Rivian Automotive, Inc.

rivian.com

What Do They Do?

Sells electric pickup trucks, sport utility vehicles and commercial vans to consumer and commercial customers.

How Do They Make Money?

Customers pay for new vehicles at or before delivery. Software and architecture development is generally paid in advance; repair and resale are paid when delivered or under customary terms, while credit buyers typically pay within one quarter or less after credits transfer.

revenue

Segment	Share	How money arrives
New electric vehicles Sold outright	68% FY2022: 94%	Sold outright
Regulatory credits Sold outright	3.7% FY2022: 0.0%	Sold outright
Software and services	29% FY2022: 6.3%

Who Are Their Customers?

Rivian sells vehicles directly to consumer and commercial customers; Amazon was its first commercial customer for vans. A joint venture with Volkswagen Group develops vehicle architecture and software for Volkswagen Group’s future vehicle programs.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 37% from one customer

Do Revenues Turn Into Profits?

No. It lost $3.6B in FY2025.

Operating income, FY2025

−67% of revenue

▼ −24% (Loss) vs FY2024 (−$4.7B, −94%)

Net income, FY2025

−68% of revenue

▼ −23% (Loss) vs FY2024 (−$4.7B, −96%)

Free cash flow, FY2025

−46% of revenue

▼ −13% (Loss) vs FY2024 (−$2.9B, −57%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +27%; vs $1.3B in Q2 FY2025
Net income: ▼ −25% (Loss); vs −$1.1B in Q2 FY2025

New electric vehicles share of revenue vs 70.9% in Q2 FY2025

Aug 27, 2026 CFO Claire McDonough plans to resign She will leave on October 30, 2026; Rivian expects its vice president of finance to serve as interim CFO while it searches for a successor.
Jul 2, 2026 Rivian raised its full-year delivery outlook The delivery range increased from 62,000 - 67,000 vehicles to 65,000 - 70,000.
Mar 19, 2026 Rivian agreed to deploy autonomous vehicles with Uber Uber will invest up to $1.25 billion through 2031 subject to autonomy milestones; Uber or its fleet partners are expected to buy 10,000 robotaxis.

Growing. Revenue grew 97.9x in 4 years, from $55M in FY2021 to $5.4B in FY2025, about 215% a year.

Software development services The older report described consumer and fleet services that support Rivian vehicles; the latest report also describes joint-venture software and vehicle-architecture development for Volkswagen Group’s future vehicle programs.

Broader consumer lineup The older report identified a next-generation consumer platform; the latest report also describes a future midsize crossover and performance variant, expanding the planned consumer vehicle range.

Revenue over time

New electric vehicles Regulatory credits Software and services

$10B$5B$0

FY2022 FY2023 FY2024 FY2025

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