Rivian Releases Third Quarter 2026 Financial Results

• Generated $2.155 billion in revenue, a 38 percent increase year-over-year
• Deliveries up 46 percent year-over-year with R2 already the best-selling Rivian vehicle by volume, outselling both R1 and EDV in the third quarter
• Given Rivian’s strong performance, the company is improving 2026 guidance across all metrics

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 third quarter 2026 financial results.

RJ Scaringe, Rivian Founder and CEO, said:
“We had great results with R2 becoming our best selling vehicle by volume in the third quarter. Customer and media feedback on R2 has been exceptional. Regarding our technology roadmap, our autonomy platform is progressing rapidly, and we are super excited about Point to Point. We are laying the foundations for a future that we believe will be fully electric, autonomous and AI defined. I could not be more excited about the opportunity ahead for Rivian.”

Business Highlights

Rivian achieved record production volumes in Normal, Illinois as it continued to ramp R2 manufacturing. The company had record deliveries of 19,248 units with R2 delivering much of the gain quarter-over-quarter. R2 is already the best-selling Rivian vehicle, outselling both R1 and EDV in the third quarter. R2 continues to generate rave reviews and awards from the media and recently won Top Gear’s SUV of the Year for 2027.

Rivian continues to innovate with software and AI. With the Rivian Assistant, Rivian has developed a smarter and more customizable AI-defined vehicle experience for R1 and R2 owners. In its October OTA (over-the-air) update, the company added Gmail integration to Rivian Assistant and released the annual “Halloween Mode.”

Rivian continues to see strong momentum in the company’s Autonomy+ offering, which is available on every R2 and R1 starting with the 2025 model year. Today, every vehicle with Autonomy+ is capable of Universal Hands-Free on millions of miles of roads. Rivian’s next milestone is the company’s Point to Point feature. This means customers will be able to enter an address while their vehicle follows the route from start to finish, handling city streets, stop lights, highway interchanges and everything in-between with driver supervision. A limited rollout of Point to Point is expected to begin later this year via the invitation-only Autonomy Early Access Program, with a general release to all Autonomy+ subscribers expected in 2027. Rivian believes Point to Point capabilities will be an important purchase criteria for customers and are becoming a driver of market share. Additionally, last week, Rivian announced the acquisition of Third Dimension AI to support its closed loop simulation efforts. The company will share more at its Autonomy and AI Day on December 9.

Third Quarter 2026 Results Summary

Production and Deliveries

• 19,751 vehicles produced at Rivian’s manufacturing facility in Normal, Illinois.
• 19,248 vehicles delivered to customers.

Revenues

• Consolidated revenue was $2.155 billion, a 38 percent increase over the same quarter of the prior year. This was driven by a 46 percent year-over-year increase in delivery volumes, $81 million in revenues related to regulatory credits, and strong performance from the company’s software and services segment.
  • Automotive revenue was $1.550 billion, a 36 percent increase over the same quarter of the prior year, primarily due to the increase in vehicle deliveries and an $80 million increase in revenues related to regulatory credits, which were partially offset by a decline in average vehicle selling price due to a higher mix of R2 and commercial van deliveries.
  • Software and services revenue was $605 million, a 45 percent increase over the same quarter of the prior year, primarily due to increases in vehicle electrical architecture and software development services, vehicle repair and maintenance services, and Autonomy+, partially offset by lower remarketing sales. $354 million or 59 percent of software and services revenue was attributable to the company’s joint venture with Volkswagen Group.

Gross Profit

• Consolidated gross profit was $176 million, a $152 million improvement over the same quarter of the prior year.
  • Automotive gross profit loss for the third quarter was $(80) million compared to $(130) million in the same quarter of the prior year, a $50 million improvement primarily resulting from increases in delivery volumes at an improved per unit margin, an increase in revenues related to regulatory credits, and an IEEPA tariff refund receivable, partially offset by costs related to the ramp of R2 production. In the quarter, Rivian recognized approximately $120 million in incremental cost of revenues due to the ramp of R2 production as compared to production at more normalized levels.
  • Software and services gross profit for the third quarter was $256 million, a 42 percent margin and $102 million improvement over the same quarter of the prior year at $154 million, primarily due to increases in vehicle electrical architecture and software development services from the joint venture with Volkswagen Group and Autonomy+.

Operating Expenses and Operating Loss

• Total operating expenses in the third quarter increased to $1.057 billion compared to $1.007 billion in the same quarter of the prior year.
  • Research and development (R&D) expenses were $485 million compared to $453 million in the same quarter of the prior year. The increase was primarily driven by increases in software expenses to support AI and autonomy initiatives, partially offset by a reduction in engineering, design, and development spend.
  • Selling, general and administrative (SG&A) expenses remained relatively consistent at $572 million compared to $554 million in the same quarter of the prior year.
• For the third quarter, the company experienced a loss from operations of $(881) million compared to $(983) million in the same quarter of the prior year, a $102 million improvement.

Adjusted Operating Expenses (non-GAAP)

• Total adjusted operating expenses for the third quarter were $799 million compared to $783 million for the same quarter of the prior year.
  • Adjusted R&D expenses for the third quarter were $382 million compared to $361 million for the same quarter of the prior year.
  • Adjusted SG&A expenses for the third quarter were $417 million compared to $422 million for the same quarter of the prior year.

Net Loss

• Net loss attributable to common stockholders for the third quarter was $(913) million compared to $(1.173) billion for the same quarter of the prior year.

Adjusted EBITDA (non-GAAP)

• Adjusted EBITDA for the third quarter was $(435) million compared to $(602) million for the same quarter of the prior year.

Net Cash Used in Operating Activities

• Net cash (used in) provided by operating activities for the third quarter was $(758) million, compared to $26 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 third quarter of 2026 was primarily driven by a reduction in deferred revenues and a buildup of inventory purchases to support the launch of R2.

Adjusted Net Loss Per Share

• Adjusted net loss per share for the third quarter was $(0.48) compared to $(0.65) for the same quarter of the prior year.

Capital Expenditures

• Capital expenditures for the third quarter were $(366) million, compared to $(447) million for the same quarter of the prior year.

Liquidity and Free Cash Flow (non-GAAP)

• Rivian ended the third quarter with $5.502 billion in cash, cash equivalents, and short-term investments.
  • Including the capacity under its asset-based revolving-credit facility, the company ended the third quarter with $6.095 billion of total liquidity, which, with the pro forma addition of $1.000 billion received in October 2026 from the non-recourse 10-year term loan facility from Volkswagen Group, would be total available liquidity of $7.095 billion.
• Rivian defines free cash flow as net cash used in operating activities less capital expenditures. The net cash used by operating activities in the third quarter partially offset by the decrease in capital expenditures identified above resulted in free cash flow of $(1,124) million compared to $(421) million for the same quarter of the prior year.

2026 Annual Guidance Summary

• Full year delivery guidance is improving from 65,000 - 70,000 units to 67,000 - 70,000 units as a result of the production and delivery outlook for the fourth quarter of 2026.

• Adjusted EBITDA is improving by $100 million at the mid-point due to better than expected revenue related to regulatory credits, an IEEPA tariff refund receivable in the third quarter, and an expected increase in delivery volumes.

• Capital Expenditures are decreasing by $300 million at the mid-point due to timing of spend.

Third 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 October 29, 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, liquidity, vehicle profitability and future gross profits, our future capital expenditures and R&D investments, the underlying trends in our business (including customer preferences and expectation), macroeconomic and policy conditions, including changes to applicable tariffs and 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 construction activity at the Georgia plant, the timeline for drawing on our Department of Energy Loan, our expected future production and deliveries, 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, and software architecture underpinned by artificial intelligence, including LDM, Rivian Assistant, Universal Hands-Free, RUI, and Point to Point, 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