Rivian (RIVN) Q2 2026 earnings: revenue up 27%, gross margins soaring

Key Points:

• Rivian reported strong Q2 2026 earnings with revenue of $1.658 billion, a 27% year-over-year increase, and achieved a record $179 million gross profit, beating Wall Street expectations on revenue, earnings, and adjusted EBITDA.
• The company began delivering its first sub-$50,000 vehicle, the R2 mid-size SUV, on June 9, marking a significant milestone as it targets mass-market adoption; however, the automotive segment still posted a negative gross profit of $36 million due to ramp-up costs.
• Rivian produced 12,613 vehicles and delivered 12,194 in Q2, with automotive revenue up 23% to $1.143 billion, including $108 million from regulatory credits, while software and services revenue grew 37% to $515 million, largely driven by a joint venture with Volkswagen.
• The net loss narrowed to $837 million ($0.63 per share), better than expected, and adjusted EBITDA loss improved to negative $379 million; free cash flow was negative $849 million as inventory for the R2 was built.
• The company ended the quarter with $5.31 billion in cash and expects additional capital from a $1 billion Volkswagen non-recourse debt facility, a $250 million Uber equity investment, and a DOE loan, totaling over $14 billion in available and targeted capital; it raised full-year delivery guidance to 65,000-70,000 vehicles and improved adjusted EBITDA and capital expenditure outlooks.