Overview
Rivian Automotive's stock moved higher in after-hours trading, rising 2.4% to $17.24, after the EV maker released second-quarter 2026 results that exceeded Wall Street forecasts. The company reported revenue of $1.66 billion for Q2, a 27% increase year-over-year that topped the consensus figure of $1.51 billion. Adjusted losses per share were 47 cents, which were better than analysts had expected.
Profitability and segment performance
Rivian recorded consolidated gross profit of $179 million for the quarter, representing an 11% gross margin and marking the company's best-ever performance on that metric. Management attributed a significant portion of that margin to the software and services segment, which produced $215 million in revenue and operated at a 42% margin.
Product and operational developments
Chief Executive RJ Scaringe noted the milestone of beginning external deliveries of the R2 model and said: "This quarter we began external deliveries of R2. I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability." The company described early commercial momentum for the R2 as a key component of its results and outlook.
Guidance and capital plans
Rivian narrowed its full-year adjusted loss guidance to a range of $1.8 billion to $2.0 billion, down from a prior range of $1.8 billion to $2.1 billion. The firm also reduced its projected capital expenditures to a range of $1.7 billion to $1.8 billion, compared with an earlier estimate of $1.95 billion to $2.05 billion.
Financing updates
The company said it expects approximately $1 billion of non-recourse debt financing from Volkswagen and a $250 million equity investment from Uber later in the year, with both arrangements subject to customary conditions. Rivian said these potential transactions would strengthen its capital position if completed.
Analyst action and market context
Ahead of the earnings release, Piper Sandler upgraded Rivian from Neutral to Overweight on July 27 and raised its 12-month price target from $18 to $20, citing improving EV demand and increased confidence in the R2 SUV launch and scaling. During the regular trading session, broader indices provided a supportive backdrop, with the NASDAQ up 0.6% and the S&P 500 higher by 0.1%.
Market reaction and drivers
Investors reacted to a cluster of favorable items: the revenue and loss beats, a record consolidated gross profit, tightened loss guidance, lower capex plans, and the commercial start of R2 deliveries. Those elements, combined with the analyst upgrade and earlier delivery outperformance in the quarter, helped push the stock higher in after-hours trading and extend gains built during the regular session.
Summary of observable market quotes
- Ticker quotes referenced in reporting included VWAGY at +1.38%, UBER at -1.17%, and RIVN at +2.76% as part of the intraday display of moves.