Rivian Posts Record Gross Profit as R2 Production Ramps Up

Rivian Automotive reported second-quarter 2026 revenue of $1.658 billion, a 27 % year-over-year increase. The company delivered 12,194 vehicles and produced 12,613 units during the quarter, including the first customer deliveries of the R2—its first model priced under $50,000—on June 9. Demo drives topped 57,000, a company record. Automotive revenue reached $1.143 billion, while software and services generated $515 million.

Electrek

The quarter yielded a record gross profit of $179 million (an 11 % margin). That profit was driven almost entirely by the software and services segment, which posted a $215 million profit at a 42 % margin. By contrast, the automotive segment posted a $36 million loss and a negative automotive gross profit of $36 million. Rivian’s net loss narrowed to $837 million, or $0.63 per share. Adjusted EBITDA was a $379 million loss, better than the roughly $548 million analysts had modeled. Free cash flow was negative $849 million as the firm built R2 inventory, leaving $5.31 billion in cash, equivalents and short-term investments.

CNBC

Rivian raised its full-year 2026 delivery outlook to 65,000–70,000 vehicles, up 3,000 units from the prior range. Adjusted EBITDA loss guidance was narrowed to $1.8 billion–$2.0 billion, a $50 million improvement at the midpoint. Capital-expenditure guidance was cut to $1.7 billion–$1.8 billion, down $250 million at the midpoint. The company also disclosed a $1.3 billion raise from a follow-on offering of 86.25 million Class A shares, and it expects $1 billion in non-recourse debt from Volkswagen and a $250 million equity investment from Uber, subject to conditions, in addition to existing Department of Energy loan support.

CNBC

LSEG had projected a 47-cent loss per share and $1.51 billion in revenue. Rivian’s actual loss per share of $0.47 and revenue of $1.66 billion both beat those expectations.

CNBC

To meet its full-year delivery target, Rivian must roughly double second-half output, delivering 42,000–47,000 vehicles in the back half of the year. The R2’s lower material cost—about half that of the R1—should eventually turn automotive gross profit positive, but the current ramp-up still drags automotive margins down. Continued regulatory-credit revenue (about $108 million this quarter) and the high-margin software business remain key contributors to profitability as the company scales the R2.

Electrek