Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Rivian reported Q1 FY2026 revenue of $1.38B (+11.4% YoY) but gross margin collapsed to 8.6% from 16.6%, driving operating losses to -$881M as cost of revenue surged 22.1% and cash fell 39.4% to $2.85B.
Revenue
$1.38B
+11.37% YoY
EPS (Diluted)
-$0.33
+31.25% YoY
Gross Margin
8.6%
-8.0 pts YoY
Operating Income
-$881M
-34.50% YoY
Source: SEC XBRL
Rivian Automotive, Inc. / DE (RIVN) reported Q1 FY2026 revenue of $1.38B, up 11.4% year over year. Operating margin was -63.8%, against -52.8% a year earlier. Operating cash flow was negative $703M. RIVN's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -0.46 | -0.64 | Beat +28.5% |
| Mar 2026This filing | -0.57 | -0.63 | Beat +9.4% |
| Dec 2025 | -0.54 | -0.69 | Beat +22.2% |
| Sep 2025 | -0.65 | -0.73 | Beat +11.3% |
Adjusted (non-GAAP) EPS of -$0.57 versus the -$0.63 analyst consensus — a +9.4% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.33.
Compiled by AI from this SEC filing
Revenue grew 11.4% YoY to $1.38B in Q1 FY2026, but cost of revenue surged 22.1% to $1.26B, compressing gross profit by 42.2% to just $119M. This indicates that Rivian is producing more vehicles but at significantly higher per-unit costs relative to the prior year period.
Source: 10-Q Income Statement
Gross margin fell sharply from 16.6% in Q1 FY2025 to 8.6% in Q1 FY2026, a decline of approximately 800 basis points. This deterioration suggests manufacturing inefficiencies, higher input costs, or unfavorable product mix are eroding profitability at the unit level.
Source: 10-Q Income Statement / Key Ratios
R&D expenses rose 20.2% YoY to $458M and SG&A increased 12.9% to $542M, together totaling $1.0B in operating expenses. Combined with the compressed gross profit, this drove the operating loss to -$881M, a 34.5% deterioration versus -$655M in Q1 FY2025.
Source: 10-Q Income Statement
Despite the worsening operating loss, net loss improved 23.7% YoY to -$416M from -$545M, and basic EPS improved to -$0.33 from -$0.48. This divergence likely reflects non-operating items such as interest income, fair value adjustments, or other below-the-line gains partially offsetting the operating shortfall.
Source: 10-Q Income Statement
Operating cash outflow worsened dramatically to -$703M from -$188M in Q1 FY2025, a 273.9% deterioration. Cash and equivalents declined 39.4% YoY to $2.85B, raising questions about the runway available to fund ongoing operations and capital expenditures without additional financing.
Source: 10-Q Cash Flow Statement / Balance Sheet
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Operating cash outflow reached -$703M in Q1 FY2026, nearly four times worse than the -$188M in Q1 FY2025. Cash and equivalents dropped to $2.85B from $4.69B a year ago, a 39.4% decline. If this burn rate persists, Rivian may need to raise additional capital through debt or equity, potentially diluting existing shareholders.
Source: 10-Q Cash Flow Statement / Balance Sheet
Gross margin fell from 16.6% to 8.6% YoY, with cost of revenue growing more than twice as fast as revenue. Sustained margin compression at this level could make it increasingly difficult for Rivian to reach profitability, especially as operating expenses remain elevated at over $1.0B per quarter.
Source: 10-Q Income Statement / Key Ratios
R&D and SG&A expenses combined totaled approximately $1.0B in Q1 FY2026, representing roughly 72% of total revenue. Both categories grew faster than revenue, indicating that operating leverage has not yet materialized and the path to operating breakeven remains distant.
Source: 10-Q Income Statement
Total assets declined 8.2% YoY to $14.23B while total liabilities increased 5.7% to $9.80B, compressing the equity cushion. Current liabilities rose 20.3% to $3.35B while current assets fell 32.2% to $7.05B, though the current ratio of 2.1x still provides near-term coverage.
Source: 10-Q Balance Sheet
Long-term debt stands at $4.44B, essentially unchanged YoY, representing a significant fixed obligation relative to Rivian's current revenue run rate of approximately $5.5B annualized. With negative operating cash flow, servicing this debt relies on existing cash reserves rather than operational cash generation.
Source: 10-Q Balance Sheet / Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.38 $B | 1.24 $B | +11.37% |
Cost of Revenue $B | 1.26 $B | 1.03 $B | +22.05% |
Gross Profit $M | 119.00 $M | 206.00 $M | -42.23% |
Operating Income $M | -881.00 $M | -655.00 $M | -34.50% |
Net Income $M | -416.00 $M | -545.00 $M | +23.67% |
EPS (Basic) $ | -0.33 $ | -0.48 $ | +31.25% |
EPS (Diluted) $ | -0.33 $ | -0.48 $ | +31.25% |
R&D Expense $M | 458.00 $M | 381.00 $M | +20.21% |
SG&A Expense $M | 542.00 $M | 480.00 $M | +12.92% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, Rivian achieved a positive gross profit of $179M and 27.2% revenue growth to $1.658B, driven by the commencement of R2 deliveries, expansion of its software joint venture, and $106M in regulatory credit sales, while continuing to incur net losses of $833M.
Rivian achieved its first-ever positive gross profit of $144M in FY2025, a dramatic turnaround from a -$1.2B gross loss in FY2024, while still posting a net loss of -$3.65B as heavy R&D and SG&A spending continues to weigh on the bottom line.