Rivian Automotive (RIVN) Up 13.7% Since Last Earnings Report: Can It Continue?

It has been about a month since the last earnings report for Rivian Automotive (RIVN). Shares have added about 13.7% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Rivian Automotive due for a pullback? Well, first let’s take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Rivian Automotive, Inc. before we dive into how investors and analysts have reacted as of late.

Rivian incurred a loss of 70 cents per share in the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of 72 cents and the year-ago period’s loss of $1.03. Revenues of $1.56 billion beat the Zacks Consensus Estimate of $1.46 billion and increased 78.2% on a year-over-year basis, fueled by year-over-year growth in vehicle delivery.

Rivian recorded a total production of 10,720 units in the reported quarter, down from 13,157 units in the year-ago quarter. The company delivered a total of 13,201 units, up from 10,018 units a year ago.

Total gross profit amounted to $24 million against a gross loss of $392 million in the prior-year quarter. The gross margin for the reported quarter was 2%. Total adjusted operating expenses were $1 billion, up from $777 million in the prior-year quarter. Adjusted loss before interest, taxes, depreciation and amortization was $602 million, marking a major improvement from the $757 million loss incurred in the third quarter of 2024.

Net cash provided by operating activities for the reported quarter was $26 million compared to $876 million used in the prior-year quarter of 2024. Capital expenditures for the third quarter were $447 million compared with $277 million for the same period last year. Free cash outflow in the third quarter was $421 million.

The Automotive segment recorded revenues of $1.14 billion, up 47.2% year over year, primarily due to increased vehicle deliveries and average selling prices. The total cost of revenues for this segment was $1.27 billion, up 10.1% on a year-over-year basis. The segment generated a gross loss of $130 million in the reported quarter compared with a gross loss of $379 million in the prior-year quarter.

The Software and Services segment recorded revenues of $416 million and more than tripled year over year, primarily due to new vehicle electrical architecture and software development services. The total cost of revenues for this segment in the third quarter amounted to $262 million and increased more than two-fold on a year-over-year basis. The segment generated a gross profit of $154 million for the third quarter against the loss of $13 million in the same quarter in 2024.