equivalents, short-term investments, and restricted cash
$
7,700
$
7,178
$
7,508
$
7,088
$
6,082
Net cash (used)/provided by operating activities
$
1,183
$
(188
)
$
64
$
26
$
(681
)
Capital expenditures
(327
)
(338
)
(462
)
(447
)
(463
)
Free cash flow (non-GAAP) 1
$
856
$
(526
)
$
(398
)
$
(421
)
$
(1,144
)
Depreciation and amortization expense
Cost of revenues
$
145
$
75
$
185
$
125
$
108
Research and development
18
17
17
18
20
Selling, general, and administrative
55
55
52
55
59
Total depreciation and amortization expense
$
218
$
147
$
254
$
198
$
187
Stock-based compensation expense
Cost of revenues
$
16
$
24
$
37
$
24
$
26
Research and development
79
79
77
74
76
Selling, general, and administrative
59
80
81
77
86
Total stock-based compensation expense
$
154
$
183
$
195
$
175
$
188
¹ A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided later in this letter.
Consolidated Balance Sheets
(in millions, except per share amounts)
December 31, 2024
December 31, 2025
Current assets:
Cash and cash equivalents
$
5,294
$
3,579
Short-term investments
2,406
2,503
Accounts receivable, net
443
555
Inventory
2,248
1,594
Other current assets
192
361
Total current assets
10,583
8,592
Property, plant, and equipment, net
3,965
5,119
Operating lease assets, net
416
571
Other non-current assets
446
582
Total assets
$
15,410
$
14,864
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
499
$
595
Accrued liabilities
835
1,438
Current portion of deferred revenues, lease liabilities, and other liabilities
917
1,660
Total current liabilities
2,251
3,693
Long-term debt
4,441
4,440
Non-current lease liabilities
379
551
Other non-current liabilities
1,777
1,586
Total liabilities
8,848
10,270
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2024 and 2025
—
—
Common stock, $0.001 par value; 3,508 and 5,258 shares authorized and 1,131 and 1,240 shares issued and outstanding as of December 31, 2024 and 2025, respectively
1
1
Additional paid-in capital
29,866
31,508
Accumulated deficit
(23,305
)
(26,951
)
Accumulated other comprehensive (loss) income
(4
)
8
Noncontrolling interest
4
28
Total stockholders' equity
6,562
4,594
Total liabilities and stockholders' equity
$
15,410
$
14,864
Consolidated Statements of Operations
(in millions, except per share amounts)
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2025
2024
2025
Automotive
$
1,520
$
839
$
4,486
$
3,830
Software and services
214
447
484
1,557
Total revenues
1,734
1,286
4,970
5,387
Automotive
1,410
898
5,693
4,262
Software and services
154
268
477
981
Total cost of revenues
1,564
1,166
6,170
5,243
Gross (loss) profit
170
120
(1,200
)
144
Operating expenses
Research and development
374
424
1,613
1,668
Selling, general, and administrative
457
529
1,876
2,061
Total operating expenses
831
953
3,489
3,729
Loss from operations
(661
)
(833
)
(4,689
)
(3,585
)
Interest income
83
64
385
293
Interest expense
(81
)
(64
)
(318
)
(274
)
Loss on convertible notes, net
(82
)
—
(112
)
—
Other income (expense), net
1
32
(7
)
(54
)
Loss before income taxes
(740
)
(801
)
(4,741
)
(3,620
)
Provision for income taxes
(3
)
(3
)
(5
)
(6
)
Net loss
$
(743
)
$
(804
)
$
(4,746
)
$
(3,626
)
Less: Net income attributable to noncontrolling interest
1
7
1
20
Net loss attributable to common stockholders
$
(744
)
$
(811
)
$
(4,747
)
$
(3,646
)
Net loss attributable to common stockholders, basic and diluted
$
(744
)
$
(811
)
$
(4,747
)
$
(3,646
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.70
)
$
(0.66
)
$
(4.69
)
$
(3.07
)
Weighted-average common shares outstanding, basic and diluted
1,058
1,233
1,013
1,186
Consolidated Statements of Cash Flows 1
(in millions)
Years Ended December 31,
2024
2025
Cash flows from operating activities:
Net loss
$
(4,746
)
$
(3,626
)
Depreciation and amortization
1,031
784
Stock-based compensation expense
692
741
Gain on equity method investment
—
(101
)
Loss on convertible notes, net
112
—
Other non-cash activities
28
(17
)
Changes in operating assets and liabilities:
Accounts receivable, net
(282
)
(112
)
Inventory
307
522
Other assets
(221
)
9
Accounts payable and accrued liabilities
(572
)
571
Deferred revenues
1,619
503
Other liabilities
316
(53
)
Net cash used in operating activities
(1,716
)
(779
)
Cash flows from investing activities:
Purchases of equity securities and short-term investments
(4,392
)
(3,206
)
Sales of equity securities and short-term investments
—
108
Maturities of short-term investments
3,553
2,980
Capital expenditures
(1,141
)
(1,710
)
Net cash used in investing activities
(1,980
)
(1,828
)
Cash flows from financing activities:
Proceeds from stock-based compensation programs
62
61
Proceeds from issuance of capital stock
—
750
Proceeds from issuance of long-term debt
—
1,250
Repayments of long-term debt
—
(1,250
)
Proceeds from issuance of convertible notes
1,000
—
Proceeds from funding of 50% interest in Rivian and Volkswagen Group Technologies, LLC
79
—
Proceeds from funding of 46.5% interest in Mind Robotics, Inc.
—
112
Purchase of capped call options
—
—
Other financing activities
(5
)
(37
)
Net cash provided by financing activities
1,136
886
Effect of exchange rate changes on cash and cash equivalents
(3
)
6
Net change in cash
(2,563
)
(1,715
)
Cash, cash equivalents, and restricted cash—Beginning of period
7,857
5,294
Cash, cash equivalents, and restricted cash—End of period
$
5,294
$
3,579
Supplemental disclosure of cash flow information:
Cash paid for interest
$
279
$
222
Supplemental disclosure of non-cash investing and financing activities:
Capital expenditures included in liabilities
$
423
$
493
Capital stock issued to settle bonuses
$
179
$
47
Conversion of convertible notes
$
1,133
$
—
1 The prior periods have been recast to conform to current period presentation.
Reconciliation of Non-GAAP
Financial Measures
(in millions)
(unaudited)
Three Months Ended
December 31,
2024
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Adjusted Research and Development Expenses
Total research and development expenses
$
374
$
381
$
410
$
453
$
424
R&D depreciation and amortization expenses
(18
)
(17
)
(17
)
(18
)
(20
)
R&D stock-based compensation expenses
(79
)
(79
)
(77
)
(74
)
(76
)
Adjusted research and development (non-GAAP)
$
277
$
285
$
316
$
361
$
328
Adjusted Selling, General, and Administrative Expenses
Total selling, general, and administrative expenses
$
457
$
480
$
498
$
554
$
529
SG&A depreciation and amortization expenses
(55
)
(55
)
(52
)
(55
)
(59
)
SG&A stock-based compensation expenses
(59
)
(80
)
(81
)
(77
)
(86
)
Adjusted selling, general, and administrative (non-GAAP)
$
343
$
345
$
365
$
422
$
384
Adjusted Operating Expenses
Total operating expenses
$
831
$
861
$
908
$
1,007
$
953
R&D depreciation and amortization expenses
(18
)
(17
)
(17
)
(18
)
(20
)
R&D stock-based compensation expenses
(79
)
(79
)
(77
)
(74
)
(76
)
SG&A depreciation and amortization expenses
(55
)
(55
)
(52
)
(55
)
(59
)
SG&A stock-based compensation expenses
(59
)
(80
)
(81
)
(77
)
(86
)
Total adjusted operating expenses (non-GAAP)
$
620
$
630
$
681
$
783
$
712
Adjusted EBITDA
Net loss attributable to common shareholders
$
(744
)
$
(545
)
$
(1,117
)
$
(1,173
)
$
(811
)
Interest income, net
(2
)
(9
)
(3
)
(7
)
—
Provision for income taxes
3
2
2
(1
)
3
Depreciation and amortization
218
147
254
198
187
Stock-based compensation expense
154
183
195
175
188
Other (income) expense, net
(1
)
(107
)
2
191
(32
)
Loss on convertible note, net
82
—
—
—
—
Restructuring expenses
—
—
—
15
—
Asset impairments and write-offs
—
—
—
—
—
Joint venture formation expenses and other items 1
13
—
—
—
—
Adjusted EBITDA (non-GAAP)
$
(277
)
$
(329
)
$
(667
)
$
(602
)
$
(465
)
1 Defined in Non-GAAP Financial Measures later in this letter.
Free Cash Flow
Net cash (used)/provided by operating activities
$
1,183
$
(188
)
$
64
$
26
$
(681
)
Capital expenditures
(327
)
(338
)
(462
)
(447
)
(463
)
Free cash flow (non-GAAP)
$
856
$
(526
)
$
(398
)
$
(421
)
$
(1,144
)
Forward-Looking Statements:
This press release and statements that are made on our earnings call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release and made on our earnings call that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future operations, initiatives and business strategy, including our future financial results, vehicle profitability and future gross profits, our future capital expenditures, the underlying trends in our business (including customer preferences and expectation), macroeconomic and policy conditions, including changes to the availability of government and economic incentives, including tax credits, for electric vehicles, our market opportunity, and our potential for growth, our production ramp and manufacturing capacity expansion and anticipated production levels, our expected future production and deliveries, scaling our service infrastructure, our expected future products and technology and product enhancements, including enhanced performance features and pricing (including the timing of launches and customer deliveries), our roadmap and timeline for the release of our next-generation vehicle autonomy systems, hardware, including RAP1, ACM3 and LiDAR, and software architecture underpinned by artificial intelligence, including LDM, Rivian Assistant, Universal Hands-Free, and RUI, future revenue opportunities, including with respect to the emerging autonomous driving market, our joint venture with Volkswagen Group, including the expected benefits from the partnership and future Volkswagen Group investments, and expected benefits from partnerships with other third parties. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: our history of losses as a growth-stage company and our limited operating history; we may underestimate or not effectively manage the cost of revenues, operating expenses, and capital expenditures associated with our business and operations; that we will require additional financings to raise capital to support our business; our ability to attract and retain a large number of consumers and maintain strong demand for our vehicles, software and services; the highly competitive automotive and software and services markets in which we operate; demand for and consumers’ willingness to adopt electric vehicles; that our long-term results depend upon our ability to successfully introduce, integrate and market new products and services; that we have experienced and may in the future experience significant delays in the manufacture and delivery of our vehicles; risks associated with the development of complex software and hardware in coordination with our joint venture with Volkswagen Group and our other vendors and suppliers; risks associated with our joint venture with Volkswagen Group; risks associated with additional strategic alliances or acquisitions; we have experienced and could experience in the future cost increases and disruptions in supply of raw materials, components, or equipment used to produce our vehicles; our dependence on establishing and maintaining relationships with vendors and suppliers; our ability to accurately estimate the supply and demand for our vehicles and predict our manufacturing requirements; our ability to scale our business and manage future growth effectively; our ability to maintain our relationship with one customer that has generated a significant portion of our revenues; that we are highly dependent on the services and reputation of our Founder and Chief Executive Officer; the unavailability, reduction or elimination of government and economic incentives and credits for electric vehicles; that we may not be able to obtain or agree on acceptable terms and conditions for all or a significant portion of the government grants, loans, and other incentives, including regulatory credits, for which we apply or are approved for; risks associated with breaches in data security, failure of technology systems, cyber-attacks or other security or privacy-related incidents; risk of intellectual property infringement claims; effect of trade tariffs or other trade barriers; effects of export and import control laws; risks related to motor vehicle safety standards; delays, limitations and risks related to permits and other approvals required to build, operate or expand operations including the construction and development of facilities to support R2; and the other factors described in our filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as may be required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change.
*Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we review financial measures that are not calculated and presented in accordance with GAAP (“non-GAAP financial measures”). We believe our non-GAAP financial measures are useful in evaluating our operating performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors, because it focuses on underlying operating results and trends, provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is provided above. Reconciliations of forward- looking non-GAAP financial measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty regarding, and potential variability of, certain items, such as stock-based compensation expense and other costs and expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.
Our non-GAAP financial measures include adjusted research and development expenses, adjusted selling, general, and administrative expenses, adjusted EBITDA, and free cash flow.
Adjusted research and development expenses is defined as total research and development expenses, less R&D depreciation and amortization expenses and R&D stock-based compensation expenses.
Adjusted selling, general, and administrative expenses is defined as total selling, general, and administrative expenses, less SG&A depreciation and amortization expenses and SG&A stock-based compensation expenses.
Adjusted EBITDA defined as net loss before interest expense (income), net, provision for income taxes, depreciation and amortization, stock-based compensation, other (expense) income, net, and special items. Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items is comprised of (i) cost of revenue efficiency initiatives which include costs incurred as we transition between major vehicle programs, cost incurred for negotiations with major suppliers regarding changing demand forecasts or design modifications, and other costs for enhancing capital and cost optimization of the Company (ii) restructuring expenses for significant actions taken by the Company, (iii) significant asset impairments and write-offs, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities, including loss (gain) on convertible note, net, and joint venture formation expenses.
Free cash flow is defined as net cash used in operating activities less capital expenditures.
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come.
Learn more about the company, products, and careers at www.rivian.com.