Rivian Automotive (RIVN) Q4 2025 earnings summary

Executive summary

• Achieved $144 million consolidated gross profit in 2025, a $1.3 billion improvement year-over-year, with Q4 gross profit of $120 million and a 9% margin.

• R1S became the best-selling premium EV over $70,000 in several key states, while R2 is positioned for the mass market with a starting price around $45,000 and customer deliveries expected in Q2 2026.

• Significant progress in autonomy, AI, and software, including the launch of Universal Hands-Free, Rivian Unified Intelligence, and the RAP1 chip.

• The Volkswagen joint venture advanced, contributing strong revenue and undergoing winter testing.

• Produced 42,284 vehicles and delivered 42,247 vehicles in 2025.

Financial highlights

• Full-year consolidated revenues reached $5,387 million, up 8% year-over-year, with Q4 revenue at $1.3 billion.

• Automotive revenues declined 15% to $3,830 million, while software and services revenue surged 222% to $1,557 million.

• Full-year average sales price improved by nearly $5,500, and automotive COGS per unit improved by approximately $9,500 year-over-year.

• Adjusted EBITDA loss for Q4 was -$465 million, a $137 million improvement from Q3 2025.

• Ended 2025 with $6.1 billion in cash, cash equivalents, and short-term investments.

Outlook and guidance

• 2026 vehicle deliveries are expected between 62,000-67,000 units, with R2 customer deliveries beginning in Q2 2026.

• Gross profit is expected to increase year-over-year, but new vehicle launch complexity will impact automotive gross profit in Q2 and Q3 before benefiting Q4.

• Adjusted EBITDA loss for 2026 is guided between $2.1 billion and $1.8 billion, with capital expenditures of $1.95-$2.05 billion.

• Additional $2 billion in capital expected from Volkswagen in 2026, plus $500 million in 2027.