Rivian Automotive has lowered its 2026 capital expenditure forecast and tightened its adjusted loss guidance, even as the electric vehicle maker reported second-quarter results that beat Wall Street expectations. The company also reaffirmed its delivery target for the year.
The company now expects to spend between $1.7 billion and $1.8 billion on capital expenditures in 2026, down from the previous range of $1.95 billion to $2.05 billion. Rivian attributed the roughly $250 million reduction at the midpoint to "project efficiencies and timing of spend."
Rivian also narrowed its adjusted loss forecast for 2026 to $1.8 billion–$2.0 billion, from an earlier range of $1.8 billion–$2.1 billion. The company maintained its delivery target of 65,000 to 70,000 vehicles for the year.
For the second quarter of 2026, Rivian reported revenue of $1.658 billion, a 27% increase year-over-year. Gross profit turned positive at $179 million, compared with a loss of $206 million a year earlier. The company posted a net loss of $837 million, or $0.63 per share, narrowing from a loss of $0.97 per share in the same period last year.
Rivian's automotive segment generated $1.14 billion in revenue, up 23% year-over-year, but posted a gross loss of $36 million. In contrast, the software and services segment recorded $515 million in revenue — a 37% increase — and a gross profit of $215 million.
Regulatory credits contributed $108 million to revenue in the quarter, while the company's joint venture with Volkswagen Group added $308 million in software and services revenue. Rivian also noted it absorbed roughly $100 million in extra cost of revenue from ramping production of the R2 SUV, which began deliveries in June 2026.
Rivian produced 12,613 vehicles and delivered 12,194 in the second quarter, a 14% increase in deliveries year-over-year. For the first half of 2026, total deliveries reached 22,559, meaning the company needs to deliver roughly 42,000 to 47,000 vehicles in the second half to meet its full-year target.
The company ended the quarter with $5.31 billion in cash, equivalents, and short-term investments. In July 2026, Rivian raised about $1.3 billion through a follow-on offering of 86.25 million Class A shares. It also expects $1 billion in non-recourse debt from Volkswagen and a $250 million equity investment from Uber later this year, bringing its available and targeted future capital to over $14 billion.
Rivian's gross margin improved for five consecutive quarters, from negative 16% a year ago to positive 11% in Q2 2026. The company hosted a record 57,000 demo drives in the quarter.
Updates
Rivian's Q2 2026 revenue of $1.66 billion surpassed the Bloomberg consensus of $1.52 billion, while its adjusted EBITDA loss of $379 million was narrower than the expected $548 million. Additionally, the company's adjusted loss per share of $0.63 performed better than the estimated $0.76, and the full-year delivery guidance was previously lifted from 62,000 to 67,000 earlier this month. Furthermore, equity contributions from the July share offering are linked to the US Department of Energy loan for the Georgia plant.
Rivian's Q2 2026 consolidated gross profit reached $179 million with an 11% margin, while its software and services division reported a $215 million profit on $515 million in revenue. The company also reported an adjusted EBITDA loss of $379 million, which was narrower than the $548 million expected by analysts, and an adjusted loss per share of $0.63 compared to the estimated $0.76. Additionally, the automotive segment recorded a $36 million loss on $1.14 billion in revenue during the quarter.
Rivian reported a consolidated gross profit of $179 million for the second quarter, driven by a 42% margin in its software and services division which generated $215 million in profit. While R2 production ramp-up added $100 million in costs, CEO RJ Scaringe confirmed expectations for positive gross margin on the R2 by year-end. Despite the strong quarterly financial results exceeding analyst estimates, the company's stock fell over 6% on Friday as it continues to navigate supply chain constraints and prepares for future investments from Volkswagen and Uber.
Rivian's Q2 2026 revenue reached $1.66 billion, surpassing the $1.52 billion Bloomberg consensus, while its adjusted EBITDA loss of $379 million was narrower than the $548 million analyst estimate. The company reported an adjusted loss per share of $0.63 compared to the expected $0.76, and its consolidated gross profit for the quarter stood at $179 million with an 11% margin. Additionally, the software and services division achieved a $215 million profit on $515 million in revenue, while the automotive segment reported a $36 million loss.
Rivian's Q2 2026 consolidated gross profit reached $179 million with an 11% margin, while its software and services division reported a $215 million profit on $515 million in revenue. The company's adjusted EBITDA loss of $379 million and adjusted loss per share of $0.63 both performed better than analyst expectations of $548 million and $0.76, respectively. Additionally, Q2 revenue of $1.66 billion exceeded the Bloomberg consensus of $1.52 billion, even as the stock fell over 6% on Friday.
