Q2 25 EPS
$-0.97
MISS 24.71%
Est. $-0.78
Q2 25 Revenue
$1.30B
BEAT +0.91%
Est. $1.29B
vs S&P Since Q2 25
+15.6%
BEATING MARKET
RIVN +29.5% vs S&P +13.9%
Market Reaction
Did RIVN Beat Earnings? Q2 2025 Results
Rivian delivered a mixed second quarter, posting revenue that narrowly beat expectations while swinging to a wider-than-anticipated loss as a severe production collapse weighed heavily on results. The electric vehicle maker reported Q2 2025 revenue o… Read more Rivian delivered a mixed second quarter, posting revenue that narrowly beat expectations while swinging to a wider-than-anticipated loss as a severe production collapse weighed heavily on results. The electric vehicle maker reported Q2 2025 revenue of $1.30 billion, edging above the $1.29 billion consensus by 0.91% and rising 12.5% year-over-year, but earnings per share of -$0.97 fell well short of the -$0.78 estimate, a miss of 24.71%. The central culprit was a dramatic production shortfall, with just 5,979 vehicles manufactured during the quarter amid supply chain disruptions tied to shifting trade policy, driving roughly $137 million in incremental fixed cost absorption and reversing the prior quarter's positive gross profit into a $206 million gross loss. Deliveries of 10,661 units were sustained by inventory drawdowns, while a surge in software and services revenue to $376 million, partly reflecting the Volkswagen joint venture, helped offset declining automotive revenue. Rivian held its 2025 delivery guidance of 40,000 to 46,000 vehicles but widened its adjusted EBITDA loss outlook to $2.00 billion to $2.25 billion, citing regulatory credit changes, with R2 production targeted for the first half of 2026.
Key Takeaways
- • Software and services revenue surged to $376M from $84M YoY driven by VW joint venture development services and remarketing sales
- • Approximately $182M recognized from VW joint venture combined performance obligation
- • Operating cash flow turned positive at $64M aided by $250M deferred revenue from VW equity investment premium
- • Net loss improved to $(1,115)M from $(1,457)M YoY
- • Adjusted EBITDA loss improved to $(667)M from $(857)M YoY
- • 34% gross margin from software and services
- • R1 general assembly line rate increased by 36%
RIVN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
RIVN Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter we made significant progress in R2 development and testing. We also substantially completed the expansion of our Normal, Illinois facility and have begun installing manufacturing equipment in preparation for our start of production. Along with R2, our autonomy platform continues to be one of our major focus areas, and we're excited to share more of our roadmap later this year.”
— RJ Scaringe, Q2 2025 Earnings Press Release
RIVN Earnings Trends
RIVN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RIVN EPS Trend
Earnings per share: estimate vs actual
RIVN Revenue Trend
Quarterly revenue: estimate vs actual
RIVN Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-0.54 | — | $1.38B | +0.94% |
| Q4 25 BEAT FY | $-0.71 | $-0.66 | +7.04% | $1.29B | +2.14% |
| FY Full Year | $-3.20 | $-3.07 | +4.19% | $5.39B | +0.50% |
| Q3 25 MISS | $-0.86 | $-0.96 | -11.73% | $1.56B | +3.00% |
| Q2 25 MISS | $-0.78 | $-0.97 | -24.71% | $1.30B | +0.91% |
| Q1 25 BEAT | $-0.92 | $-0.48 | +47.98% | $1.24B | +21.59% |
| Q4 24 BEAT FY | $-0.77 | $-0.70 | +9.67% | $1.73B | +20.34% |
| FY Full Year | $-4.76 | $-4.69 | +1.41% | $4.97B | +6.27% |
| Q3 24 MISS | $-0.92 | $-1.08 | -17.39% | $874.0M | -11.68% |
| Q2 24 MISS | $-1.21 | $-1.46 | -20.66% | $1.16B | +2.33% |
| Q1 24 MISS | $-1.17 | $-1.48 | -26.50% | $1.20B | +3.49% |