Rivian Automotive, Inc. (RIVN) Cash Flow Statement
Where RIVN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$779.0M
- Capital expenditures
- $1.71B 31.7% of revenue
- Free cash flow
- −$2.49B −46.2% margin
- Returned to shareholders
- —
- Change in cash
- −$1.72B cash at year-end $3.58B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RIVN operating cash flow, capex and free cash flow
RIVN cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$353.0M2019 | −$779.0M2025 | — | |
| Capital expenditures | $199.0M2019 | $1.71B2025 | +43.1%/yr | |
| Free cash flow | −$552.0M2019 | −$2.49B2025 | — | |
| Free cash flow margin | −8,029.1%2021 | −46.2%2025 | +7,982.9 pts | |
| Stock-based compensation | $02019 | $741.0M2025 | — | |
| Share buybacks (net) | $02019 | $6.0M2020 | — | |
| Capex / revenue | 3,261.8%2021 | 31.7%2025 | −3,230.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RIVN cash flow by activity
RIVN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RIVN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$3.63B | −$4.75B | −$5.43B | −$6.75B | −$4.69B | −$1.02B | −$426.0M |
| Depreciation & amortization | $784.0M | $1.03B | $937.0M | $652.0M | $197.0M | $29.0M | $7.0M |
| Stock-based compensation | $741.0M | $692.0M | $821.0M | $987.0M | $570.0M | $0 | $0 |
| Change in working capital | $1.44B | $1.17B | −$1.41B | −$941.0M | $84.0M | $100.0M | $29.0M |
| Other non-cash items | −$118.0M | $140.0M | $222.0M | $1.00B | $1.22B | $42.0M | $37.0M |
| Cash from operating activities | −$779.0M | −$1.72B | −$4.87B | −$5.05B | −$2.62B | −$848.0M | −$353.0M |
| Investing activities | |||||||
| Capital expenditures | −$1.71B | −$1.14B | −$1.03B | −$1.37B | −$1.79B | −$914.0M | −$199.0M |
| Investments (net) | −$118.0M | −$1.98B | −$2.20B | −$1.37B | −$1.79B | −$914.0M | −$199.0M |
| Acquisitions & other investing | $0 | $1.14B | $717.0M | $1.37B | $1.79B | $914.0M | $199.0M |
| Cash from investing activities | −$1.83B | −$1.98B | −$2.51B | −$1.37B | −$1.79B | −$914.0M | −$199.0M |
| Financing activities | |||||||
| Dividends paid | — | — | — | — | — | −$12.0M | — |
| Share repurchases & issuance (net) | — | — | — | — | — | −$6.0M | $0 |
| Net borrowing (repayment) | $0 | $1.00B | $3.19B | −$3.0M | $3.64B | $3.64B | $61.0M |
| Shares issued | $750.0M | $64.0M | $76.0M | $102.0M | $16.19B | $2.51B | $2.75B |
| Other financing | $136.0M | $72.0M | −$141.0M | $0 | $0 | −$3.63B | $0 |
| Cash from financing activities | $886.0M | $1.14B | $3.13B | $99.0M | $19.83B | $2.50B | $2.81B |
| Summary | |||||||
| Net change in cash | −$1.72B | −$2.56B | −$4.24B | −$6.32B | $15.15B | $715.0M | $2.26B |
| Cash at end of period | $3.58B | $5.29B | $7.86B | $12.10B | $18.13B | $2.98B | $2.27B |
| Free cash flow | −$2.49B | −$2.86B | −$5.89B | −$6.42B | −$4.42B | −$1.76B | −$552.0M |
| Free cash flow margin | −46.2% | −57.5% | −132.9% | −387.3% | −8,029.1% | — | — |
| Capex / revenue | 31.7% | 23.0% | 23.1% | 82.6% | 3,261.8% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$837.0M | −$416.0M | −$804.0M | −$1.17B | −$1.11B | −$541.0M | −$744.0M | −$1.10B | −$1.46B | −$1.45B | −$1.52B | −$1.37B |
| Depreciation & amortization | $237.0M | $194.0M | $201.0M | $187.0M | $196.0M | $200.0M | $218.0M | $259.0M | $274.0M | $280.0M | $270.0M | $256.0M |
| Stock-based compensation | $226.0M | $207.0M | $190.0M | $174.0M | $189.0M | $188.0M | $154.0M | $111.0M | $194.0M | $233.0M | $215.0M | $242.0M |
| Change in working capital | −$82.0M | −$256.0M | −$257.0M | $877.0M | $774.0M | $46.0M | $1.54B | $299.0M | $240.0M | −$539.0M | −$133.0M | $59.0M |
| Other non-cash items | −$31.0M | −$432.0M | −$11.0M | −$46.0M | $20.0M | −$81.0M | $12.0M | −$445.0M | −$5.0M | $203.0M | $62.0M | −$67.0M |
| Cash from operating activities | −$487.0M | −$703.0M | −$681.0M | $26.0M | $64.0M | −$188.0M | $1.18B | −$876.0M | −$754.0M | −$1.27B | −$1.11B | −$877.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$362.0M | −$372.0M | −$463.0M | −$447.0M | −$462.0M | −$338.0M | −$327.0M | −$277.0M | −$283.0M | −$254.0M | −$298.0M | −$190.0M |
| Investments (net) | $262.0M | $461.0M | $142.0M | −$393.0M | −$687.0M | −$408.0M | −$1.39B | $501.0M | −$489.0M | −$606.0M | −$603.0M | −$432.0M |
| Acquisitions & other investing | $0 | −$114.0M | $0 | $447.0M | $443.0M | $338.0M | $327.0M | $277.0M | $283.0M | $254.0M | $298.0M | $190.0M |
| Cash from investing activities | −$100.0M | −$25.0M | −$321.0M | −$393.0M | −$706.0M | −$408.0M | −$1.39B | $501.0M | −$489.0M | −$606.0M | −$603.0M | −$432.0M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | $0 | $0 | — | — | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $3.0M | $27.0M | $4.0M | $31.0M | $2.0M | $22.0M | $2.0M |
| Other financing | $1.33B | −$2.0M | $139.0M | −$3.0M | $756.0M | −$9.0M | $77.0M | $0 | $999.0M | −$4.0M | $1.60B | −$10.0M |
| Cash from financing activities | $1.33B | −$2.0M | $139.0M | −$3.0M | $756.0M | −$6.0M | $104.0M | $4.0M | $1.03B | −$2.0M | $1.62B | −$8.0M |
| Summary | ||||||||||||
| Net change in cash | $747.0M | −$734.0M | −$862.0M | −$371.0M | $119.0M | −$601.0M | −$102.0M | −$367.0M | −$216.0M | −$1.88B | −$84.0M | −$1.32B |
| Cash at end of period | $3.59B | $2.85B | $3.58B | $4.44B | $4.81B | $4.69B | $5.29B | $5.40B | $5.76B | $5.98B | $7.86B | $7.94B |
| Free cash flow | −$849.0M | −$1.07B | −$1.14B | −$421.0M | −$398.0M | −$526.0M | $856.0M | −$1.15B | −$1.04B | −$1.52B | −$1.41B | −$1.07B |
| Free cash flow margin | −51.2% | −77.8% | −89.0% | −27.0% | −30.5% | −42.4% | 49.4% | −131.9% | −89.6% | −126.5% | −106.8% | −79.8% |
| Capex / revenue | 21.8% | 26.9% | 36.0% | 28.7% | 35.5% | 27.3% | 18.9% | 31.7% | 24.4% | 21.1% | 22.7% | 14.2% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RIVN cash generation
In fiscal 2025 (ended December 31, 2025), Rivian Automotive generated -$779.0 million of cash from operations and spent $1.7 billion on capital expenditures, leaving free cash flow of -$2.5 billion, −46.2% of revenue. Cash and equivalents fell by $1.7 billion over the year.
Related: RIVN income statement, RIVN balance sheet. See the RIVN stock overview for the latest quote and news.
RIVN cash flow FAQ
What is Rivian Automotive's free cash flow?
Rivian Automotive's free cash flow was -$2.5 billion in fiscal 2025: -$779.0 million of operating cash flow minus $1.7 billion of capital expenditures It was -$2.9 billion a year earlier..
How much cash does Rivian Automotive generate from operations?
Rivian Automotive generated -$779.0 million of cash from operating activities in fiscal 2025.
How much does Rivian Automotive spend on capital expenditures?
Rivian Automotive spent $1.7 billion on capital expenditures in fiscal 2025, 31.7% of revenue, compared with $1.1 billion the year before.