$RIVN · Rivian Automotive, Inc. / DE
Rivian reported Q3 2026 results with revenue of $2.155B (+38% YoY), record deliveries of 19,248 units (+46% YoY), and consolidated gross profit of $176M. The company raised full-year delivery guidance to 67,000–70,000 units and improved Adjusted EBITDA guidance by $100M at the midpoint. Separately, Derek Mulvey was named Interim CFO effective October 30, 2026, replacing the departing CFO.
- Revenue of $2.155B, up 38% YoY, driven by 46% increase in deliveries to 19,248 units.
- R2 became Rivian's best-selling vehicle by volume in Q3, outselling both R1 and EDV.
- Consolidated gross profit of $176M (8% margin) vs. $24M a year ago; automotive gross loss improved to $(80)M from $(130)M.
- Full-year delivery guidance raised to 67,000–70,000 units; Adjusted EBITDA guidance improved by $100M at midpoint.
- Derek Mulvey appointed Interim CFO effective October 30, 2026, replacing departing CFO.
Extended-hours trading shows RIVN at $11.62, up +1.48% vs. the regular close of $11.67, suggesting a modestly positive initial reaction to the revenue beat and guidance raise, tempered by the CFO transition and ongoing cash burn.
Rivian's R2-driven volume inflection and guidance raise signal the mass-market transition is working, but the CFO departure and $(1.124)B quarterly free cash outflow keep the risk/reward finely balanced.
Rivian's R2-driven volume surge and improving per-unit margins signal it is executing the Tesla playbook of scaling a mass-market EV while maintaining premium software/services revenue. The Volkswagen JV contributed $354M (59%) of software and services revenue, validating the partnership model.
Free cash flow was $(1.124)B in Q3 vs. $(421)M a year ago, with cash reserves declining to $5.502B from $7.088B. The CFO departure and appointment of a 36-year-old VP of Finance as interim CFO introduces leadership uncertainty during a critical R2 ramp period.