Rivian Automotive (RIVN) traded higher on Thursday after reporting Q4 results and updating its 2026 outlook.
The 45% decrease year-over-year in automotive revenue in Q4 was primarily driven by a $270M decrease in regulatory credit sales, lower vehicle deliveries with the expiration of tax credits, and a lower average sales price due to a higher mix of EDV deliveries. The 109% increase in software and service revenue was primarily due to an increase in vehicle electrical architecture and software development services from the joint venture with Volkswagen Group (VLKAF), as well as increases in sales of vehicle trade-ins and vehicle repair and maintenance services.
The electric vehicle maker announced previously that it produced 10,974 vehicles in Q4 at its manufacturing facility in Normal, Illinois, and delivered 9,745 vehicles during the same period to trail the consensus estimate of 9,958 deliveries. For the full year 2025, Rivian (RIVN) produced 42,284 vehicles and delivered 42,247 vehicles. The electric vehicle maker noted that the Q4 and annual figures were in line with its own expectations. For comparison, Rivian delivered 50,122 vehicles in 2023 and 51,579 vehicles in 2024.
Consolidated gross profit for the quarter was $120M vs. $170M a year ago.
Looking ahead, Rivian (RIVN) set 2026 deliveries guidance at 62K to 67K vehicles. Adjusted EBITDA for the full year is expected to be -$2.1B to -$1.8B. Capital expenditure guidance was for $1.95B to $2.05B.
Shares of Rivian Automotive (RIVN) soared 12.7% in postmarket trading.