Rivian Q3 2026 Earnings: R2 Is Now Rivian’s Best Seller and Guidance Goes Up

Rivian’s Q3 2026 shareholder presentation is out, and R2 is already Rivian’s best-selling vehicle, outselling both R1 and the EDV in the third quarter, while full-year delivery guidance moves up to 67,000 to 70,000.

That lines up with the record 19,248 deliveries Rivian reported earlier this month, and Rivian credits R2 for most of the jump from Q2.

R2 and production

• A second R2 production shift is now running in Normal, Illinois, and Rivian expects its run rate to keep climbing over the next few quarters.
• Production hit 19,751 vehicles, up 84% from a year ago.
• Reservation conversion on the R2 Performance Launch Edition stayed above Rivian’s expectations, and invites keep going out in batches.
• Demo drives topped 103,000 in Q3, up from about 57,000 in Q2.
• R2 was named Top Gear’s 2027 SUV of the Year.

The numbers

• Revenue came in at $2.155 billion, up 38% year over year.
• Gross profit was $176 million, about flat with Q2.
• Software and services brought in $605 million at a 42% margin, helped by the Volkswagen joint venture and Autonomy+.
• Automotive still posted an $80 million gross loss, which includes about $120 million in extra costs from ramping R2.
• Automotive cost per vehicle dropped by more than $12,000 from Q2 thanks to more R2s in the mix.

Autonomy

• Point to Point still starts with a limited rollout through the Autonomy Early Access Program later this year, with every Autonomy+ subscriber getting it in 2027.
• Autonomy+ take rates are trending ahead of what Rivian expected.
• The Third Dimension AI team is now part of Rivian’s simulation work for model training and validation.
• Rivian expects to hit its next Uber milestone by year end, unlocking another $250 million from Uber.

Updated 2026 guidance

• Deliveries: 67,000 to 70,000 (was 65,000 to 70,000)
• Adjusted EBITDA: a loss of $1.75 billion to $1.85 billion, $100 million better at the midpoint
• Capex: $1.40 billion to $1.50 billion, down $300 million due to timing

The new floor means Q4 needs at least 25,200 deliveries, and raising the low end suggests the second shift is already pulling its weight. The cost per vehicle number is the one I’d watch, since R2 only helps Rivian’s path to profit if each one keeps getting cheaper to build, and I expect that ramp cost to shrink as the second shift settles in.

I’ll share more from the earnings call tonight, and Autonomy & AI Day on December 9 is where I expect Point to Point to take center stage.

Jose Castillo Founder and Editor

Jose Castillo is the founder of RivianTrackr and has owned and driven Rivians since early in the brand's consumer history. He currently drives an R1S and an R2 in Florida and uses Universal Hands-Free every day. As a credentialed Rivian journalist, he has covered the R2 First Drive in Park City and SXSW firsthand and has spoken directly with Rivian's software and autonomy leadership.

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