Liquidity is under sustained pressure as cash reserves dwindled to $2.8 billion in 2026Q1, down from $7.9 billion in 2023Q4, amid persistent negative free cash flow.
| Cash from Operations | -779M | -779M | -1.72B | -4.87B | -5.05B | -2.62B | -848M | -353M |
| Operating CF Margin % | - | -14.46% | -34.53% | -109.74% | -304.7% | -4767.27% | - | - |
| Operating CF Growth % | 53.89% | 54.6% | 64.73% | 3.68% | -92.68% | -209.2% | -140.23% | - |
| Net Income | -3.52B | -3.63B | -4.75B | -5.43B | -6.75B | -4.69B | -1.02B | -426M |
| Depreciation & Amortization | 778M | 784M | 1.03B | 937M | 652M | 197M | 29M | 7M |
| Stock-Based Compensation | 741M | 741M | 692M | 821M | 987M | 570M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 95M | 0 | 0 |
| Other Non-Cash Items | -112M | -118M | 140M | 222M | 1B | 1.12B | 42M | 37M |
| Working Capital Changes | 1.44B | 1.44B | 1.17B | -1.41B | -941M | 84M | 100M | 29M |
| Change in Receivables | -112M | -112M | -282M | -59M | -76M | -20M | 0 | -16M |
| Change in Inventory | 522M | 522M | 307M | -1.6B | -1.66B | -369M | 0 | 0 |
| Change in Payables | 334M | 0 | -572M | 105M | 461M | 427M | 0 | 0 |
| Cash from Investing | -1.83B | -1.83B | -1.98B | -2.51B | -1.37B | -1.79B | -914M | -199M |
| Capital Expenditures | -1.71B | -1.71B | -1.14B | -1.03B | -1.37B | -1.79B | -914M | -199M |
| CapEx % of Revenue | 30.93% | 31.74% | 22.96% | 23.14% | 82.57% | 3261.82% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M |
| Cash from Financing | 886M | 886M | 1.14B | 3.13B | 99M | 19.83B | 2.5B | 2.81B |
| Debt Issued (Net) | 0 | 0 | 1B | 3.19B | 0 | 3.73B | 0 | 61M |
| Equity Issued (Net) | 922M | 923M | 64M | 61M | 102M | 16.19B | 2.5B | 2.75B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 0 |
| Other Financing | -36M | -37M | 72M | -126M | -3M | -86M | 0 | 0 |
| Net Change in Cash | -1.72B | -1.72B | -2.56B | -4.24B | -6.32B | 15.41B | 715M | 2.26B |
| Free Cash Flow | -2.49B | -2.49B | -2.86B | -5.89B | -6.42B | -4.42B | -1.76B | -552M |
| FCF Margin % | -45.03% | -46.2% | -57.48% | -132.88% | -387.27% | -8029.09% | - | - |
| FCF Growth % | -33.82% | 12.88% | 51.51% | 8.24% | -45.4% | -150.62% | -219.2% | - |
| FCF per Share | -1.99 | -2.10 | -2.82 | -6.22 | -7.03 | -21.65 | -17.45 | -5.63 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.21x | 0.36x | 0.90x | 0.75x | 0.56x | 0.83x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative free cash
As reported in recent financial statements, Rivian's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating between 0.34 and 0.88, suggesting that non-cash adjustments and working capital swings significantly distort the company's underlying ability to generate cash from core operations.
The persistent gap between net losses and operating cash flow indicates that GAAP earnings are heavily impacted by non-cash charges, including substantial stock-based compensation. Investors should monitor whether these accruals mask a deeper structural inability to convert revenue into actual liquidity as the company scales production.
Based on quarterly filings, Rivian's free cash flow trajectory remains deeply negative, with a peak burn of $1.5 billion in 2024Q1, highlighting the extreme capital intensity required to sustain current production levels and the ongoing difficulty in achieving self-funding status through vehicle sales alone.
The volatility in FCF margins, which reached -131.9% in 2024Q3, underscores the company's reliance on external financing to cover operational shortfalls. This trend suggests that until production volumes reach a critical mass, the company will likely remain dependent on capital markets to bridge the gap between cash outflows and revenue.
According to recent SEC filings, Rivian's capital expenditures remain elevated, with CapEx/Revenue ratios frequently exceeding 25%, reflecting the massive ongoing investment in manufacturing infrastructure and the development of the R2 platform necessary to maintain a competitive edge in the electric vehicle market.
The high level of capital spending relative to revenue suggests that the company is still in a heavy investment phase rather than a harvest phase. This capital intensity warrants further investigation into whether these investments will yield the expected efficiency gains or if they will continue to pressure liquidity.
As evidenced by reported figures, working capital changes have been highly erratic, swinging from a $1.5 billion inflow in 2024Q4 to a $539 million outflow in 2024Q1, which suggests that the company's cash position is highly sensitive to the timing of inventory builds and commercial delivery milestones.
This lumpy working capital profile implies that management faces significant challenges in synchronizing supply chain costs with revenue recognition. Investors should monitor these fluctuations closely, as they can create sudden, unexpected liquidity crunches that complicate the company's broader financial planning.
Quick answers to the most common questions about buying RIVN stock.
Rivian Automotive, Inc. (RIVN) generated $-779.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rivian Automotive, Inc. (RIVN) reported negative free cash flow of $2.49B in 2025, indicating capital requirements exceeded cash from operations.
Rivian Automotive, Inc. (RIVN) spent $1.71B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.