Rivian Q3 2026 Earnings: Revenue Jumps 38% as R2 Becomes Best-Selling Vehicle

Rivian reported its strongest quarter to date on the top line, with revenue up 38% year-over-year and the R2 crossover officially overtaking both the R1 and the electric delivery van as the company's best-selling vehicle. The results, released after market close on October 29, also came with a raise to full-year delivery guidance.

Headline numbers

• Revenue: US$2.155 billion (approximately C$3.02 billion), up 38% year-over-year, driven by a 46% jump in delivery volumes and $81 million in regulatory-credit income.
• Deliveries: 19,248 vehicles (record), up 46% from 13,201 in Q3 2025. Production hit 19,751 units at the Normal, Illinois plant.
• Automotive revenue: US$1.550 billion, up 36% YoY. An $80 million increase in regulatory credits was partially offset by a lower average selling price as R2 and commercial-van mix grew.
• Software & services revenue: US$605 million (C$847 million), up 45% YoY. US$354 million (59%) came from the Volkswagen Group joint venture.
• Consolidated gross profit: US$176 million, a $152 million improvement YoY. Automotive segment still posted a gross loss of US$80 million (improved from US$130 million a year earlier).
• Net loss: US$913 million (C$1.28 billion), narrowed from US$1.173 billion in Q3 2025. Adjusted EBITDA was minus US$435 million versus minus US$602 million a year ago.
• Cash position: US$5.502 billion (C$7.70 billion) in cash, equivalents, and short-term investments. Total liquidity including revolver capacity: US$6.095 billion, or US$7.095 billion with the pro forma $1.0 billion 10-year term loan from VW closed in October.

R2: the volume engine

The R2, which began customer deliveries in June, delivered much of the quarter-over-quarter gain. Rivian did not provide a model-by-model breakdown, but the company confirmed the R2 outsold both the R1 SUV and the electric delivery van in Q3. The R2 also won Top Gear's SUV of the Year for 2027.

RJ Scaringe, Founder and CEO, 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."

Guidance raised

Rivian lifted the low end of its 2026 delivery guidance from 65,000 to 67,000 units (top end unchanged at 70,000). Adjusted EBITDA guidance improved by $100 million at the midpoint, driven by stronger-than-expected regulatory-credit revenue, an IEEPA tariff refund receivable recognized in Q3, and higher expected delivery volumes.

Autonomy and AI momentum

Every vehicle with Autonomy+ (standard on all 2025+ R1 and R2) now supports Universal Hands-Free on millions of miles of mapped roads. Rivian's next milestone is Point to Point — enter an address and the vehicle drives the full route through city streets, stop lights, and highway interchanges with driver supervision. A limited, invitation-only rollout is expected later this year, with a general release to all Autonomy+ subscribers targeted for 2027.

Rivian also announced the acquisition of Third Dimension AI to support its closed-loop simulation efforts. More details are expected at the company's Autonomy and AI Day on December 9.

What this means for Canadian buyers

Rivian has confirmed Canadian R2 deliveries beginning in 2027. The strong U.S. ramp suggests production capacity will be sufficient to serve both markets, though Canadian pricing and trim availability have not yet been announced. The R1T and R1S remain Rivian's current Canadian offerings. The VW joint-venture revenue stream — now nearly 60% of software and services income — is a key indicator of the company's path toward sustainable profitability.

Source: Rivian Q3 2026 financial results.

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