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.