Rivian Raises 2026 Delivery Floor After Record Quarter

The Tip Desk · October 31, 2026 · 4 min read

Third-quarter revenue reached $2.155 billion as deliveries hit a record 19,248 units and the company lifted full-year delivery guidance to 67,000–70,000 units.

Rivian Automotive, Inc. (RIVN) raised its 2026 delivery floor after a record third quarter in which the R2 became its best-selling vehicle by volume.

The American automotive technology company generated $2.155 billion in revenue, a 38 percent increase from a year earlier, accelerating from 27 percent year-over-year growth in the second quarter. Deliveries reached a record 19,248 units, up 46 percent from a year earlier, after 12,194 units in the prior quarter. Rivian produced 19,751 vehicles at its Normal, Illinois plant.

R2 outsold both the R1 and the electric delivery van in the third quarter and accounted for much of the sequential gain in deliveries. Founder and Chief Executive Officer RJ Scaringe said customer and media feedback on the R2 had been exceptional and that the vehicle recently won Top Gear’s SUV of the Year for 2027.

Automotive revenue was $1.550 billion, up 36 percent from a year earlier. The company said the increase reflected higher delivery volumes and an $80 million rise in regulatory-credit revenue, partially offset by a lower average vehicle selling price from a higher mix of R2 and commercial van deliveries. Consolidated regulatory-credit revenue was $81 million.

Software and services revenue was $605 million, up 45 percent from a year earlier. Of that total, $354 million, or 59 percent, was attributable to the joint venture with Volkswagen Group. Rivian said the software and services increase reflected vehicle electrical architecture and software development services, repair and maintenance, and Autonomy+, partially offset by lower remarketing sales.

Consolidated gross profit was $176 million, a $152 million improvement from a year earlier, with gross margin at 8 percent after 11 percent in the second quarter. Automotive gross profit was a loss of $80 million, compared with a $130 million loss a year earlier. Rivian said that $50 million improvement came from higher deliveries at an improved per-unit margin, regulatory credits, and an IEEPA tariff refund receivable, partially offset by R2 ramp costs. It recognized about $120 million of incremental cost of revenues from the R2 production ramp versus more normalized production.

Software and services gross profit was $256 million, a 42 percent margin. Loss from operations was $881 million, compared with $983 million a year earlier. Total operating expenses were $1.057 billion. Research and development expenses were $485 million, which Rivian attributed primarily to software spend on AI and autonomy initiatives, partially offset by lower engineering, design, and development. Selling, general and administrative expenses were $572 million.

Net loss attributable to common stockholders was $913 million, or $0.63 a share, versus $1.173 billion a year earlier. Adjusted net loss per share was $0.48. Adjusted EBITDA was a loss of $435 million, compared with a loss of $602 million a year earlier.

Net cash used in operating activities was $758 million, versus $26 million provided a year earlier. Rivian said the swing was driven primarily by a reduction in deferred revenues and an inventory buildup to support the R2 launch. Free cash flow was a loss of $1,124 million. Capital expenditures were $366 million.

Cash, cash equivalents, and short-term investments were $5.502 billion at quarter-end. Including its revolving credit facility, total liquidity was $6.095 billion. With a $1.000 billion non-recourse 10-year term loan from Volkswagen Group received in October 2026, the company said pro forma available liquidity would be $7.095 billion.

Given the quarter’s performance, Rivian is improving 2026 guidance across all metrics. Full-year delivery guidance is now 67,000 to 70,000 units, up from 65,000 to 70,000, on the fourth-quarter production and delivery outlook. Adjusted EBITDA guidance is $(1.85) billion to $(1.75) billion, improved by $100 million at the midpoint, which the company attributed to better-than-expected regulatory-credit revenue, the third-quarter IEEPA tariff refund receivable, and an expected increase in delivery volumes. Capital expenditures guidance is $1.40 billion to $1.50 billion, down $300 million at the midpoint on timing of spend.

A limited rollout of Point to Point autonomy is expected later this year through an invitation-only program, with a general release to Autonomy+ subscribers expected in 2027. Rivian announced the acquisition of Third Dimension AI to support closed-loop simulation and said it would share more at an Autonomy and AI Day on December 9.