Rivian Automotive, Inc. / DE
RIVN · NasdaqMotor Vehicles & Passenger Car Bodies · Fiscal year ends Dec 31
Rivian Automotive, Inc. / DE reported revenue of $5.4B in the fiscal year ended Dec 2025, up 8.4% from the year before. Operating income was −$3.6B, an operating margin of −66.5%, and net income was −$3.6B. Operating cash flow of −$779M less capital expenditure of $1.7B left free cash flow of −$2.5B. Net debt was $861M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $55M | $1.7B | $4.4B | $5B | $5.4B |
| Cost of revenue | $520M | $4.8B | $6.5B | $6.2B | $5.2B |
| Gross profit | −$465M | −$3.1B | −$2B | −$1.2B | $144M |
| Research & development | $1.9B | $1.9B | $2B | $1.6B | $1.7B |
| Selling, general & admin | $1.2B | $1.8B | $1.7B | $1.9B | $2.1B |
| Operating income | −$4.2B | −$6.9B | −$5.7B | −$4.7B | −$3.6B |
| Interest expense | $29M | $103M | $220M | $318M | $274M |
| Pre-tax income | −$4.7B | −$6.7B | −$5.4B | −$4.7B | −$3.6B |
| Income tax | $0 | $4M | $1M | $5M | $6M |
| Net income | −$4.7B | −$6.8B | −$5.4B | −$4.7B | −$3.6B |
| Diluted EPS | −22.98 | −7.40 | −5.74 | −4.69 | −3.07 |
| Diluted shares | 204M | 913M | 947M | 1,013M | 1,186M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $18.1B | $11.6B | $7.9B | $5.3B | $3.6B |
| Receivables | $26M | $102M | $161M | $443M | $555M |
| Inventory | $274M | $1.3B | $2.6B | $2.2B | $1.6B |
| Current assets | $18.6B | $13.1B | $12.3B | $10.6B | $8.6B |
| Net PP&E | $3.2B | $3.8B | – | – | – |
| Total assets | $22.3B | $17.9B | $16.8B | $15.4B | $14.9B |
| Payables | $483M | $1B | $981M | $499M | $595M |
| Deferred revenue | $74M | $37M | $88M | $552M | $1.3B |
| Current liabilities | $1.3B | $2.4B | $2.5B | $2.3B | $3.7B |
| Short-term debt | $0 | $0 | $0 | – | – |
| Long-term debt | $1.2B | $1.2B | $4.4B | $4.4B | $4.4B |
| Total liabilities | $2.8B | $4.1B | $7.6B | $8.8B | $10.3B |
| Shareholders' equity | $19.5B | $13.8B | $9.1B | $6.6B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$2.6B | −$5.1B | −$4.9B | −$1.7B | −$779M |
| Capital expenditure | $1.8B | $1.4B | $1B | $1.1B | $1.7B |
| Free cash flow | −$4.4B | −$6.4B | −$5.9B | −$2.9B | −$2.5B |
| Depreciation & amortisation | $197M | $652M | $937M | $1B | $784M |
| Stock-based compensation | $570M | $987M | $821M | $692M | $741M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2914.5% | 167.4% | 12.1% | 8.4% |
| Gross margin | −845.5% | −188.4% | −45.8% | −24.1% | 2.7% |
| Operating margin | −7672.7% | −413.5% | −129.4% | −94.3% | −66.5% |
| Net margin | −8523.6% | −407.2% | −122.5% | −95.5% | −67.7% |
| Return on equityBlank when equity is negative | −24.0% | −48.9% | −59.4% | −72.3% | −79.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −20.1% | −44.4% | −40.2% | −35.6% | −32.1% |
| Free cash flow margin | −8029.1% | −387.3% | −132.9% | −57.5% | −46.2% |
| Cash conversion (CFO ÷ net income) | 0.56x | 0.75x | 0.90x | 0.36x | 0.21x |
| Receivable days | 173 | 22 | 13 | 33 | 38 |
| Inventory days | 192 | 103 | 148 | 133 | 111 |
| Payable days | 339 | 76 | 55 | 30 | 41 |
| Interest cover | −146x | −66.6x | −26.1x | −14.7x | −13.1x |
| Debt ÷ equity | 0.06x | 0.09x | 0.48x | 0.68x | 0.97x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$16.9B | −$10.3B | −$3.4B | −$853M | $861M |
| Current ratio | 14.1x | 5.42x | 4.95x | 4.70x | 2.33x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.