Rivian (RIVN) Q4 and full 2025 earnings report: Tremendous YoY growth led by software

Rivian has just posted its letter to shareholders and earnings report, detailing its financial results and other accomplishments for Q4 2025 and the previous fiscal year.

We’re already pretty deep into 2026 with all eyes on the countdown to the R2 launch next month, but we must recognize the past and analyze Rivian’s Q4 2025 earnings report to understand where the American Automaker currently sits financially.

As always, here’s a lightning round recap of what Rivian has been up to since releasing its Q3 2025 report:

Early this afternoon, Rivian published its Q4 financials alongside a letter to shareholders that recaps its progress throughout 2025. Most of it we already know, but there are notable updates on Rivian’s plans for 2026 and beyond.

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Rivian Q4 earnings were down, but numbers are up YoY

We recommend checking out the full letter to shareholders, but if you’d prefer a summary of Rivian’s 2025 earnings, we’ve broken it down below, along with updates on 2026 targets.

Let’s begin with production and deliveries. Per the earnings report, Rivian built 10,974 vehicles in Q4 2025, of which 9,745 were delivered to customers. That’s a notable increase in builds compared to Q3 2025 (10,270). In 2025, Rivian assembled 42,284 vehicles at its Normal, Illinois, facility, of which 42,247 were delivered to customers. For comparison, the automaker built 49,476 vehicles in 2024 and delivered 51,579.

Per Rivian’s earnings report, consolidated revenues for Q4 2025 $1.29 billion, compared to $1.73 billion in Q4 2024. Of that tally, $839 million came from automotive revenues, which is down nearly 50% YoY ($1.52 billion in Q4 2024). Rivian notes that this decrease was mostly driven by a $270M loss in regulatory credit sales, lower demand due to the death of federal EV tax credits, and a lower average sales price due to a higher mix of EDV deliveries.

Conversely, the earnings report states that Rivian’s software and services revenues increased by more than 100% in Q4 2025 ($447 million compared to $214 million in Q4 2024). This gain is directly related to Rivian’s expanded repertoire of bespoke EV architecture and software development through its joint venture with Volkswagen Group.

For the full year of 2025, Rivian’s earnings report showed consolidated revenues of $5.29 billion, up from $4.97 billion in 2024. That’s an 8% increase year-over-year. Broken down, automotive revenues accounted for $3.83 billion (down 15% YoY) and software and service revenues hit a whopping $1.56 billion compared to $484 million in the full 2024 fiscal year.

Noticing a pattern yet?

Gross profits, however, were down. Q4 2025 saw $120 million, down from $170 million a year prior. Rivian once again cited the $270M decrease in regulatory credit sales. Software and services gross profits were up $119 million YoY.

The full year of 2025 paints a much rosier picture for Rivian and its earnings, as reported gross profits were $144 million. That may not sound like much, but it represents tremendous improvement considering the automaker’s gross earnings for all of 2024 were -$1.2 billion. So it’s looking at a comeback of around $1.3 billion in 2025, led by software, not EVs.

In fact, automotive gross profits were still in the red at the end of 2025 (-$432 million), but still way up YoY. Meanwhile, software and services posted $576 million in gross profit, up from a meager $7 million in 2024.

Beyond this and some more granular earnings numbers, Rivian’s shareholder letter for Q4 and full-year 2025 is mostly just a nod to all the stories we highlighted above. Oh, Founder and CEO RJ Scaringe, of course dropped a nice quote for everyone:

In 2025 we focused on execution as we laid the foundation for dramatically scaling our business. Our Autonomy & AI Day in December unveiled our RAP1 Autonomy Processor, our autonomous driving platform and our AI-driven in-car Rivian Assistant. It’s incredibly exciting to see the early strong reviews of the R2 pre-production builds, and we can’t wait to get them to our customers next quarter.

Well said, RJ. Moving on.

As we noted earlier this week, Rivian plans to fully unveil the highly anticipated R2 SUV on March 12 at SXSW 2026. We are sure to learn more about the trim levels, performance specs, and probably starting pricing, but I’m not positive we will know how all the trims are priced just yet. We will have to wait and see.

Especially now that some media have driven the new, smaller, and more affordable SUV, it has the makings of a bestseller in the EV segment, if not the entire SUV industry. A lot is riding on its success, but so far, all signs point to Rivian having another winner on its assembly lines.

As such, its 2026 guidance is looking much more optimistic than in 2025, as Rivian was reining in a bit to make way for R2 production and deliveries. Per the Q4 and 2025 earnings reports, Rivian is targeting 62,000 to 67,000 total deliveries for 2026. Its Adjusted EBITDA is between -$2.10 billion and -$1.80 billion, and capital expenditures are expected to land somewhere between $1.95 billion and $2.05 billion.

As always, Rivian will host an audio webcast to discuss the earnings report outlined above, beginning at 2:00 pm PT / 5:00 pm ET on Thursday, February 12, 2026. You can tune in here.