Rivian Automotive (RIVN) Q3 2026 earnings summary

Executive summary

• Record Q3 production of 19,751 vehicles and deliveries of 19,248; R2 became the top-selling vehicle by volume.

• Revenue rose 38% YoY to $2.155B, with $176M gross profit; adjusted EBITDA loss was $435M.

• FY2026 delivery guidance increased to 67,000–70,000 vehicles; Claire McDonough is stepping down as CFO, with Derek Mulvey named Interim CFO effective October 30.

Financial highlights

• Q3 revenue was $2.155B versus $1.558B a year earlier; operating loss improved to $881M from $983M.

• Net loss attributable to common stockholders was $913M, or $0.63 per share; adjusted net loss was $704M, or $0.48 per share.

• Adjusted EBITDA loss was $435M versus $602M YoY; operating cash flow was negative $758M, capex was $366M, and free cash flow was negative $1.124B.

• Nine-month revenue was $5.194B and net loss attributable to common stockholders was $2.162B; other income included a $506M Mind Robotics-related gain.

Outlook and guidance

• FY2026 delivery guidance rose from 65,000–70,000 to 67,000–70,000 vehicles; R2 is expected to make up most Q4 deliveries.

• FY2026 adjusted EBITDA loss guidance improved by $100M at the midpoint to $1.75B–$1.85B, supported by credits, an IEEPA tariff refund receivable, and higher expected deliveries.

• FY2026 capex guidance fell by $300M at the midpoint to $1.40B–$1.50B due to spend timing; a meaningful increase is expected in 2027 as Georgia construction ramps.

• Positive automotive gross profit is targeted exiting Q4, not for the full quarter; R2 scale is expected to support margin expansion through 2027.