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Rivian's Q3 loss of 70 cents per share beat estimates and improved from last year's $1.03 loss.
Revenues rose 78.2% year over year to $1.56 billion on higher deliveries and software gains.
Gross profit reached $24 million versus a $392 million loss a year ago, marking margin improvement.
Rivian Automotive (RIVN - Free Report) incurred a loss of 70 cents per share in the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of 72 cents and the year-ago period’s loss of $1.03. Revenues of $1.56 billion beat the Zacks Consensus Estimate of $1.46 billion and increased 78.2% on a year-over-year basis, fueled by year-over-year growth in vehicle delivery.
Key Q3 Highlights of RIVN
Rivian recorded a total production of 10,720 units in the reported quarter, down from 13,157 units in the year-ago quarter. The company delivered a total of 13,201 units, up from 10,018 units a year ago.
Total gross profit amounted to $24 million against a gross loss of $392 million in the prior-year quarter. The gross margin for the reported quarter was 2%. Total adjusted operating expenses were $1 billion, up from $777 million in the prior-year quarter. Adjusted loss before interest, taxes, depreciation and amortization was $602 million, marking a major improvement from the $757 million loss incurred in the third quarter of 2024.
Net cash provided by operating activities for the reported quarter was $26 million compared to $876 million used in the prior-year quarter of 2024. Capital expenditures for the third quarter were $447 million compared with $277 million for the same period last year. Free cash outflow in the third quarter was $421 million.
Rivian's Q3 Segmental Performance
The Automotive segment recorded revenues of $1.14 billion, up 47.2% year over year, primarily due to increased vehicle deliveries and average selling prices. The total cost of revenues for this segment was $1.27 billion, up 10.1% on a year-over-year basis. The segment generated a gross loss of $130 million in the reported quarter compared with a gross loss of $379 million in the prior-year quarter.
The Software and Services segment recorded revenues of $416 million and more than tripled year over year, primarily due to new vehicle electrical architecture and software development services. The total cost of revenues for this segment in the third quarter amounted to $262 million and increased more than two-fold on a year-over-year basis. The segment generated a gross profit of $154 million for the third quarter against the loss of $13 million in the same quarter in 2024.
Financial Position of RIVN
Rivian had $7.09 billion in cash and cash equivalents as of Sept. 30, 2025, compared with $7.7 billion as of Dec. 31, 2024. Long-term debt was $4,438 million as of Sept. 30, 2025, compared with $4,441 million as of Dec. 31, 2024.
Rivian Revises 2025 Guidance
Rivian has updated its guidance for the full-year 2025. It now expects to deliver 41,500-43,500 units compared with the prior estimate of 40,000-46,000 vehicles in 2025. Adjusted EBITDA is expected to remain negative in the band of $2 billion to $2.25 billion. Capital expenditures expectations are reaffirmed to be between $1.8 billion and $1.9 billion.
The Zacks Consensus Estimate for GM’s 2025 EPS has improved 67 cents in the past 30 days. The Zacks Consensus Estimate for GM’s 2026 EPS has improved 6 cents in the past seven days.
The Zacks Consensus Estimate for KAR’s 2025 sales and earnings implies year-over-year growth of 5.6% and 37.7%, respectively. EPS estimates for 2025 have improved 5 cents in the past 90 days. EPS estimates for 2026 have improved 2 cents in the past 30 days.
The Zacks Consensus Estimate for GTX’s 2025 sales and earnings implies year-over-year growth of 2.6% and 16.7%, respectively. EPS estimates for 2025 and 2026 have improved 12 cents and 22 cents, respectively, in the past 30 days.
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Rivian Q3 Earnings Beat Expectations, Revenues Increase Y/Y
Key Takeaways
Rivian Automotive (RIVN - Free Report) incurred a loss of 70 cents per share in the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of 72 cents and the year-ago period’s loss of $1.03. Revenues of $1.56 billion beat the Zacks Consensus Estimate of $1.46 billion and increased 78.2% on a year-over-year basis, fueled by year-over-year growth in vehicle delivery.
Key Q3 Highlights of RIVN
Rivian recorded a total production of 10,720 units in the reported quarter, down from 13,157 units in the year-ago quarter. The company delivered a total of 13,201 units, up from 10,018 units a year ago.
Total gross profit amounted to $24 million against a gross loss of $392 million in the prior-year quarter. The gross margin for the reported quarter was 2%. Total adjusted operating expenses were $1 billion, up from $777 million in the prior-year quarter. Adjusted loss before interest, taxes, depreciation and amortization was $602 million, marking a major improvement from the $757 million loss incurred in the third quarter of 2024.
Net cash provided by operating activities for the reported quarter was $26 million compared to $876 million used in the prior-year quarter of 2024. Capital expenditures for the third quarter were $447 million compared with $277 million for the same period last year. Free cash outflow in the third quarter was $421 million.
Rivian's Q3 Segmental Performance
The Automotive segment recorded revenues of $1.14 billion, up 47.2% year over year, primarily due to increased vehicle deliveries and average selling prices. The total cost of revenues for this segment was $1.27 billion, up 10.1% on a year-over-year basis. The segment generated a gross loss of $130 million in the reported quarter compared with a gross loss of $379 million in the prior-year quarter.
The Software and Services segment recorded revenues of $416 million and more than tripled year over year, primarily due to new vehicle electrical architecture and software development services. The total cost of revenues for this segment in the third quarter amounted to $262 million and increased more than two-fold on a year-over-year basis. The segment generated a gross profit of $154 million for the third quarter against the loss of $13 million in the same quarter in 2024.
Financial Position of RIVN
Rivian had $7.09 billion in cash and cash equivalents as of Sept. 30, 2025, compared with $7.7 billion as of Dec. 31, 2024. Long-term debt was $4,438 million as of Sept. 30, 2025, compared with $4,441 million as of Dec. 31, 2024.
Rivian Revises 2025 Guidance
Rivian has updated its guidance for the full-year 2025. It now expects to deliver 41,500-43,500 units compared with the prior estimate of 40,000-46,000 vehicles in 2025. Adjusted EBITDA is expected to remain negative in the band of $2 billion to $2.25 billion. Capital expenditures expectations are reaffirmed to be between $1.8 billion and $1.9 billion.
RIVN Zacks Rank & Key Picks
Rivian carries a Zacks Rank #3 (Hold) at present.
Some top-ranked stocks in the auto space are General Motors Company (GM - Free Report) , OPENLANE, Inc. (KAR - Free Report) and Garrett Motion Inc. (GTX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GM’s 2025 EPS has improved 67 cents in the past 30 days. The Zacks Consensus Estimate for GM’s 2026 EPS has improved 6 cents in the past seven days.
The Zacks Consensus Estimate for KAR’s 2025 sales and earnings implies year-over-year growth of 5.6% and 37.7%, respectively. EPS estimates for 2025 have improved 5 cents in the past 90 days. EPS estimates for 2026 have improved 2 cents in the past 30 days.
The Zacks Consensus Estimate for GTX’s 2025 sales and earnings implies year-over-year growth of 2.6% and 16.7%, respectively. EPS estimates for 2025 and 2026 have improved 12 cents and 22 cents, respectively, in the past 30 days.