I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 1.658 B, beating the estimate of USD 1.57 B.
EPS: As of FY2026 Q2, the actual value is USD -0.63, beating the estimate of USD -0.7764.
EBIT: As of FY2026 Q2, the actual value is USD -816 M.
Production and Deliveries
Rivian Automotive, Inc. produced 12,613 vehicles and delivered 12,194 vehicles to customers during the second quarter of 2026.
Revenue
Consolidated revenue was $1.658 billion in the second quarter of 2026, a 27% increase over the prior year, driven by a 14% year-over-year increase in delivery volumes, $108 million in regulatory credits, and strong performance from the software and services segment.
Automotive segment revenue increased by 23% to $1.143 billion compared to the same quarter last year, mainly due to increased vehicle deliveries and a $103 million rise in regulatory credits, partially offset by a decline in average vehicle selling prices. Software and services segment revenue grew by 37% to $515 million year-over-year, attributed to an increase in vehicle electrical architecture and software development services, vehicle repair and maintenance services, and Autonomy+, with $308 million (60%) of this revenue coming from the joint venture with Volkswagen Group.
Gross Profit
Consolidated gross profit for Rivian Automotive, Inc. was $179 million in the second quarter of 2026, representing a $385 million improvement over the same quarter in the prior year. The Automotive segment reported a gross profit of - $36 million, an improvement of $299 million compared to - $335 million in the second quarter of 2025, driven by increased delivery and production volumes, regulatory credits, and an IEEPA tariff refund, despite approximately $100 million in incremental costs due to the R2 production ramp. The Software and services segment achieved a gross profit of $215 million, with a 42% margin, marking an $86 million increase over the prior year, primarily due to services provided by the joint venture with Volkswagen Group.
Operating Expenses
Total operating expenses increased to $1.015 billion in the second quarter of 2026, up from $908 million in the prior year. Research and development (R&D) expense was $466 million, compared to $410 million in the prior year, mainly due to software expenses for AI and autonomy initiatives and payroll for the R2 launch. Selling, general and administrative (SG&A) expense was $549 million, up from $498 million, driven by expanding go-to-market operations for the R2 launch.
Adjusted operating expenses (non-GAAP) totaled $731 million in the second quarter of 2026, compared to $681 million in the prior year, with adjusted R&D expenses at $347 million and adjusted SG&A expenses at $384 million.
Operating Loss
Rivian Automotive, Inc. reported a loss from operations of - $836 million for the second quarter of 2026, an improvement of $278 million compared to - $1.114 billion in the same quarter of the prior year.
Net Loss
Net loss attributable to common stockholders was - $837 million in the second quarter of 2026, compared to - $1.115 billion for the same quarter of the prior year.
Adjusted EBITDA (non-GAAP)
Adjusted EBITDA was - $379 million in the second quarter of 2026, an improvement from - $667 million in the same quarter of the prior year.
Cash Flow
Net cash used in operating activities was - $487 million in the second quarter of 2026, compared to $64 million in the same quarter of the prior year, primarily due to changes in working capital including inventory build-up for the R2 launch. Capital expenditures were - $362 million, an improvement from - $462 million in the prior year. Free cash flow (non-GAAP) was - $849 million for the second quarter of 2026, compared to - $398 million for the same quarter of the prior year.
Liquidity
Rivian Automotive, Inc. ended the second quarter of 2026 with $5.310 billion in cash, cash equivalents, and short-term investments. Total liquidity, including capacity under its asset-based revolving-credit facility, was $5.846 billion. Pro forma total available liquidity, including $1.317 billion net proceeds from a July equity offering, would be $7.163 billion. The company’s current available liquidity and targeted future capital to support growth initiatives is over $14 billion, including current liquidity, the Department of Energy Loan, and additional targeted equity investments from Uber and Volkswagen Group.
Outlook / Guidance
Rivian Automotive, Inc. improved its 2026 annual guidance, increasing its delivery outlook by 3,000 units to a range of 65,000 – 70,000 vehicles. Adjusted EBITDA guidance improved by $50 million at the mid-point to a range of - $2.00 billion to - $1.80 billion. Capital expenditures were reduced by $250 million at the mid-point to a range of $1.70 billion to $1.80 billion.