Rivian Q3 Revenue Rises 38% as R2 Becomes Its Best-Seller; Loss Beats Forecast and 2026 Delivery Guide Is Raised

RIVN reported third-quarter revenue of $2.155 billion, up 38% from $1.558 billion a year earlier, ahead of the roughly $2 billion analysts expected. The loss of $0.48 per share beat the consensus forecast of a $0.64 loss, compared with a $1.08 loss a year ago, while the GAAP net loss was about $913 million.

The R2 SUV, launched in June, outsold both the R1 and the electric delivery van in its first full quarter, becoming Rivian's highest-volume vehicle. Rivian produced a record 19,751 vehicles and delivered 19,248, and raised its 2026 delivery guidance to 67,000 to 70,000 vehicles from 65,000 to 70,000. Automotive revenue rose 36% to $1.55 billion, helped by a 46% jump in deliveries and $81 million of regulatory-credit revenue, while software and services revenue grew 45% to $605 million, about 60% of it from the Volkswagen joint venture.

Margins are improving but not yet positive at the vehicle level. Gross profit was $176 million, an 8% margin, but automotive gross profit was still a loss of $80 million, narrower than the $130 million loss a year earlier, after about $120 million of R2 ramp costs. Management expects to exit the fourth quarter at positive automotive gross profit, while clarifying that this does not mean a positive full quarter. Rivian now guides to a 2026 adjusted EBITDA loss of $1.75 billion to $1.85 billion, cut capex guidance to $1.4 billion to $1.5 billion, and ended the quarter with about $5.5 billion of cash and short-term investments. CFO Claire McDonough is stepping down, with Derek Mulvey named interim CFO.

Shares opened at $12.10 on Friday from an $11.45 close, though the gain had narrowed to about 2% by midday. Analysts split: Jefferies upgraded the stock to Buy with a $17 target, while Needham kept Buy but cut its target to $18 from $23 and Cantor Fitzgerald cut to $16 from $19. Watch the pace of the second R2 shift, whether R2 becomes the majority of fourth-quarter deliveries as guided, and whether the positive automotive gross profit exit rate holds into 2027.