Rivian reported $5.38 billion in total revenue for 2025, an 8% increase from $4.97 billion in 2024. The growth came despite a 15% decline in automotive revenue to $3.8 billion. That drop resulted from a $134 million decrease in regulatory credit sales and lower vehicle deliveries. Higher average selling prices partially offset those declines.
Software and services revenue rose more than threefold to $1.55 billion. The joint venture with Volkswagen Group drove most of that increase. Services include vehicle repairs, trade-ins, and maintenance. Software revenue formed the largest portion, tied directly to the VW partnership.
VW and Rivian established the technology joint venture in 2024, valued at up to $5.8 billion. Rivian supplies VW with its electrical architecture and software stack. The deal includes milestone-based payments. Rivian received an initial $1 billion convertible note in 2024. It secured another $1 billion payment in July 2025 after meeting targets, structured as a share sale.
Rivian expects continued payments from VW through 2027. In 2026, the company anticipates an additional $2 billion. CFO Claire McDonough stated on the earnings call that about $1 billion depends on completing winter testing, which is underway. The remaining $1 billion comes as nonrecourse debt, expected in October.
Rivian’s 2026 performance will rely on its next vehicle, the R2 SUV. The company confirmed the R2 will reach the market by June 2026. The model aims to reduce manufacturing and purchase costs. Rivian has worked for years to lower its cost of goods sold per unit.
Progress appeared with second-generation R1T trucks and R1S SUVs. In the fourth quarter of 2025, cost of goods sold per unit reached $92,000. McDonough noted this marked a $4,000 improvement from the third quarter. The figure compares to $99,000 in the fourth quarter of 2024.
Total automotive cost of revenue fell from $1.4 billion in the fourth quarter of 2024 to $898 million in the same period of 2025. Software cost of revenue increased steadily through 2025.
The R2 launches first as a dual-motor all-wheel-drive model. Rivian plans to release more details, including final specifications, on March 12.
Rivian’s 2026 delivery guidance calls for 62,000 to 67,000 vehicles. That range represents up to a 59% increase from 42,247 vehicles delivered in 2025. Last year’s total included R1 consumer models and the electric delivery van, or EDV.
Rivian expects EDV growth in 2026. CEO RJ Scaringe said the company plans all-wheel-drive and larger battery pack variants. Scaringe added, “Both of those are to help unlock specific use cases within the Amazon network. We’re working really closely with Amazon in defining the requirements of those and excited to get those launched.” Amazon remains the primary EDV customer.
Rivian reported a $3.6 billion net loss for 2025. It projects an adjusted net loss of $1.8 billion to $2.1 billion for 2026. Capital expenditures will range from $1.95 billion to $2.05 billion in 2026.
