Rivian (RIVN) Q4 2025 earnings

Rivian Cars The automaker on Thursday beat Wall Street expectations for the fourth quarter and said it was targeting a significant increase in vehicle deliveries this year, but the automaker also warned it would continue to lose money as it launches its crucial next-generation R2 vehicle.

Rivian’s guidance for 2026 includes increasing vehicle deliveries to between 62,000 and 67,000 units, which would increase 47% to 59% compared to 2025. This increase is expected to be supported by the launch of the R2 SUV during the second quarter.

Rivian CEO RJ Scaringe told CNBC’s Phil LeBeau on Thursday that R2 is expected to make up the “majority of volume” of the business by the end of 2027, as it ramps up production at its sole factory in Normal, Illinois.

The electric car maker also said it expects 2026 adjusted pre-tax losses of between $1.8 billion and $2.1 billion and capital expenditures of between $1.95 billion and $2.05 billion. This compares to approximately $2.1 billion in adjusted pre-tax losses and $1.7 billion in capital expenditures last year.

Scarring described 2025 to investors on Thursday as a “founding year” for Rivian, while saying 2026 would mark an “inflection point” for the company.

Rivian shares rose more than 20% during premarket trading on Friday after closing at $14, down nearly 5%.

Here’s how the company performed in the fourth quarter compared to average estimates compiled by LSEG:

• Loss per share: 54 cents were revised against an expected loss of 68 cents
• profit: $1.29 billion versus $1.26 billion expected

Rivian’s full-year 2025 revenue, including $1.7 billion during the fourth quarter, rose 8% compared to $4.97 billion in 2024.

The company was able to achieve its first annual total profits, which investors are closely following, of $144 million in 2025, including $120 million during the fourth quarter. That was driven by its software and services joint venture with Volkswagen that offset $432 million in losses at its auto business last year.

This year’s gross profit may not be as fruitful, with Rivian CFO Claire McDonough calling it a “transition year” as it works to ramp up R2 production.

Investors view gross profit as a key indicator of a company’s profitability before operating expenses, interest, and taxes.

Rivian’s net loss last year was $3.6 billion, an improvement from a loss of $4.75 billion in 2024. That includes an $804 million loss during the fourth quarter, accelerated by lower profits from the sale of regulatory credits, which was expected after changes the Trump administration made to federal fuel economy and emissions standards.

Rivian ended the fourth quarter with total liquidity of $6.59 billion, including approximately $6.1 billion in cash, cash equivalents and short-term investments.

It is the capital required for Rivian. This year is a crucial one for the automaker as it tries to deliver on promises of technological advancement and improved profitability with the R2.

Priced at approximately $45,000 per Rivian, the mid-size vehicle is expected to cut construction material costs in half, reduce production complexity and dramatically increase demand and sales.

R2 is expected to be produced initially through one shift at the factory, followed by a second shift by the end of this year, Rivian said. Additional R2 details by model such as pricing, options and more will be available on March 12, the company said.

Rivian has made important strides with its first-generation R1 pickups and SUVs, but the market for these expensive electric vehicles, which start at $70,000, has slowed. It also continues to produce a fully electric delivery van, which has historically been purchased by its largest shareholder, Amazon.