Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Rivian achieved its first-ever positive gross profit of $144M in FY2025, a dramatic turnaround from a -$1.2B gross loss in FY2024, while still posting a net loss of -$3.65B as heavy R&D and SG&A spending continues to weigh on the bottom line.
Revenue
$5.39B
+8.39% YoY
EPS (Diluted)
-$3.07
+34.54% YoY
Gross Margin
2.7%
+26.8 pts YoY
Operating Income
-$3.58B
+23.54% YoY
Source: SEC XBRL
Rivian Automotive, Inc. / DE (RIVN) reported FY2025 revenue of $5.39B, up 8.4% year over year. Operating margin was -66.5%, against -94.3% a year earlier. Operating cash flow was negative $779M.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -0.46 | -0.64 | Beat +28.5% |
| Mar 2026 | -0.57 | -0.63 | Beat +9.4% |
| Dec 2025This filing | -0.54 | -0.69 | Beat +22.2% |
| Sep 2025 | -0.65 | -0.73 | Beat +11.3% |
Reported EPS of -$0.54 versus the -$0.69 analyst consensus — a +22.2% beat for Dec 2025.
Compiled by AI from this SEC filing
Rivian turned gross profit positive for the first time, generating $144M in FY2025 versus a -$1.2B gross loss in FY2024. This was driven by a 15% reduction in cost of revenue to $5.24B despite an 8.4% increase in revenue to $5.39B, reflecting significant manufacturing efficiency improvements and cost-per-unit reductions.
Source: 10-K Income Statement
Total revenue grew 8.4% year-over-year to $5.39B in FY2025, signaling continued demand for Rivian's vehicles and commercial delivery vans. The revenue increase alongside falling production costs suggests improving unit economics as the company scales.
Source: 10-K Income Statement
Operating cash outflow narrowed sharply by 54.6% to -$779M in FY2025 from -$1.72B in FY2024, indicating that Rivian is consuming significantly less cash in its core operations — a critical step toward eventual self-sufficiency.
Source: 10-K Cash Flow Statement
R&D expenses rose 3.4% to $1.67B and SG&A increased 9.9% to $2.06B in FY2025, together totaling $3.73B. These costs remain the primary driver of the -$3.59B operating loss, reflecting Rivian's ongoing investment in next-generation platforms and commercial expansion.
Source: 10-K Income Statement
Cash and equivalents fell 32.4% to $3.58B at year-end FY2025 from $5.29B in FY2024, partly offset by $886M in financing cash inflows. With current liabilities surging 64.1% to $3.69B, the current ratio remains healthy at 2.33, but the pace of cash burn warrants close monitoring.
Source: 10-K Balance Sheet & Cash Flow Statement
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Rivian's cash and equivalents declined by $1.72B year-over-year to $3.58B, while operating cash outflows were -$779M and investing outflows were -$1.83B in FY2025. If the company cannot achieve profitability or secure additional financing, its runway could become constrained within a few years.
Source: 10-K Balance Sheet & Cash Flow Statement
Despite the gross profit breakthrough, Rivian posted a net loss of -$3.65B in FY2025, with an operating loss of -$3.59B. The company's operating margin remains deeply negative at -66.5%, and achieving net profitability requires substantial further reductions in R&D and SG&A relative to revenue.
Source: 10-K Income Statement
Current liabilities surged 64.1% to $3.69B in FY2025, while total liabilities grew 16.1% to $10.27B. This increasing liability burden, against a backdrop of declining total assets (-3.5% to $14.86B), points to growing financial leverage and potential refinancing risk.
Source: 10-K Balance Sheet
Combined R&D and SG&A expenses of $3.73B in FY2025 dwarf the $144M gross profit, meaning Rivian must dramatically scale revenue or cut costs to reach operating breakeven. The 9.9% increase in SG&A suggests cost discipline remains a challenge even as the company grows.
Source: 10-K Income Statement
Rivian carries $4.44B in long-term debt, essentially unchanged from the prior year, representing a significant fixed obligation. With negative operating cash flow, servicing this debt relies on existing cash reserves or future capital raises, which could dilute existing shareholders.
Source: 10-K Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 5.39 $B | 4.97 $B | +8.39% |
Cost of Revenue $B | 5.24 $B | 6.17 $B | -15.02% |
Gross Profit $B | 0.14 $B | -1.20 $B | +112.00% |
Operating Income $B | -3.59 $B | -4.69 $B | +23.54% |
Net Income $B | -3.65 $B | -4.75 $B | +23.19% |
EPS (Basic) $ | -3.07 $ | -4.69 $ | +34.54% |
EPS (Diluted) $ | -3.07 $ | -4.69 $ | +34.54% |
R&D Expense $B | 1.67 $B | 1.61 $B | +3.41% |
SG&A Expense $B | 2.06 $B | 1.88 $B | +9.86% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, Rivian achieved a positive gross profit of $179M and 27.2% revenue growth to $1.658B, driven by the commencement of R2 deliveries, expansion of its software joint venture, and $106M in regulatory credit sales, while continuing to incur net losses of $833M.
Rivian reported Q1 FY2026 revenue of $1.38B (+11.4% YoY) but gross margin collapsed to 8.6% from 16.6%, driving operating losses to -$881M as cost of revenue surged 22.1% and cash fell 39.4% to $2.85B.