Rivian (RIVN) · Automotive
Rivian Q2 2026 earnings: summary, key numbers & outlook
Results filed 30 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Rivian delivered $1.658 billion of revenue, a 27 percent increase over the same quarter last year, and achieved gross profit of $179 million.
Rivian began external deliveries of its R2 SUV on June 9 and reported $1.658 billion of revenue, up 27 percent from a year ago. It delivered 12,194 vehicles, up 14 percent. Gross profit was $179 million, a $385 million improvement. Software and services revenue was $515 million, helped by work for its Volkswagen Group joint venture. The company still lost $(836) million from operations and burned $(849) million of free cash flow.
Management raised 2026 delivery guidance by 3,000 units to 65,000 – 70,000 and improved adjusted EBITDA to $(2.00)B – $(1.80)B. It cut capital expenditures to $1.70B – $1.80B. The main tension is funding and execution: Rivian sold shares in July to raise about $1.3 billion, and further capital from Volkswagen Group, Uber and the Department of Energy depends on conditions. R2 ramp costs and rising raw material, memory and logistics costs are also pressures.
Key numbers
- Revenue · GAAP
- $1.658 billion
- Net loss attributable to common stockholders · GAAP
- -$833.0M
- Net loss per share, basic and diluted · GAAP
- $(0.63)
- Gross margin · GAAP
- 11%
- Loss from operations · GAAP
- $(836) million
- Net cash used in operating activities · GAAP
- $(487) million
- Free cash flow · non-GAAP
- $(849) million
- Adjusted EBITDA · non-GAAP
- $(379) million
up 27 percent from the same quarter last year
compared with $(1,117) a year ago
compared with $(0.97) a year ago
compared with (16)% a year ago
compared to $(1.114) billion in the same quarter of the prior year
compared to $64 million for the same quarter of the prior year
compared to $(398) million for the same quarter of the prior year
compared to $(667) million for the same quarter of the prior year
| Segment or metric | Value | Change |
|---|---|---|
| Automotive revenue | $1.143 billion | a 23 percent increase over the same quarter of the prior year |
| Software and services revenue | $515 million | a 37 percent increase over the same quarter of the prior year |
| Vehicles delivered | 12,194 | a 14% year-over-year increase |
| Vehicles produced | 12,613 | |
| Software and services gross profit | $215 million | a 42 percent margin and $86 million increase over the same quarter of the prior year |
| Cash, cash equivalents and short-term investments | $5.310 billion |
Where each number comes from
- Revenue: “Consolidated revenue was $1.658 billion, a 27 percent increase over the same quarter of the prior year. This was driven by a 14 percent year-over-year increase in delivery volumes”
- Net loss attributable to common stockholders: “Net loss attributable to common stockholders, basic and diluted | $(1,117) | $(833) | $(1,662) | $(1,249)”
- Net loss per share, basic and diluted: “Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $(0.97) | $(0.63) | $(1.45) | $(0.97)”
- Gross margin: “Gross margin | (16)% | 2% | 9% | 9% | 11%”
- Loss from operations: “the company experienced a loss from operations of $(836) million compared to $(1.114) billion in the same quarter of the prior year”
- Net cash used in operating activities: “Net cash used by operating activities for the second quarter of 2026 was $(487) million, compared to $64 million for the same quarter of the prior year”
- Free cash flow: “resulted in free cash flow* of $(849) million for the second quarter of 2026 compared to free cash flow of $(398) million for the same quarter of the prior year”
- Adjusted EBITDA: “Adjusted EBITDA for the second quarter of 2026 was $(379) million compared to $(667) million for the same quarter of the prior year.”
- Automotive revenue: “Automotive segment revenue was $1.143 billion, a 23 percent increase over the same quarter of the prior year, primarily due to the increase in vehicle deliveries”
- Software and services revenue: “Software and services segment revenue was $515 million, a 37 percent increase over the same quarter of the prior year, due to an increase in vehicle electrical architecture”
- Vehicles delivered: “Delivered 12,194 vehicles in Q2, a 14% year-over-year increase, driven by delivery growth in commercial vans and the introduction of R2 deliveries”
- Vehicles produced: “12,613 vehicles produced at Rivian’s manufacturing facility in Normal, Illinois.”
- Software and services gross profit: “Software and services segment gross profit was $215 million, a 42 percent margin and $86 million increase over the same quarter of the prior year”
- Cash, cash equivalents and short-term investments: “Rivian ended the second quarter of 2026 with $5.310 billion in cash, cash equivalents, and short-term investments.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $1.7B | +27.2% | +20.1% |
| Operating income | -$836.0M | +25.0% | +5.1% |
| Net income | -$833.0M | +25.4% | −100.2% |
| Diluted EPS | -$0.63 | +35.1% | −90.9% |
| Free cash flow | -$849.0M | −113.3% | +21.0% |
| Gross margin | 10.8% | +26.6 pts | +2.2 pts |
| Operating margin | -50.4% | +35.1 pts | +13.4 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Vehicles delivered | 2026 | 65,000 – 70,000 |
| Adjusted EBITDA | 2026 | $(2.00)B – $(1.80)B |
| Capital expenditures | 2026 | $1.70B – $1.80B |
Key takeaways
R2 external deliveries began on June 9
Rivian began external deliveries of R2, an affordable mid-size SUV, on June 9. It hosted over 57,000 demo drives in the quarter, a Rivian record.
Revenue rose 27 percent to $1.658 billion
Growth came from a 14 percent increase in delivery volumes, $108 million in regulatory credit revenue and strong software and services results. Gross profit was $179 million.
Software and services earned a 42 percent margin
Segment revenue was $515 million and gross profit was $215 million. $308 million or 60 percent of software and services revenue came from the Volkswagen Group joint venture.
Cash burn remained heavy despite narrower losses
Loss from operations was $(836) million and free cash flow was $(849) million. Net cash used by operating activities was $(487) million, driven by inventory buildup for the R2 launch.
Guidance improved on deliveries, EBITDA and capex
Full-year deliveries are now 65,000 – 70,000 and adjusted EBITDA is $(2.00)B – $(1.80)B. Capital expenditures are $1.70B – $1.80B.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $1.7B * |
| Q1 2025 | $1.2B |
| Q2 2025 | $1.3B |
| Q3 2025 | $1.6B |
| Q4 2025 | $1.3B * |
| Q1 2026 | $1.4B |
| Q2 2026 | $1.7B |
| Q3 2026 | $2.2B |
Data
| Q1 2025 | -$0.48 |
| Q2 2025 | -$0.97 |
| Q3 2025 | -$0.96 |
| Q1 2026 | -$0.33 |
| Q2 2026 | -$0.63 |
| Q3 2026 | -$0.63 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -38.1% |
| Q1 2025 | -52.8% |
| Q2 2025 | -85.5% |
| Q3 2025 | -63.1% |
| Q4 2025 | -64.8% |
| Q1 2026 | -63.8% |
| Q2 2026 | -50.4% |
| Q3 2026 | -40.9% |
Data
| Q4 2024 | $856.0M |
| Q1 2025 | -$526.0M |
| Q2 2025 | -$398.0M |
| Q3 2025 | -$421.0M |
| Q4 2025 | -$1.1B |
| Q1 2026 | -$1.1B |
| Q2 2026 | -$849.0M |
| Q3 2026 | -$1.1B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
How much revenue did Rivian report in Q2 2026?
Rivian reported consolidated revenue of $1.658 billion, a 27 percent increase over the same quarter last year. Automotive revenue was $1.143 billion and software and services revenue was $515 million.
Was Rivian profitable in Q2 2026?
No. Rivian had a gross profit of $179 million but a loss from operations of $(836) million and a net loss attributable to common stockholders of $(833) million, or $(0.63) per share.
What is Rivian's 2026 guidance?
Rivian expects 65,000 – 70,000 vehicle deliveries, adjusted EBITDA of $(2.00)B – $(1.80)B and capital expenditures of $1.70B – $1.80B. Deliveries were raised by 3,000 units and capital expenditures were reduced.
What is the status of the R2 launch?
Rivian began external R2 deliveries on June 9, 2026. The R2 ramp added approximately $100 million in incremental cost of revenues in the quarter, and the company expects to scale to two shifts by the end of the third quarter.
How is Rivian funding its growth?
Rivian ended the quarter with $5.310 billion in cash, cash equivalents and short-term investments. In July it raised approximately $1.3 billion in a follow-on equity offering, and it targets further capital from Volkswagen Group, Uber and the Department of Energy loan, subject to conditions.
Documents
SEC filing