Rivian Automotive
RIVN Nasdaq Automobile Manufacturers Financials FY2019–FY2025
Rivian Automotive's revenue rose 8.4% to $5.4 billion in fiscal 2025. Its operating margin was −66.5%, up from −94.3% a year earlier. Free cash flow was −$2.5 billion. The diluted share count rose 17.1%.
What Rivian Automotive does
Rivian designs, builds and sells electric vehicles in the United States and Canada. Its current models are the R1T pickup truck, the R1S sport utility vehicle and an electric delivery van developed with Amazon, its first commercial customer. It sells directly to drivers and businesses rather than through dealers, and updates its vehicles' software over the air.
Rivian reports two segments. Automotive earns money from selling vehicles and from selling regulatory credits, which carmakers earn under emissions rules and sell to other carmakers. Rivian says its ability to keep earning and selling these credits is uncertain as the rules change. Software and Services includes development work done by its joint venture with Volkswagen Group, which plans to use Rivian's electronics and software in its own cars, as well as used-car sales, repairs, charging, software subscriptions, insurance and financing. Rivian says it competes with the millions of gasoline and electric vehicles sold each year, and with service, charging and software providers.
Rivian produced 42,284 vehicles and delivered 42,247 in 2025, all built at its factory in Normal, Illinois. It had 15,232 employees at the end of 2025, including the joint venture. It expected deliveries of its new midsize SUV, the R2, to begin in the second quarter of 2026, and plans a second factory in Georgia.
- Legal name
- Rivian Automotive, Inc. / DE
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001874178-26-000008
0001874178
Revenue and margins
Rivian Automotive had $5.4B of revenue in fiscal 2025, up 8.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$2.5B in fiscal 2025, −46.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Rivian Automotive returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 17.1%.
Value Rivian Automotive yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.5B and divides by 1,186.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Rivian Automotive can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $18.1B | $11.6B | $9.4B | $7.7B | $6.1B |
| Debt incl. finance leases | $1.2B | $1.2B | $4.5B | $4.5B | $4.5B |
| Debt / equity | 0.1x | 0.1x | 0.5x | 0.7x | 1.0x |
| Interest coverage | −145.5x | −66.6x | −26.1x | −14.8x | −13.1x |
| Current ratio | 14.1x | 5.4x | 5.0x | 4.7x | 2.3x |
| Quick ratio | 13.9x | 4.9x | 3.9x | 3.7x | 1.9x |
| Total assets | $22.3B | $17.9B | $16.8B | $15.4B | $14.9B |
| Total liabilities | $2.8B | $4.1B | $7.6B | $8.8B | $10.3B |
| Shareholders' equity | $19.5B | $13.8B | $9.1B | $6.6B | $4.6B |
| Net debt (− = net cash) | −$16.9B | −$10.3B | −$4.9B | −$3.2B | −$1.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.0B
2 insiders
Sold, 12 months
$2.1M
4 insiders
Of sales under plans
100%
$2.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Michael John CallahanChief Administrative Officer | Sold plan | 15,000 | $16.29 | $0.2M | Form 4 |
| Aug 20, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 8,023 | $16.00 | $0.1M | Form 4 |
| Aug 18, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 13,144 | $14.50 | $0.2M | Form 4 |
| Jul 6, 2026 | Karen BooneDirector | Sold plan | 20,000 | $20.00 | $0.4M | Form 4 |
| Jun 3, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 8,022 | $18.00 | $0.1M | Form 4 |
| May 29, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 8,023 | $16.00 | $0.1M | Form 4 |
| May 28, 2026 | Robert J ScaringeChief Executive Officer, Director | Sold plan | 34,818 | $15.00 | $0.5M | Form 4 |
| May 21, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 7,600 | $14.00 | $0.1M | Form 4 |
| May 18, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 5,544 | $13.43 | $0.1M | Form 4 |
| May 15, 2026 | Aidan N. GomezDirector | Bought | 18,000 | $13.97 | $0.3M | Form 4 |
| Apr 30, 2026 | Volkswagen US-Holding Inc.10% owner | Bought | 62,889,522 | $15.90 | $1,000M | Form 4 |
| Apr 22, 2026 | Claire McDonoughChief Financial Officer | Sold plan | 10,245 | $18.00 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 3 / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | −3.3% | −18.8% | −18.9% |
| Altman Z'' | −0.81 | −2.65 | −4.90 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Rivian Automotive RIVN | $15.7B | 8.4% | −66.6% | −46.2% | −88.0% | — | 4 | |
| Winnebago Industries WGO | $814M | −3.4% | 2.5% | 5.4% | 3.3% | 23.7x | 6 | Compare → |
| Lucid Group LCID | $1.3B | 67.6% | −258.7% | −280.7% | −136.7% | — | 3 | Compare → |
| Tesla TSLA | $1.32T | −2.9% | 4.6% | 6.6% | 7.2% | — | 5 | Compare → |
| General Motors GM | $67.3B | −1.3% | 1.6% | 9.5% | 1.5% | 16.5x | 6 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $0.0M | $0.0M | $55.0M | $1.7B | $4.4B | $5.0B | $5.4B |
| Gross profit | $0.0M | $0.0M | −$465M | −$3.1B | −$2.0B | −$1.2B | $144M |
| Research and development | $301M | $766M | $1.9B | $1.9B | $2.0B | $1.6B | $1.7B |
| Operating income | −$409M | −$1.0B | −$4.2B | −$6.9B | −$5.7B | −$4.7B | −$3.6B |
| Interest expense | $34.0M | $8.0M | $29.0M | $103M | $220M | $318M | $274M |
| Pretax income | −$426M | −$1.0B | −$4.7B | −$6.7B | −$5.4B | −$4.7B | −$3.6B |
| Income tax | $0.0M | $0.0M | $0.0M | $4.0M | $1.0M | $5.0M | $6.0M |
| Net income | −$426M | −$1.0B | −$4.7B | −$6.8B | −$5.4B | −$4.7B | −$3.6B |
| Diluted EPS | −$4.35 | −$10.09 | −$22.98 | −$7.40 | −$5.74 | −$4.69 | −$3.07 |
| Diluted shares | 0.10B | 0.10B | 0.20B | 0.91B | 0.95B | 1.01B | 1.19B |
| Cash flow | |||||||
| Cash from operations | −$353M | −$848M | −$2.6B | −$5.1B | −$4.9B | −$1.7B | −$779M |
| Capital expenditure | $199M | $914M | $1.8B | $1.4B | $1.0B | $1.1B | $1.7B |
| Free cash flow | −$552M | −$1.8B | −$4.4B | −$6.4B | −$5.9B | −$2.9B | −$2.5B |
| Depreciation and amortization | $7.0M | $29.0M | $197M | $652M | $937M | $1.0B | $784M |
| Stock-based compensation | $0.0M | $0.0M | $570M | $987M | $821M | $692M | $741M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $2.3B | $3.0B | $18.1B | $11.6B | $9.4B | $7.7B | $6.1B |
| Total debt | — | $75.0M | $1.2B | $1.2B | $4.4B | $4.4B | $4.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $79.0M | $87.0M | $94.0M |
| Current assets | — | $3.0B | $18.6B | $13.1B | $12.3B | $10.6B | $8.6B |
| Current liabilities | — | $611M | $1.3B | $2.4B | $2.5B | $2.3B | $3.7B |
| Inventory | $0.0M | $0.0M | $274M | $1.3B | $2.6B | $2.2B | $1.6B |
| Property and equipment, net | — | $1.4B | $3.2B | $3.8B | $3.9B | $4.0B | $5.1B |
| Total assets | — | $4.6B | $22.3B | $17.9B | $16.8B | $15.4B | $14.9B |
| Total liabilities | — | $742M | $2.8B | $4.1B | $7.6B | $8.8B | $10.3B |
| Shareholders' equity | −$375M | −$1.4B | $19.5B | $13.8B | $9.1B | $6.6B | $4.6B |
| Margins | |||||||
| Gross margin | — | — | −845.5% | −188.4% | −45.8% | −24.1% | 2.7% |
| Operating margin | — | — | −7,672.7% | −413.5% | −129.4% | −94.4% | −66.6% |
| EBITDA margin | — | — | −7,314.6% | −374.2% | −108.3% | −73.6% | −52.0% |
| Net margin | — | — | −8,523.6% | −407.2% | −122.5% | −95.5% | −67.7% |
| FCF margin | — | — | −8,029.1% | −387.3% | −132.9% | −57.5% | −46.2% |
| Returns | |||||||
| Return on capital | — | — | — | −178.5% | −117.1% | −96.6% | −88.0% |
| Return on capital employed | — | — | −33.8% | −37.6% | −38.6% | −34.2% | −29.5% |
| Return on equity | — | — | −51.7% | −40.5% | −47.4% | −60.5% | −65.4% |
| Return on assets | — | — | −34.9% | −33.6% | −31.4% | −29.5% | −24.1% |
| Growth | |||||||
| Revenue growth | — | — | — | 2,914.6% | 167.4% | 12.1% | 8.4% |
| Share count change | — | 3.1% | 102.0% | 347.6% | 3.7% | 7.0% | 17.1% |
| Financial health | |||||||
| Debt / equity | — | — | 0.1x | 0.1x | 0.5x | 0.7x | 1.0x |
| Interest coverage | −12.0x | −127.6x | −145.5x | −66.6x | −26.1x | −14.8x | −13.1x |
| Current ratio | — | 4.9x | 14.1x | 5.4x | 5.0x | 4.7x | 2.3x |
| Quick ratio | — | 4.9x | 13.9x | 4.9x | 3.9x | 3.7x | 1.9x |
| Capital allocation | |||||||
| Capex / revenue | — | — | 3,261.8% | 82.6% | 23.1% | 23.0% | 31.7% |
| Stock comp / revenue | — | — | 1,036.4% | 59.5% | 18.5% | 13.9% | 13.8% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 3.0 | 4.0 | 4.0 |
| Altman Z'' | — | −1.2 | 10.2 | 2.5 | −0.8 | −2.7 | −4.9 |
| Accruals ratio | — | — | −15.4% | −8.5% | −3.3% | −18.8% | −18.9% |
Source: SEC EDGAR XBRL filings (CIK 0001874178). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.