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The balance sheet shows rising leverage with D/E at 1.00 and cash down to $3.6B from $6.0B in 2024Q1, while equity has contracted to $5.1B and retained earnings worsened to -$28.2B.
| Total Current Assets | 7.62B | 8.59B | 10.58B | 12.31B | 13.13B | 18.56B | 3.02B | 2.29B |
| Cash & Short-Term Investments | 5.31B | 6.08B | 7.7B | 9.37B | 11.57B | 18.13B | 2.98B | 2.26B |
| Cash Only | 3.59B | 3.58B | 5.29B | 7.86B | 11.57B | 18.13B | 2.98B | 2.26B |
| Short-Term Investments | 1.72B | 2.5B | 2.41B | 1.51B | 0 | 0 | 0 | 0 |
| Accounts Receivable | 370M | 555M | 443M | 161M | 102M | 26M | 6M | 0 |
| Days Sales Outstanding | 22.8 | 37.6 | 32.53 | 13.25 | 22.45 | 172.55 | - | - |
| Inventory | 1.66B | 1.59B | 2.25B | 2.62B | 1.35B | 274M | 0 | 0 |
| Days Inventory Outstanding | 105 | 110.97 | 132.99 | 147.94 | 102.91 | 192.33 | - | - |
| Other Current Assets | 277M | 361M | 192M | 164M | 112M | 126M | 31M | 29M |
| Total Non-Current Assets | 7.52B | 6.27B | 4.83B | 4.46B | 4.75B | 3.73B | 1.59B | 340M |
| Property, Plant & Equipment | 6.26B | 5.69B | 4.38B | 4.23B | 4.09B | 3.41B | 1.52B | 313M |
| Fixed Asset Turnover | 1.01x | 0.95x | 1.13x | 1.05x | 0.41x | 0.02x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.37B | 0 | 0 | 0 | 531M | 290M | 0 | 0 |
| Other Non-Current Assets | 560M | 582M | 446M | 235M | 127M | 34M | 61M | 27M |
| Total Assets | 15.14B | 14.86B | 15.41B | 16.78B | 17.88B | 22.29B | 4.6B | 2.63B |
| Asset Turnover | 0.40x | 0.36x | 0.32x | 0.26x | 0.09x | 0.00x | - | - |
| Asset Growth % | -7.98% | -3.54% | -8.15% | -6.14% | -19.82% | 384.44% | 74.78% | - |
| Total Current Liabilities | 3.62B | 3.69B | 2.25B | 2.49B | 2.42B | 1.31B | 611M | 185M |
| Accounts Payable | 889M | 595M | 499M | 981M | 1B | 483M | 90M | 27M |
| Days Payables Outstanding | 45.55 | 41.42 | 29.52 | 55.39 | 76.34 | 339.03 | 1.13K | 1.41K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 28M | 0 |
| Deferred Revenue (Current) | 1.65B | 0 | 0 | 0 | 0 | 74M | 28M | 18M |
| Other Current Liabilities | 1.97B | 0 | 0 | 0 | 0 | -74M | 0 | 0 |
| Current Ratio | 2.10x | 2.33x | 4.70x | 4.95x | 5.42x | 14.13x | 4.94x | 12.39x |
| Quick Ratio | 1.65x | 1.89x | 3.70x | 3.90x | 4.86x | 13.93x | 4.94x | 12.39x |
| Cash Conversion Cycle | 82.25 | 107.15 | 136 | 105.8 | 49.02 | 25.84 | - | - |
| Total Non-Current Liabilities | 6.39B | 6.58B | 6.6B | 5.15B | 1.65B | 1.47B | 5.38B | 2.82B |
| Long-Term Debt | 5.14B | 4.44B | 4.44B | 4.43B | 1.23B | 1.23B | 47M | 71M |
| Capital Lease Obligations | 1.66B | 551M | 379M | 324M | 311M | 218M | 83M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.26B | 1.59B | 1.78B | 395M | 111M | 23M | 5.25B | 2.75B |
| Total Liabilities | 10.01B | 10.27B | 8.85B | 7.64B | 4.08B | 2.78B | 5.99B | 3.01B |
| Total Debt | 5.14B | 6.65B | 5.74B | 5.12B | 1.81B | 1.61B | 180M | 74M |
| Net Debt | 1.54B | 3.07B | 443M | -2.74B | -9.76B | -16.53B | -2.8B | -2.19B |
| Debt / Equity | 1.00x | 1.45x | 0.87x | 0.56x | 0.13x | 0.08x | - | - |
| Debt / EBITDA | -1.63x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.49x | - | - | - | - | - | - | - |
| Interest Coverage | - | -12.21x | -13.91x | -23.69x | -64.51x | -160.66x | -126.25x | -11.53x |
| Total Equity | 5.15B | 4.59B | 6.56B | 9.14B | 13.8B | 19.51B | -1.38B | -375M |
| Equity Growth % | -88.03% | -29.99% | -28.21% | -33.76% | -29.29% | 1509.97% | -269.07% | - |
| Book Value per Share | 4.00 | 3.87 | 6.48 | 9.65 | 15.11 | 95.66 | -13.70 | -3.83 |
| Total Shareholders' Equity | 5.13B | 4.57B | 6.56B | 9.14B | 13.8B | 19.51B | -1.38B | -375M |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 |
| Retained Earnings | -28.2B | -26.95B | -23.3B | -18.56B | -13.13B | -6.37B | -1.69B | -668M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 8M | -4M | 3M | -2M | 0 | 0 | 0 |
| Minority Interest | 21M | 28M | 4M | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating margins
RIVN's equity has contracted from $8.1B in 2024Q1 to $5.1B in 2026Q2, while total debt rose to $5.1B, reflecting persistent losses and rising leverage. According to recent SEC filings, the balance sheet is weakening as cash reserves dwindle.
The equity decline is driven by cumulative net losses exceeding $8B over the period, with retained earnings falling from -$20.0B to -$28.2B. Total assets have remained relatively flat around $15B, but the composition has shifted from cash to PPE, indicating a transition from liquidity to fixed assets. This suggests the company is prioritizing capacity expansion over balance sheet strength, which may strain financial flexibility if losses persist.
Total debt increased from $5.1B in 2024Q1 to $6.7B in 2025Q4, then fell to $5.1B in 2026Q2, while D/E rose from 0.64 to 1.00. As reported in financial statements, leverage has doubled, signaling increased reliance on debt financing.
The D/E ratio has climbed from 0.64 to 1.00 over the period, indicating that debt now equals equity. The reduction in total debt in 2026Q2 may reflect repayment or conversion, but the overall trend is upward. Given the company's negative operating margins, this leverage appears necessity-driven rather than strategic, raising concerns about refinancing risk if credit conditions tighten. Investors should monitor the maturity profile and interest coverage, which is likely negative given operating losses.
PPE net has grown from $4.2B in 2024Q1 to $6.3B in 2026Q2, while cash fell from $6.0B to $3.6B, indicating a pivot to asset-heavy operations. Based on reported figures, Rivian is investing heavily in production capacity.
The increase in PPE reflects significant capital expenditure, consistent with the cash flow statement showing capex exceeding 20% of revenue. This asset-heavy model increases fixed costs and depreciation, which may pressure margins if production volumes do not scale. Goodwill remains zero, suggesting no acquisition-related intangibles, but the rising PPE base implies higher maintenance capex and potential impairment risk if demand weakens.
Retained earnings have worsened from -$20.0B to -$28.2B, and equity has dropped from $8.1B to $5.1B, with no share repurchases or dividends. As per the latest balance sheet, equity quality is eroding due to persistent losses.
The equity base is increasingly composed of paid-in capital rather than retained earnings, as cumulative losses mount. The absence of buybacks or dividends indicates all capital is being reinvested, but the negative retained earnings suggest that the company is consuming capital at a rapid pace. If losses continue, equity could approach zero, potentially triggering debt covenant issues or forcing dilutive equity raises.
Cash has declined from $6.0B in 2024Q1 to $3.6B in 2026Q2, while the current ratio fell from 4.71 to 2.10, indicating a shrinking liquidity cushion. According to recent financial statements, Rivian's cash runway is shortening.
The current ratio remains above 2, but the trend is downward, and cash burn persists with negative operating cash flow in most quarters. With quarterly operating losses averaging around $800M, the current cash position may cover only a few quarters unless working capital adjustments provide temporary relief. The decline in cash suggests that the company may need to raise additional capital or slow capex to maintain liquidity.
Deferred revenue jumped from $0 in 2026Q1 to $1.6B in 2026Q2, a significant increase that may indicate customer prepayments. Based on reported figures, this could be a one-time boost to cash flow, not a sustainable trend.
The sudden appearance of $1.6B in deferred revenue is unusual and may reflect a large order or prepayment arrangement, possibly related to fleet sales or government contracts. While this improves liquidity and current liabilities, it also represents an obligation to deliver vehicles, which could strain production. Investors should question whether this is a recurring source of funding or a non-recurring event that masks underlying cash burn.
Quick answers to the most common questions about buying RIVN stock.
As of 2025, Rivian Automotive, Inc. (RIVN) had total assets of $14.86B including $8.59B in current assets.
Rivian Automotive, Inc. (RIVN) carries total debt of $6.65B, offset by $6.08B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rivian Automotive, Inc. (RIVN) has total shareholders' equity (book value) of $4.57B ($3.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rivian Automotive, Inc. (RIVN) reported a current ratio of 2.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.