Rivian Automotive (RIVN) Q2 2026 earnings summary

Executive summary

• Began external customer deliveries of R2 in June 2026, with strong early reviews and high reservation-to-order conversion rates, especially for the Launch Edition.

• Delivered 12,194 vehicles in Q2 2026, a 14% year-over-year increase, with strong commercial van momentum and expanding Amazon partnership; over 40,000 Amazon vans now in operation, surpassing one billion miles driven.

• Hosted a record 57,000 demo drives in Q2, driving increased brand awareness and customer engagement.

• R2 production ramp underway in Normal, Illinois, with plans to add a second shift by end of Q3; Georgia plant construction progressing.

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

Financial highlights

• Q2 2026 consolidated revenue reached $1.66 billion, up 27% year-over-year, driven by higher delivery volumes and regulatory credits.

• Gross profit improved to $179 million, with an 11% gross margin, up from -16% a year ago.

• Adjusted EBITDA loss narrowed to $(379) million from $(667) million in Q2 2025, reflecting increased operating expenses for R2 scaling and autonomy investments.

• Net loss attributable to common stockholders was $(833) million, an improvement from $(1,117) million a year ago.

• Software and services revenue was $515 million, up 37% year-over-year, with a 42% gross margin and strong contributions from 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 Q4 2026 as R2 scales, despite near-term margin pressure from launch complexities.

• 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, offset by cost inflation.

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

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