Rivian tops Q4 expectations, expects losses to continue amid production increase

Rivian Automotive on Thursday beat Wall Street's fourth-quarter expectations and said it's targeting a significant increase in vehicle deliveries this year, but the automaker also cautioned that it will continue losing money as it launches its crucial R2 next-generation vehicle.

Rivian's 2026 guidance includes increasing vehicle deliveries to between 62,000 and 67,000 units, which would be up by 47% to 59% compared to 2025.

The electric vehicle maker also said it expects adjusted losses for 2026 of between $1.8 billion and $2.1 billion and capital expenditures between $1.95 billion and $2.05 billion. That compares with nearly $2.1 billion in losses and $1.7 billion in capital expenditures last year.

Here's how the company performed in the fourth quarter compared with average estimates compiled by LSEG:

• Loss per share: 54 cents adjusted vs. a loss of 68 cents expected
• Revenue: $1.29 billion vs. $1.26 billion expected

Rivian's full-year 2025 revenue, including $1.7 billion during the fourth quarter, was up 8% compared with $4.97 billion in 2024.

The company was able to achieve a gross profit, which is closely watched by investors, of $144 million in 2025, including $120 million during the fourth quarter. That was driven by its software and services joint venture with Volkswagen offsetting $432 million in losses for its automotive business.

Investors view gross profit as a key indicator of a business's profitability before operating expenses, interest and taxes.

Rivian's net loss last year was $3.6 billion, an improvement from a loss of $4.75 billion in 2024. That includes an $804 million loss during the fourth quarter, accelerated by a decrease in earnings from the sale of regulatory credits, which was expected after the Trump administration to federal fuel economy and emissions standards.

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