RIVN Q2 2026 Earnings

Call Details

• Call Title: Rivian Automotive, Inc. Q2 2026 Earnings Call
• Date: July 30, 2026 at 9:00 PM UTC
• Management Team:
  • Chip Newcom (Head of Investor Relations)
  • RJ Scaringe (Chief Executive Officer)
  • Claire McDonough (Chief Financial Officer)
  • Javier Varela (Chief Operations Officer)

Call Summary

Financial Performance

• Consolidated revenue was $1.66B in Q2 2026, a 27% increase year over year.
• Consolidated gross profit was $179M and consolidated gross margin was 11% for the quarter.
• Depreciation and amortization included in gross profit was $138M and stock-based compensation included was $31M.
• Adjusted EBITDA loss for the quarter was $379M driven by $179M gross profit and higher adjusted operating expenses.
• Automotive revenue was $1.14B, a 23% increase year over year, driven by a 14% increase in vehicle deliveries and $103M higher automotive regulatory credit revenue.
• Automotive gross profit loss was $36M versus a loss of $335M in the year-ago quarter, an improvement of $299M primarily from higher volumes, regulatory credits, and an IEPA tariff refund receivable.
• Produced 12,613 vehicles and delivered 12,194 vehicles in Q2 2026, topping prior guidance of 9,000 to 11,000 units.
• Software and services revenue was $515M, up 37% year over year, with $308M (60%) attributable to the Volkswagen joint venture.
• Software and services gross profit was $215M, representing a 42% margin for the segment.
• The quarter included an approximate $100M incremental cost of revenue attributed to the R2 production ramp relative to more normalized production levels.

Guidance

• 2026 vehicle delivery guidance was raised to 65,000 to 70,000 total vehicles, a 3,000 unit increase versus prior guidance.
• The updated guidance implies approximately 42,400 to 47,400 deliveries in the second half of 2026.
• Deliveries are expected to be weighted toward Q4 2026 as R2 production ramps and a second shift is brought online.
• R2 is expected to achieve positive automotive gross profit on an exit-rate basis for 2026.
• Full-year 2026 adjusted EBITDA loss is expected between $2.0B to $1.8B, with the midpoint benefiting by $50M versus prior midpoint driven by stronger regulatory credit revenue and higher volumes.
• Automotive gross profit is expected to be negatively impacted in Q3 due to new vehicle launch complexity and then to improve in Q4 as scale benefits accrue.