A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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.
Revenue
$1.66B
+27.24% YoY
EPS (Diluted)
-$0.63
+35.05% YoY
Gross Margin
10.8%
+26.6 pts YoY
Operating Income
-$836M
+24.96% YoY
Rivian Automotive, Inc. / DE (RIVN) reported Q2 FY2026 revenue of $1.66B, up 27.2% year over year. The company posted a net loss of $833M, with diluted EPS of -$0.63. Gross margin was 10.8%. The company posted an operating loss of $836M. RIVN's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Rivian generated $1.658B in revenue (+27.2% YoY) and achieved positive gross profit of $179M in Q2 FY2026, though R2 production ramp costs contributed to a net loss of $833M.
Last 4 quarters: 4 beats
Adjusted (non-GAAP) EPS of -$0.47 versus the -$0.64 analyst consensus — a +26.8% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.63.
Rivian produced 12,613 vehicles and delivered 12,194 vehicles in Q2 FY2026. The quarter marked the commencement of customer deliveries for the all-new R2 midsize SUV underpinned by the midsize platform.
Source: 10-Q Item 2 MD&A, p.27-28
Total gross profit turned positive at $179M compared to -$206M in Q2 FY2025. Automotive cost of revenues was impacted by ~$100M in incremental cost of revenues from the R2 production ramp, offset by an increase in regulatory credit revenues to $106M and an IEEPA tariff refund receivable.
Source: 10-Q Item 2 MD&A, p.33-34
Software and Services revenue grew 37% YoY to $515M, generating $215M in gross profit (up 67% YoY). Growth was primarily driven by vehicle electrical architecture and software development services provided to the Volkswagen Joint Venture and the launch of paid Autonomy+ offerings.
Source: 10-Q Item 2 MD&A, p.34-35
Automotive revenue included $106M from regulatory credit sales compared to $3M in Q2 FY2025. Automotive cost of revenues was reduced by an IEEPA tariff refund receivable following court decisions invalidating certain tariffs.
Source: 10-Q Item 2 MD&A, p.33-34
Rivian has incurred net losses since inception, including $833M in Q2 FY2026 and $1.253B for the first six months of FY2026. The company expects to continue incurring net losses for the foreseeable future as it scales operations and builds capacity.
Source: 10-Q Item 1A, p.42
Rivian will require significant additional equity and/or debt financing to support operations, Georgia plant construction, and R2 scaling. Conditions attached to DOE loans, credit market volatility, or stock dilution could impact financial stability.
Source: 10-Q Item 1A, p.43
The company faces intense competition from established EV manufacturers and legacy OEMs, along with volatile market demand. Failure to meet R2 delivery targets or adjust to competitor price cuts could adversely impact sales and margins.
Source: 10-Q Item 1A, p.44-46
Rivian relies heavily on single-source component suppliers and the Joint Venture with Volkswagen Group for software architecture. Disruptions, component quality defects, or failures in joint development could disrupt manufacturing and sales.
Source: 10-Q Item 1A, p.46-47
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Rivian Automotive, Inc. / DE (RIVN) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the RIVN earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.66B | $1.3B | +27.24% |
Cost of Revenue | $1.48B | $1.51B | -1.99% |
Gross Profit | $179M | -$206M | +186.89% |
Operating Income | -$836M | -$1.11B | +24.96% |
Net Income | -$833M | -$1.12B | +25.43% |
EPS (Basic) | -$0.63 | -$0.97 | +35.05% |
EPS (Diluted) | -$0.63 | -$0.97 | +35.05% |
R&D Expense | $466M | $410M | +13.66% |
SG&A Expense | $549M | $498M | +10.24% |
In Q2 FY2026, Rivian reported total revenue of $1.658B (+27.2% YoY) and achieved a positive gross profit of $179M. The company delivered 12,194 vehicles, commenced customer deliveries of the new R2 midsize SUV, and saw Software and Services revenue expand 37% YoY to $515M.
Rivian achieved a gross margin of 10.80% in Q2 FY2026, a substantial turnaround from -15.81% in Q2 FY2025. Gross profit reached $179M, aided by $106M in regulatory credit sales, tariff refund receivables, and $215M in Software and Services gross profit.
Rivian highlighted risks surrounding continuous net losses ($833M in Q2 FY2026), ongoing high capital requirements, and potential shareholder dilution from future financings. The filing also emphasized risks associated with ramping R2 vehicle production, single-source supplier dependencies, and intense EV price competition.
Rivian ended Q2 FY2026 with $3.592B in cash and cash equivalents and total current assets of $7.618B against current liabilities of $3.620B. Long-term debt was $4.444B, while cumulative year-to-date operating cash flow stood at -$1.19B.
Rivian Automotive, Inc. / DE (RIVN) is next expected to report earnings on Nov 2, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
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.
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.