Rivian Automotive, Inc. / DE is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: 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.
Drawn from management commentary in the Q1 2026 10-Q:
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.
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.
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.
Revenue
$1.38B
++11.37% YoY
EPS (Basic)
$-0.33
++31.25% YoY
Gross Margin
8.6%
-8.00% YoY
Operating Income
$-881M
-34.50% YoY
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