Rivian Automotive, Inc. stock research
FY2025 Q4
Rivian Automotive (RIVN) Gross Margin — Quarter Ended Dec 31, 2025
Revenue in the current quarter was lower than both the previous quarter and the same quarter last year. Gross profit increased from the previous quarter but decreased from a year ago, while cost of revenue declined from both periods, resulting in a gross margin that improved from the previous quarter but weakened slightly compared to the year-ago quarter.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue in the current quarter was lower than both the previous quarter and the same quarter last year. Gross profit increased from the previous quarter but decreased from a year ago, while cost of revenue declined from both periods, resulting in a gross margin that improved from the previous quarter but weakened slightly compared to the year-ago quarter.
- The strongest observable margin driver is the gross margin improvement, which rose from the prior quarter, driven by a larger proportional decline in cost of revenue relative to revenue.
- Compared to the previous quarter, revenue was lower, cost of revenue was lower, and gross profit was higher, leading to a stronger gross margin. Compared to the same quarter last year, revenue was lower, cost of revenue was lower, and gross profit was lower, resulting in a slightly weaker gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
9.3%
Gross profit
$120.0M
Revenue
$1.3B
Cost of revenue
$1.2B
Quarter-over-quarter change
+7.8 pts
Year-over-year change
-0.5 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 |
|---|---|---|---|---|
| Mar 31, 2025 | $1.2B | $206.0M | $1.0B | 16.6% |
| Jun 30, 2025 | $1.3B | -$206.0M | $1.5B | -15.8% |
| Sep 30, 2025 | $1.6B | $24.0M | $1.5B | 1.5% |
| Dec 31, 2025 | $1.3B | $120.0M | $1.2B | 9.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+7.8 pts
Year-over-year change
Dec 31, 2024
-0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the gross margin improvement, which rose from the prior quarter, driven by a larger proportional decline in cost of revenue relative to revenue.
Compared to the previous quarter, revenue was lower, cost of revenue was lower, and gross profit was higher, leading to a stronger gross margin. Compared to the same quarter last year, revenue was lower, cost of revenue was lower, and gross profit was lower, resulting in a slightly weaker gross margin.
Monitor the company's liquidity position, as disclosed in the filing, which shows a decline in total cash, cash equivalents, and availability under the asset-based lending facility.