Rivian Beats Q3 Estimates and Raises Delivery Guidance on R2 Growth

Rivian Automotive reported third-quarter 2026 revenue of $2.155 billion, a 38% increase over the same period last year, as the company’s higher-volume R2 SUV platform began to reshape its balance sheet. The electric vehicle maker outperformed analyst expectations on the bottom line, posting an adjusted loss of $0.48 per share compared to the anticipated loss of $0.61 to $0.72.

The quarterly results reflect a significant shift in Rivian’s product mix. For the first time, the midsize R2 SUV became the company’s highest-volume vehicle, surpassing both the R1 flagship series and the Amazon electric delivery van (EDV). Total vehicle deliveries for the quarter reached a record 19,248 units, representing a 46% year-over-year increase.

Software and services revenue reached $605 million, significantly bolstered by the Volkswagen joint venture.

Software and Volkswagen Synergy

Revenue from software and services played a critical role in the quarter’s performance, jumping 45% year-over-year to $605 million. A primary driver of this growth was the company’s joint venture with Volkswagen Group, which contributed $354 million—roughly 59% of the total software and services segment revenue.

The partnership continues to strengthen Rivian’s liquidity. Software-related income helped offset the costs associated with ramping up R2 production. Rivian management maintained its target to achieve a positive automotive gross profit exit rate by the end of 2026.

The company also noted that automotive cost of goods sold per unit improved by more than $12,000 compared to the previous quarter, aided by manufacturing efficiencies and lower component costs.

Raised Guidance and 2026 Outlook

Based on the delivery momentum of the R2, Rivian raised its full-year 2026 delivery guidance. The company now expects to deliver between 67,000 and 70,000 vehicles, up from the previous floor of 65,000. Additionally, the forecast for adjusted EBITDA loss was improved to a range of $1.75 billion to $1.85 billion.

Capital expenditures were reduced by $300 million due to what management described as timing efficiencies in equipment deployment.

Rivian is preparing for an Autonomy and AI Day in December to showcase its next-generation self-driving software.

Looking ahead, Rivian has scheduled an “Autonomy and AI Day” for December 9, where it is expected to detail progress on its self-driving software and the broader rollout of its Point to Point autonomous driving features for subscribers. These initiatives are central to the company’s strategy to expand high-margin recurring revenue beyond physical hardware sales.

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