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Rivian Automotive cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.1B in Q3 2026 · −$4.2B over twelve months

Operating cash flow−$758M
Capital spending−$366M
Free cash flow−$1.1B
Cash conversion cycle56 days

Analysis

In Q3 2026, Rivian Automotive generated −$758M of operating cash flow and spent $366M on capital projects, leaving free cash flow of −$1.1B. That is $703M less than in Q3 2025 (−$421M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.6B; the largest uses were operating cash flow ($2.6B), capital spending ($1.6B); besides operations, cash came from shares issued ($2.7B), other investing ($478M); the cash balance fell by $932M.

Operating cash flow was −$758M against net income of −$907M. The largest differences: deferred revenue −$275M, payables +$260M, depreciation & amortization +$251M.

Its cash conversion cycle was 56 days (receivables 21 + inventory 80 − payables 45).

Free cash flow

Rivian Automotive: free cash flow by quarterRivian Automotive: free cash flow by quarter$856MQ4 2024−$526MQ1 2025−$398MQ2 2025−$421MQ3 2025−$1.1BQ4 2025−$1.1BQ1 2026−$849MQ2 2026−$1.1BQ3 2026
Operating cash flow less capital spending.
Rivian Automotive: operating cash flow against capital spendingRivian Automotive: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$327MQ4 2024−$188M$338MQ1 2025$64.0M$462MQ2 2025$26.0M$447MQ3 2025−$681M$463MQ4 2025−$703M$372MQ1 2026−$487M$362MQ2 2026−$758M$366MQ3 2026
Latest (Q3 2026): Operating cash flow −$758M, Capital spending $366M.

Capital allocation, year by year

Rivian Automotive: where the cash came from (up) and went (down), by fiscal yearRivian Automotive: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$2.6BFY2021: Net borrowing $1.1BFY2021: Shares issued $2.7BFY2021: Capital spending −$1.8B$3.7BFY2021FY2022: Operating cash flow −$5.1BFY2022: Shares issued $102MFY2022: Capital spending −$1.4B$102MFY2022FY2023: Operating cash flow −$4.9BFY2023: Shares issued $60.0MFY2023: Capital spending −$1.0B$60.0MFY2023FY2024: Operating cash flow −$1.7BFY2024: Net borrowing $1.0BFY2024: Shares issued $62.0MFY2024: Capital spending −$1.1B$1.1BFY2024FY2025: Operating cash flow −$779MFY2025: Shares issued $811MFY2025: Capital spending −$1.7B$811MFY2025
Over these 5 years operating cash flow totalled −$15.0B; the largest uses were operating cash flow ($15.0B) and capital spending ($7.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.5B
Debt$4.4B
Net cash$1.1B
Cash runway16 months

Rivian Automotive is burning cash: its operations consume cash, a free cash flow of −$4.2B a year at the current rate against $5.5B of cash and investments: a runway of about 16 months before any new financing.

Where the cash came from and went

Rivian Automotive: sources (+) and uses (−) of cash, Q3 2026Rivian Automotive: sources (+) and uses (−) of cash, Q3 2026Shares issued$1.3BOperating cash flow−$758MCapital spending−$366MOther investing−$273MCash drawn (+) / kept (−)$83.0MExchange rates−$2.0MOther financing−$2.0M
Rivian Automotive: sources (+) and uses (−) of cash, TTM to Q3 2026Rivian Automotive: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$2.7BOperating cash flow−$2.6BCapital spending−$1.6BCash drawn (+) / kept (−)$932MOther investing$478MOther financing$101MExchange rates−$3.0M

From profit to cash

Rivian Automotive: net income to operating cash flow, Q3 2026Rivian Automotive: net income to operating cash flow, Q3 2026Net income−$907MDepreciation & amortization$251MStock-based pay$201MOther non-cash$46.0MReceivables−$235MInventory−$157MPayables$260MDeferred revenue−$275MPrepaid and other assets$66.0MOther liabilities−$8.0MOperating cash flow−$758M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202621804556
Q2 202620995168
Q1 2026291124893
Q4 20252712845109
Q3 2025131123194
Q2 20252314136128
Q1 20253121153189
Q4 20241814533130

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$758M−$366M$1.3B$83.0M−$1.1B
Q2 2026−$487M−$362M$38.0M−$747M−$849M
Q1 2026−$703M−$372M$1.0M$734M−$1.1B
Q4 2025−$681M−$463M$27.0M$862M−$1.1B
Q3 2025$26.0M−$447M−$2.0M$371M−$421M
Q2 2025$64.0M−$462M$781M−$119M−$398M
Q1 2025−$188M−$338M$5.0M$601M−$526M
Q4 2024$1.2B−$327M$26.0M$102M$856M

Rivian Automotive: income statement and cash flow

Rivian Automotive, Q3 2026: revenue $2.2B (+38% year over year), operating margin -40.9%. The chart follows the revenue to costs, profit and cash.

Rivian Automotive: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.