Rivian is, by each measure, a maker and vendor of EVs. However in 2025, it was the corporate’s software program and companies that helped its annual income develop by 8%.
Rivian reported Thursday $5.38 billion in complete income in 2025, up from $4.97 billion from the prior 12 months. That rosy image dulls a bit when trying simply at its automotive income, which fell 15% to $3.8 billion in 2025. The autumn was fueled by a $134 million drop in regulatory credit score gross sales and decrease automobile deliveries, which had been partially offset by greater common promoting costs, in keeping with Rivian.
In the meantime, software program and companies income grew greater than threefold to $1.55 billion for the 12 months. And the three way partnership with Volkswagen Group was behind most of that development, in keeping with Rivian. The “companies” part of this line merchandise, which Rivian doesn’t escape, contains quite a lot of objects, together with automobile restore, automobile trade-ins, and upkeep companies. The rest, and the majority of the income, is from software program, and particularly as a result of three way partnership with VW Group.
VW and Rivian shaped a know-how three way partnership in 2024 that’s value as much as $5.8 billion. The three way partnership is milestone-based and in 2025 Rivian hit the mark, which meant a $1 billion payout within the type of a share sale. Underneath the phrases of the JV, Rivian will provide VW Group with its current electrical structure and software program know-how stack.
Rivian obtained an preliminary $1 billion convertible word in 2024 and one other $1 billion fee in July 2025.
Rivian is anticipated to proceed to obtain funds from VW Group by way of 2027. Rivian is anticipated to obtain an extra $2 billion of capital as a part of the three way partnership in 2026, CFO Claire McDonough stated Thursday on the corporate earnings name. About $1 billion of that’s topic to the profitable completion of winter testing, which is underway. The remaining $1 billion is nonrecourse debt, which is anticipated to be obtained in October.
And whereas the funds present a hefty stopgap, Rivian’s monetary success in 2026 will hinge largely on the rollout of its subsequent EV, the R2.
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June 23, 2026
Rivian confirmed in its earnings report Thursday that the R2 SUV, which is designed to be cheaper to construct and cheaper for patrons, will come to market by June 2026. That “cheaper to construct” line merchandise is especially essential for Rivian, which has traditionally misplaced cash on each automobile it makes.
Rivian has spent years attempting to push the price of items offered determine down. And it has made progress with the rollout of its second-generation flagship R1T truck and R1S SUV. As an example, McDonough stated “within the fourth quarter it was in a position to ship $92,000 of cogs per unit and that was a couple of $4,000 per unit enchancment relative to the third quarter.” Rivian’s cogs per unit was $99,000 within the fourth quarter of 2024.
The corporate noticed its complete automotive value of income lower year-over-year from $1.4 billion within the fourth quarter of 2024 to $898 million in the identical quarter in 2025. Notably, the corporate’s value of income for software program steadily inched up all through 2025.
The R2 SUV, which can initially launch as a twin motor all-wheel-drive mannequin, is a chance to additional scale back prices. The corporate is anticipated to launch extra details about the R2, together with last specs, on March 12.
Rivian’s steering for 2026 means that it’s banking on demand for R2 and its potential to ramp up manufacturing. The corporate stated Thursday it expects to ship between 62,000 and 67,000 automobiles in 2026 — which may present as much as a 59% bump from final 12 months. Rivian delivered 42,247 automobiles in 2025, which incorporates its two R1 client automobiles and the electrical supply van (EDV).
Rivian CEO RJ Scaringe famous that the corporate expects some development in EDV gross sales in 2026. Rivian plans to provide an all-wheel-drive model and a bigger battery pack variant of the EDV, for which Amazon is its main buyer.
“Each of these are to assist unlock particular use instances inside the Amazon community,” Scaringe stated. “We’re working actually intently with Amazon in defining the necessities of these and excited to get these launched.”
The corporate isn’t signaling profitability — on an adjusted foundation — simply but. However it’s providing up appreciable enchancment on that entrance. Rivian reported a $3.6 billion web loss in 2025; it expects an adjusted web lack of between $1.8 billion and $2.1 billion for 2026. Rivian additionally tasks capital expenditures can be between $1.95 billion and $2.05 billion this 12 months.
