Rivian Automotive shares surged 12.7% in after-hours trading after the electric vehicle maker reported fourth-quarter revenue of $1.29 billion, slightly above analyst expectations of $1.27 billion. The company posted an adjusted loss of $0.70 per share, marginally better than the anticipated $0.71 loss. While total revenue declined from $1.73 billion year-over-year, Rivian's software and services segment showed strong growth, more than doubling to $447 million.

Rivian's automotive revenue fell 45% year-over-year to $839 million, primarily due to a $270 million decrease in regulatory credit sales, lower vehicle deliveries following tax credit expirations, and a shift toward commercial van deliveries affecting average sales prices. The company produced 10,974 vehicles and delivered 9,745 during the quarter at its Normal, Illinois manufacturing facility. CEO RJ Scaringe noted that 2025 focused on execution while laying the foundation for scaling the business.

Rivian provided 2026 guidance for vehicle deliveries between 62,000 and 67,000 units, with capital expenditures projected between $1.95 billion and $2.05 billion. The company reported progress on manufacturing its R2 vehicle remains on track, with first customer deliveries expected in the second quarter of 2026. Rivian ended 2025 with $6.08 billion in cash, cash equivalents, short-term investments, and restricted cash.