Rivian Automotive, Inc. stock research
FY2025 Q2
Rivian Automotive (RIVN) Gross Margin — Quarter Ended Jun 30, 2025
Revenue was higher than the prior quarter and the same quarter last year, while gross profit turned negative compared to the prior quarter's positive figure but improved from a larger loss a year ago. Cost of revenue increased relative to both periods, resulting in a gross margin that weakened from the prior quarter but improved from the same quarter last year.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue was higher than the prior quarter and the same quarter last year, while gross profit turned negative compared to the prior quarter's positive figure but improved from a larger loss a year ago. Cost of revenue increased relative to both periods, resulting in a gross margin that weakened from the prior quarter but improved from the same quarter last year.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue increased while cost of revenue rose more sharply, compressing gross margin. This dynamic is the primary factor behind the margin movement.
- Compared to the prior quarter, gross margin weakened as gross profit shifted from positive to negative and cost of revenue grew faster than revenue. Compared to the same quarter last year, gross margin improved significantly as the gross loss narrowed despite higher revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-15.8%
Gross profit
-$206.0M
Revenue
$1.3B
Cost of revenue
$1.5B
Quarter-over-quarter change
-32.4 pts
Year-over-year change
+23.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $874.0M | -$392.0M | $1.3B | -44.9% |
| Dec 31, 2024 | $1.7B | $170.0M | $1.6B | 9.8% |
| Mar 31, 2025 | $1.2B | $206.0M | $1.0B | 16.6% |
| Jun 30, 2025 | $1.3B | -$206.0M | $1.5B | -15.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-32.4 pts
Year-over-year change
Jun 30, 2024
+23.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue increased while cost of revenue rose more sharply, compressing gross margin. This dynamic is the primary factor behind the margin movement.
Compared to the prior quarter, gross margin weakened as gross profit shifted from positive to negative and cost of revenue grew faster than revenue. Compared to the same quarter last year, gross margin improved significantly as the gross loss narrowed despite higher revenue.
Monitor the trajectory of cost of revenue relative to revenue, as its faster growth in the current quarter was the key factor behind the margin decline.