Rivian beats Q3 estimates as it says R2 ramp supported deliveries
Rivian reported $2.16 billion in third-quarter revenue and narrowed losses, while raising its 2026 delivery outlook.
By Sofia Marchetti · World Affairs Correspondent
2 min read
Rivian third quarter earnings for 2026 topped Wall Street estimates, with revenue of $2.16 billion and an adjusted loss of 48 cents a share. The electric-vehicle maker also raised its delivery outlook after shipping a record 19,248 vehicles in the quarter, though it remained unprofitable overall.
For the quarter ended Sept. 30, the adjusted loss was narrower than the 62-cent loss expected by analysts surveyed by LSEG, CNBC reported. Revenue exceeded the $1.99 billion consensus estimate. Rivian said revenue was $2.155 billion, up 38% from a year earlier.
Rivian produced 19,751 vehicles at its Normal, Illinois, plant and delivered 19,248 from July through September, according to an SEC-filed company release. The company said its new R2 SUV became its best-selling vehicle by volume and accounted for much of the quarter-over-quarter delivery increase.
Did Rivian become profitable in the third quarter?
No. Rivian reported a net loss attributable to common stockholders of $913 million, compared with a $1.17 billion loss a year earlier, CNBC reported. Its adjusted EBITDA loss narrowed to $435 million from $602 million in the prior-year quarter.
Its consolidated gross profit was $176 million, up from $24 million a year earlier. Gross profit measures revenue remaining after direct production costs; it differs from net income because it excludes other operating costs, interest and other expenses.
The quarter's gross-profit mix showed the contribution from Rivian's non-automotive operations. Software and services brought in $605 million in revenue and $256 million in gross profit, a 42% margin, according to CNBC. Automotive operations generated nearly $1.55 billion in revenue but posted an $80 million gross loss, leaving the company with $176 million in consolidated gross profit.
What changed in Rivian's 2026 outlook?
Rivian raised its 2026 delivery forecast to 67,000 to 70,000 vehicles, from its earlier range of 65,000 to 70,000. It now expects an adjusted EBITDA loss of $1.75 billion to $1.85 billion and capital expenditures of $1.4 billion to $1.5 billion.
The new loss outlook improves the midpoint by $100 million, while the capital-spending midpoint is $300 million lower. Rivian attributed the outlook change to better-than-expected regulatory-credit revenue, an IEEPA tariff-refund receivable in the third quarter and an expected increase in deliveries.
Rivian reconfirmed a $5.5 billion cash, cash-equivalents and short-term-investments balance, up from $5.3 billion at the end of the second quarter, CNBC reported. Chief Executive RJ Scaringe has said the R2 production ramp is needed to achieve a positive gross margin for that model and, ultimately, the company; that remains a forward-looking company expectation subject to uncertainty.
This story draws on original reporting from CNBC.