Rivian Automotive (RIVN) Q3 2025 earnings summary

Executive summary

• Q3 2025 consolidated revenue grew 78% year-over-year to $1.56 billion, driven by higher vehicle deliveries and strong software and services growth, particularly from the Volkswagen JV.

• Delivered 13,201 vehicles in Q3 2025, the highest quarterly deliveries for the year, with R2 program on track for first-half 2026 launch and major facility expansions completed.

• Generated $24 million in consolidated gross profit, a significant turnaround from a $392 million loss in Q3 2024, reflecting improved cost efficiencies.

• Strong partnership with Volkswagen Group continues, with joint ventures contributing significantly to software and services revenue.

• Net loss attributable to common stockholders was $1.17 billion for Q3 2025, with a net loss per share of $0.96, narrowed from the prior year.

Financial highlights

• Automotive segment Q3 2025 revenue was $1.14 billion, up 47% year-over-year, with gross loss narrowed to $130 million.

• Software and services revenue surged 324% year-over-year to $416 million, with gross profit of $154 million, benefiting from the Volkswagen JV.

• Q3 2025 gross margin improved to 2% from (45)% in Q3 2024.

• Adjusted EBITDA loss for Q3 2025 was $602 million, an improvement from $757 million in Q3 2024.

• Ended Q3 2025 with $7.09 billion in cash, cash equivalents, and short-term investments.

Outlook and guidance

• Full-year 2025 vehicle deliveries expected between 41,500 and 43,500 units.

• 2025 Adjusted EBITDA loss guidance remains $2.0–$2.25 billion; capital expenditures guidance is $1.8–$1.9 billion.

• Full-year 2025 gross profit expected to be roughly break-even.

• R2 production to begin in first half of 2026 with limited volumes, ramping up in the second half and into 2027.

• Management expects continued improvement in gross margin as new models launch and cost reduction initiatives mature.