Rivian Cars The automaker on Thursday beat Wall Street’s forecasts with fourth-quarter results and said it aimed to significantly increase vehicle deliveries this year, but the automaker also warned it would continue to lose money as it launches its key R2 next-generation vehicle.

Rivian’s 2026 guidance includes increasing vehicle deliveries to 62,000 to 67,000 vehicles, which would be a 47% to 59% increase compared to 2025. This growth is expected to be driven by Launch of R2 SUV during the second quarter.

The electric car maker also said it expects adjusted pretax losses in 2026 to be between $1.8 billion and $2.1 billion, with capital expenditures to be between $1.95 billion and $2.05 billion. That compares with last year’s adjusted pretax loss of nearly $2.1 billion and capital expenditures of $1.7 billion.

Rivian shares rose about 15% in after-hours trading Thursday, closing at $14, down about 5%.

Here’s how the company’s fourth-quarter results compared to average estimates compiled by the London Stock Exchange Group (LSEG):

• Loss per share: Adjusted 54 cents, expected loss 68 cents
• income: $1.29 billion vs. $1.26 billion expected

Rivian’s full-year 2025 revenue, including $1.7 billion in the fourth quarter, increased 8% from $4.97 billion in 2024.

The company will be able to achieve a gross profit of $144 million in 2025, which investors are closely watching, of which gross profit in the fourth quarter was $120 million. This was due to its software and services joint venture with Volkswagen offsetting a $432 million loss in the automotive business.

Investor perspective Gross profit as a key metric The profitability of a business before operating expenses, interest, and taxes.

Rivian’s net loss last year was $3.6 billion, an improvement from a loss of $4.75 billion in 2024. That included an $804 million loss in the fourth quarter, accelerated by a decline in sales regulatory credit revenue that was expected after the Trump administration changed federal fuel economy and emissions standards.

Rivian ended the fourth quarter with total liquidity of $6.59 billion, including nearly $6.1 billion in cash, cash equivalents and short-term investments.

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