Rivian Raises 2026 Delivery Outlook as R2 Becomes Best-Seller and Third-Quarter Revenue Jumps 38%

Rivian raised its 2026 delivery and adjusted EBITDA outlook after its new R2 SUV became the company's best-selling vehicle in the third quarter, pushing deliveries up 46% and revenue up 38% to $2.155 billion, according to the earnings release it filed with an 8-K on Thursday after the market close.

The electric vehicle maker now expects to deliver 67,000 to 70,000 vehicles this year, up from 65,000 to 70,000. It improved its adjusted EBITDA guidance by $100 million at the midpoint to a loss of $1.75 billion to $1.85 billion, citing better-than-expected regulatory credit revenue, a tariff refund receivable and an expected increase in deliveries. It cut its capital expenditure outlook by $300 million at the midpoint to $1.40 billion to $1.50 billion because of timing of spending.

"We had great results with R2 becoming our best selling vehicle by volume in the third quarter," founder and CEO RJ Scaringe said in the release.

Record output in Normal

Rivian produced a record 19,751 vehicles at its plant in Normal, Illinois, and delivered 19,248, up from 12,194 in the second quarter and 13,201 a year earlier. The company said R2 outsold both its R1 vehicles and its electric delivery van.

Automotive revenue rose 36% to $1.550 billion, helped by higher deliveries and an $80 million increase in regulatory credit revenue, partly offset by a lower average selling price from a heavier mix of R2 and commercial vans. Software and services revenue grew 45% to $605 million, with $354 million, or 59%, coming from its joint venture with Volkswagen Group.

Gross profit improves, losses narrow

Consolidated gross profit was $176 million, a $152 million improvement from a year earlier, for an 8% gross margin. The automotive business still posted a gross loss of $80 million, narrower than $130 million a year ago, and Rivian said it absorbed about $120 million of extra cost of revenues from ramping R2 production. Software and services gross profit rose to $256 million, a 42% margin.

The operating loss narrowed to $881 million from $983 million, and the net loss attributable to common stockholders shrank to $913 million from $1.173 billion. The adjusted net loss was 48 cents a share, compared with 65 cents. Adjusted EBITDA was a loss of $435 million, versus a loss of $602 million.

Cash burn increased. Operating activities used $758 million, which the company tied mainly to lower deferred revenue and an inventory build for the R2 launch, and free cash flow was negative $1.124 billion. Rivian ended the quarter with $5.502 billion of cash, cash equivalents and short-term investments, and said total liquidity would be $7.095 billion pro forma for $1.000 billion received in October from a Volkswagen Group term loan facility.

Interim CFO named

In the same 8-K, Rivian said its board on Oct. 27 appointed Derek Mulvey, its vice president of finance, as interim chief financial officer effective Oct. 30, upon the departure of the current CFO that the company previously disclosed in an August 8-K. Mulvey, 36, has been vice president of finance since March 2025 and previously led strategic finance and investor relations at the company. His base salary was raised to $400,000 a year, with a target bonus of 40% of salary.

Rivian also said a limited rollout of its Point to Point hands-free driving feature is expected to begin later this year through an invitation-only program, with a general release to Autonomy+ subscribers expected in 2027.

By the numbers

• $2.155 billion: third-quarter revenue, up 38%
• 19,248: vehicles delivered, up 46%
• $176 million: gross profit, up $152 million
• 67,000 to 70,000: raised 2026 delivery guidance
• $5.502 billion: cash, cash equivalents and short-term investments

Sources

1. Rivian Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001874178-26-000065)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.