Rivian Automotive, Inc. (RIVN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$5.9B

Revenue growth

14.2%

Net income, last twelve months

-$3.2B

Earnings per share

-$2.58

Gross margin

7.5%

Operating margin

-60.1%

Net margin

-55.0%

Free cash flow

-$3.5B

Return on equity

-63.1%

Market value

$15.9B

Cash

$3.6B

Debt

$4.4B

Debt to equity

0.87

Shares outstanding

1.4B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 30 July 2026.

• Revenue rose 27 percent. Revenue was $1.658 billion, driven by a 14 percent rise in deliveries, $108 million of regulatory-credit revenue and higher software and services sales.
• Net loss narrowed year over year. The release text gives a net loss attributable to common stockholders of $(837) million, while the statement table shows $(833) million. Basic and diluted loss per share was $(0.63), against $(0.97).
• Operating loss narrowed by $278 million. Loss from operations was $(836) million, against $(1.114) billion a year earlier.
• Adjusted EBITDA loss narrowed. Adjusted EBITDA was $(379) million, compared with $(667) million a year earlier.
• Automotive revenue up 23 percent. Automotive revenue was $1.143 billion, up 23 percent, on higher deliveries and $103 million more regulatory-credit revenue than a year earlier.
• Software and services revenue up 37 percent. Software and services revenue was $515 million, up 37 percent, on electrical architecture and software development, repair and maintenance, and Autonomy+, partly offset by lower remarketing sales.
• Volkswagen venture supplied 60 percent. The Volkswagen Group joint venture accounted for $308 million, or 60 percent, of software and services revenue.
• R2 built on new Normal line. R2 is produced on a new manufacturing line at the Normal, Illinois facility, supporting thousands of American jobs.
• Amazon fleet passes 40,000 vans. Over 40,000 custom-built Electric Delivery Vans are active in Amazon's fleet; new variants with a large battery pack and AWD are in development.
• Commercial van passes one billion miles. Miles driven on the Rivian Commercial Van platform passed one billion during the quarter.
• Autonomy spend seen as differentiator. Rivian continues to invest in autonomy hardware and software, which it views as a key future differentiator.
• Operating expenses rose to $1.015 billion. Operating expenses were $1.015 billion, with R&D at $466 million and SG&A at $549 million, against $908 million a year earlier.
• R&D rise tied to AI and R2. R&D rose to $466 million from $410 million on AI and autonomy software and R2 launch payroll, partly offset by lower engineering, design and development spend.
• SG&A rise tied to R2 go-to-market. SG&A rose to $549 million from $498 million on go-to-market and footprint expansion for R2, including payroll, stock-based compensation, facilities and software spend.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 85 held.

Every filing

The newest filings with the SEC of 160 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

911 funds held it at 30 Jun 2026: 363 added and 221 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Tesla, Inc. (TSLA): revenue $103.6B, market value $1.60T
• Toyota Motor Corp. (TM): revenue $336.8B, market value $230.7B
• General Motors Co. (GM): revenue $187.0B, market value $70.0B
• Ferrari N.V. (RACE): revenue $8.1B, market value $69.7B
• Paccar Inc. (PCAR): revenue $29.1B, market value $53.9B
• Ford Motor Co. (F): revenue $188.0B, market value $47.6B
• Honda Motor Co. Ltd. (HMC): revenue $144.8B, market value $43.7B
• Stellantis N.V. (STLA): revenue $173.6B, market value $13.6B
• Li Auto Inc. (LI): revenue $15.6B, market value $11.6B
• XPeng Inc. (XPEV): revenue $10.7B, market value $8.9B

What the company does

Rivian is an American automotive technology company that develops and manufactures electric vehicles, along with software and services built around them. Its vehicles are made in the United States and sold directly to consumer and commercial customers. The company reports two segments, Automotive and Software and Services. It builds vehicles at its Normal Factory in Normal, Illinois, where it produced 42,284 vehicles in 2025 and delivered 42,247. As of 31 December 2025 it had 15,232 employees across North America and Europe, including the consolidated Joint Venture.

How the business is organised

The Automotive segment covers consumer vehicles, commercial vehicles and the sale of automotive regulatory credits. The Software and Services segment covers vehicle electrical architecture and software development services provided by the Joint Venture, Autonomy+, remarketing, vehicle repair and maintenance, charging, software subscriptions, accessories, financing and insurance.

The company says its competitive advantage comes from product and brand differentiation through vertically integrated technologies, and from selling and servicing vehicles directly to customers.

What it sells

The consumer line started with the R1 platform, which has two vehicles. The R1T is a two-row, five-passenger pickup truck. The R1S is a three-row, seven-passenger sport utility vehicle. The company has announced plans for a midsize platform that underpins the R2 and R3 product lines. R2 is a five-seat midsize SUV, and the company says it expects customer deliveries to begin in the second quarter of 2026. R3 is a midsize crossover, and R3X is a performance variant of it.

The commercial line is the Rivian Commercial Van platform, which underpins the Electric Delivery Van. Rivian designed it with Amazon, its first commercial customer. Amazon has ordered an initial volume of 100,000 of these vans globally, subject to modification. The vans come in 500 and 700 cubic foot versions for uses such as last mile delivery.

Rivian also earns tradable credits under zero-emission vehicle, greenhouse gas, fuel economy and clean fuel rules in the United States and Canada, and sells them to other regulated entities. The company says its ability to keep earning and selling these credits is uncertain, because many of the programs have changed.

Software and services

Rivian and Volkswagen Group formed an equally owned joint venture, a separate legal entity with its own management and board of directors. The Joint Venture's results are consolidated in the Software and Services segment.

- Autonomy+: driver assistance features. In December 2025 the Universal Hands Free feature went to R1 Gen 2 customers by over-the-air update, raising supported roads from fewer than 150,000 miles to more than 3.5 million miles in North America. - Charging: Rivian designs and manufactures the Rivian Adventure Network of direct current fast chargers, and over 95% of it is open to non-Rivian EVs. - Connect+ and FleetOS: Connect+ is a consumer subscription. FleetOS is a fleet management subscription platform for commercial customers. - Service and resale: the service network includes physical service centers and mobile service vehicles, and Rivian sells used Rivian vehicles on its website. - Other: the Rivian Gear Shop, plus insurance and financing created with third parties and offered through the purchase process.

Where it makes things

The Normal Factory is equipped to produce up to 215,000 vehicles annually at full rate on multiple shifts. The expected split is up to 155,000 R2 vehicles, 85,000 R1 vehicles and 65,000 Rivian Commercial Vans.

The company says it plans a second plant, the Stanton Springs North Facility near Social Circle, Georgia, with anticipated capacity of 400,000 vehicles annually. It would be built in two phases of 200,000 units each, producing midsize platform vehicles. The company says it expects to start production on the first line in 2028.

Rivian designs many components itself, including electric motors, gearboxes, inverters, battery packs, vehicle electronics, chassis systems and the Rivian Autonomy Processor. It works with hundreds of suppliers, mostly single- or limited-source. A 1.2 million-square-foot supplier and logistics park sits across the street from the Normal Factory, connected by a tunnel. Battery raw materials such as lithium, nickel, graphite and cobalt, and magnet materials that use heavy rare earth minerals, are named as vulnerable parts of the supply chain.

How it sells and competes

State laws generally require licenses to sell vehicles directly to customers. Rivian holds dealer licenses in most states where it is permitted to operate. Where it cannot be licensed, it completes sales out of state over the internet or by telephone. In Canada it holds provincial licenses in several provinces and is in the process of obtaining the rest.

Rivian lists its competition as traditional internal combustion engine vehicles and EVs sold in consumer and commercial markets. It also names downstream competitors such as remarketers, repair providers, charging and software providers, autonomous vehicle software developers and fleet management companies.

Its vehicles must meet National Highway Traffic Safety Administration standards. They also need an EPA Certificate of Conformity and a California Air Resources Board Executive Order.

The company holds over 1,200 granted patents and registrations worldwide, with over 2,000 patent applications pending. It also holds over 2,700 registered trademarks and 48 registered copyrights.

Its people

The workforce includes operations and go-to-market teams, engineering and technology teams, and general and administrative teams. Its board of directors reviews environment, health and safety indicators every quarter.

*From Rivian's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/rivn-20251231.htm)*

From the company's 10-K.