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Sep 30, 2025
Rivian Q3 2025 Earnings Report
Rivian reported third-quarter results with its first positive gross profit, increased deliveries, and continued progress on R2 production.
Key Takeaways
Rivian delivered a strong Q3 with $1.56 billion in revenue and narrowed its net loss. The company recorded its first positive gross profit and continues ramping up for R2 production in 2026.
Generated first positive gross profit of $24 million in Q3.
Delivered 13,201 vehicles, the highest quarter for 2025.
Revenue grew to $1.56 billion, up significantly from the prior year.
R2 vehicle production remains on track for H1 2026.
Revenue by Segment
Forward Guidance
Rivian reaffirmed full-year delivery targets and continued investing in R2 development, while managing cost reductions and expanding infrastructure.
Positive Outlook
- R2 production launch remains scheduled for first half of 2026.
- Improvements in cost of revenue driven by efficiencies and pricing.
- Increased service and charging infrastructure across the U.S.
- Gross profit turned positive for the first time.
- Software and services revenue grew over 4x YoY.
Challenges Ahead
- Net loss of $1.17 billion despite revenue growth.
- Free cash flow remained negative at -$421 million.
- Adjusted EBITDA remained deeply negative.
- Capex rose to $447 million, reflecting heavy investment phase.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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