Short answer
Rivian Automotive (RIVN) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $5.4B (+8.4% year over year) and net income of −$3.6B.
- Top risk flagged: Section 232 Trade Expansion Act tariffs: 25% duties on many imported automobile parts, increasing cost-of-revenues exposure
FY2025 key financial metrics · XBRL
- Revenue
- $5.4B
- +8.4% YoY
- Net income
- −$3.6B
- +23.2% YoY
- Operating margin
- -66.5%
- +27.8 pp YoY
- Gross margin
- 2.7%
- EPS (diluted)
- −$3.07
- +34.5% YoY
- ROE
- -79.4%
- −7.0 pp YoY
- Operating cash flow
- −$779M
- +54.6% YoY
Source: XBRL data from the Rivian Automotive (RIVN) FY2025 10-K on SEC EDGAR. USD.
Rivian Automotive FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Vertically integrated electric vehicle company, combining U.S. manufacturing with direct consumer and commercial sales
- New R2 midsize SUV, with customer deliveries expected in Q2 2026
- Two reportable segments: Automotive and Software and Services, with Autonomy+ emphasized as a unified software offering
- R2 and R3 midsize platform targeting broader global markets, lower manufacturing complexity, and improved cost efficiency
- Amazon’s initial EDV order: 100,000 commercial vans globally, subject to modification
Management Discussion & Analysis
- Reportable segments: Automotive and Software and Services
- Company focus: electric vehicles, vertically integrated technologies and services
- Competitive advantages: direct-to-customer model, proprietary software, autonomy platform and AI
- Volkswagen joint venture: software-enabled features and capabilities across vehicle platforms
Risk Factors
- Section 232 Trade Expansion Act tariffs: 25% duties on many imported automobile parts, increasing cost-of-revenues exposure
- Tariffs and trade barriers: single-source suppliers for most raw materials and components, creating disruption vulnerability
- R2 launch risk: deliveries expected Q2 2026 while Normal Factory operates significantly below full production capacity
- EV incentive changes: 45W credits expired after September 30, 2025, contributing to delivery volume decline of 18%
- Liquidity pressure: total liquidity fell to $6.588 billion from $9.063 billion, alongside approximately $1.3 billion secured notes due 2031
Generated from the filing text; verify against the original. How to read a 10-K
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