Why Is Rivian (RIVN) Stock Up 20% Premarket Today? Q4 Beat and R2 Update

Rivian Automotive (RIVN) shares are surging approximately 20% in premarket trading on Friday, February 13, 2026, after the electric vehicle maker delivered a stronger-than-expected fourth quarter earnings report following Thursday’s closing bell. The company beat Wall Street estimates on both the top and bottom lines, and its 2026 delivery guidance of 62,000 to 67,000 vehicles, representing a 47% to 59% jump over 2025, came in well above analyst expectations.

Adding to the enthusiasm, Rivian confirmed that its highly anticipated R2 SUV remains on track for a Q2 2026 launch, the vehicle widely seen as the company’s best shot at reaching mass-market scale. CEO RJ Scaringe characterized 2025 as a “foundational year” for the company and described 2026 as “an inflection point,” language that appears to have resonated strongly with investors.

Strong Q4 Results and Delivery Outlook Fuel the Surge

Rivian reported Q4 2025 adjusted losses of $0.54 per share, meaningfully better than the $0.68 loss analysts had expected, while revenue came in at $1.29 billion versus the $1.26 billion consensus estimate. Full-year 2025 revenue reached approximately $5.37 billion, up 8% from $4.97 billion in 2024, as the company navigated a difficult environment for premium EVs.

Perhaps most significantly for long-term investors, Rivian achieved its first-ever annual gross profit of $144 million in 2025, a milestone closely watched by the market, though that figure was heavily aided by the software and services joint venture with Volkswagen Group, which offset $432 million in losses from the core automotive segment.

On the forward-looking side, Rivian’s 2026 delivery guidance of 62,000 to 67,000 vehicles outpaced what the Street had been expecting and is set to be driven in large part by the launch of the R2 SUV in the second quarter. The roughly $45,000 midsize vehicle is expected to cut bill-of-materials costs in half relative to the R1 platform, reduce manufacturing complexity, and open Rivian up to a significantly larger pool of buyers.

CEO Scaringe told CNBC that the R2 is expected to represent the majority of the company’s volume by the end of 2027, as production ramps at its Normal, Illinois plant. Rivian said it plans to start with one production shift before adding a second shift by year-end.

Despite the optimism, the company was candid about ongoing financial challenges. Rivian expects adjusted pre-tax losses for 2026 of between $1.8 billion and $2.1 billion, and capital expenditures of $1.95 billion to $2.05 billion, both reflecting heavy investment in the R2 ramp. CFO Claire McDonough cautioned that 2026 will be a “transition year” for gross profitability, meaning the $144 million gross profit milestone achieved in 2025 may not be repeated this year as R2 production scales up.

The company ended Q4 with $6.59 billion in total liquidity, including nearly $6.1 billion in cash and short-term investments, providing a meaningful runway as it executes on its most critical product launch to date.

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RIVN Premarket Action and Market Metrics

As of premarket trading on Friday, February 13, RIVN shares were trading around $16.99, up approximately $2.99 or +21.36% from Thursday’s regular session close of $14.00, a close that was itself down about 5% on the day ahead of the earnings release.

The stock had already moved sharply higher in after-hours trading Thursday, gaining more than 15% immediately following the results, and continued climbing into Friday morning as investors digested the guidance. The premarket price puts RIVN near the high end of the intraday range shown Thursday evening of approximately $16.30 to $16.80.

From a broader performance perspective, the picture is more mixed. RIVN is down nearly 29% year-to-date heading into Friday’s session, a significant underperformance relative to the S&P 500’s roughly flat showing over the same period. Over the past year, however, the stock is up about 12%, roughly in line with the broader market’s 12.9% gain.

The company carries a market cap of approximately $17.16 billion and trades at a Price/Sales ratio of 2.74 with no meaningful P/E ratio given ongoing losses. The 52-week range spans $10.36 to $22.69, and the consensus analyst price target sits at $16.96, right around where the stock is trading premarket, with targets ranging from a low of $10 to a high of $25.

Analyst sentiment on RIVN remains divided, reflecting the high-risk, high-reward nature of the story. The most recent rating change came from UBS on January 14, 2026, which downgraded the stock to Sell while actually raising its price target from $13 to $15.

The top-rated analyst covering the stock according to Yahoo Finance’s scoring is Canaccord Genuity, which carries a Buy rating. With the R2 launch details, including final pricing and trim options, set to be released on March 12, investors will have another near-term catalyst to watch as Rivian attempts to prove that its inflection point narrative is more than just a talking point.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.