Rivian Automotive Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.98%.
Did RIVN Beat Earnings? Q4 2025 Results
Rivian closed out Q4 2025 with a beat on both the top and bottom lines, <a href="https://247wallst.com/investing/2026/02/12/live-will-rivian-smash-q4-earnings-tonight/">sending shares sharply higher</a> as investors rewarded the electric vehicle maker's milestone first full year of positive gross profit. The company posted a loss of $0.66 per share against a consensus estimate of $0.71, a 7.04% beat, while revenue of $1.29 billion edged past the $1.26 billion expected, though it still fell 25.8% year-over-year. That revenue decline was largely explained by a steep drop in regulatory credit sales, from $299 million to just $29 million, compounded by softer vehicle deliveries after key federal EV tax credits expired in late September. The more compelling story, however, was the 109% surge in software and services revenue to $447 million, powered by the Volkswagen joint venture's electrical architecture work, which helped Rivian achieve $120 million in quarterly gross profit. Looking ahead, management guided for 62,000 to 67,000 vehicle deliveries in 2026, with first customer shipments of the mass-market R2 SUV targeted for the second quarter.
- Software and services revenue surged 109% YoY driven by Volkswagen Group joint venture
- Over $7,200 improvement in automotive cost of goods sold per vehicle delivered YoY
- Higher average selling prices and higher mix of R1 deliveries for full year
- Regulatory credit sales declined $270 million YoY in Q4, from $299 million to $29 million
- Lower vehicle deliveries due to expiration of certain federal EV tax credits on September 30, 2025
- Strong EDV deliveries to Amazon offset lower R1S and R1T volumes in Q4
“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.”
Rivian CEO, on the earnings call
Forward Guidance & Outlook
For fiscal year 2026, Rivian expects to deliver 62,000–67,000 vehicles, with adjusted EBITDA in the range of negative $2.10 billion to negative $1.80 billion, and capital expenditures of $1.95 billion to $2.05 billion. The company remains focused on technology leadership, demand generation, driving towards profitability, and optimizing operational efficiency. First customer deliveries of R2 are expected in Q2 2026, with additional product and lineup details to be revealed on March 12. The third generation autonomy platform with RAP1 is expected to launch in R2 in late 2026. The remainder of the $1,960 million VW joint venture background IP consideration is expected to be recognized as revenue over approximately 2.5 years.
RIVN YoY Financials
RIVN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.