An offtake deal is a balance-sheet event; so is the slow exhale of cash from a pre-profit automaker. Rivian's FY2025 Form 10-K reports cash and cash equivalents of $3.58 billion at year-end 2025, down from $5.29 billion at year-end 2024 and $7.86 billion at year-end 2023. Stated as an annual cadence, that is roughly $4.3 billion of the cash-and-equivalents line consumed across two years.
Annual figures are the honest frame for a liquidity story because they net out the quarter-to-quarter noise of financing inflows and working-capital swings. The three year-end snapshots — $7.86B, $5.29B, $3.58B — describe a near-linear draw of a little over $2 billion a year on this conservative slice of liquidity. Total liquidity is larger when short-term investments and facilities are included, but the cash line is the part that funds operations most directly.
Follow the cash-flow statement to see what the draw is buying: the 10-K's investing section ties the outflow to tooling for current vehicle platforms, future vehicle programs, and manufacturing capacity. That is the right kind of spend for a company trying to scale — capacity ahead of volume — but it is also exactly the spend that makes the runway clock tick faster.
The capital-allocation question this sets up for 2026 is concrete: at roughly $2 billion a year of cash-line draw, how does Rivian bridge to either profitability or its next funding event, and on what terms? The annual filings establish the burn rate; the forward financing structure is what an analyst then has to price.
The three-year cash trajectory and the investing-activity detail are in Rivian's FY2025 10-K, with the latest quarter in the Q1 2026 10-Q, both surfaced via EdgarBeast. For a capex watch, the annual cash line is the cleanest measure of the clock.