Rivian Automotive, Inc.

Rivian reported second-quarter 2026 consolidated revenue of $1.66 billion, up 27% year over year, consolidated gross profit of $179 million, and gross margin of 11%. Automotive revenue was $1.14 billion, up 23% year over year; automotive gross profit was a $36 million loss versus a $335 million loss in the prior-year quarter. Software and services revenue was $515 million, up 37% year over year, with $215 million of gross profit and a 42% margin. The company produced 12,613 vehicles and delivered 12,194 vehicles in Q2. Rivian ended the quarter with about $5.3 billion of cash equivalents and short-term investments. For 2026, it now expects 65,000-70,000 total vehicle deliveries, adjusted EBITDA loss of $2 billion-$1.8 billion, and capex of $1.7 billion-$1.8 billion. Management said R2 should achieve positive gross profit as part of its 2026 exit rate, but Q3 automotive gross profit will be pressured by the launch ramp before improving in Q4.

RJ Scaringe framed R2 as the company’s key growth and profitability driver, saying early reviews and customer feedback are strong and that demo drives hit a record 57,000 in the quarter. He emphasized that the launch was intentionally simplified versus R1, with limited configurations and a single-shift ramp to reduce surprises, and said the business is now in a better position operationally than it was at the R1 launch. He also kept focus on Rivian’s longer-term technology strategy, highlighting autonomy, the in-house RAP1 chip, and AI-enabled features as central to future differentiation.

Claire McDonough stressed that Q2 was a transition quarter with R2 start-of-production beginning in June, which added roughly $100 million of incremental cost of revenue versus more normalized production. She noted automotive gross profit benefited from higher volumes, regulatory credits, and an IEEPA tariff refund receivable, while software and services remained strong at $515 million of revenue and a 42% gross margin. On the balance sheet, she cited about $5.3 billion of cash equivalents and short-term investments, plus a July follow-on equity raise of about $1.3 billion, and said total available liquidity and targeted future capital is over $14 billion. She also explained the 2026 outlook: deliveries raised to 65,000-70,000, adjusted EBITDA loss narrowed slightly at the midpoint, and capex reduced by $250 million at the midpoint to $1.7 billion-$1.8 billion.

Analysts focused heavily on whether R2 demand or supply would be the bigger limiter, and management said the near-term constraint is supply-chain ramp coordination, though demand is also strong with higher-than-expected Launch Edition conversion. Questions on margins centered on the $100 million R2 ramp cost, with Claire saying Q2 only reflected about two-thirds of the quarter at start-of-production cost structure and that Q4 should show the benefits of scale and a second shift. Analysts also pressed on Autonomy+, pricing, RAP1, and the Uber relationship; RJ said take rates are encouraging, pricing can rise as features expand, RAP1 and Gen 3 hardware are on track, and Uber partnership discussions are progressing toward city deployments in 2028.