Rivian Automotive, Inc. (RIVN) Earnings
Rivian Automotive, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.66. RIVN has beaten EPS estimates in 8 of its last 11 reported quarters (average surprise +15.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.60 | $-0.55 | +8.3% | $1.4B | +0.9% |
| Feb 12, 2026 | $-0.69 | $-0.54 | +21.7% | $1.3B | -8.7% |
| Nov 4, 2025 | $-0.74 | $-0.70 | +5.3% | $1.6B | +3.2% |
| Feb 20, 2025 | $-0.69 | $-0.52 | +24.6% | $1.7B | +23.8% |
| Nov 7, 2024 | $-0.96 | $-1.03 | -7.7% | $874M | -11.9% |
| Feb 21, 2024 | $-1.39 | $-1.36 | +2.2% | $1.3B | +4.2% |
| Feb 28, 2023 | $-1.89 | $-1.73 | +8.5% | $1.7B | +165.3% |
| Nov 9, 2022 | $-1.78 | $-1.57 | +11.8% | $536M | -2.6% |
| Aug 11, 2022 | $-1.67 | $-1.89 | -13.2% | $364M | +8.5% |
| Mar 10, 2022 | $-1.58 | $-2.43 | -53.8% | $54M | -10.8% |
| Dec 16, 2021 | $-11.92 | $-7.68 | +35.6% | $1M | — |
| Mar 31, 2021 | — | $-0.57 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Started saleable R2 production in Normal, IL. R2's bill of materials expected to be ~half of R1 platform, non-bom COGS to reduce >50%. Key design changes include large die castings, structural battery pack, etc. - Partnered with US Dept of Energy to expand GA plant, increasing first phase capacity by 50% to 300k units annual. - Announced strategic partnership with Uber for autonomous vehicle goals. RAP1 chip development on track, expect point-to-point capabilities by end of year. - Launched Rivian Assistant on R1 and R2 vehicles.
Guidance
- Full-year deliveries expected 62,000-67,000. Q2 deliveries expected 9,000-11,000. - Adjusted EBITDA loss expected $2.1-$1.8B in 2026. - Capital expenditure guidance $1.95-$2.05B, related to R2 in Normal, sales/service/charging infrastructure, and GA plant construction. - Anticipate R2 ramp to positively impact automotive gross profit later in 2026.
Segment performance
Consolidated revenue in Q1 was ~$1.4B, up 11% y-o-y. Automotive revenue was $908M from producing 10,236 vehicles and delivering 10,365. Automotive gross profit loss was $62M vs $92M gross profit in same quarter last year. Software and services segment generated $473M revenue, +49% y-o-y, with $181M gross profit. $282M of software and services revenue was from joint venture with Volkswagen Group.
Risks & headwinds
- Economic and geopolitical conditions pose risks, including supply chain and international conflicts. - Macro and geopolitical factors create added complexity, cost, and uncertainty in managing supply chain risks and offsetting elevated costs.
Analyst Q&A
Q: Comment on mitigating commodity cost increase and metal price magnitude.
A: Sourcing team focused on supply chain, proactive in supplier relationships and alternative sources.
Q: DOE loan change.
A: $4.5B loan for GA facility expansion, initial capacity increased to 300k.
Q: IEPA tariffs.
A: Did not book reimbursements this quarter, but recovery possible in tens of millions.
Q: Uber R&D spend.
A: Cash R&D expense increased 22% in Q1, acceleration in autonomy spend throughout 2026.
Q: R2 order trends.
A: Positive reception of R2, journalists enthusiastic.
Q: Autonomy testing for L4.
A: Self-driving system architected end-to-end, data from R1 and R2 vehicles feeding large driving model.
Q: R1 demand with gas prices.
A: Encouraged by R1's premium category position, gas price impact on demand is a consideration.
Q: RoboTaxi KPIs with Uber.
A: Milestones include deploying vehicles in SF and Miami with safety driver this year.
Q: Autonomy penetration and adoption.
A: Bullish on autonomy, customers likely to value time back, adoption rate expected to grow.
Q: RoboTaxi partnership exclusivity and market tap.
A: Partnership with Uber for density, technology applicable to personal vehicles too.
Q: Autonomy tech licensing.
A: Centralized compute architecture and autonomy technology have licensing opportunities, e.g., Volkswagen ID.1 and autonomy platform.
Q: Uber funding milestones.
A: Milestone of operating vehicles in SF and Miami with safety driver this year unlocks $250M.
Q: Auto gross margin for Q2-Q3.
A: Anticipate impact from R2 ramp complexity, but expect positive automotive gross profit by end of 2026.