# Rivian (RIVN) Q2 2026 earnings

Results filed 2026-07-30 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/rivn/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1874178/000187417826000053/0001874178-26-000053-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $1.658 billion | up 27 percent from the same quarter last year | GAAP |
| Net loss attributable to common stockholders | $(833) | compared with $(1,117) a year ago | GAAP |
| Net loss per share, basic and diluted | $(0.63) | compared with $(0.97) a year ago | GAAP |
| Gross margin | 11% | compared with (16)% a year ago | GAAP |
| Loss from operations | $(836) million | compared to $(1.114) billion in the same quarter of the prior year | GAAP |
| Net cash used in operating activities | $(487) million | compared to $64 million for the same quarter of the prior year | GAAP |
| Free cash flow | $(849) million | compared to $(398) million for the same quarter of the prior year | non-GAAP |
| Adjusted EBITDA | $(379) million | compared to $(667) million for the same quarter of the prior year | non-GAAP |
| Gross profit | $179 million | a $385 million improvement over the same quarter in the prior year | GAAP |

## Segments and operating metrics

| Name | 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 |  |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.