Rivian (RIVN) Q3 2026 earnings: revenue up 38%, R2 now its best-seller

Key Points:

• Rivian reported Q3 2026 revenue of $2.155 billion, up 38% year-over-year, beating Wall Street expectations and raising its 2026 guidance across all metrics despite ongoing automotive segment losses.
• The R2 model, in its first full quarter of deliveries, became Rivian’s best-selling vehicle, with deliveries up 46% year-over-year and 58% from Q2, driven by strong demand and increased production shifts.
• Automotive gross margin worsened due to $120 million in ramp-up costs for the R2, resulting in an $80 million gross loss in the segment, though cost per vehicle declined by over $12,000 quarter-over-quarter.
• Software and services, including a joint venture with Volkswagen, contributed significantly to profitability with a 42% gross margin, offsetting automotive losses and enabling a consolidated gross profit.
• Rivian raised its 2026 delivery target to 67,000-70,000 vehicles and improved adjusted EBITDA guidance, while cutting capital expenditure projections by $300 million, supported by $5.5 billion in cash and liquidity.