Benchmark Research has reaffirmed a Buy rating on Rivian Automotive Inc and held its price target at $18.00 as the electric vehicle maker prepares to report fourth-quarter results. With the stock trading near $14.68, Benchmark’s target implies roughly 23% upside from current levels, while InvestingPro data places the share price close to its Fair Value with analyst targets spanning $10 to $25.
On expected quarterly performance, Benchmark projects Rivian will report fourth-quarter revenue of $1.27 billion, marginally above the consensus view of $1.26 billion. The firm anticipates an adjusted loss per share of $(0.61), versus the consensus estimate of $(0.71).
Delivery performance marked a notable item in Benchmark’s assessment. Rivian reported delivering 42,247 vehicles in 2025, a figure Benchmark says matches both the company's provided guidance and the research firm's internal model projections. That alignment with guided production and deliveries factors into the firm’s near-term outlook.
Looking forward, Benchmark highlighted several parts of management’s guidance that will draw investor attention when the company issues its results. The expectations include an adjusted EBITDA loss in the range of $1.7 billion to $1.9 billion and capital expenditures of $1.6 billion to $1.7 billion. Management has also reiterated a commitment to achieve modest full-year gross profit.
Profitability remains a central challenge. InvestingPro data cited by Benchmark shows Rivian’s current gross profit margin at 3.32%, underscoring the narrow cushion the company has as it seeks to move to sustainable gross profitability.
Benchmark also assessed Rivian’s liquidity position as robust. The company is reported to hold $7.0 billion in cash and to have access to more than $10 billion in additional capital, supported in part by funding tied to a Volkswagen joint venture and access to a Department of Energy loan. Complementary InvestingPro metrics show Rivian has more cash than debt and a current ratio of 2.71, indicating liquid assets exceed near-term liabilities.
Other broker views ahead of Rivian’s report have been mixed. Barclays maintained an Equalweight rating with a $14.00 price target. Cantor Fitzgerald reiterated a Neutral rating while calling out Rivian’s forthcoming Autonomy+ subscription service, noting it is priced materially lower than a comparable offering from Tesla. UBS took a more cautious stance, downgrading the stock from Neutral to Sell even as it increased its price target to $15.00, citing elevated expectations as a concern.
Management changes at Rivian were also disclosed. Azam Akhtar is scheduled to become chief financial officer effective March 1; his background includes significant experience at General Motors. Separately, Greg Revelle has been appointed chief customer officer and will oversee the company’s go-to-market efforts; his resume includes leadership roles at retailers such as Kohl’s and Best Buy.
Readers should note the above reflects the expectations and assessments reported by Benchmark and the other firms cited. The items highlighted - revenue and EPS expectations, delivery totals, guidance ranges for adjusted EBITDA and capex, gross margin level, liquidity measures, analyst ratings and leadership appointments - are the points market participants are expected to weigh as Rivian issues its fourth-quarter results.