The R2 ramp is driving accelerating revenue and delivery growth, with guidance raised across all metrics. Watch for Q4 delivery trajectory toward the 67,000-70,000 unit target and the Autonomy/AI Day on December 9 for Point to Point and robotaxi updates. The $1B VW loan received in October strengthens the liquidity position ahead of Georgia plant capex.
Price Chart
Executive Summary
Rivian reported Q3 2026 revenue of $2.155B, a 38% YoY increase, and record deliveries of 19,248 units (up 46% YoY), driven by the R2 ramp. The company improved full-year guidance across all metrics: delivery guidance raised to 67,000-70,000 units, adjusted EBITDA midpoint improved by $100M, and capex reduced by $300M. Separately, Derek Mulvey was appointed Interim CFO effective October 30, 2026, replacing the departing CFO.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $2.155B, up 38% YoY from $1.558B
- Record deliveries of 19,248 vehicles, up 46% YoY
- R2 became best-selling Rivian vehicle by volume in Q3
- Consolidated gross profit $176M vs $24M in Q3 2025, a $152M improvement
- Software and services revenue $605M, up 45% YoY, with 42% gross margin
- Adjusted EBITDA $(435)M vs $(602)M in Q3 2025, a $167M improvement
- Full-year delivery guidance raised to 67,000-70,000 units from 65,000-70,000
- Adjusted EBITDA guidance improved to $(1.85)B-$(1.75)B from $(2.00)B-$(1.80)B
- Capex guidance reduced to $1.40B-$1.50B from $1.70B-$1.80B
- Cash and short-term investments $5.502B at quarter end
- Pro-forma available liquidity $7.095B including $1B VW loan received in October
- Derek Mulvey appointed Interim CFO effective October 30, 2026
- GAAP net loss per share $(0.63) vs $(0.96) in Q3 2025
- Adjusted net loss per share $(0.48) vs $(0.65) in Q3 2025
Financial Impact
Revenue $2.155B vs consensus $2.00B, a 7.75% beat. GAAP EPS $(0.63) vs consensus $(0.72), a 12.5% beat on the Street basis (GAAP). Guidance raised across deliveries, adjusted EBITDA, and capex.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Automotive | $1.6B | +35.7% |
| Software and services | $605.0M | +45.4% |
Risk Factors
- Automotive gross profit remains negative at $(80)M due to R2 ramp costs ($120M incremental in Q3)
- Free cash flow worsened to $(1.124)B from $(421)M in Q3 2025, driven by working capital needs for R2
- CFO transition to interim CFO adds management uncertainty
- Net loss $(913)M, though improved from $(1.173)B in Q3 2025
- Dependence on VW JV for 59% of software revenue creates concentration risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001874178-26-000065 |
| Exhibit: ex-9923q26rivianearnings.htm | 0001874178-26-000065 |
| Document: 0001874178-26-000065-index-headers.html | 0001874178-26-000065 |
| Document: 0001874178-26-000065-index.html | 0001874178-26-000065 |
| Document: 0001874178-26-000065.txt | 0001874178-26-000065 |
| 8-K Data (Synthetic) | 0001874178-26-000065 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 3 | $12.13 | awaiting T+5 | awaiting T+5 | $12.16 (+0.23%) |
Oct 29, 2026 3d ago | 8-K | $11.51 | awaiting T+5 | awaiting T+5 | $12.16 (+5.67%) |
Oct 26, 2026 6d ago | Institutional Cluster | $11.43 | awaiting T+5 | awaiting T+5 | $12.16 (+6.39%) |
Oct 12, 2026 20d ago | Institutional Cluster | $13.54 $12.34 | ▼ −8.86% | ▼ −7.37% | $12.16 (−10.19%) |
Oct 7, 2026 25d ago | 8-K | $14.33 $13.02 | ▼ −9.14% | ▼ −8.87% | $12.16 (−15.14%) |
Oct 2, 2026 4w ago | 8-K | $14.30 $13.96 | ▼ −2.38% | ▼ −3.54% | $12.16 (−14.97%) |
Jul 30, 2026 13w ago | 8-K | $15.22 $16.00 | ▲ +5.12% | ▲ +1.61% | $12.16 (−20.11%) |
Jul 2, 2026 17w ago | 8-K | $18.63 $18.12 | ▼ −2.74% | ▼ −3.67% | $12.16 (−34.73%) |
Jun 11, 2026 20w ago | Institutional Cluster | $15.54 $16.26 | ▼ −4.63% | ▼ −4.20% | $12.16 (+21.75%) |
Jun 5, 2026 21w ago | Insider Cluster | $16.84 $16.68 | ▼ −0.95% | ▼ −3.06% | $12.16 (−27.79%) |
US Market Status
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