Rivian lifts 2026 delivery guidance to 67,000-70,000 after 38% revenue jump

Rivian Automotive posted $2.16bn in third-quarter 2026 revenue, up 38% year-on-year, and raised its full-year delivery guidance to 67,000-70,000 units from 65,000-70,000. The company delivered 19,248 vehicles in the quarter, a 46% increase, while producing 19,751 vehicles at its Normal, Illinois plant.

The US electric vehicle maker reported the results and lifted guidance in the same statement, tightening the bottom of its delivery range by 2,000 units. Management said adjusted EBITDA guidance improved by $100m at the mid-point, and capital expenditure guidance fell by $300m at the mid-point. Those figures are targets, not results, and Rivian did not publish the absolute EBITDA or capex ranges in the release.

Where the revenue came from

Automotive revenue rose 36% to $1.55bn. Rivian attributed the gain to higher deliveries and an $80m increase in revenue from regulatory credits. A lower average selling price partially offset both effects, because the delivery mix shifted toward the R2 and commercial vans.

Software and services revenue grew 45% to $605m. Of that total, $354m — 59% — came from Rivian's joint venture with Volkswagen Group. That dependency deserves attention. Nearly two-thirds of the software segment now rests on a single partner relationship, and the release gives no detail on the venture's margin profile.

Loss from operations improved to $881m from $983m a year earlier. Net loss attributable to common stockholders narrowed to $913m from $1.17bn. Adjusted net loss per share improved to $0.48 from $0.65.

Consolidated gross profit reached $176m, up $152m from the same quarter last year. The split matters. Automotive gross loss narrowed to $80m from $130m. Software and services gross profit rose to $256m from $154m. The software unit, not the car business, carried the consolidated figure into profit.

What did the R2 ramp cost?

Rivian said R2 production ramp costs weighed on automotive performance. It recognised about $120m in incremental cost of revenues during the quarter compared with production at normalised levels. That charge explains most of the remaining automotive gross loss. The company offered no timeline for when R2 output reaches those normalised levels, and that gap leaves the fourth-quarter margin picture open.

Cash consumption widened sharply. Net cash used in operating activities was $758m, against $26m provided a year earlier. Rivian blamed working capital, including lower deferred revenues and higher inventory purchases tied to the R2 launch. Inventory build ahead of a launch is normal; the burn rate still more than quadrupled some loss lines and warrants watching through the next two quarters.

What about the Uber money?

Rivian disclosed it received $300m from Uber in May 2026 under a subscription agreement. The company can receive up to $950m in aggregate across remaining milestones, subject to conditions. The word to flag is "subject". Milestone payments that depend on conditions have a history of slipping, and Rivian did not specify what the conditions are or when the payments fall due.

Founder and CEO RJ Scaringe said: "We had great results with R2 becoming our best selling vehicle by volume in the third quarter. Customer and media feedback on R2 has been exceptional." He added: "Regarding our technology roadmap, our autonomy platform is progressing rapidly, and we are super excited about Point to Point. We are laying the foundations for a future that we believe will be fully electric, autonomous and AI defined."

Scaringe's claim that R2 became the volume leader is the most concrete element in the quote. The autonomy remarks describe intent, not shipped product, and Rivian gave no date for Point to Point availability.

What to watch next

Three numbers will test whether this quarter's guidance raise holds. First, Q4 deliveries must land high enough inside the 67,000-70,000 range to absorb the raised floor. Second, the R2 ramp costs — $120m this quarter — should narrow as production normalises; if they do not, the automotive gross loss stalls above $80m. Third, the remaining Uber milestones, up to $950m, depend on undisclosed conditions, so treat that cash as unbanked until Rivian reports receiving it.