RIVN Nasdaq Russell 1000 Earnings call
Rivian (RIVN) · Q2 2026 results
Share price: $13.54 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net loss widened on the previous quarter, guidance cut. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Guidance cut
Net income -833.0M vs -416.0M
Revenue +20.1%
Net income -833.0M vs -1.12B in Q2 2025 and -416.0M last quarter.
2 · How management spoke
Typical
More upbeat than 50% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
Rivian expects to scale R2 production from a single shift to two shifts by the end of the third quarter to increase output.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$13.54
close of 2026-11-11
Revenue growth, 3 years
+48.1% a year
compound annual rate (CAGR)
Free cash flow 2023
−$5.9B
Free cash flow 2024
−$2.9B
Free cash flow 2025
−$2.5B
Read between the lines
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Guidance ↓
Rivian lowered its 2026 capital expenditure guidance by $250 million to a midpoint of $1.7 billion-$1.8 billion due to project efficiencies and timing of spend.
Source quote
“Finally, for 2026, we are reducing our capital expenditure guidance by $250 million at the midpoint to $1.7 billion-$1.8 billion, benefiting from project efficiencies and timing of spend.”
-
Figure
Consolidated revenue rose 27% over the previous quarter to $1.66 billion.
Source quote
“Turning to the results for the second quarter, our consolidated revenue was $1.66 billion, a 27% increase over the same quarter...”
-
Last period
Rivian aims to scale to two shifts by the end of 2026 to reach the target of profitably delivering 4,000 vehicles per week.
Source quote
“Delivering a strong 2026 exit rate for R2 production and deliveries is a key focus for our team as we believe... ...and we expect to scale to 2 shifts by the end of 2026 as we ramp towards our North Star target of profitably delivering 4,000 vehicles per week in normal. Turning to the results for the first quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In a world of completely open trade, our supply chains would look very different, because we'd be optimizing purely around cost, which would be, of course, optimizing around countries that...”
“We continue to believe that R2 and our technology roadmap will be truly transformative for the growth and profitability of our business.”
“Beyond we'll see just the ongoing investments that we're continuing to make across R&D, and specifically the growth in our autonomy spend, and the continued fixed cost leverage that we'll...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.66B | 1.38B | +20.1% | 1.30B | +27.2% |
| Gross profit | 179.0M | 119.0M | +50.4% | -206.0M | Turned profit |
| Operating income | -836.0M | -881.0M | Loss narrowed | -1.11B | Loss narrowed |
| Net income | -833.0M | -416.0M | Loss widened | -1.12B | Loss narrowed |
| EPS | -0.63 | -0.33 | Loss widened | -0.97 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- New Strong R2 reviews and increasing brand awareness are directly translating into accelerating customer touchpoints with Rivian's products.
- Automotive marketplace, starved for high-quality EV choice, I strongly believe R2 is an attractively priced option for everyday adventurers…
- Rivian is seeing good progress in new team member training and process improvements for the ramp of the first R2...
- One journalist wrote, quote, "R2 is one of the best new cars I've driven in years." Another praised R2 as...
- Gross profit included $138 million of depreciation and amortization and $31 million of stock-based compensation expense.
Faded since Q1 2026
- Dropped With R2, Rivian is taking its design, performance and technology and bringing it to a significantly broader audience without losing...
- Fading This is the platform that Rivian launched actually on its Gen 2 R1 vehicles is designed around an end-to-end approach...
- Fading Imagine Rivian could hand you a 10x multiplier to your compute capability effectively makes your brain 10x smarter.
- Fading The scale of Uber's platform and the success they've had in creating a really healthy marketplace really makes them an...
Latest announcements
Official filings, newest first.
- New financial obligation · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K