v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (3,626) $ (4,746) $ (5,432)
Depreciation and amortization 784 1,031 937
Stock-based compensation expense 741 692 821
Gain on equity method investment (101) 0 0
Loss on convertible notes, net 0 112 0
Other non-cash activities (17) 28 222
Changes in operating assets and liabilities:      
Accounts receivable, net (112) (282) (59)
Inventory 522 307 (1,604)
Other assets 9 (221) (146)
Accounts payable and accrued liabilities 571 (572) 105
Deferred revenues 503 1,619 149
Other liabilities (53) 316 141
Net cash used in operating activities (779) (1,716) (4,866)
Cash flows from investing activities:      
Purchases of equity securities and short-term investments (3,206) (4,392) (2,410)
Sales of equity securities and short-term investments 108 0 0
Maturities of short-term investments 2,980 3,553 925
Capital expenditures (1,710) (1,141) (1,026)
Net cash used in investing activities (1,828) (1,980) (2,511)
Cash flows from financing activities:      
Proceeds from stock-based compensation programs 61 62 60
Proceeds from issuance of capital stock 750 0 0
Proceeds from issuance of long-term debt 1,250 0 0
Repayments of long-term debt (1,250) 0 0
Proceeds from issuance of convertible notes 0 1,000 3,195
Purchase of capped call options 0 0 (108)
Other financing activities (37) (5) (17)
Net cash provided by financing activities 886 1,136 3,130
Effect of exchange rate changes on cash and cash equivalents 6 (3) 5
Net change in cash (1,715) (2,563) (4,242)
Cash, cash equivalents, and restricted cash—Beginning of period 5,294 7,857 12,099
Cash, cash equivalents, and restricted cash—End of period 3,579 5,294 7,857
Supplemental disclosure of cash flow information:      
Cash paid for interest 222 279 169
Supplemental disclosure of non-cash investing and financing activities:      
Capital expenditures included in liabilities 493 423 374
Capital stock issued to settle bonuses 47 179 137
Conversion of convertible notes 0 1,133 0
Rivian and Volkswagen Group Technologies, LLC      
Cash flows from financing activities:      
Proceeds from funding of 50% interest in Rivian and Volkswagen Group Technologies, LLC 0 79 0
Mind Robotics, Inc.      
Cash flows from financing activities:      
Proceeds from funding of 50% interest in Rivian and Volkswagen Group Technologies, LLC $ 112 $ 0 $ 0