Rivian Q4 2025 Earnings: Delivery Growth, Ongoing Losses
Rivian Q4 2025 earnings showed software-led profit gains and guided 62,000-67,000 2026 deliveries while forecasting steep adjusted EBITDA losses.
KEY TAKEAWAYS
- Guided 2026 deliveries to 62,000-67,000 vehicles, driven by an R2 production ramp following the filing.
- Projected 2026 adjusted EBITDA losses of $1.8-$2.1 billion, signaling continued steep losses following the filing.
- Held $6.1 billion cash and $6.6 billion total liquidity following the filing.
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Rivian Automotive reported improving full-year gross profit and strong software growth in its Q4 2025 earnings. On February 12, 2026, the company guided to a significant increase in 2026 vehicle deliveries while forecasting continued steep adjusted EBITDA losses and higher capital spending.
Software Growth Drives Profit Improvement
Rivian said in its February 12 earnings release that it posted a consolidated gross profit of $144 million for full-year 2025, reversing a $1.2 billion consolidated loss in 2024. Consolidated revenue rose 8.0% year over year to $5.4 billion.
Software and services revenue surged 222.0% to $1.6 billion, generating $576 million of gross profit. This growth reflected services related to vehicle electrical architecture, software development with a Volkswagen Group joint venture, increased repair and maintenance revenue, and vehicle remarketing. CEO RJ Scaringe said, "In 2025 we focused on execution as we laid the foundation for dramatically scaling our business."
Automotive results remained under pressure. Full-year 2025 automotive gross profit was negative $432 million, weighed down by a $270 million reduction in regulatory credit sales in Q4, which the company identified as the primary driver of recent automotive revenue weakness.
Costs remained high as Rivian invested in engineering and go-to-market expansion. Operating expenses in Q4 2025 totaled $953 million, up from $831 million a year earlier. Research and development expenses were $424 million, and selling, general, and administrative expenses were $529 million. Stock-based compensation accounted for $162 million in the quarter. Full-year operating expenses reached $3.7 billion.
Delivery Guidance and Capital Plan
Rivian guided 2026 deliveries to a range of 62,000 to 67,000 vehicles, a 47.0% to 59.0% increase over 2025. The ramp will be driven by R2 SUV production, with customer deliveries expected to begin in the second quarter of 2026.
The company projected adjusted EBITDA losses between $1.8 billion and $2.1 billion for 2026 and forecast capital expenditures of $2.0 billion to $2.1 billion. This capex increase, roughly 14.0% to 20.0% higher than 2025’s $1.7 billion, primarily supports expansion of its Normal, Illinois, factory to accommodate R2 production.
Adjusted EBITDA margin in Q4 2025 was negative 36.2%, reflecting regulatory credit headwinds and production ramp challenges. The midpoint of the 2026 guidance implies a margin of about negative 30.0% to negative 32.0%, below prior analyst consensus.
At quarter end, Rivian held $6.1 billion in cash, equivalents, and short-term investments, with total liquidity of $6.6 billion including an asset-based revolver. Operating cash flow was negative $681 million in Q4 and negative $779 million for the full year. Free cash flow for 2025 was negative $2.5 billion.
Production totaled 42,284 vehicles in 2025, with 42,247 delivered. In Q4, the company produced 10,974 vehicles and delivered 9,745. These resources face the challenge of executing the R2 rollout and achieving near-term margin improvement amid ongoing losses and elevated capital spending.
