The strong Q2 beat and upward guidance revision across deliveries, EBITDA, and capex signal accelerating execution and improving unit economics as R2 scales. Traders should watch for continued R2 production ramp commentary and the timing of the $1B VW non-recourse loan and $250M Uber equity investment in H2 2026 as catalysts.
Price Chart
Executive Summary
Rivian reported Q2 2026 revenue of $1.658B (+27% YoY), beating the $1.57B consensus, and an adjusted EPS of -$0.47, a 39.5% beat vs the -$0.78 estimate. The company began external R2 deliveries, achieved $179M gross profit, and raised its 2026 delivery guidance to 65,000-70,000 units while improving its Adjusted EBITDA and CapEx outlook. The strong beat and guidance raise, coupled with the R2 ramp and robust software & services revenue, signal accelerating operational momentum toward profitability.
Key Financial Metrics
Key Facts
- Revenue of $1.658B (+27% YoY) beat consensus of $1.57B.
- Adjusted EPS of -$0.47 beat consensus of -$0.78 by 39.5%.
- Consolidated gross profit of $179M, a $385M improvement YoY.
- Software & services revenue of $515M (+37% YoY) with 42% gross margin.
- 2026 delivery guidance raised to 65,000-70,000 units (from 62,000-67,000).
- Adjusted EBITDA guidance improved to $(2.00)B-$(1.80)B from $(2.10)B-$(1.80)B.
- Capital expenditure guidance reduced to $1.70B-$1.80B from $1.95B-$2.05B.
- Began external R2 deliveries on June 9, 2026.
- Ended Q2 with $5.31B cash; pro-forma liquidity of $7.16B after July equity offering.
- Net loss attributable to common stockholders was $(833)M vs $(1.117)B YoY.
Financial Impact
Revenue beat by ~$88M (5.6%) vs consensus; EPS beat by $0.31 (39.5%) vs consensus; gross profit improved by $385M YoY to $179M.
Risk Factors
- R2 production ramp costs could pressure near-term margins.
- Cash burn remains high (negative FCF of -$849M in Q2) despite improved liquidity.
- Execution risk on DOE loan draw and VW/Uber milestone-based investments.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001874178-26-000053 |
| Exhibit: ex-9922q26rivianearnings.htm | 0001874178-26-000053 |
| Document: 0001874178-26-000053-index-headers.html | 0001874178-26-000053 |
| Document: 0001874178-26-000053-index.html | 0001874178-26-000053 |
| Document: 0001874178-26-000053.txt | 0001874178-26-000053 |
| 8-K Data (Synthetic) | 0001874178-26-000053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $15.22 $16.00 | ▲ +5.12% | ▲ +1.61% | $14.20 (−6.70%) |
Jul 2, 2026 13w ago | 8-K | $18.63 $18.12 | ▼ −2.74% | ▼ −3.67% | $14.20 (−23.78%) |
Jun 11, 2026 16w ago | Institutional Cluster | $15.54 $16.26 | ▼ −4.63% | ▼ −4.20% | $14.20 (+8.62%) |
Jun 5, 2026 16w ago | Insider Cluster | $16.84 $16.68 | ▼ −0.95% | ▼ −3.06% | $14.20 (−15.68%) |
May 29, 2026 17w ago | Insider Cluster | $16.95 $16.35 | ▲ +3.54% | ▲ +0.79% | $14.20 (+16.22%) |
Apr 30, 2026 22w ago | S-3ASR | $15.02 $14.18 | ▼ −5.59% | ▼ −7.94% | $14.20 (−5.46%) |
Apr 2, 2026 26w ago | 8-K | $15.40 $15.43 | ▲ +0.19% | ▼ −3.42% | $14.20 (−7.79%) |
Feb 28, 2026 30w ago | Institutional Cluster | $15.01 $15.87 | ▲ +5.73% | ▲ +6.94% | $14.20 (−5.40%) |
US Market Status
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