Business
Rivian (RIVN) earnings Q4 2025
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 with 2025. That increase is expected to be assisted by the launch of the R2 SUV during the second quarter.
Rivian CEO RJ Scaringe told CNBC’s Phil LeBeau on Thursday that the R2 is expected to be the “majority of the volume” of the business by the end of 2027, as it ramps up production at its sole factory in Normal, Illinois.
The electric vehicle maker also said it expects adjusted pre-tax 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 adjusted pre-tax losses and $1.7 billion in capital expenditures last year.
Scaringe described 2025 to investors Thursday as a “foundational year” for Rivian, while saying 2026 will mark “an inflection point” for the company.
Shares of Rivian were up more than 20% during premarket trading Friday after closing at $14, down roughly 5%.
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 its first annual 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 last year.
This year’s gross profit may not be as fruitful, with Rivian CFO Claire McDonough describing it as a “transition year” as it ramps up R2 production.
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 changes by the Trump administration to federal fuel economy and emissions standards.
Rivian ended the fourth quarter with $6.59 billion in total liquidity, including nearly $6.1 billion in cash, cash equivalents, and short-term investments.
It’s needed capital for Rivian. This year is a crucial one for the automaker as it attempts to deliver on promises of technological advancements and improved profitability with the R2.
The roughly $45,000 midsize vehicle, per Rivian, is expected to cut build material costs in half, reduce production complexity and significantly grow demand and sales.
Rivian said the R2 is expected to initially be produced by one plant shift, followed by a second shift by the end of this year. The company said additional R2 details by model such as pricing, options and more will be available on March 12.
Rivian has made important strides with its first-generation R1 pickup and SUV, but the market for such pricey EVs, which both start in the $70,000s, has slowed. It also continues to produce an all-electric delivery van, historically purchased by its largest shareholder, Amazon.
Patrick Industries EVP Amundson sells $568k in stock
Plenty of good economic news this week, with an outsize gain in jobs, especially private sector jobs. And a much lower-than-expected report on consumer prices.
All this with a stock market hovering near 50,000 amidst booming productivity, low energy prices, and a more than trillion dollar deregulation at EPA. And even a Gallup poll showing a 49-36% rebound in economic confidence.
So you sort of have to wonder why the Wall Street Journal runs an editorial that ‘America is Running out of Patience with Republicans’.
If there ever was a real affordability issue, right now the Trump Economy is crushing it.
The latest reading from the strong January jobs report showed production workers getting an increase in pay and working more hours. What some economists, including myself, call the wage income proxy, which is hourly earnings times hours worked, jumped in January to 5.6% at an annual rate over the past three months.
Meanwhile, today’s CPI inflation report showed a 2.4% rise over the past three months, so that gives you a 3.2% real wage take-home pay number.
Let me do it again: 5.6% on wages and hours worked, against only a 2.4% three-month CPI change.
Trumponomics is delivering.
And the workforce is earning their pay hikes with a tremendous productivity run, and businesses remain very profitable with only a 1.1% increase in unit labor costs.
Technology is booming, demand for power is booming. President Trump is taking the shackles off oil, gas, and coal, so-called baseload energy, by getting rid of the Obama-Biden endangerment finding that was never put into law anyway. So average autos can probably come in somewhere around $2,400 cheaper. Scoring another for the middle class.
Factory construction is booming. It was one of the strongest parts in the January jobs report. And some of that can be directly traced to the President’s tariff-driven reciprocal trade policy.
Plus, 100% immediate depreciation write-offs, creating a huge business capital goods boom, where new investment means stronger employment and wages, and eventually consumer spending power.
While it may be true, as President Trump told me this week, that he and his team have to work harder to get the message out, the fact is the numbers are on his side.
And editorialists who dwell on tired old left-wing Biden-esque criticisms, should really just give it up.
Trumponomics is working, and a midterm election victory for Republicans is very much in sight.
Apollo Global: Overdone Credit Fears Create A Buying Opportunity (Upgrade)
Sanofi SAN -1.87%decrease; red down pointing triangle shares fell after the drugmaker said Belen Garijo, the chief executive of Germany’s Merck MRK 1.91%increase; green up pointing triangle KGaA, would succeed Paul Hudson as CEO after its board decided not to renew his mandate.
The change at the helm of the French company follows a string of clinical setbacks last year that put its shares under pressure and left investors and analysts wondering whether Sanofi would be able to replace sales from blockbuster Dupixent—an anti-inflammatory drug jointly developed with Regeneron—once the medicine goes off patent.
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Telus T -3.22%decrease; red down pointing triangle longtime Chief Executive Darren Entwistle will hand over the reins of the Canadian telecom giant, making way for former bank boss Victor Dodig.
Entwistle will retire on June 30 following a 26-year tenure as Telus’s president and CEO, the company said Thursday. Dodig, who has been an independent director on the Telus board for almost four years, becomes CEO designate with immediate effect and will join the company’s leadership team full time May 1 before taking over as CEO at the start of July, Telus said.
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Two men jailed in UK for Islamic State-inspired plot to kill hundreds of Jews
Form 13G LIGHTWAVE ACQUISITION CORP-A For: 13 February
I am a qualified economist specializing in economic theory and I have been investing and trading since 2005. Since 2018, I have been investing in US equities. Until 2022, I was part of TopStepTrader, having passed the combine for a funded trader. I am a conservative investor, and for a long time, I have been using my model for evaluating companies, based on a mix of quantitative and fundamental analysis. This model allows me to assess objectively almost any public business and answer the question of investment attractiveness. The exceptions are banks, insurance companies and REITs – my analysis does not cover them. I focus on comprehensive and in-depth analysis of financial statements of mega and large caps, trying to update my vision every quarter. My main investing strategy is to regularly buy shares with a portion of my income that I want to hold forever. I want to combine my writing and research skills with my passion for financial statement analysis to give private investors an independent view of large and well-known companies from a facts and figures perspective. My main motivation is to help private investors make informed and well-founded decisions by demonstrating my approach to analysis.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ADBE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I use a strong buy rating, but my approach would be better served by a rating scale from avoid to attractive. Attractive status or strong buy rating relative to ADBE stock is based solely on an analysis of the financial performance of the business without an assessment of the current value, although this analysis will also be carried out towards the end of the article. My opinion may be useful to investors considering whether to include the stock in a long-term portfolio and hold it for a 3-5 year horizon, and it does not constitute a recommendation or trading instruction.
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