The Rivian R2 is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on Nov. 23, 2025 in Los Angeles, California.
Josh Lefkowitz | Getty Images
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. That increase is expected to be driven 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.
Shares of Rivian were up more than 15% during after-hours trading Thursday 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 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 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.
The company 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.
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