I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2025, the actual value is USD 5.387 B, beating the estimate of USD 5.36 B.
EPS: As of FY2025, the actual value is USD -3.07, beating the estimate of USD -3.2044.
EBIT: As of FY2025, the actual value is USD -3.604 B.
Q4 2025 Financial Results
Production and Deliveries
Rivian Automotive, Inc. produced 10,974 vehicles and delivered 9,745 vehicles to customers in Q4 2025. The automotive cost of goods sold per vehicle delivered improved by over $7,200 in the fourth quarter of 2025 compared to the fourth quarter of 2024.
Segment Revenue
- Consolidated Revenues: Totaled $1,286 million in Q4 2025, a 26% decrease year-over-year from $1,734 million in Q4 2024.
- Automotive Revenues: Reached $839 million in Q4 2025, a 45% decrease year-over-year from $1,520 million in Q4 2024, primarily due to a $270 million reduction in regulatory credit sales, lower vehicle deliveries, and a lower average sales price. Revenues from the sale of regulatory credits were $29 million for Q4 2025, compared to $299 million for Q4 2024.
- Software and Services Revenue: Increased by 109% year-over-year to $447 million in Q4 2025 from $214 million in Q4 2024, mainly attributed to increased vehicle electrical architecture and software development services from the joint venture with Volkswagen Group, as well as higher sales from remarketing and vehicle repair and maintenance services. Approximately $273 million of Q4 2025 software and services revenues resulted from the joint venture with Volkswagen Group.
Operational Metrics
- Consolidated Gross Profit: Stood at $120 million in Q4 2025, down from $170 million in Q4 2024. The consolidated gross margin for Q4 2025 was 9%, compared to 10% in Q4 2024.
- Automotive Gross Profit: Recorded a loss of - $59 million in Q4 2025, compared to a profit of $110 million in Q4 2024, primarily due to the $270 million decrease in regulatory credit sales.
- Software and Services Gross Profit: Grew to $179 million in Q4 2025 from $60 million in Q4 2024, driven by increased services from the joint venture with Volkswagen Group.
- Adjusted EBITDA (non-GAAP): Was - $465 million in Q4 2025, compared to - $277 million in Q4 2024.
- Total Operating Expenses: Amounted to $953 million in Q4 2025, up from $831 million in Q4 2024.
- Research and Development (R&D) Expense: Was $424 million in Q4 2025, compared to $374 million in Q4 2024.
- Selling, General, and Administrative (SG&A) Expense: Was $529 million in Q4 2025, compared to $457 million in Q4 2024.
- Loss from Operations: Was - $833 million in Q4 2025, compared to - $661 million in Q4 2024.
- Net Loss: Was - $804 million in Q4 2025, compared to - $743 million in Q4 2024.
Cash Flow
- Net Cash from Operating Activities: Was - $681 million in Q4 2025, compared to $1,183 million in Q4 2024.
- Capital Expenditures: Amounted to - $463 million in Q4 2025, compared to $327 million in Q4 2024.
- Free Cash Flow (non-GAAP): Was - $1,144 million in Q4 2025, compared to $856 million in Q4 2024.
- Cash, cash equivalents, short-term investments, and restricted cash: Totaled $6,082 million as of December 31, 2025.
- Total Liquidity: Including the capacity under its asset-based revolving-credit facility, was $6,588 million at the end of Q4 2025.
Full Year 2025 Financial Results
Production and Deliveries
Rivian Automotive, Inc. produced 42,284 vehicles and delivered 42,247 vehicles in Full Year 2025.
Segment Revenue
- Consolidated Revenues: Increased by 8% year-over-year to $5,387 million from $4,970 million in Full Year 2024.
- Automotive Revenues: Decreased by 15% year-over-year to $3,830 million from $4,486 million in Full Year 2024, due to a $134 million reduction in regulatory credit sales and lower vehicle deliveries, partially offset by higher average selling prices and a higher mix of R1 deliveries. Regulatory credits sales for the full year 2025 were $191 million, compared to $325 million for the full year 2024.
- Software and Services Revenue: Saw a 222% year-over-year increase to $1,557 million from $484 million in Full Year 2024, primarily driven by increased vehicle electrical architecture and software development services from the joint venture with Volkswagen Group, and higher remarketing sales and vehicle repair and maintenance services. Approximately $836 million of full year 2025 software and services revenues resulted from the joint venture with Volkswagen Group.
Operational Metrics
- Consolidated Gross Profit: Improved significantly to $144 million in Full Year 2025, compared to - $1,200 million in Full Year 2024, representing a greater than $1.3 billion improvement year-over-year.
- Automotive Gross Profit: Was - $432 million in Full Year 2025, an improvement from - $1,207 million in Full Year 2024.
- Software and Services Gross Profit: Increased to $576 million from $7 million in Full Year 2024.
- Research and Development Expenses: Totaled $1,668 million in Full Year 2025, up from $1,613 million in Full Year 2024.
- Selling, General, and Administrative Expenses: Were $2,061 million in Full Year 2025, compared to $1,876 million in Full Year 2024.
- Total Operating Expenses: Amounted to $3,729 million in Full Year 2025, up from $3,489 million in Full Year 2024.
- Loss from Operations: Improved to - $3,585 million in Full Year 2025 from - $4,689 million in Full Year 2024.
- Net Loss: Was - $3,626 million in Full Year 2025, an improvement from - $4,746 million in Full Year 2024.
- Adjusted EBITDA (non-GAAP): Was - $2,063 million in Full Year 2025, an improvement from - $2,689 million in Full Year 2024.
Cash Flow
- Net Cash Used in Operating Activities: Was - $779 million in Full Year 2025, an improvement from - $1,716 million in Full Year 2024.
- Capital Expenditures: Totaled $1,710 million in Full Year 2025, compared to $1,141 million in Full Year 2024.
- Free Cash Flow: Was - $2,489 million in Full Year 2025, an improvement from - $2,857 million in Full Year 2024.
Outlook / Guidance
For the full year 2026, Rivian Automotive, Inc. expects to deliver between 62,000 and 67,000 vehicles. The company anticipates an Adjusted EBITDA (non-GAAP) of - $2.10 billion to - $1.80 billion and capital expenditures between $1.95 billion and $2.05 billion. Customer deliveries for the R2 are expected to begin in the second quarter of 2026, with the Rivian Assistant launching in early 2026 on all Rivian consumer vehicles.