Revenue growth remains highly volatile, fluctuating between a 98.3% increase and a 25.8% contraction, while operating margins remain deeply negative at -63.8% as of 2026Q1.
| Sales/Revenue | 5.53B | 5.39B | 4.97B | 4.43B | 1.66B | 55M | 0 | 0 |
| Revenue Growth % | 10.43% | 8.39% | 12.09% | 167.43% | 2914.55% | - | - | - |
| Cost of Goods Sold | 5.62B | 5.24B | 6.17B | 6.46B | 4.78B | 520M | 29M | 7M |
| COGS % of Revenue | - | 97.33% | 124.14% | 145.78% | 288.36% | 945.45% | - | - |
| Gross Profit | -95M | 144M | -1.2B | -2.03B | -3.12B | -465M | -29M | -7M |
| Gross Margin % | -1.72% | 2.67% | -24.14% | -45.78% | -188.36% | -845.45% | - | - |
| Gross Profit Growth % | - | 112% | 40.89% | 35% | -571.61% | -1503.45% | -314.29% | - |
| Operating Expenses | 3.72B | 3.73B | 3.49B | 3.71B | 3.73B | 3.75B | 992M | 402M |
| OpEx % of Revenue | - | 69.22% | 70.2% | 83.65% | 225.15% | 6827.27% | - | - |
| Selling, General & Admin | 1.96B | 1.84B | 1.88B | 1.71B | 1.79B | 1.24B | 226M | 101M |
| SG&A % of Revenue | - | 34.16% | 37.75% | 38.66% | 107.9% | 2258.18% | - | - |
| Research & Development | 1.71B | 1.67B | 1.61B | 2B | 1.94B | 1.85B | 766M | 301M |
| R&D % of Revenue | - | 30.96% | 32.45% | 44.99% | 117.25% | 3363.64% | - | - |
| Other Operating Expenses | 1000K | 221M | 0 | 0 | 0 | 663M | 0 | 0 |
| Operating Income | -3.81B | -3.58B | -4.69B | -5.74B | -6.86B | -4.22B | -1.02B | -409M |
| Operating Margin % | -68.94% | -66.55% | -94.35% | -129.43% | -413.51% | -7672.73% | - | - |
| Operating Income Growth % | - | 23.54% | 18.3% | 16.29% | -62.46% | -313.32% | -149.63% | - |
| EBITDA | -3.23B | -2.8B | -3.66B | -4.8B | -6.2B | -4.02B | -992M | -402M |
| EBITDA Margin % | -58.47% | -52% | -73.6% | -108.3% | -374.19% | -7314.55% | - | - |
| EBITDA Growth % | -11.1% | 23.43% | 23.82% | 22.6% | -54.21% | -305.54% | -146.77% | - |
| D&A (Non-Cash Add-back) | 579M | 784M | 1.03B | 937M | 652M | 197M | 29M | 7M |
| EBIT | -3.74B | -3.35B | -4.42B | -5.21B | -6.64B | -4.66B | -1.01B | -392M |
| Net Interest Income | 25M | 19M | 67M | 302M | 90M | -26M | 2M | -16M |
| Interest Income | 162M | 293M | 385M | 522M | 193M | 3M | 10M | 18M |
| Interest Expense | 137M | 274M | 318M | 220M | 103M | 29M | 8M | 34M |
| Other Income/Expense | 312M | -35M | -52M | 308M | 108M | -468M | 3M | -17M |
| Pretax Income | -3.5B | -3.62B | -4.74B | -5.43B | -6.75B | -4.69B | -1.02B | -426M |
| Pretax Margin % | -63.3% | -67.2% | -95.39% | -122.49% | -407% | -8523.64% | - | - |
| Income Tax | 2M | 6M | 5M | 1M | 4M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.06% | -0.17% | -0.11% | -0.02% | -0.06% | 0% | 0% | 0% |
| Net Income | -3.52B | -3.65B | -4.75B | -5.43B | -6.75B | -4.69B | -1.02B | -459M |
| Net Margin % | -63.62% | -67.68% | -95.51% | -122.51% | -407.24% | -8523.64% | - | - |
| Net Income Growth % | 8.53% | 23.19% | 12.61% | 19.55% | -44.03% | -360.06% | -122% | - |
| Net Income (Continuing) | -3.5B | -3.63B | -4.75B | -5.43B | -6.75B | -4.69B | -1.02B | -426M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26M | 28M | 4M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.82 | -3.07 | -4.69 | -5.74 | -7.40 | -22.98 | -10.09 | -4.35 |
| EPS Growth % | 21.51% | 34.54% | 18.29% | 22.43% | 67.8% | -127.75% | -131.95% | - |
| EPS (Basic) | - | -3.07 | -4.69 | -5.74 | -7.40 | -22.98 | -10.09 | -4.35 |
| Diluted Shares Outstanding | 1.25B | 1.19B | 1.01B | 947M | 913M | 204M | 101M | 98M |
| Basic Shares Outstanding | 1.25B | 1.19B | 1.01B | 947M | 913M | 204M | 100.89M | 97.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As reported in recent financial filings, Rivian's revenue growth has fluctuated wildly, ranging from a 98.3% year-over-year increase in 2023Q4 to a 25.8% contraction in 2025Q4, suggesting that the company's top-line trajectory remains highly sensitive to production milestones and the lumpy nature of commercial delivery schedules.
The inconsistency in quarterly revenue figures implies that Rivian has yet to achieve a stable, predictable production cadence. Investors should monitor whether the recent 11.4% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous delivery bottlenecks.
According to the company's income statements, gross margins have swung from a deep negative of 46.1% in 2023Q4 to a positive 8.6% in 2026Q1, indicating that while production costs are trending toward improvement, the underlying profitability remains highly susceptible to non-core items like regulatory credit sales.
The shift to positive gross margins appears to be a critical milestone, yet the reliance on non-manufacturing revenue streams warrants further investigation. It remains unclear if these margins can be sustained without the benefit of regulatory credits or if they are merely a byproduct of temporary cost-cutting measures.
Based on reported figures, Rivian continues to struggle with operating leverage, as evidenced by persistent operating losses that frequently exceed $800 million per quarter, suggesting that the company's massive R&D and SG&A expenditures are not yet scaling efficiently against current vehicle production volumes.
The inability to narrow operating losses in proportion to revenue growth indicates that the company's fixed-cost structure remains a significant burden. Until the company can demonstrate a clear decoupling of revenue growth from operating expense expansion, the path to sustainable profitability appears fraught with execution risk.
Financial disclosures reveal that Rivian consistently records high levels of stock-based compensation, with quarterly figures frequently approaching $190 million, which significantly obscures the true economic cost of operations and complicates the assessment of the company's path toward GAAP net income positivity.
The persistent use of equity-based incentives suggests that management is prioritizing talent retention over immediate cash preservation. Investors should be wary of how these non-cash charges impact the overall quality of earnings, as they effectively mask the severity of the company's underlying cash burn.
While recent data shows a move toward positive gross margins, a critical analysis suggests that the company's reliance on high-cost manufacturing and potential future pricing pressure in the competitive EV SUV market may lead to renewed margin compression in the coming fiscal periods.
Short-term improvements in gross profit may be overstated if they do not account for the potential impact of future competitive discounting or rising input costs. The market's current optimism regarding the Volkswagen joint venture may be premature, as it does not immediately solve the fundamental challenge of scaling vehicle production profitably.
Quick answers to the most common questions about buying RIVN stock.
For fiscal year 2025, Rivian Automotive, Inc. (RIVN) reported total revenue of $5.39B.
Rivian Automotive, Inc. (RIVN) reported a net loss of $3.65B for the fiscal year ending 2025.
Rivian Automotive, Inc. (RIVN) reported an operating income of $-3585.0M, resulting in an operating profit margin of -66.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Rivian Automotive, Inc. (RIVN) generated $144.0M in gross profit for the year, representing a gross profit margin of 2.7%. This demonstrates the company's core pricing power and production efficiency.