Rivian Q3 2026: R2 Drives an EPS Beat and Falling Costs
As seen on the 24/7 Wall St. homepage on October 29, 2026.
Automotive cost per unit improved by more than $12,000 quarter over quarter, the clearest sign yet that the R2, now Rivian's best-selling vehicle, can bend the loss curve. Cash burn is still real, but this is the first quarter the ramp paid for itself.
Continue ReadingShow less
Rivian reported a loss of $0.48 per share for the third quarter of 2026, beating the consensus estimate of $0.72. Revenue of $2.15 billion also came in above expectations.
Automotive cost of goods sold fell by more than $12,000 per unit quarter over quarter, driven by a higher mix of R2 vehicles and fixed-cost leverage as the production ramp gained momentum. That cost compression narrowed automotive gross loss year over year, even as overall losses remain large.
R2 outsold both the R1 and the Electric Delivery Van in the quarter, making it Rivian's best-selling vehicle by volume. Production hit a company record of 19,751 units, and the second production shift at Normal, Illinois is now running.
Sponsored
Management raised full-year 2026 guidance on every major metric, tightening the delivery range to 67,000 to 70,000 units. Capital expenditure guidance was cut at the midpoint.
Cash and equivalents stood at $3.51 billion, down about 21% year over year, so burn remains a real constraint. Catalysts ahead include a $250 million Uber milestone equity payment targeted by year-end, a first DOE loan draw expected by early 2027, and an Autonomy and AI Day on December 9 focused on Point to Point supervised driving.
Mentioned: RIVN