Rivian Automotive, Inc. (RIVN) — Company Research

Last Updated: 14 November 2026

Rivian Automotive designs, builds and sells electric vehicles: the R1T pickup, the R1S SUV, the new midsize R2 SUV and electric delivery vans, with Amazon as its largest van customer. It also earns a growing share of revenue from software and services, chiefly the electrical-architecture and software work it does for Volkswagen through their joint venture. FY2025 revenue was $5,387m, and Q3 2026 revenue rose 38% to a record $2,155m as R2 deliveries ramped. Rivian is still loss-making, with a GAAP net loss of $3,646m in FY2025. This report covers the latest filings, including Q3 2026 results released on 29 Oct 2026. Track the shares on our Live Charts, check market-moving events on the Economic Calendar, and join the discussion in the ChartsView Forum.

1. Company Snapshot

Field	Value
Ticker / Exchange	RIVN / NASDAQ (IPO priced 09 Nov 2021)
CEO / Leadership	Robert J. (RJ) Scaringe, Founder, Chairman and CEO; Derek Mulvey, Interim CFO from 30 Oct 2026 (Claire McDonough resigned); Michael Callahan, Chief Administrative Officer and Chief Legal Officer
Employees	15,232 at 31 Dec 2025, including the consolidated Volkswagen joint venture, per the FY2025 10-K
Sector	Automotive / Electric vehicles and vehicle software
Market cap	~$17.8bn (13 Nov 2026 close of $12.18)
FY2025 Revenue	$5,387m (+8.4% YoY)
FY2025 net income	Net loss of $3,646m; GAAP diluted EPS $(3.07)
Latest quarter	Q3 2026 revenue $2,155m (+38% YoY); gross profit $176m; adjusted EBITDA $(435)m
Liquidity	Cash, cash equivalents and short-term investments of $5,502m at 30 Sep 2026; pro forma liquidity $7,095m including the $1.0bn Volkswagen joint-venture loan funded in October
Dividend	Nil

2. Bull Case vs Bear Case

Bull Case

• R2 is ramping and selling: R2 deliveries began in Q2 2026 and it was Rivian's best-selling vehicle by volume in Q3 2026, when deliveries hit a record 19,248 and revenue rose 38% YoY.
• Software and services is a second engine: Software & Services made a $256m gross profit at a 42% margin in Q3 2026, and the segment grew 222% in FY2025, largely from Volkswagen joint-venture work.
• Deep-pocketed partners: Volkswagen has put in $2bn of equity plus a $1bn loan since 2025, Uber invested $300m in May 2026 with up to $950m more tied to robotaxi milestones, and Amazon remains the anchor van customer.
• Guidance moving the right way: On 29 Oct 2026 Rivian raised its 2026 delivery range to 67,000 to 70,000, improved its adjusted EBITDA range to $(1.85)bn to $(1.75)bn and cut planned capex by $300m at the mid-point.
• In-house autonomy stack: Rivian's own RAP1 chip and third-generation autonomy platform launch on R2 in late 2026, and the Uber deal targets up to 50,000 Level 4 robotaxis.

Bear Case

• Heavy and continuing cash burn: Free cash flow was $(1,124)m in Q3 2026 alone and about $(4.2)bn over the last twelve months, and the 10-K expects losses to continue for the foreseeable future.
• Dilution to fund the plan: Shares outstanding rose from about 1,240m to 1,460m in the nine months to 30 Sep 2026 after the Volkswagen, Uber and July 2026 equity issues.
• Profit target pushed out: In March 2026 Rivian said it no longer expects positive adjusted EBITDA in 2027 because autonomy R&D spending is rising.
• Automotive still loses money per unit: The Automotive segment posted a gross loss of $(80)m in Q3 2026, with about $120m of extra R2 ramp costs.
• Leadership turnover: The CFO left on 30 Oct 2026 and a permanent replacement has not been named.

3. Segments & Revenue Mix

Segment	% of revenue	What it is
Automotive	71.1% in FY2025 ($3,830m, down 15%); 71.9% in Q3 2026 ($1,550m)	Sales of R1T, R1S and R2 consumer vehicles and electric delivery vans, plus regulatory credit sales
Software & Services	28.9% in FY2025 ($1,557m, up 222%); 28.1% in Q3 2026 ($605m)	Electrical-architecture and software development for the Volkswagen joint venture ($354m, or 59% of the segment, in Q3 2026), Autonomy+ subscriptions, repair and maintenance, and used-vehicle remarketing

Segment percentages are ChartsView calculations from the FY2025 results release and the Q3 2026 earnings release.

4. Business Model & Moat

How it makes money. Rivian sells vehicles directly to consumers and to fleet customers, without franchised dealers, and services them through its own network. Commercial vans go mainly to Amazon, which ordered an initial 100,000 vans (subject to modification). Alongside vehicle sales, Rivian licenses and develops its zonal electrical architecture and software for Volkswagen through Rivian and Volkswagen Group Technologies, LLC, and since April 2026 it has charged for Autonomy+ driver-assistance subscriptions.

Unit economics. Group gross margin was 8% in Q3 2026 ($176m), but it combined a $(80)m Automotive gross loss with a $256m Software & Services gross profit. Moving R2 to scale at the Normal, Illinois plant is the main lever for Automotive margins. The DOE loan for the Georgia plant can only be drawn once conditions, including positive gross margin and sales metrics, are met.

Moat. Rivian's edge is a vertically integrated software, electrical-architecture and autonomy stack that Volkswagen chose to license rather than build. Its brand is reinforced by awards: R2 was named Top Gear SUV of the Year 2027 and MotorTrend's 2027 SUV of the Year. The Amazon van relationship and Uber's robotaxi framework give it large anchor customers. Against that, Rivian is still far smaller than Tesla and the traditional carmakers and depends on outside capital.

5. Financial Health

Annual figures from Rivian's 10-K filings and SEC XBRL company data. Long-term debt is the non-current balance at year end; Rivian reported no current portion of debt.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$55m	n/m (FY2020 revenue $0m)	$(22.98)	$(22.98)†	Nil	$1,226m
FY2022	$1,658m	+2,915%	$(7.40)	$(7.40)†	Nil	$1,231m
FY2023	$4,434m	+167.4%	$(5.74)	$(5.74)†	Nil	$4,431m
FY2024	$4,970m	+12.1%	$(4.69)	$(4.69)†	Nil	$4,441m
FY2025	$5,387m	+8.4%	$(3.07)	$(3.07)†	Nil	$4,440m

† Rivian did not report an annual adjusted EPS figure for FY2021 to FY2025, so GAAP diluted EPS is repeated. It began disclosing quarterly adjusted net loss per share in 2026 (see below). YoY % is a ChartsView calculation.

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026	$2,155m (+38%)	$(0.48)	$(0.63)
Q2 2026	$1,658m (+27%)	$(0.47)	$(0.63)
Q1 2026	$1,381m	$(0.54)	$(0.33)‡
Q4 2025	$1,286m	$(0.54)	$(0.66)
9M 2026 total	$5,194m	$(1.49) (sum of quarters)	$(1.61)
FY2025 total	$5,387m	Not disclosed	$(3.07)

‡ Q1 2026 GAAP EPS includes a $506m gain on the deconsolidation of Mind Robotics. Adjusted EPS is Rivian's non-GAAP adjusted net loss per share; the Q4 2025 figure was first published in the Q3 2026 release. Q2 2026 revenue growth is measured against Q2 2025 revenue of $1,303m.

Cash flow and balance sheet. FY2025 operating cash flow was $(779)m, capital expenditure (purchases of property and equipment) was $1,710m and depreciation and amortisation was $784m, giving free cash flow of $(2,489)m. In the nine months to 30 Sep 2026 operating cash flow was $(1,948)m, capex $1,100m and D&A $682m. At 30 Sep 2026 long-term debt was $4,446m with no current portion, against cash and cash equivalents of $3,509m and short-term investments of $1,993m ($5,502m in total). The $1.0bn, 10-year Volkswagen joint-venture loan at a fixed 6.03% was funded on 07 Oct 2026, after the quarter end. Figures are from SEC XBRL company data and the Q3 2026 earnings release.

6. Valuation Snapshot

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Share price	$12.18 (13 Nov 2026 close)
Market cap	~$17.78bn (1,455.7m Class A plus 3.9m Class B shares at 20 Oct 2026, per the Q3 10-Q cover, x $12.18)
52-week high	$22.69 (intraday, as of 13 Nov 2026)
52-week low	$11.38 (intraday, as of 13 Nov 2026)
Trailing P/E (GAAP)	n/m (loss-making: TTM GAAP diluted EPS $(2.27) = Q4 2025 $(0.66) + 9M 2026 $(1.61)). TTM adjusted EPS of $(2.03) is also a loss.
P/E (forward)	n/m (company guides to 2026 adjusted EBITDA of $(1.85)bn to $(1.75)bn)
P/S (TTM)	~2.7x (market cap ~$17.78bn / TTM revenue $6,480m, Q4 2025 to Q3 2026)
P/FCF	n/m (negative FCF: FY2025 FCF $(2,489)m = operating CF $(779)m - capex $1,710m; TTM to Q3 2026 FCF ~$(4,192)m = operating CF $(2,629)m - capex $1,563m)
Enterprise value	~$16.72bn (market cap ~$17.78bn + total debt $4,446m - cash and short-term investments $5,502m per 30 Sep 2026 balance sheet; the $1.0bn October Volkswagen loan adds equal debt and cash)
EV/EBITDA (TTM)	n/m (negative EBITDA: TTM EBITDA ~$(2,548)m = operating loss $(3,431)m + D&A $883m; FY2025 EBITDA $(2,801)m = operating loss $(3,585)m + D&A $784m)
Dividend yield	Nil
Short interest (% of float)	~15.1% of float (173.6m shares short, 30 Oct 2026 settlement, Yahoo Finance data); ~11.9% of shares outstanding on the same FINRA data via Equibles
Days to cover	5.88 (30 Oct 2026 settlement, Equibles); 6.21 on Yahoo Finance data

7. What Are They Building

R2 and the midsize platform. R2 deliveries began in Q2 2026 from the Normal, Illinois plant, and the R3 and R3X crossovers will follow on the same midsize platform. R2 ramp costs were about $120m in Q3 2026.

Georgia plant. The Stanton Springs North site near Social Circle is planned for 400,000 vehicles a year in two 200,000-unit phases. Construction has begun, and first-line production is planned for 2028. On 30 Apr 2026 the DOE loan was amended to Note A of up to $3.355bn and Note B of up to $651m, with conditional draws.

Autonomy and AI. Universal Hands-Free launched in December 2025 and covers more than 3.5 million miles of road. Point to Point supervised driving starts a limited early-access rollout in late 2026, with general release in 2027. The in-house RAP1 chip and third-generation autonomy platform launch on R2 in late 2026, aimed at "eyes-off" driving. Rivian bought simulation company Third Dimension AI in October 2026, and its chip will also go into Mind Robotics factory robots (Rivian owns 31.2% of Mind Robotics). An Autonomy & AI Day is set for 09 Dec 2026.

Robotaxis with Uber. Under the 18 Mar 2026 agreement, Rivian will deploy R2 vehicles with Level 4 autonomy on Uber's network, up to 50,000 robotaxis, with up to $950m of further Uber equity tied to milestones.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Tesla (TSLA)	~$1,542bn (13 Nov 2026 close, Yahoo Finance data)	FY2025 revenue $94.83bn; net income $3.79bn (10-K XBRL)
General Motors (GM)	~$72.6bn (13 Nov 2026 close)	FY2025 total revenue $185.02bn (10-K XBRL)
Ford Motor (F)	~$47.6bn (13 Nov 2026 close)	FY2025 revenue $187.27bn; net loss $(8.16)bn (10-K XBRL)
NIO (NIO)	~$7.3bn (13 Nov 2026 close)	FY2025 revenue RMB87.49bn (~$12.51bn) (20-F XBRL)
Lucid Group (LCID)	~$1.2bn (13 Nov 2026 close)	FY2025 revenue $1.354bn; net loss $(2.70)bn (10-K XBRL)

Rivian competes with Tesla's Model Y and Cybertruck, with the electric pickups and SUVs of GM and Ford, and with Lucid at the premium end. In autonomy its main rivals are Tesla's Full Self-Driving and robotaxi programme and Waymo.

9. Insider Activity

Founder and CEO RJ Scaringe has not sold shares on the open market in 2026; his only recent Form 4 entry was shares withheld for tax on an RSU vest. Chief Legal Officer Michael Callahan and former CFO Claire McDonough sold under 10b5-1 plans, and McDonough forfeited her unvested RSUs on leaving. No open-market insider purchases were found in 2026 filings. Director vesting entries are excluded.

Name	Date	Type	Shares	Price	Value	Plan Type
Claire McDonough (outgoing CFO)	30 Oct 2026	Forfeiture of unvested RSUs	730,292	$0	n/a	Not a sale
Michael Callahan (CAO and CLO)	01 Oct 2026	Sale	15,000	$15.00	~$0.23m	10b5-1 (adopted 12 Jun 2026)
Michael Callahan (CAO and CLO)	11 Sep 2026	Sale	15,000	$16.29 (wtd avg)	~$0.24m	10b5-1
Claire McDonough (CFO)	20 Aug 2026	Sale	8,023	$16.00	~$0.13m	10b5-1 (adopted 02 Sep 2025)
Claire McDonough (CFO)	18 Aug 2026	Sale	13,144	$14.50 (wtd avg)	~$0.19m	10b5-1
RJ Scaringe (CEO)	15 Aug 2026	Tax withholding on RSU vest	44,033	$15.36	~$0.68m	Not 10b5-1

Source: SEC Form 4 filings for CIK 1874178. Values are ChartsView calculations (shares x price).

10. Key Risks

• Losses and cash burn: The 10-K expects continuing losses for the foreseeable future; free cash flow was $(1,124)m in Q3 2026 and the 2027 positive adjusted EBITDA target was dropped in March 2026.
• Funding and dilution: The share count rose about 18% in nine months, and DOE loan draws depend on conditions including positive gross margin and sales metrics.
• R2 and Georgia execution: The 10-K flags manufacturing delays and the construction of facilities to support R2 as risks; R2 ramp costs were about $120m in Q3 2026 and Georgia production is not due until 2028.
• Customer and partner concentration: Amazon accounts for a significant portion of Automotive revenue, and the Volkswagen joint venture supplied 59% of Q3 2026 Software & Services revenue.
• EV demand and incentives: Q4 2025 deliveries fell after US EV tax credits expired, and regulatory credit revenue is volatile.
• Autonomy competition: Rising autonomy R&D spending must keep pace with Tesla and others, and further Uber equity depends on proven autonomy milestones.
• Key-person and leadership risk: The 10-K says Rivian is highly dependent on RJ Scaringe, and the CFO role is filled on an interim basis while a search continues.

11. Recent Developments

• 11 Nov 2026 — R2 named MotorTrend SUV of the Year. R2 won MotorTrend's 2027 SUV of the Year, adding to its Top Gear SUV of the Year 2027 award.
• 10 Nov 2026 — Rivian chip heads into robots. On the fifth anniversary of the IPO, RJ Scaringe said Rivian's in-house chip will power Mind Robotics factory robots due at the Normal plant in mid-2027.
• 05 Nov 2026 — Autonomy & AI Day confirmed. Rivian confirmed a livestreamed Autonomy & AI Day for 09 Dec 2026.
• 30 Oct 2026 — CFO departs. Claire McDonough's resignation took effect and she forfeited 730,292 unvested RSUs; Derek Mulvey became Interim CFO.
• 29 Oct 2026 — Q3 2026 results and higher guidance. Revenue rose 38% to $2,155m on record deliveries of 19,248, gross profit was $176m, and 2026 guidance for deliveries, adjusted EBITDA and capex all improved.
• 22 Oct 2026 — Third Dimension AI acquired. Rivian bought the 3D scene simulation company to speed autonomy development; terms were not disclosed.
• 07 Oct 2026 — Volkswagen loan funded. The $1.0bn, 10-year non-recourse joint-venture loan from Volkswagen was funded at a fixed 6.03%.

12. Key Dates

• 24 Nov 2026 — Next FINRA short-interest release (13 Nov settlement).
• 09 Dec 2026 — Rivian Autonomy & AI Day livestream, 10am PT.
• Expected Dec 2026 — Limited early-access rollout of Point to Point supervised driving and RAP1 autonomy platform launch on R2.
• Expected Jan 2027 — Q4 2026 production and deliveries update (the Q4 2025 update came on 02 Jan 2026).
• Expected Feb 2027 — Q4 and FY2026 results; date not confirmed by Rivian (third-party calendars point to about 11 Feb 2027; FY2025 results came on 12 Feb 2026).
• 03 Jan 2028 — Latest date for Volkswagen's final $460m payment for $250m of Rivian stock, unless a start-of-production milestone is reached first.

Georgia plant production is planned for 2028, and Point to Point general release is planned for 2027.

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