Rivian reported better than expected fourth quarter earnings this week, as the company prepares for its next major growth phase led by the upcoming R2 electric SUV.
For the final three months of 2025, Rivian reported revenue of $1.29 billion, beating Wall Street expectations of $1.26 billion. The company also posted an adjusted loss per share of $0.54, significantly better than the anticipated $0.68 loss. Total revenue for the full year reached $5.29 billion, representing an 8% increase compared to 2024.
One of the most notable milestones was Rivian achieving its first annual gross profit, reaching $144 million in 2025. This marks a dramatic turnaround from a gross loss of approximately $1.2 billion the previous year. In the fourth quarter alone, Rivian generated $120 million in gross profit, signaling improving cost efficiency and operational performance.
Despite these gains, Rivian still reported a full-year net loss of $3.6 billion, an improvement from its $4.75 billion loss in 2024. The company also recorded a fourth-quarter net loss of $804 million, reflecting continued investments in vehicle development, factory expansion, and technology. Rivian expects adjusted losses between $1.8 billion and $2.1 billion in 2026 as it ramps production of its next-generation vehicles.
A key driver of Rivian’s financial improvement has been its rapidly growing software and services business. In the fourth quarter alone, Rivian generated $447 million in software and services revenue, more than double the $214 million recorded during the same period in 2024. This segment played a major role in helping Rivian achieve positive gross profit for the year.
Rivian ended 2025 in a strong financial position, with $6.59 billion in total liquidity, including approximately $6.1 billion in cash and short-term investments.
For 2026, Rivian is targeting a major increase in production as it works toward its longer-term goal of scaling the R2 platform, which is expected to represent the majority of its vehicle volume by 2027. As part of that ramp, the company has guided for between 62,000 and 67,000 vehicle deliveries in 2026.
