Rivian Automotive, Inc.

Performance Summary

For the fiscal year ended December 31, 2025, Rivian Automotive reported total revenues of $5.39 billion. The company achieved a gross profit of $144.0 million, a notable shift indicating improved production economics. However, high operating costs persisted, with total operating expenses reaching $3.73 billion. This resulted in a loss from operations of $3.58 billion. After accounting for interest income of $293.0 million and interest expense of $274.0 million, the net loss totaled $3.63 billion. The net loss attributable to common stockholders was slightly higher at $3.65 billion, translating to a basic and diluted loss per share of $3.00. Weighted-average common shares outstanding were 1.19 billion.

Revenue Analysis

The XBRL financial data reports total revenues of $5.39 billion derived from the company's operations. While the filing references 'Automotive' and 'Software and services' axes within the income statement structure, specific revenue breakdown values for these segments were not explicitly quantified in the provided data. Consequently, the aggregate revenue figure represents the primary disclosed performance metric. The gross profit of $144.0 million suggests that the cost of revenues ($5.24 billion) was managed effectively relative to total sales, achieving a positive gross margin for the period.

Margins & Profitability

Rivian reported a gross margin of approximately 2.7% for FY 2025, calculated from the $144.0 million gross profit on $5.39 billion revenue. This positive gross margin contrasts with the operating margin, which stood at -66.4%, driven by substantial operating expenses. Research and development costs consumed $1.67 billion, while selling, general, and administrative expenses added $2.06 billion. These cost structures reflect the capital-intensive nature of scaling electric vehicle production and the investments required for future growth, resulting in a net profit margin of -67.4%.

Cash Flow & Balance Sheet

The company's liquidity position remains robust with cash and cash equivalents of $3.58 billion and short-term investments of $2.50 billion, totaling $6.08 billion in liquid assets. Net cash used in operating activities was $779.0 million. Capital expenditures totaled $1.71 billion, resulting in an estimated free cash flow consumption of roughly $2.49 billion. Financing activities provided a net inflow of $886.0 million, primarily from $750.0 million in stock issuance proceeds and $1.25 billion in long-term debt proceeds, offset by $1.25 billion in debt repayments. Total debt stood at $4.44 billion.

Outlook

The provided XBRL data and document content do not contain specific forward-looking statements, management guidance, or strategic priorities for the upcoming fiscal year. The financial results indicate a company in a growth phase, prioritizing production scale and R&D investment. Investors should monitor the rate of cash consumption relative to the existing liquidity buffer of over $6 billion and the company's ability to narrow operating losses as production volumes increase.