Rivian Automotive

RIVN · Nasdaq · Consumer Discretionary · Financials, fiscal 2019 to 2025

RIVN · Last close · October 26, 2026

$11.43

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%.

Rivian Automotive, Inc. / DE Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001874178-26-000008 Updated October 11, 2026

Revenue

$5.4B

8.4%

Operating margin

−66.5%

27.8 pts

Net income

−$3.6B

Free cash flow

−$2.5B

Return on capital

−88.0%

8.5 pts

Market cap

$15.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

A history of losses: it expects to keep losing money and may need to raise more capital, which may not be available.
Delays in building and delivering vehicles, including the launch of the new R2.
Weaker demand for electric vehicles, made worse by the end of government tax credits and other incentives.
Its reliance on many single-source suppliers and on scarce battery and magnet materials whose costs and supply can swing.
Its reliance on Amazon for a large share of vehicle sales and on Volkswagen Group for much of its software and services revenue.

From Rivian Automotive's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Rivian Automotive lost money in fiscal 2025: a net loss of $3.6 billion.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Rivian Automotive yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Rivian Automotive's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Rivian Automotive's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Rivian Automotive's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $11.43
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Rivian Automotive's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	18,133	11,568	9,368	7,700	6,082
Debt incl. finance leases	1,226	1,231	4,510	4,528	4,534
Net debt (negative means net cash)	−16,907	−10,337	−4,858	−3,172	−1,548
Net debt to EBITDA	—	—	—	—	—
Debt to 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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $1.0 billion of Rivian Automotive shares on the open market, and 5 insiders sold $7.4 million, $7.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Michael John CallahanChief Administrative Officer	Sold plan	15,000	$16.29	$244,350	Form 4
Aug 20, 2026	Claire McDonoughChief Financial Officer	Sold plan	8,023	$16.00	$128,368	Form 4
Aug 18, 2026	Claire McDonoughChief Financial Officer	Sold plan	13,144	$14.50	$190,588	Form 4
Jul 6, 2026	Karen BooneDirector	Sold plan	20,000	$20.00	$400,000	Form 4
Jun 3, 2026	Claire McDonoughChief Financial Officer	Sold plan	8,022	$18.00	$144,396	Form 4
May 29, 2026	Claire McDonoughChief Financial Officer	Sold plan	8,023	$16.00	$128,368	Form 4
May 28, 2026	Robert J ScaringeChief Executive Officer, Director	Sold plan	34,818	$15.00	$522,270	Form 4
May 21, 2026	Claire McDonoughChief Financial Officer	Sold plan	7,600	$14.00	$106,400	Form 4
May 18, 2026	Claire McDonoughChief Financial Officer	Sold plan	5,544	$13.43	$74,456	Form 4
May 15, 2026	Aidan N. GomezDirector	Bought	18,000	$13.97	$251,460	Form 4
Apr 30, 2026	Volkswagen US-Holding Inc.10% owner	Bought	62,889,522	$15.90	$999.9 million	Form 4
Apr 22, 2026	Claire McDonoughChief Financial Officer	Sold plan	10,245	$18.00	$184,410	Form 4

The latest 12 of 27 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	3 of 9	4 of 9	4 of 9
Accruals ratio	−3.3%	−18.8%	−18.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Rivian Automotive side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Rivian Automotive	FY25	8.4%	−66.5%	−46.2%	−88.0%	—	4
Winnebago Industries	FY26	−3.4%	2.5%	5.3%	3.3%	2.1x	6	Compare
Lucid Group	FY25	67.6%	−258.7%	−280.7%	−136.7%	—	3	Compare
XPeng	FY25	87.7%	−3.6%	6.7%	−8.4%	—	6	Compare
NIO	FY25	33.1%	−16.1%	−3.5%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	0	0	55	1,658	4,434	4,970	5,387
Revenue growth	—	—	—	2,914.6%	167.4%	12.1%	8.4%
Gross profit	0	0	−465	−3,123	−2,030	−1,200	144
Research and development	301	766	1,850	1,944	1,995	1,613	1,668
Operating income	−409	−1,021	−4,220	−6,856	−5,739	−4,689	−3,585
Net income	−426	−1,018	−4,688	−6,752	−5,432	−4,747	−3,646
Diluted EPS (US$)	−4.35	−10.09	−22.98	−7.40	−5.74	−4.69	−3.07
Diluted shares (millions)	98	101	204	913	947	1,013	1,186
Cash flow
Cash from operations	−353	−848	−2,622	−5,052	−4,866	−1,716	−779
Capital expenditure	199	914	1,794	1,369	1,026	1,141	1,710
Free cash flow	−552	−1,762	−4,416	−6,421	−5,892	−2,857	−2,489
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	0	0	570	987	821	692	741
Balance sheet at fiscal year end
Cash and short-term investments	2,273	2,979	18,133	11,568	9,368	7,700	6,082
Debt incl. finance leases	—	75	1,226	1,231	4,510	4,528	4,534
Total assets	—	4,602	22,294	17,876	16,778	15,410	14,864
Total liabilities	—	742	2,780	4,077	7,637	8,848	10,270
Shareholders' equity	−375	−1,384	19,514	13,799	9,141	6,562	4,594
Margins and ratios
Gross margin	—	—	−845.5%	−188.4%	−45.8%	−24.1%	2.7%
Operating margin	—	—	−7,672.7%	−413.5%	−129.4%	−94.3%	−66.5%
Net margin	—	—	−8,523.6%	−407.2%	−122.5%	−95.5%	−67.7%
Free cash flow margin	—	—	−8,029.1%	−387.3%	−132.9%	−57.5%	−46.2%
Return on capital	—	—	—	−178.5%	−117.1%	−96.5%	−88.0%
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%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Rivian Automotive's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Rivian Automotive.