Rivian (RIVN) Stock Rises 15% After Q4 Earnings Beat and R2 Launch Update

TLDR

• Rivian reported Q4 revenue of $1.29 billion, beating estimates of $1.26 billion, with a loss per share of 54 cents versus expected 68 cents
• Stock jumped 15% in after-hours trading Thursday after the company announced 2026 delivery guidance of 62,000 to 67,000 vehicles, up 47% to 59% from 2025
• The company achieved its first annual gross profit of $144 million in 2025, driven by its software joint venture with Volkswagen
• The $45,000 R2 SUV remains on track for Q2 2026 customer deliveries and is expected to cut build material costs in half
• Rivian expects adjusted pre-tax losses of $1.8 billion to $2.1 billion in 2026 as it ramps up R2 production at its Illinois factory

Rivian Automotive posted fourth-quarter results Thursday that topped Wall Street expectations. The electric vehicle maker reported revenue of $1.29 billion versus estimates of $1.26 billion.

The company lost 54 cents per share on an adjusted basis. Analysts had expected a loss of 68 cents per share.

Shares surged more than 15% in after-hours trading. The stock had closed at $14, down roughly 5% for the regular session.

Rivian Automotive, Inc., RIVN

Full-year 2025 revenue reached $5.39 billion, up 8% from $4.97 billion in 2024. The company posted its first annual gross profit of $144 million in 2025.

That gross profit included $120 million in the fourth quarter. The software and services joint venture with Volkswagen offset $432 million in automotive business losses last year.

The company’s net loss for 2025 was $3.6 billion. That improved from a loss of $4.75 billion in 2024.

Rivian ended the fourth quarter with $6.59 billion in total liquidity. That included nearly $6.1 billion in cash, cash equivalents, and short-term investments.

R2 Launch Takes Center Stage

The 2026 guidance stole the spotlight from the earnings beat. Rivian expects to deliver between 62,000 and 67,000 vehicles this year.

That represents growth of 47% to 59% compared with 2025 deliveries. The R2 SUV launch during the second quarter will drive much of that increase.

CEO RJ Scaringe told CNBC the R2 is expected to represent the “majority of the volume” by the end of 2027. Production will ramp up at the company’s sole factory in Normal, Illinois.

The roughly $45,000 midsize vehicle is designed to cut build material costs in half. It also reduces production complexity compared to current models.

Rivian said the R2 will initially be produced by one plant shift. A second shift will be added by the end of 2026.

Financial Outlook and Production Plans

Rivian expects adjusted pre-tax losses of $1.8 billion to $2.1 billion in 2026. That compares with nearly $2.1 billion in adjusted pre-tax losses last year.

Capital expenditures are forecast between $1.95 billion and $2.05 billion. The company spent $1.7 billion on capital expenditures in 2025.

CFO Claire McDonough called 2026 a “transition year” as R2 production ramps up. Scaringe described 2025 as a “foundational year” while positioning 2026 as “an inflection point” for the company.

The fourth-quarter loss of $804 million was accelerated by decreased earnings from regulatory credit sales. Changes by the Trump administration to federal fuel economy and emissions standards had been expected to impact credit revenue.

The company continues to produce its R1 pickup and SUV, both starting in the $70,000s. It also manufactures an all-electric delivery van purchased historically by its largest shareholder, Amazon.

Additional R2 details including pricing by model, options, and more will be available on March 12. Wall Street analysts maintain a Hold consensus rating on the stock with an average price target of $17.75, implying 26.8% upside potential.

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