Revenue rebounded to $2.2B in 2026Q3 with gross margin recovering to 8.2%, yet operating loss of -$881.0M against $176.0M of gross profit indicates overhead still overwhelms the improving unit economics.
Rivian Automotive, Inc. (RIVN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 6.48B | 5.39B | 4.97B | 4.43B | 1.66B | 55M | 0 | 0 |
| Revenue Growth % | 11.05% | 8.39% | 12.09% | 167.43% | 2914.55% | - | - | - |
| Cost of Goods Sold | 5.96B | 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 | 515M | 144M | -1.2B | -2.03B | -3.12B | -465M | -29M | -7M |
| Gross Margin % | 7.95% | 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 | 3.95B | 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 | 2.13B | 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 | 1.81B | 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 | 0 | 221M | 0 | 0 | 0 | 663M | 0 | 0 |
| Operating Income | -3.43B | -3.58B | -4.69B | -5.74B | -6.86B | -4.22B | -1.02B | -409M |
| Operating Margin % | -52.95% | -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 | -3B | -2.8B | -3.66B | -4.8B | -6.2B | -4.02B | -992M | -402M |
| EBITDA Margin % | -46.22% | -52% | -73.6% | -108.3% | -374.19% | -7314.55% | - | - |
| EBITDA Growth % | -15.15% | 23.43% | 23.82% | 22.6% | -54.21% | -305.54% | -146.77% | - |
| D&A (Non-Cash Add-back) | 436M | 784M | 1.03B | 937M | 652M | 197M | 29M | 7M |
| EBIT | -1.92B | -3.35B | -4.42B | -5.21B | -6.64B | -4.66B | -1.01B | -392M |
| Net Interest Income | -4M | 19M | 67M | 302M | 90M | -26M | 2M | -16M |
| Interest Income | 217M | 293M | 385M | 522M | 193M | 3M | 10M | 18M |
| Interest Expense | 5M | 274M | 318M | 220M | 103M | 29M | 8M | 34M |
| Other Income/Expense | 466M | -35M | -52M | 308M | 108M | -468M | 3M | -17M |
| Pretax Income | -2.96B | -3.62B | -4.74B | -5.43B | -6.75B | -4.69B | -1.02B | -426M |
| Pretax Margin % | -45.76% | -67.2% | -95.39% | -122.49% | -407% | -8523.64% | - | - |
| Income Tax | 1M | 6M | 5M | 1M | 4M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.03% | -0.17% | -0.11% | -0.02% | -0.06% | 0% | 0% | 0% |
| Net Income | -2.97B | -3.65B | -4.75B | -5.43B | -6.75B | -4.69B | -1.02B | -459M |
| Net Margin % | -45.88% | -67.68% | -95.51% | -122.51% | -407.24% | -8523.64% | - | - |
| Net Income Growth % | 16.91% | 23.19% | 12.61% | 19.55% | -44.03% | -360.06% | -122% | - |
| Net Income (Continuing) | -2.13B | -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 | 27M | 28M | 4M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.06 | -3.07 | -4.69 | -5.74 | -7.40 | -22.98 | -10.09 | -4.35 |
| EPS Growth % | 27.65% | 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 | 1.45B | 1.19B | 1.01B | 947M | 913M | 204M | 101M | 98M |
| Basic Shares Outstanding | 1.45B | 1.19B | 1.01B | 947M | 913M | 204M | 100.89M | 97.93M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent operating losses and margin compression
Metrics are mathematically derived from official filings.
Revenue Rebound Remains Volatile and Uneven
Based on reported quarterly figures, Rivian's revenue swung from $874.0M in 2024Q3 to roughly $2.2B in 2026Q3, a 38.3% year-over-year gain that suggests recovering delivery volumes but not yet a durable growth pattern.
The 2024Q3 trough followed by a sharp recovery indicates that top-line growth has been driven by episodic volume swings rather than steady demand accumulation. Year-over-year growth rates alternating between negative and above 30% suggest that investors should monitor whether the 2026 run-rate reflects sustained order flow or timing effects. Without segment or pricing detail in the provided data, the source of growth cannot be confirmed as volume versus price.
Gross Margin Turns Positive but Stays Thin
As reported in the quarterly income statements, Rivian's gross margin recovered to 8.2% in 2026Q3 from negative levels as recently as 2025Q2 at -15.8%, yet remains far below typical auto manufacturing benchmarks.
Positive gross profit in recent quarters may indicate that unit costs are beginning to fall below realized prices, though the margin is still thin enough that small shifts in pricing or material costs could reverse it. The swing between negative and positive gross margin across quarters points to meaningful cyclicality in cost absorption and pricing. Peer comparison is limited to Lucid, which also reports negative gross margin, so the data does not establish a clear competitive advantage for Rivian.
Operating Losses Scale Without Overhead Efficiency
According to the reported income statements, operating loss reached -$881.0M in 2026Q3 against a gross profit of only $176.0M, indicating that operating expenses absorb nearly five times the gross profit.
Operating expenses of roughly $1.06B per quarter, including R&D near $485M and SG&A near $572M, show no evidence of operating leverage in the recent quarters. The operating margin of -40.9% in 2026Q3 is an improvement from -85.5% in 2025Q2, which suggests some scaling benefit, but the absolute loss remains large. Investors may wish to monitor whether overhead growth slows relative to revenue before drawing conclusions about structural efficiency.
Net Losses Reflect Heavy Non-Operating Drag
Based on reported EPS, diluted loss per share was -$0.63 in 2026Q3 while stock-based compensation totaled $201.0M, a figure that represents a meaningful share of the quarterly operating expense base.
Net income tracks closely with operating income in most quarters, suggesting that non-operating items are not the dominant driver of the reported loss in the recent period. Stock-based compensation near $200M per quarter lowers reported earnings quality by inflating the expense base relative to cash costs. The share count implied by EPS compared with net loss should be reviewed against dilution trends before assuming that per-share losses will narrow proportionally with operating improvement.
R&D and SG&A Dominate the Cost Base
Reported figures show R&D of $485.0M and SG&A of $572.0M in 2026Q3, together exceeding cost of goods sold of $2.0B on a combined basis of roughly $1.06B, pointing to a cost structure weighted toward fixed development and overhead spending.
The combined R&D and SG&A burden at roughly half the size of COGS suggests a cost structure that is slow to flex with revenue. Consistent R&D spending near $400M to $485M per quarter across the period indicates sustained product development commitments that may support future platform launches but depress near-term margins. Expense discipline is difficult to assess without guidance or headcount data, so investors should treat the trend as a signal to monitor rather than evidence of efficiency.
Gross Profit Turned Positive in 2025Q4
Based on reported quarterly figures, gross profit moved from -$49.0M in 2025Q3 to $41.0M in 2025Q4 and then to $176.0M by 2026Q3, marking the first sustained period of positive unit economics in the provided history.
This transition appears to coincide with revenue recovering above $1.3B per quarter while COGS growth lagged, implying improved cost absorption. The inflection may be significant if it persists, since it marks the difference between a business that loses money on each unit sold and one that covers direct costs. Whether the improvement reflects scale, cost reduction, or pricing cannot be determined from the supplied data, and it warrants further investigation before being treated as durable.
Margin Recovery May Prove Fragile
Based on reported figures, gross margin has oscillated between -44.9% and 10.8% over the ten-quarter window, and the recent 8.2% level remains below the margin observed in 2025Q1, suggesting the recovery may not yet be durable.
A bearish reading would emphasize that operating losses remain above $800M per quarter in most recent periods, implying that the business still requires substantial external funding to cover its cost base. Revenue growth rates swinging between negative and above 75% suggest that demand may be lumpy rather than structurally expanding. Investors should monitor whether gross profit can grow faster than operating expenses over the next several reporting periods before accepting the current trajectory as a turning point.