Rivian Automotive (RIVN) Q2 2026 earnings summary

Executive summary

• Began external deliveries of R2 vehicles in June 2026, with strong early customer feedback, high conversion rates, and positive media reviews, expanding the addressable market.

• Delivered 12,194 vehicles in Q2 2026, a 14% year-over-year increase, with over 57,000 demo drives hosted and strong commercial van momentum, including Amazon operating over 40,000 vans and surpassing one billion miles driven.

• R2 production ramp underway, with plans to add a second shift by end of Q3 and Georgia plant construction progressing to expand capacity.

• Significant investments and partnerships with Volkswagen Group and Uber to support growth, autonomy, and technology development.

• Autonomy and AI remain key investment areas, with point-to-point capabilities targeted for rollout by year-end and Level 4 autonomy planned for 2027-2028.

Financial highlights

• Q2 2026 revenue reached $1.66 billion, up 27% year-over-year, driven by higher deliveries and $108 million in regulatory credits.

• Gross profit improved to $179 million, with an 11% gross margin, and net loss narrowed to $833 million from $1,117 million a year ago.

• Adjusted EBITDA loss was $379 million, reflecting increased operating expenses for R2 scaling and autonomy investments.

• Automotive segment revenue was $1.14 billion, up 23% year-over-year, with gross profit loss reduced to $36 million from $335 million loss a year ago.

• Software and services revenue was $515 million, up 37% year-over-year, with a 42% gross margin, largely due to the Volkswagen JV.

• Ended Q2 with $5.3 billion in cash, equivalents, and short-term investments; total available liquidity exceeds $14 billion including future capital commitments.

Outlook and guidance

• 2026 vehicle delivery guidance raised to 65,000–70,000 units, with deliveries weighted to Q4 as R2 ramps.

• Expect positive automotive gross profit by end of 2026, with Q3 impacted by R2 ramp inefficiencies and Q4 benefiting from scale.

• Adjusted EBITDA loss for 2026 expected between $2.0 billion and $1.8 billion, a $50 million improvement at midpoint due to regulatory credits and higher volumes.

• CapEx guidance for 2026 reduced by $250 million to $1.7–$1.8 billion, reflecting project efficiencies and timing.

• Total available liquidity and targeted future capital exceeds $14 billion, including recent equity raise, DOE loan, and expected investments from Volkswagen and Uber.