RIVN Q4 2025 Earnings

Call Details

• Call Title: Rivian Automotive, Inc. Q4 2025 Earnings Call
• Date: February 12, 2026 at 10:00 PM UTC
• Management Team:
  • Chip Newcom (Head of Investor Relations)
  • RJ Scaringe (Chief Executive Officer and Founder)
  • Claire McDonough (Chief Financial Officer)
  • Javier Varela (Chief Operations Officer)

Call Summary

Financial Performance

• Full-year 2025 delivered a nearly $5,500 improvement in average sales price versus prior year.
• Full-year 2025 achieved an approximately $9,500 improvement in automotive cost of goods sold per unit versus prior year.
• Full-year 2025 delivered greater than $1.3B of improvement in full-year gross profit, representing the company’s first full year of positive gross profit.
• Consolidated Q4 2025 revenue was approximately $1.3B and consolidated gross profit was $120M, representing a 9% gross margin.
• Q4 2025 consolidated gross profit included $108M of depreciation and $26M of stock-based compensation.
• Q4 2025 adjusted EBITDA loss was negative $465M, which was a $137M improvement from Q3 2025.

Guidance

• 2026 total vehicle deliveries are expected to be between 62,000 and 67,000 units across R1, R2, and commercial vans.
• First half 2026 deliveries are expected to be approximately 9,000 to 11,000 units per quarter.
• R2 production will begin with a single shift with a second shift added toward the end of 2026 and a third shift planned in 2027.
• Automotive gross profit is expected to be negatively impacted in Q2 and Q3 2026 due to new-vehicle launch complexity and to become a net benefit in Q4 2026.
• 2026 adjusted EBITDA loss guidance is a range of negative $2.1B to negative $1.8B and includes stepped-up R&D and expanded SG&A.
• 2026 capital expenditures are expected to be $1.95-$2.05B for R2 completion, tooling, Greenfield Georgia plant vertical construction, and sales/service/charging expansion.