Rivian Releases Second Quarter 2026 Financial Results

• Began external R2 deliveries
• Delivered $1.658 billion of revenue, a 27 percent increase over the same quarter last year, and achieved gross profit of $179 million
• Continued progress across vertically integrated technologies including the introduction of the Rivian Assistant
• Improved guidance outlook across deliveries, adjusted EBITDA and capital expenditures

IRVINE, Calif.--(BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN), an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and offers a suite of value-added services, today announced its second quarter 2026 financial results.

RJ Scaringe, Rivian Founder and CEO, said:
“This quarter we began external deliveries of R2. I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability. This quarter we also hosted over 57,000 demo drives, a Rivian record. The U.S. automotive marketplace is starved for high-quality EV choice, and I believe R2 is an attractively priced option for everyday adventures that will resonate with a broad set of consumers.”

Business Highlights

On June 9, Rivian began external deliveries of R2, an affordable mid-size SUV that brings Rivian’s design, performance, and technology to a significantly broader audience. Thoughtfully designed, R2 is responsive and maneuverable in urban environments while retaining Rivian’s adventurous DNA. R2 features a spacious interior, 5G connectivity, class-leading infotainment compute, and marks an evolution in software-defined vehicles.

The R2 is produced on a new manufacturing line at Rivian's Normal, Illinois facility, supporting thousands of American jobs. To expand capacity, Rivian is constructing a second plant in Georgia. This facility is expected to add up to 300,000 units of annual capacity for the R2, a future Robotaxi variant of R2, and upcoming models including R3.

Amazon now has over 40,000 custom-built Rivian Electric Delivery Vans active in its fleet delivering packages across thousands of cities in North America. In addition to the EDV standard pack variant already on the road, Rivian is developing new variants with a large battery pack and AWD to support Amazon’s needs. In the second quarter, Rivian surpassed one billion miles driven on its Rivian Commercial Van platform.

Rivian continues to invest in autonomy hardware and software, viewing advanced self-driving capabilities as a key future differentiator. With development on track, the company expects to begin rolling out point-to-point advanced assisted driving capabilities by the end of this year.

Rivian ended the quarter with approximately $5.3 billion of cash, cash equivalents, and short-term investments. In July, Rivian sold 86.25 million class A shares in a follow-on equity offering to raise approximately $1.3 billion for general corporate purposes including the funding of certain equity contributions and reserves associated with the Department of Energy loan for the construction of the company’s Georgia plant. Additionally, later this year the company expects to receive $1 billion in non-recourse debt financing from Volkswagen Group and an additional $250 million equity investment from Uber, both subject to the completion of certain conditions. Rivian’s current available liquidity and targeted future capital to support the company’s investments in growth initiatives is over $14 billion. This includes current liquidity, the Department of Energy Loan and additional targeted equity investments from Uber and Volkswagen Group, which are each subject to certain conditions.

Second Quarter 2026 Results Summary

Production and Deliveries

• 12,613 vehicles produced at Rivian’s manufacturing facility in Normal, Illinois.
• 12,194 vehicles delivered to customers.

Revenues

• Consolidated revenue was $1.658 billion, a 27 percent increase over the same quarter of the prior year. This was driven by a 14 percent year-over-year increase in delivery volumes, $108 million in revenues related to regulatory credits, and strong performance from the company’s software and services segment.
  • Automotive segment revenue was $1.143 billion, a 23 percent increase over the same quarter of the prior year, primarily due to the increase in vehicle deliveries and a $103 million increase in revenues related to regulatory credits, partially offset by a decline in average vehicle selling prices due to a higher mix of commercial van and R2 deliveries.
  • Software and services segment revenue was $515 million, a 37 percent increase over the same quarter of the prior year, due to an increase in vehicle electrical architecture and software development services, vehicle repair and maintenance services, and Autonomy+, offset by lower remarketing sales. $308 million or 60 percent of software and services revenue was attributable to the company’s joint venture with Volkswagen Group.

Gross Profit

• Consolidated gross profit was $179 million, a $385 million improvement over the same quarter in the prior year.
  • Automotive gross profit loss was $(36) million compared to $(335) million for the same quarter in 2025, a $299 million improvement primarily due to increases in delivery and production volumes, an increase in revenues related to regulatory credits, and an IEEPA tariff refund receivable, partially offset by the ramp of R2 production. In the quarter, Rivian recognized approximately $100 million in incremental cost of revenues due to the ramp of R2 production as compared to production at more normalized levels.
  • Software and services segment gross profit was $215 million, a 42 percent margin and $86 million increase over the same quarter of the prior year due to vehicle electrical architecture and software development services provided by the joint venture with Volkswagen Group.

Operating Expenses and Operating Loss

• Total operating expenses in the second quarter increased to $1.015 billion, compared to $908 million in the same quarter of the prior year.
  • Research and development (R&D) expense was $466 million compared to $410 million in the same quarter of the prior year. The increase was primarily driven by software expenses to support AI and autonomy initiatives, as well as payroll and related expenses for the R2 launch, partially offset by a reduction in engineering, design, and development spend.
  • Selling, general and administrative (SG&A) expense was $549 million compared to $498 million in the same quarter of the prior year. The increase was primarily related to expanding the company’s go-to-market operations and footprint to support the R2 launch, including higher payroll and stock-based compensation expenses, facilities related spend, and software expense.
• For the second quarter of 2026, the company experienced a loss from operations of $(836) million compared to $(1.114) billion in the same quarter of the prior year, a $278 million improvement.

Adjusted Operating Expenses (non-GAAP)

• Total adjusted operating expenses for the second quarter of 2026 were $731 million compared to $681 million for the same quarter of the prior year.
  • Adjusted R&D expenses for the second quarter of 2026 were $347 million compared to $316 million for the same quarter of the prior year.
  • Adjusted SG&A expenses for the second quarter of 2026 were $384 million compared to $365 million for the same quarter of the prior year.

Net Loss

• Net loss attributable to common stockholders for the second quarter of 2026 was $(837) million compared to $(1.115) billion for the same quarter of the prior year.

Adjusted EBITDA (non-GAAP)

• Adjusted EBITDA for the second quarter of 2026 was $(379) million compared to $(667) million for the same quarter of the prior year.

Net Cash Used in Operating Activities

• Net cash used by operating activities for the second quarter of 2026 was $(487) million, compared to $64 million for the same quarter of the prior year, primarily driven by a change in cash used by working capital. Cash used by working capital for the second quarter of 2026 was driven by a buildup of inventory purchases to support the launch of R2, partially offset by corresponding increases in accounts payable and accrued liabilities. The second quarter of the prior year benefited from increased deferred revenues, primarily due to the investment received from Volkswagen Group.

Capital Expenditures

• Capital expenditures for the second quarter of 2026 were $(362) million, compared to $(462) million for the same quarter of the prior year.

Liquidity and Free Cash Flow (non-GAAP)

• Rivian ended the second quarter of 2026 with $5.310 billion in cash, cash equivalents, and short-term investments.
  • Including the capacity under its asset-based revolving-credit facility, the company ended the second quarter of 2026 with $5.846 billion of total liquidity, which, with the pro forma addition of approximately $1.317 billion of net proceeds from the July follow-on equity offering, would be total available liquidity of $7.163 billion.
• Rivian defines free cash flow as net cash used or provided by operating activities less capital expenditures. The net cash used by operating activities coupled with the increase in capital expenditures discussed above resulted in free cash flow* of $(849) million for the second quarter of 2026 compared to free cash flow of $(398) million for the same quarter of the prior year.

2026 Annual Guidance Summary

• Deliveries increased by 3,000 units in early July as a result of the progress Rivian has made and the production and delivery outlook for the second half of the year.
• Adjusted EBITDA improved by $50 million at the mid-point due to better than expected revenue related to regulatory credits in the second quarter of 2026 and increasing delivery volumes partially offset by increasing raw material, memory, and logistics costs.
• Capital Expenditures reduced by $250 million at the mid-point due to project efficiencies and timing of spend.

Second Quarter 2026 Results Webcast and Replay Information

Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET on July 30, 2026. The link to the webcast and shareholder presentation will be made available on the company’s Investor Relations website at rivian.com/investors. After the call, a replay will be available at rivian.com/investors for four weeks.

Forward Looking Statements:

This press release and statements that are made on our earnings call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release and made on our earnings call that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future operations, initiatives and business strategy, including our future financial results, vehicle profitability and future gross profits, our future capital expenditures, the underlying trends in our business (including customer preferences and expectation), macroeconomic and policy conditions, including changes to the availability of government and economic incentives, including tax credits, for electric vehicles, our market opportunity, and our potential for growth, our production ramp and manufacturing capacity expansion and anticipated production levels, the timeline for the start of production at the Georgia plant, the timeline for drawing on our Department of Energy Loan, our expected future production and deliveries, scaling our service infrastructure, our expected future products and technology and product enhancements, including enhanced performance features and pricing (including the timing of launches and customer deliveries), our roadmap and timeline for the release of our next-generation vehicle autonomy systems, hardware, including RAP1, ACM3 and LiDAR, and software architecture underpinned by artificial intelligence, including LDM, Rivian Assistant, Universal Hands-Free, and RUI, future revenue opportunities, including with respect to the emerging autonomous driving market, our joint venture with Volkswagen Group, including the expected benefits from the partnership and future Volkswagen Group investments, our partnership with Uber Technologies, Inc.

Investors: ir@rivian.com

Media: Harry Porter, media@rivian.com