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Consumer Discretionary · NASDAQ: RIVN

Rivian: how the business works

Rivian makes electric pickups, SUVs and delivery vans and develops vehicle software with Volkswagen, with revenue of $5,387 million and a net loss of $3,646 million in FY2025.

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Rivian Automotive, Inc. · Irvine, California · Founded 2009

Last updated

Revenue, FY2025
$5,387M
Net loss, FY2025
−$3,646M
Vehicles delivered, FY2025
42,247
Employees, Dec 31, 2025
15,232
Founded
2009

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Rivian in 5 points

  1. 1 · What it sells

    Rivian sells electric pickups, SUVs and delivery vans and develops vehicle software with Volkswagen, with $5,387 million of revenue in FY2025 and $2,155 million in Q3 FY2026.

    More: what it sells

  2. 2 · Who pays it

    No filing splits all customers, but in FY2025 Chase Bank, a lender buying vehicles for lease, paid about 36%, Amazon 16.7%, the Volkswagen joint venture 15.5% and others about 32%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, including $293 million of interest income, costs were $164.2, so Rivian lost $64.2; its operating loss was $3,585 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Rivian reports gross profit by segment, not operating profit: Software and Services made $576 million and Automotive lost $432 million in FY2025, against a company-wide operating loss of $3,585 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Automotive lost $80 million at the gross profit line in Q3 FY2026 while Software and Services made $256 million, and Rivian said on Oct 29, 2026 that it expects its Volkswagen joint venture revenue to run through about mid-2028.

    More: the one thing to watch

Sources: From Rivian's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Rivian's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Rivian · FY2025

Receipt for every $100

Where $100 of Rivian's money went in FY2025
Cost of building and selling vehicles$75.0
Selling, general and administrative$36.3
Research and development$29.4
Cost of software and services$17.3
Interest expense$4.8
Other expense, tax and noncontrolling holders$1.4
Net loss (costs above money in)−$64.2
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $5,387 million + interest income $293 million = $5,680 million). Costs added up to $164.2, so the last line is a net loss of $64.2. Measured on revenue alone, the operating loss was $66.5 per $100. Depreciation and amortization ($784 million) and stock-based pay ($741 million) sit inside the cost lines.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Rivian do?

Drivers, lenders, Amazon and Volkswagen pay Rivian for electric vehicles and software; the costs are larger than that revenue, so it has reported a net loss every year shown here.

  • Automotive, meaning vehicles and regulatory credits, brought in $3,830 million in FY2025. Software and Services, largely work for a joint venture with Volkswagen, brought in $1,557 million.
  • Cost of revenues took $5,243 million, research and development $1,668 million and selling and administration $2,061 million. That left an operating loss of $3,585 million.
Next: Who pays it

03Who pays it

Who pays Rivian?

  • Chase Bank, buying vehicles that drivers then lease

    36%

    of revenue

    About 36% of FY2025 revenue, as the 10-K states. Chase is a lender, not the driver. Its share fell below 10% in 2026, after federal lease credits ended on Sep 30, 2025.

  • Amazon

    17%

    of revenue

    $900 million in FY2025, or 16.7% (Cityfort calculation from the FY2025 10-K). The share was 31.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q), as Chase's fell.

  • Volkswagen joint venture

    16%

    of revenue

    $836 million in FY2025, or 15.5% (Cityfort calculation from the FY2025 10-K). The share was 18.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q).

  • Everyone else

    32%

    of revenue

    Drivers who pay for their vehicles, regulatory credit buyers and service customers. About 32% is what is left after the three named payers (Cityfort calculation from the FY2025 10-K); the filing gives no such figure.

  • Chase Bank, buying vehicles that drivers then lease36%
  • Amazon17%
  • Volkswagen joint venture16%
  • Everyone else32%

Customer concentration

No Rivian filing gives a split of revenue by customer that adds to 100%. The 10-K says a significant share of automotive revenue comes from one customer that is an affiliate of a principal holder, Amazon. Revenue and assets are primarily in the United States, with no finer split by country.

Largest customer
36%
Sources (2)
Next: Why it makes money

04Why it makes money

Why does Rivian make money?

Rivian's vehicles cost more to build than they bring in, so software and joint venture revenue carries its gross profit.

Automotive's gross loss narrowed from $2,018 million in FY2023 to $432 million in FY2025. Software and Services earned $576 million, which lifted the company to a $144 million gross profit. Research and overhead took $3,729 million, and selling shares and borrowing have covered the cash gap.

Gross profit per $100 of revenue

−$188.4$2.7

FY2022 to FY2025

  1. Rivian builds at one plant the company rates at 215,000 vehicles a year
  2. It built 42,284 in FY2025, so factory costs fell on few vehicles
  3. Automotive lost $432 million at the gross profit line in FY2025
  4. Joint venture work helped Software and Services earn $576 million
  5. Research and overhead took $3,729 million, leaving an operating loss of $3,585 million
  6. Rivian issued $2,617 million of stock in the first nine months of FY2026

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Rivian?

  • Automotive

    71%

    Vehicles and regulatory credits. The gross loss was $432 million in FY2025, down from $1,207 million in FY2024. Q3 FY2026 revenue was $1,550 million, up 36% from a year earlier. Rivian reports segments only from FY2023, so earlier years have no split.

    Revenue $3.8B

  • Software and Services

    29%

    Joint venture work for Volkswagen, paid software, used vehicle sales, repairs and charging. Gross profit was $576 million in FY2025, up from $7 million in FY2024. In Q3 FY2026 revenue was $605 million and gross profit $256 million, and the release says 59% of revenue came from the joint venture.

    Revenue $1.6B

How the mix changed

  • Automotive
  • Software and Services

Revenue by segment, FY2023 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearAutomotiveSoftware and Services
FY2023$4.1B$302M
FY2024$4.5B$484M
FY2025$3.8B$1.6B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Rivian done?

Revenue

$5.4BFY2025

Revenue rose every year, from $55 million in FY2021 to $5,387 million in FY2025, and Q3 FY2026 revenue of $2,155 million was up 38% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$55M
FY2022$1.7B
FY2023$4.4B
FY2024$5.0B
FY2025$5.4B
Q3 FY2024$874M
Q4 FY2024$1.7B
Q1 FY2025$1.2B
Q2 FY2025$1.3B
Q3 FY2025$1.6B
Q4 FY2025$1.3B
Q1 FY2026$1.4B
Q2 FY2026$1.7B
Q3 FY2026$2.2B

Net profit

−$3.6BFY2025

Rivian reported a net loss in every year and quarter shown; the smaller $416 million loss in Q1 FY2026 includes a $506 million gain from no longer consolidating Mind Robotics.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$4.7B−$22.98
FY2022−$6.8B−$7.40
FY2023−$5.4B−$5.74
FY2024−$4.7B−$4.69
FY2025−$3.6B−$3.07
Q3 FY2024−$1.1B−$1.08
Q4 FY2024−$744M−$0.70
Q1 FY2025−$545M−$0.48
Q2 FY2025−$1.1B−$0.97
Q3 FY2025−$1.2B−$0.96
Q4 FY2025−$811M−$0.66
Q1 FY2026−$416M−$0.33
Q2 FY2026−$833M−$0.63
Q3 FY2026−$913M−$0.63

Profit kept per $100 of revenue

−$67.7FY2025

Net loss per $100 of revenue narrowed from $407.2 in FY2022 to $67.7 in FY2025; FY2021 has no margin here because revenue was only $55 million.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021––
FY2022−407.2%−374.2%
FY2023−122.5%−108.3%
FY2024−95.5%−73.6%
FY2025−67.7%−52.0%

Free cash flow

−$2.5BFY2025

Free cash flow was an outflow every year, and FY2024 includes $1,295 million from Volkswagen; stock-based pay was above 10% of revenue every year.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021−$2.6B$1.8B−$4.4B
FY2022−$5.1B$1.4B−$6.4B
FY2023−$4.9B$1.0B−$5.9B
FY2024−$1.7B$1.1B−$2.9B
FY2025−$779M$1.7B−$2.5B
See all yearly numbers
Rivian annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$55M−$4.0B−$4.7B−$22.98–−$2.6B$1.8B−$4.4B
FY2022$1.7B−$6.2B−$6.8B−$7.40–−$5.1B$1.4B−$6.4B
FY2023$4.4B−$4.8B−$5.4B−$5.74–−$4.9B$1.0B−$5.9B
FY2024$5.0B−$3.7B−$4.7B−$4.69–−$1.7B$1.1B−$2.9B
FY2025$5.4B−$2.8B−$3.6B−$3.07−$3.6B−$779M$1.7B−$2.5B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; fiscal quarters are calendar quarters). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $3,626 million. Noncontrolling holders had $20 million of net income, so the loss to common stockholders was larger.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (15)
Next: What they said, and what happened

07Who runs it

Who runs Rivian, and did they deliver?

  • RJ Scaringe

    Founder, Chief Executive Officer and Chairman · since 2009

    Founded Rivian in June 2009. 2025 total pay was $402,639,080, up from $14,892,215 in 2024. Of that, $373,461,570 is the grant-date value of options: $363,818,700 for one that vests only on stock price and financial goals and continued service, and $9,642,870 for an April 2025 option that vests with continued service.

  • Derek Mulvey

    Interim Chief Financial Officer · since 2026

    Took over on Oct 30, 2026, when Claire McDonough's resignation took effect. The company says a search is under way.

What they said, and what happened

3 missed · 4 delivered · 2 too early to tell

  1. Said on Mar 10, 2022

    Rivian said it expected to produce 25,000 vehicles in 2022.

    What happened

    It produced 24,337.

    Missed

  2. Said on Feb 28, 2023

    Rivian said it expected to produce 50,000 vehicles in 2023.

    What happened

    It produced 57,232.

    Delivered

  3. Said on Feb 21, 2024

    Rivian said it expected to produce 57,000 vehicles in 2024.

    What happened

    On Oct 4, 2024 it cut this to 47,000 to 49,000, citing a part shortage. It produced 49,476.

    Missed

  4. Said on Nov 7, 2024

    Rivian said it was "on track for positive gross profit for the fourth quarter of 2024".

    What happened

    It reported $170 million. The Q4 FY2024 shareholder letter says regulatory credit revenue was $299 million for the quarter.

    Delivered

  5. Said on Feb 20, 2025

    Rivian said it expected 46,000 to 51,000 deliveries in 2025.

    What happened

    It cut the range to 40,000 to 46,000 on May 6, 2025 and delivered 42,247.

    Missed

  6. Said on Feb 20, 2025

    Rivian said it expected "modest gross profit for 2025".

    What happened

    It reported gross profit of $144 million for FY2025.

    Delivered

  7. Said on Feb 12, 2026

    Rivian said R2 customer deliveries were expected in the second quarter of 2026.

    What happened

    Deliveries began in Q2 FY2026, with the launch in June.

    Delivered

  8. Said on Oct 29, 2026

    Rivian said it expects 67,000 to 70,000 deliveries in 2026.

    What happened

    It delivered 41,807 in the first nine months.

    Too early to tell

  9. Said on Oct 29, 2026

    Rivian said it expects the first draw on its Department of Energy loan by early 2027.

    What happened

    The loan was undrawn at Sep 30, 2026.

    Too early to tell
Sources (20)
Next: What could go wrong

08What could go wrong

What could go wrong for Rivian?

  • Concentration

    Amazon pays a large share of revenue

    Amazon was 16.7% of FY2025 revenue and 31.2% in the first nine months of FY2026 (Cityfort calculation from the FY2025 10-K and Q3 FY2026 10-Q). It is also a holder and a supplier, and its van agreement has no minimum order.

    Watch Revenue from Amazon each quarter, $596 million in Q3 FY2026.

  • Concentration

    Rivian expects Volkswagen revenue to run through about mid-2028

    Joint venture work was $836 million of FY2025's $1,557 million Software and Services revenue. Rivian said on Oct 29, 2026 that it expects to recognize it through about mid-2028, and expects that segment's gross profit to fall during 2028.

    Watch Deferred revenue from Volkswagen: $1,173 million at Sep 30, 2026, down from $1,794 million at Dec 31, 2025.

  • Cash and liquidity

    Losses are paid for with outside money

    The accumulated deficit, all past net losses added up, was $29,113 million at Sep 30, 2026. The company says it will require additional financing. Shares outstanding rose from 1,240 million to 1,460 million in nine months.

    Watch Free cash flowCash from operations minus spending on buildings and equipment. Learn more each quarter, a $1,124 million outflow in Q3 FY2026, and the share count on each 10-Q cover.

  • Demand

    Federal EV credits ended, and regulatory credits are uncertain

    The 30D and 45W federal credits ended for vehicles acquired after Sep 30, 2025. Rivian says that partly explains an 18% fall in FY2025 automotive deliveries. It calls future regulatory credit sales uncertain.

    Watch Deliveries each quarter, and regulatory credits, $81 million in Q3 FY2026.

  • Execution

    R2's ramp runs through one plant and limited suppliers

    Rivian says its long-term results depend on R2 and later R3. The company said the ramp added about $120 million of cost in Q3 FY2026. It buys thousands of parts from hundreds of mostly single- or limited-source suppliers.

    Watch Automotive gross profit, a loss of $80 million in Q3 FY2026.

  • Debt

    The Georgia loan has conditions

    The Department of Energy loan of up to $4.5 billion is undrawn. Conditions include positive gross margin for certain periods and vehicle sales metrics. Once funded, it requires at least $2.0 billion of liquidity, among other tests.

    Watch The first draw, which the company said on Oct 29, 2026 it expects by early 2027.

  • Technology

    Autonomy milestones decide Uber's money

    Uber's plan for up to 50,000 robotaxis and up to $950 million of further share purchases depend on milestones. Rivian said on Mar 19, 2026 that it expects higher research spending to speed up autonomy, and it lists driver assistance technology among its risks.

    Watch The milestone the company said on Oct 29, 2026 could release $250 million from Uber by the end of 2026.

  • Governance

    Voting rights are changing as Class B ends

    Class B shares carry 10 votes each. At Apr 23, 2026 Scaringe held 3.8% of votes and directors and officers 4.1%; Amazon and Volkswagen each held more. The Q3 FY2026 10-Q says Class B converts automatically in November 2026.

    Watch A filing confirming the conversion. Class B was still outstanding on the 10-Q cover at Oct 20, 2026.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose from $1,658 million in FY2022 to $5,387 million in FY2025.
  • Gross profit went from a $3,123 million loss in FY2022 to a $144 million profit in FY2025.
  • Deliveries reached 19,248 in Q3 FY2026, up 46% from a year earlier.
  • Volkswagen bought $1,000 million of stock on Apr 30, 2026, and Uber bought $300 million on May 4, 2026.
  • Cash and short-term investments were $5,502 million at Sep 30, 2026, against $4,446 million of long-term debt.

What critics point to

  • Rivian has reported a net loss every year, and its accumulated deficit was $29,113 million at Sep 30, 2026.
  • Automotive had a gross loss in every quarter from Q2 FY2025 to Q3 FY2026.
  • The joint venture was $836 million of FY2025's $1,557 million Software and Services revenue, and Rivian said on Oct 29, 2026 that it expects that revenue through about mid-2028.
  • Free cash flow was an outflow of $4,192 million in the four quarters to Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 earnings release).
  • Shares outstanding rose from 1,240 million at Dec 31, 2025 to 1,460 million at Sep 30, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Rivian?

Next event

Q4 FY2026 results

Date not announced yet.

  • Deliveries against the company's range

    Rivian said on Oct 29, 2026 that it expects 67,000 to 70,000 in 2026. It delivered 41,807 in the first nine months.

  • Automotive gross profit as R2 ramps

    Automotive lost $80 million at that line in Q3 FY2026, when the company said the ramp added about $120 million of cost.

  • The Class B conversion

    The Q3 FY2026 10-Q, filed Oct 29, 2026, says Class B shares convert automatically in November 2026. The 10-Q says the dual class structure ends then.

  • Uber and Volkswagen milestones

    The company said on Oct 29, 2026 that it targets a milestone by the end of 2026 that could release $250 million from Uber. It targets Volkswagen's remaining $460 million by the earlier of Jan 3, 2028 or a start-of-production milestone, subject to certain conditions.

Next: Key dates

11Key dates

What are the key dates for Rivian?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Rivian
EventDateSource
Class B shares convert into Class AThe Q3 FY2026 10-Q says this happens automatically on the fifth anniversary of the IPO, "i.e., November 2026". The IPO was completed on Nov 15, 2021. No filing through Nov 5, 2026 confirms the conversion.Not yet statedForm 10-Q, Q3 FY2026; Proxy statement (DEF 14A), 2026 annual meeting; Form 10-K, fiscal year 2021 (ended Dec 31, 2021)
Autonomy and AI DayScheduled, per the company's Q3 FY2026 earnings release.Earnings release, Q3 FY2026 (8-K Ex. 99.1)
Uber milestone tied to $250 million of share purchasesThe company's Oct 29, 2026 presentation targets this by the end of 2026, subject to the milestone being met.Not yet statedEarnings presentation, Q3 FY2026 (8-K Ex. 99.2)
First draw on the Department of Energy loanThe company's Oct 29, 2026 presentation says it expects this by early 2027.Not yet statedEarnings presentation, Q3 FY2026 (8-K Ex. 99.2)

Learn: IPO lock-up agreements: what they are and when they end

Sources (5)
Next: Key facts

12Key facts

Key facts about Rivian

What does Rivian do?
Rivian Automotive designs and builds electric pickups, SUVs and delivery vans in Normal, Illinois, and develops vehicle software in a joint venture with Volkswagen Group. Rivian had revenue of $5,387 million in FY2025 (calendar 2025), delivered 42,247 vehicles and had 15,232 employees at Dec 31, 2025.
How does Rivian make money?
Rivian makes money from vehicles and from software and services. In FY2025 Automotive brought in $3,830 million and Software and Services $1,557 million. Rivian's gross profit came from Software and Services, which earned $576 million, while Automotive lost $432 million at that line.
What is Rivian's business model?
Rivian's business model is to sell electric vehicles directly to customers, then sell software and services around them. Rivian also develops vehicle electronics and software for Volkswagen Group through a joint venture, which brought in $836 million of Rivian's FY2025 revenue.
Is Rivian profitable?
No. Rivian reported a net loss of $3,646 million in FY2025 and $913 million in Q3 FY2026. Rivian's FY2025 operating loss was $3,585 million. FY2025 was its first full year of positive gross profit, at $144 million.
What is Rivian's revenue by segment?
Rivian's Automotive segment had revenue of $3,830 million in FY2025, or 71.1% of the total, and Software and Services $1,557 million, or 28.9%. In Q3 FY2026 Automotive had $1,550 million and Software and Services $605 million.
How many vehicles does Rivian sell?
Rivian delivered 42,247 vehicles in FY2025, down from 51,579 in FY2024, and 19,248 in Q3 FY2026. Rivian does not report revenue or units by model for the R1T, R1S, R2 or its vans.
What does Rivian sell to Amazon?
Rivian sells electric delivery vans to Amazon, which has ordered an initial 100,000 globally, subject to modification. Revenue from Amazon was $900 million in FY2025 and $1,618 million in the first nine months of FY2026.
What is the Rivian and Volkswagen joint venture?
Rivian and Volkswagen Group each own half of a joint venture that develops vehicle electronics and software for Volkswagen Group's future vehicles. Rivian includes it in its own results: it brought in $836 million in FY2025 and $944 million in the first nine months of FY2026.
Who are Rivian's customers?
Rivian's filings give no full split by customer. In FY2025 Chase Bank, a lender buying vehicles for lease, was about 36% of revenue. Amazon was 16.7% and the Volkswagen joint venture 15.5%, a Cityfort calculation from the FY2025 10-K.
Who owns Rivian?
Rivian's 2026 proxy shows Amazon with 12.9% of shares at Apr 23, 2026, and founder RJ Scaringe with 1.2% of shares and 3.8% of votes. Volkswagen's own filing shows 15.9% of Class A shares at Apr 30, 2026.
Sources (5)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Rivian sell?

Rivian sells electric vehicles and the software and services around them. Its R1T is a pickup, its R1S and R2 are SUVs, and it builds delivery vans with Amazon. Automotive was 71.1% of FY2025 revenue and Software and Services 28.9%.

  • R1T and R1S

    The R1T is a five-seat pickup truck and the R1S a seven-seat SUV. First deliveries came in September and December 2021.

  • R2

    A five-seat midsize SUV, with deliveries from Q2 FY2026. The company said on Oct 29, 2026 that R2 outsold both R1 and its vans in Q3 FY2026. It gave no unit split.

  • Delivery vans

    Electric step-in vans designed with Amazon, its first commercial customer. Amazon has ordered an initial 100,000 globally, subject to modification, and the agreement has no minimum order.

  • Regulatory credits

    Tradable credits earned under emissions rules and sold to companies that need them. They were $197 million of FY2025 revenue, and Rivian calls its ability to keep selling them uncertain.

  • Work for the Volkswagen joint venture

    A half-owned joint venture develops electrical architecture, the wiring and computers that run a vehicle, plus software for Volkswagen Group. It brought in $836 million in FY2025.

  • Paid software

    Autonomy+, driver assistance sold for a one-time or monthly fee since April 2026, plus Connect+ for drivers and FleetOS for fleets. Rivian gives no revenue for any of them.

  • Service, used vehicles and charging

    Repairs, trade-ins and used Rivian sales, gear and fast charging. Its Rivian Adventure Network had 165 locations at Oct 29, 2026, and over 95% of it is open to other EVs.

What it does

  • Does: Sells vehicles directly to customers, with 48 locations it calls Rivian Spaces and 108 service centers at Oct 29, 2026
  • Does: Builds its vehicles at one plant, in Normal, Illinois
  • Does: Earns revenue from developing software and electronics for Volkswagen Group

What it does not do

  • Does not: Does not report revenue or units by model for the R1T, R1S, R2 or vans
  • Does not: Does not make a gross profit on vehicles: Automotive lost $80 million at that line in Q3 FY2026
  • Does not: Does not run robotaxis yet: Uber's plan for up to 50,000 depends on milestones
  • Does not: Does not build in Georgia yet: the company said on Apr 30, 2026 that it expects Phase 1 of that plant in late 2028
Sources (6)
14How the money flows

14How the money flows · FY2025

How does money flow through Rivian?

Money in

  • Revenue (vehicles, credits, software and services)$5.4B
  • Interest income$293M

The company

Rivian

$5.7B came in

Money out

  • Cost of building and selling vehicles$4.3B
  • Selling, general and administrative$2.1B
  • Research and development$1.7B
  • Cost of software and services$981M
  • Interest expense$274M
  • Other expense $54M, tax $6M, noncontrolling holders $20M$80M
  • Net loss to common stockholders−$3.6B
  1. Customers paid $5,387 million in FY2025, and interest income added $293 million.
  2. The cost of building and selling vehicles took $4,262 million, more than Automotive's $3,830 million of revenue.
  3. Software and services cost $981 million against $1,557 million of revenue, leaving company-wide gross profit of $144 million.
  4. Research and development took $1,668 million and selling and administration $2,061 million, which left an operating loss of $3,585 million.
  5. After interest and other items, the net loss to common stockholders was $3,646 million.
Sources (1)
15What it needs to run

15What it needs to run

What does Rivian need to run?

  • The plant in Normal, Illinois

    Rivian's only plant today. The company states capacity of 215,000 vehicles a year at full rate on multiple shifts. It built 42,284 in FY2025.

  • A second plant in Georgia

    Planned at Stanton Springs North. The company's Apr 30, 2026 presentation set Phase 1 at 300,000 a year, expected in late 2028. Its Oct 29, 2026 presentation says site capacity does not equal production rates.

  • Suppliers

    The FY2025 10-K says its vehicles contain thousands of parts bought from hundreds of mostly single- or limited-source suppliers. It also names battery and rare-earth materials and tariffs among its supply risks.

  • People

    15,232 employees at Dec 31, 2025. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $741 million in FY2025, or 13.8% of revenue.

  • Outside money

    Operations and capital spending used $2,489 million in FY2025. Rivian issued $2,617 million of stock in the first nine months of FY2026.

Sources (4)
16Competitors and what protects it

16Competitors and what protects it

Who does Rivian compete with?

Rivian's FY2025 10-K names no competitors; it says it competes with the millions of gasoline and electric vehicles sold each year. Cityfort chose the peers below, using each peer's own FY2025 10-K.

  • Tesla (Nasdaq: TSLA)

    Builds EVs in the US and develops driver assistance and robotaxis. Tesla's FY2025 10-K reports revenue of $94,827 million, net income of $3,794 million and approximately 1.64 million deliveries.

  • Ford (NYSE: F)

    Sells electric pickups and vans. Its Ford Model e segment had FY2025 revenue of $6,670 million and an EBIT loss of $4,806 million. Ford also bought $415 million of Rivian's 2021 convertible notes.

  • General Motors (NYSE: GM)

    Sells electric and gasoline vehicles in the US. GM's FY2025 10-K reports revenue of $185,019 million and a 17.2% US share.

  • Lucid Group (Nasdaq: LCID)

    Builds premium EVs in the US. Lucid's FY2025 10-K reports revenue of $1,353.8 million, up from $807.8 million, and a net loss of $2,698.1 million.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Scale2 of 5

    Rivian delivered 42,247 vehicles in FY2025, against approximately 1.64 million for Tesla. Its FY2025 10-K says it has low brand awareness.

  • Software another carmaker pays for4 of 5

    Volkswagen Group plans to use Rivian's electrical architecture and software across multiple brands, and paid $1,295 million for an IP license in Q4 FY2024. Rivian said on Oct 29, 2026 that it expects the related revenue to run through about mid-2028.

  • Amazon vans3 of 5

    Amazon has ordered an initial 100,000 vans, subject to modification. The agreement has no minimum order. Since November 2023 vans can be sold to others, subject to certain fees and limits on customer type and vehicle volume.

  • Own sales, service and charging3 of 5

    At Oct 29, 2026 it had 48 Rivian Spaces, 108 service centers and 165 charging locations. Over 95% of the charging network is open to other EVs.

Weak spot

Vehicles lose money before overhead

Automotive had a gross loss in every quarter from Q2 FY2025 to Q3 FY2026, $80 million in the latest. The 10-Q says the Normal plant runs significantly below full capacity.

Sources (11)
17Where growth could come from

17Where growth could come from

Where could Rivian's growth come from?

Rivian said on Oct 29, 2026 that it expects 67,000 to 70,000 deliveries in 2026, narrowed from 65,000 to 70,000 on Jul 30. It expects capital spending of $1.40 billion to $1.50 billion, lowered "due to timing of spend". It delivered 41,807 vehicles in the first nine months.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • R2, the midsize SUV

    New

    19,248 total Rivian deliveries in Q3 FY2026; no R2 split

    All Rivian deliveries rose 46% from a year earlier. The company said R2 outsold R1 and vans in the quarter, and that the ramp added about $120 million of cost.

    Status: New, recently announced.

  • Volkswagen joint venture

    Working

    $354M in Q3 FY2026

    Up from $214 million a year earlier. Rivian said on Oct 29, 2026 that it expects to recognize this revenue through about mid-2028, and expects a fall in Software and Services gross profit during 2028.

    Status: Working, on track against what the company said.

  • Revenue from Amazon

    Working

    $596M in Q3 FY2026

    Up from $298 million in Q3 FY2025, per the 10-Qs. Rivian does not state how many vans it delivered to Amazon.

    Status: Working, on track against what the company said.

  • Autonomy+ paid driver assistance

    Early

    Paid since April 2026

    Rivian gives no revenue or take rate. It said on Oct 29, 2026 that its Point to Point feature will start a limited rollout later this year, and reach all subscribers in 2027.

    Status: Early, too early to judge.

  • Uber robotaxis

    Early

    Up to 50,000 vehicles, subject to milestones

    The March 2026 agreements plan R2 robotaxis on Uber's platform. Uber paid $300 million for shares on May 4, 2026, and up to $950 million more depends on milestones.

    Status: Early, too early to judge.

  • Georgia plant

    Early

    300,000 a year, Phase 1

    The company said on Apr 30, 2026 that it expects Phase 1 in late 2028. Its presentations cite up to 515,000 a year across two plants, and note that site capacity does not equal production rates.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (8)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do Rivian's own measures show?

Adjusted (non-GAAP) figures and capacity are the company's own measures, shown next to the official (GAAP) or reported number and never added to it.

  • Official (GAAP): Loss from operations, FY2025

    −$3.6B

    Company's own measure: Adjusted EBITDA, FY2025

    −$2.1B

    Net loss before interest, taxes, depreciation and amortization, stock-based pay, other income or expense and special items. EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. on this page, a $2,801 million loss, differs mostly by the $741 million of stock-based pay.

  • Official (GAAP): Loss from operations, Q3 FY2026

    −$881M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    −$435M

    Same definition. The company said on Oct 29, 2026 that it expects a 2026 loss of $1.75 billion to $1.85 billion on this measure. On Mar 19, 2026 it said it "no longer expects to be adjusted EBITDA positive in 2027", citing higher research spending on autonomy.

  • Official (GAAP): Cash and short-term investments, Sep 30, 2026

    $5.5B

    Company's own measure: Total liquidity, Sep 30, 2026

    $6.1B

    The company's measure adds $593 million available on an undrawn credit line. It states $7,095 million once the Oct 7, 2026 Volkswagen loan is included.

  • Official (GAAP): Vehicles produced, FY2025

    $42.3B

    Company's own measure: Stated capacity at Normal

    215,000 vehicles a year

    The company's figure for equipment running at full rate on multiple shifts. Capacity is not production.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Rivian have?

At Sep 30, 2026 Rivian held $5,502 million of cash and short-term investments against $4,446 million of long-term debt. Free cash flow was an outflow of $1,124 million in Q3 FY2026.
  • Total debt$4.4B
  • Cash and investments$5.5B
  • Net cash (cash minus debt)$1.1B
  • Net worth (shareholders' money)$5.7B
Debt to equity
0.78×
$ of debt for every $1 of shareholders' money
  • Net cash of $1,056 million is a Cityfort calculation from the Q3 FY2026 earnings release. It leaves out leases.
  • Long-term debt includes $1,500 million of 2029 and $1,725 million of 2030 convertible notes, which are loans that can turn into shares. The rest is $1,250 million of 10% secured notes due 2031, less $29 million of costs.
  • After the quarter, on Oct 7, 2026, Volkswagen Group funded a $1,000 million loan at 6.03%. It is non-recourse to Rivian and secured by Rivian's 50% stake in the joint venture. Cash and debt each rise by that amount.
  • A Department of Energy loan of up to $4.5 billion for the Georgia plant is undrawn and not counted as cash. Conditions include positive gross margin for certain periods, vehicle sales metrics and equity funded up front.
  • Free cash flow was an outflow of $4,192 million in the four quarters to Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 earnings release). Part of the 2026 outflow reverses earlier Volkswagen prepayments: deferred revenue fell $637 million in nine months.
Sources (4)
20Who owns it

20Who owns it · ownership as of Apr 23, 2026

Who owns Rivian?

Class B shares carry 10 votes each, yet Scaringe held 3.8% of votes at Apr 23, 2026, less than Amazon or Volkswagen. Rows use different dates and share counts, so they do not add up. Class A shares rose from 1,256.5 million at Apr 23 to 1,455.7 million at Oct 20, 2026, and the older percentages rest on the smaller count.
Officers and directors (as a group), shares
1.5%
Officers and directors (as a group), votes
4.1%

Shares vs votes by class

Rivian has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes97.4%
  • Class B common stock: share of all votes2.6%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Rivian share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (1,455,696,138 shares at Oct 20, 2026, up from 1,256,510,474 at Apr 23, 2026.)1,455.71Public and institutional investors; trades on Nasdaq as RIVN––Yes
Class B common stock (3,912,500 shares at Oct 20, 2026. They convert automatically into Class A on the fifth anniversary of the IPO's closing, which the Q3 FY2026 10-Q gives as November 2026.)3.910RJ Scaringe's holding company––No
Holders of 5% or more
Rivian holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Volkswagen (Volkswagen AG and Volkswagen US-Holding)15.9%–Apr 30, 2026S36, S35, S41209,769,645 Class A shares, per its Schedule 13G/A filed May 4, 2026. The 2026 proxy showed 11.7% and 11.3% of votes at Apr 23, 2026, before it bought 62,889,522 shares.
Amazon12.9%12.5%Apr 23, 2026S35162,086,884 Class A shares including 3,723,050 under warrants, per the proxy. The count rests on a Schedule 13G filed Feb 2, 2022 and company information.
Global Oryx Company Ltd9.0%8.7%Apr 23, 2026S35113,934,082 Class A shares including 7,519,482 under warrants, per the proxy. The count rests on a Schedule 13G filed Nov 24, 2021.
The Vanguard Group5.4%5.3%Apr 23, 2026S35, S3768,313,205 Class A shares per the proxy, based on a Schedule 13G filed Feb 13, 2024. Vanguard's Schedule 13G/A filed Mar 27, 2026 reports 0 after an internal realignment, with its units reporting separately. No unit's filing is on Rivian's EDGAR list through Nov 5, 2026.
RJ Scaringe (founder, CEO and Chairman)1.2%3.8%Apr 23, 2026S3510,798,921 Class A shares, including 7,980,589 under options, plus all 3,912,500 Class B shares.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (5)
21What it does with profit

21What it does with profit

What does Rivian do with its profit?

Rivian has never declared or paid a cash dividend, and shows no share buyback. Selling shares and borrowing have paid for its losses and investment. The company said on Oct 29, 2026 that it still targets up to $950 million more from Uber, subject to milestones, and $460 million from Volkswagen by the earlier of Jan 3, 2028 or a start-of-production milestone, subject to certain conditions.

  • Money raised · Nov 15, 2021

    IPO at $78.00 a share, with trading from Nov 10, 2021. It raised $13,530 million after underwriting and offering costs.

    $13.5B

  • Money raised · Dec 31, 2023

    Issued convertible notes during FY2023.

    $3.2B

  • Money raised · Dec 31, 2024

    Issued a $1,000 million convertible note to Volkswagen during FY2024, after the June 2024 partnership agreement.

    $1.0B

  • Money raised · Jun 12, 2025

    Issued 10% secured notes due 2031, using them to repay its 2026 notes.

    $1.3B

  • Money raised · Jun 30, 2025

    Volkswagen bought $750 million of stock and paid a $250 million premium.

    $1.0B

  • Money raised · Apr 30, 2026

    Volkswagen bought 62,889,522 shares at $15.90 each.

    $1.0B

  • Money raised · May 4, 2026

    Uber bought 19,553,911 shares at $15.3422 each.

    $300M

  • Money raised · Jul 9, 2026

    Public offering of 86.25 million shares at $15.50 each, raising about $1.32 billion net.

    $1.3B

Sources (9)
22Governance signals

22Governance signals

What do Rivian's governance filings show?

Auditor
KPMG LLP, since 2021
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Amazon is a customer, a holder and a supplier: revenue from Amazon was $900 million in FY2025, and Rivian paid Amazon Web Services $188 million. Peter Krawiec, a Rivian director, is an Amazon senior vice president. Volkswagen is a holder and joint venture partner with two of the four venture board seats.
Credit rating
No public credit rating found

Flags to know about

  • other · Oct 29, 2026

    Class B shares are due to convert

    All 3,912,500 Class B shares, with 10 votes each, belong to Scaringe's holding company. The Q3 FY2026 10-Q says they convert automatically in November 2026. No filing through Nov 5, 2026 confirms it.

  • other · Apr 27, 2026

    CEO pay in 2025

    Scaringe's total pay was $402,639,080, mostly $373,461,570 of option grant-date value. Of that, $363,818,700 is a November 2025 option on up to 36,500,000 shares that vests on performance and service and replaced a 2021 award. The other $9,642,870 is an April 2025 option that vests with service. The CEO pay ratio was 4,458.1 to 1, with a median employee at $90,316.

  • related party · Apr 27, 2026

    CEO's roles at Also and Mind Robotics

    Scaringe chairs both companies, in which Rivian held 31.2% each at Sep 30, 2026. An option repurchase at Also paid him about $23.5 million net in December 2025. He also holds an interest of up to 10% in Mind Robotics.

  • other · Oct 29, 2026

    CFO change

    CFO Claire McDonough resigned effective Oct 30, 2026 "to pursue a new opportunity and relocate to the East Coast". The filing states no disagreement. Derek Mulvey, 36, is interim CFO.

  • other · Oct 29, 2026

    IPO securities class action

    Alleged stockholders sued over the IPO in 2022, in Crews v. Rivian. The court gave final approval in May 2026 to a $250 million settlement. Rivian's net payment after insurance was $181 million.

  • disclosure · Oct 29, 2026

    No sales by model or price

    Rivian gives no revenue or units by model, no average selling price and no Autonomy+ revenue or take rate. It files no call transcripts, only an audio webcast and replay on its investor site.

Sources (8)
23What the market paid

23What the market paid · price as of Nov 4, 2026

What did the market pay for Rivian on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: Rivian Class A stock closed at $14.06 on Nasdaq. Market value = $14.06 × 1,459.6 million Class A and Class B shares (Oct 20, 2026) = about $20,522 million (Cityfort calculation from the Nov 4, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). Class B shares are not listed. P/E (price ÷ earnings per share) is not shown because Rivian has net losses.

Share price
$14.06
Market value (market cap)
$20.5B

Source: RIVN historical prices: close on Nov 4, 2026; Form 10-Q, Q3 FY2026

Sources (2)
24How it got here

24How it got here

How did Rivian get here?

  1. 2009

    Milestone

    Founded

    RJ Scaringe founded Rivian in June 2009.

  2. 2019

    Business-model change

    Amazon van agreements

    Rivian signed a commercial letter agreement with Amazon in February 2019 and a framework agreement in September 2019. Amazon's initial order is 100,000 vans, subject to modification.

  3. 2021

    Milestone

    First deliveries and the IPO

    R1T deliveries began in September 2021. Rivian listed on Nasdaq on Nov 10, 2021, with an IPO price of $78.00, and raised $13,530 million net.

  4. 2023

    Business-model change

    Vans opened to other buyers

    In November 2023 Amazon's exclusivity was amended, so Rivian can sell vans to others, subject to certain fees and limits on customer type and vehicle volume.

  5. 2024

    Business-model change

    Volkswagen joint venture

    A $1.0 billion note in June was followed by the venture in November 2024, with $1,295 million paid for an IP license. Joint venture revenue reached $836 million in FY2025.

  6. 2024

    Milestone

    First positive gross profit

    Q4 FY2024 gross profit was $170 million, after a $392 million loss in Q3.

  7. 2025

    Crisis

    Federal EV credits ended

    Credits ended for vehicles acquired after Sep 30, 2025. FY2025 deliveries fell 18% to 42,247, and Rivian says the expiry was part of the reason.

  8. 2026

    Business-model change

    Uber robotaxi agreements

    In March 2026 Rivian and Uber agreed plans for up to 50,000 fully autonomous R2 robotaxis, subject to milestones.

  9. 2026

    Business-model change

    R2 launched

    R2 launched in June 2026. All Rivian deliveries, with no R2 split given, reached 19,248 in Q3 FY2026, up from 12,194 in Q2.

Sources (14)

25Sources and changes

Where every number on this page comes from

Sources (46 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2023
  5. S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2022
  6. S6Form 10-Q, Q3 FY2026 · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  7. S9Form 10-Q, Q3 FY2025 · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
  8. S13Earnings release, Q3 FY2026 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  9. S14Earnings release, Q2 FY2026 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  10. S15Earnings release, Q1 FY2026 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  11. S16Earnings release, Q4 FY2025 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  12. S17Earnings release, Q3 FY2025 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
  13. S18Earnings release, Q2 FY2025 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
  14. S19Earnings release, Q1 FY2025 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
  15. S20Earnings release, Q4 FY2024 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
  16. S21Earnings release, Q3 FY2024 (8-K Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  17. S22Earnings presentation, Q3 FY2026 (8-K Ex. 99.2) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  18. S24Earnings presentation, Q1 FY2026 (8-K Ex. 99.2) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  19. S25Shareholder letter, Q4 FY2025 (8-K Ex. 99.2) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  20. S29Shareholder letter, Q4 FY2024 (8-K Ex. 99.2) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
  21. S31Earnings release, Q4 FY2023 (8-K/A Ex. 99.1) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2024
  22. S33Shareholder letter, Q4 FY2022 (8-K exhibit) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2023
  23. S34Shareholder letter, Q4 FY2021 (8-K Ex. 99.2) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 10, 2022
  24. S35Proxy statement (DEF 14A), 2026 annual meeting · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
  25. S36Schedule 13G/A, Volkswagen AG and Volkswagen US-Holding (event Apr 30, 2026) · Volkswagen AG (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  26. S37Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  27. S38Final IPO prospectus (424B4) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2021
  28. S398-K, Uber subscription and framework agreements (Mar 18, 2026) · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 19, 2026
  29. S408-K, Uber $300 million share issue · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  30. S418-K, Q1 FY2026 results and Volkswagen $1.0 billion share issue · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  31. S438-K, public offering of Class A stock at $15.50 · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 9, 2026
  32. S448-K, CFO resignation · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  33. S458-K, Q3 FY2026 results and interim CFO · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  34. S468-K, Volkswagen $1.0 billion term loan · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 7, 2026
  35. S488-K, 2025 CEO Performance Award · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
  36. S498-K, securities class action settlement · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 24, 2025
  37. S518-K, Volkswagen joint venture · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2024
  38. S528-K, Volkswagen investment agreement · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 25, 2024
  39. S538-K, Q3 FY2024 production and revised outlook · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 4, 2024
  40. S548-K, Volkswagen first additional equity tranche · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 2, 2025
  41. S55RIVN historical prices: close on Nov 4, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 4, 2026
  42. S57Lucid Group, Inc. Form 10-K, fiscal year 2025 (peer) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  43. S58Tesla, Inc. Form 10-K, fiscal year 2025 (peer) · Tesla, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
  44. S59Ford Motor Company Form 10-K, fiscal year 2025 (peer) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
  45. S60General Motors Co. Form 10-K, fiscal year 2025 (peer) · General Motors Co. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
  46. S618-K, 2031 Green Secured Notes and redemption of 2026 notes · Rivian Automotive, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 12, 2025
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

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Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.