Rivian Automotive Inc - Class A
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did RIVN Beat Earnings? Q3 2025 Results
Rivian delivered a mixed but milestone-laden third quarter for fiscal 2025, posting revenue of $1.56 billion, beating the $1.51 billion consensus by 3.00% and surging 78.3% year-over-year, while earnings per share of -$0.96 missed the -$0.86 estimate by 11.73% as litigation costs weighed on the bottom line. The headline story, however, was the company's first-ever positive consolidated gross profit of $24 million, a $416 million swing from a year ago, powered by the Volkswagen Group joint venture's $214 million revenue contribution and nearly $19,000 in per-vehicle cost reductions. The quarter's 13,201 deliveries, partly accelerated by customers purchasing ahead of expiring 45W tax credits, are expected to represent Rivian's peak for the year, with full-year guidance reaffirmed at 41,500 to 43,500 units and adjusted EBITDA of -$2.00 billion to -$2.25 billion. With R2 manufacturing validation builds slated for year-end and a Georgia facility groundbreaking already completed, Rivian's improving unit economics are beginning to frame a credible path toward scale.
- 78% year-over-year consolidated revenue growth
- First positive consolidated gross profit of $24 million, a $416 million improvement year-over-year
- Nearly $19,000 reduction in automotive cost of revenues per vehicle delivered year-over-year
- Increased average selling prices on vehicles
- Volkswagen Group joint venture contributed approximately $214 million in software and services revenue
- 37% gross margin in software and services segment
- Accelerated vehicle purchases ahead of 45W tax credit expiration after September 30, 2025
- Improved working capital from reducing raw materials, work in progress, and finished goods inventory levels
“In Q3, we continued to make significant progress across our strategic priorities which includes R2 and our technology roadmap. R2 delivers on the adventurous spirit customers expect from Rivian. It's also a great daily driver that will fit so many different use cases for our customers. Over the long term, we believe the automotive industry will be fully electric, autonomous and software-defined. We continue to believe that Rivian's vertically integrated technologies and direct-to-customer ownership experience position our company to build a category-defining brand with a strong product portfolio for the U.S. and European markets.”
Rivian CEO, on the earnings call
Forward Guidance & Outlook
Rivian reaffirmed its full-year 2025 guidance: 41,500–43,500 vehicles delivered, adjusted EBITDA of ($2,000) million to ($2,250) million, and capital expenditures of $1,800 million to $1,900 million. The company expects Q3 to be its highest delivery quarter for the year. R2 production and deliveries remain on track for the first half of 2026, with manufacturing validation builds expected to begin at year end. The Normal, Illinois plant capacity has been upgraded to approximately 215,000 units per year. The Georgia facility groundbreaking has occurred with vertical construction expected next year, targeting 7,500 jobs and 400,000 additional annual units across two phases. Near-term uncertainty from trade, tariffs, and regulatory policy is acknowledged, but the company remains focused on long-term growth. Revenue from the Volkswagen Group joint venture consideration received at closing is expected to be fully recognized over approximately the next three years.
RIVN YoY Financials
RIVN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.