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Q2 2026 Earnings Report 
ā¢ Summary: Beat on top and bottom line, raised the EBITDA guide and cut capex $250M
ā¢ Revenue up 27%: $1.66B vs $1.57B est
ā¢ Gross profit: $179M ($108M in reg credits)
ā³ Automotive: ā$36M
ā³ Software & Services: +$215M
ā¢ Adj. EBITDA: -$379M vs -$558M est
ā¢ Adj. EPS: ā$0.47 vs ā$0.62 est
ā¢ FCF: -$849M vs -$994M est
Following via Electrek:
The numbers behind the beat
Rivian produced 12,613 vehicles and delivered 12,194 in Q2, figures it pre-announced in early July alongside a raised delivery outlook.
Automotive revenue was $1.143 billion, up 23%, though $108 million of the quarterās revenue came from regulatory credits. Software and services brought in $515 million, up 37%, with $308 million of that, about 60%, flowing from Rivianās joint venture with Volkswagen Group.
Hereās the part worth reading closely. That $179 million consolidated gross profit, an 11% margin and Rivianās best ever, was carried by software and services, which threw off $215 million at a 42% margin. Thatās the Volkswagen deal paying off.
Strip that out and the actual car business lost money: automotive gross profit was negative $36 million. Thatās still much better than the $335 million automotive loss a year ago, and itās still early in the R2 ramp-up.
Below the line, Rivian reported an $837 million net loss, or $0.63 per share, narrowing from a $0.97 per-share loss a year ago and beating the roughly $0.65 loss analysts expected. Adjusted EBITDA came in at negative $379 million, well ahead of the ~$548 million loss the Street modeled. Free cash flow was negative $849 million as the company built R2 inventory.
Rivian quarterly financial performance, Q2 2025 to Q2 2026. Dollar figures in millions, except per-unit and margin. Source: Rivian
Cash and the capital stack
Rivian ended the quarter with $5.31 billion in cash, equivalents, and short-term investments. In July, it sold 86.25 million Class A shares in a follow-on offering to raise about $1.3 billion, tied to equity contributions and reserves for its Department of Energy loan funding the Georgia plant.
Thereās more capital lined up. Rivian said it expects $1 billion in non-recourse debt from Volkswagen and a $250 million equity investment from Uber later this year, both subject to conditions. Add in the DOE loan, and the company pegs its available and targeted future capital at over $14 billion.
Guidance goes up
Rivian improved its full-year 2026 outlook across the board. It now expects to deliver 65,000 to 70,000 vehicles, up 3,000 units from its prior range ā though that was already announced after delivery results earlier this month.
It narrowed its adjusted EBITDA loss guidance to a range of $1.8 billion to $2.0 billion, a $50 million improvement at the midpoint, and cut its capital expenditure guidance to $1.7 billion to $1.8 billion, down $250 million at the midpoint.
The delivery number looks better once you do the second-half math on it, and it also looks harder. Rivian delivered 22,559 vehicles in the first half, 10,365 in Q1 and 12,194 in Q2. Hitting the full-year range means delivering roughly 42,000 to 47,000 in the back half of the year. Thatās close to double the first-half pace, in two quarters. The R2 is the vehicle meant to get Rivian there, but doubling output is a serious task no matter how good the product is.
However, Rivian giving this guidance now, in late July, amid the R2 ramp-up is a great sign of confidence, as the automaker likely has good visibility into demand and its production ramp.
Official Q2 Business Summary
ā¢ Summary: Beat on top and bottom line, raised the EBITDA guide and cut capex $250M
ā¢ Revenue up 27%: $1.66B vs $1.57B est
ā¢ Gross profit: $179M ($108M in reg credits)
ā³ Automotive: ā$36M
ā³ Software & Services: +$215M
ā¢ Adj. EBITDA: -$379M vs -$558M est
ā¢ Adj. EPS: ā$0.47 vs ā$0.62 est
ā¢ FCF: -$849M vs -$994M est
Following via Electrek:
The numbers behind the beat
Rivian produced 12,613 vehicles and delivered 12,194 in Q2, figures it pre-announced in early July alongside a raised delivery outlook.
Automotive revenue was $1.143 billion, up 23%, though $108 million of the quarterās revenue came from regulatory credits. Software and services brought in $515 million, up 37%, with $308 million of that, about 60%, flowing from Rivianās joint venture with Volkswagen Group.
Hereās the part worth reading closely. That $179 million consolidated gross profit, an 11% margin and Rivianās best ever, was carried by software and services, which threw off $215 million at a 42% margin. Thatās the Volkswagen deal paying off.
Strip that out and the actual car business lost money: automotive gross profit was negative $36 million. Thatās still much better than the $335 million automotive loss a year ago, and itās still early in the R2 ramp-up.
Below the line, Rivian reported an $837 million net loss, or $0.63 per share, narrowing from a $0.97 per-share loss a year ago and beating the roughly $0.65 loss analysts expected. Adjusted EBITDA came in at negative $379 million, well ahead of the ~$548 million loss the Street modeled. Free cash flow was negative $849 million as the company built R2 inventory.
| Metric | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Production (units) | 5,979 | 10,720 | 10,974 | 10,236 | 12,613 |
| Deliveries (units) | 10,661 | 13,201 | 9,745 | 10,365 | 12,194 |
| Automotive revenue | $927 | $1,142 | $839 | $908 | $1,143 |
| Software & services revenue | $376 | $416 | $447 | $473 | $515 |
| Total revenue | $1,303 | $1,558 | $1,286 | $1,381 | $1,658 |
| Gross profit | $(206) | $24 | $120 | $119 | $179 |
| Gross margin | (16)% | 2% | 9% | 9% | 11% |
| Total operating expenses | $908 | $1,007 | $953 | $1,000 | $1,015 |
| Adjusted EBITDA | $(667) | $(602) | $(465) | $(472) | $(379) |
| Cash, equivalents & ST investments | $7,508 | $7,088 | $6,082 | $4,830 | $5,310 |
| Free cash flow | $(398) | $(421) | $(1,144) | $(1,075) | $(849) |
Rivian quarterly financial performance, Q2 2025 to Q2 2026. Dollar figures in millions, except per-unit and margin. Source: Rivian
Cash and the capital stack
Rivian ended the quarter with $5.31 billion in cash, equivalents, and short-term investments. In July, it sold 86.25 million Class A shares in a follow-on offering to raise about $1.3 billion, tied to equity contributions and reserves for its Department of Energy loan funding the Georgia plant.
Thereās more capital lined up. Rivian said it expects $1 billion in non-recourse debt from Volkswagen and a $250 million equity investment from Uber later this year, both subject to conditions. Add in the DOE loan, and the company pegs its available and targeted future capital at over $14 billion.
Guidance goes up
Rivian improved its full-year 2026 outlook across the board. It now expects to deliver 65,000 to 70,000 vehicles, up 3,000 units from its prior range ā though that was already announced after delivery results earlier this month.
It narrowed its adjusted EBITDA loss guidance to a range of $1.8 billion to $2.0 billion, a $50 million improvement at the midpoint, and cut its capital expenditure guidance to $1.7 billion to $1.8 billion, down $250 million at the midpoint.
The delivery number looks better once you do the second-half math on it, and it also looks harder. Rivian delivered 22,559 vehicles in the first half, 10,365 in Q1 and 12,194 in Q2. Hitting the full-year range means delivering roughly 42,000 to 47,000 in the back half of the year. Thatās close to double the first-half pace, in two quarters. The R2 is the vehicle meant to get Rivian there, but doubling output is a serious task no matter how good the product is.
However, Rivian giving this guidance now, in late July, amid the R2 ramp-up is a great sign of confidence, as the automaker likely has good visibility into demand and its production ramp.
Official Q2 Business Summary
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