A sign outside Rivian’s offices in Palo Alto, California, on December 10, 2025.
Jason Henry Bloomberg Getty Images
Rivian Automotive beat Wall Street’s third-quarter earnings expectations as it ramped up production of the new R2 entry-level SUV that the company has promised investors will lead to profitability.
Here’s how Rivian performed in the period ending September 30, compared to average estimates compiled by LSEG:
- Loss per share: 48 cents adjusted vs loss of 62 cents expected
- result: $2.16 billion vs $1.99 billion expected
Shares of Rivian were up about 7% in after-hours trading on Thursday, after hitting a new 52-week high of $11.38 earlier in the day. Shares closed at $11.45 per share, down 1.9%
The electric vehicle maker also revised its 2026 guidance to signal expected improvements in vehicle deliveries, pre-tax earnings and capital spending.
The new guidance calls for a pre-tax adjusted loss of between $1.75 billion and $1.85 billion – an increase of $100 million at the midpoint of the previous guidance – vehicle deliveries between 67,000 and 70,000 units, up from a minimum of 65,000; and capital expenditures between $1.4 billion and $1.5 billion, $300 million short of the midpoint.
Rivian mentions the improvement in pre-tax earnings guidance for better revenue than expected related to the sale of regulatory credits, IEEPA rates receivable in the third quarter and the expected increase in vehicle deliveries.
The R2 – the first shipment of which arrived to customers in June – has become Rivian’s best-selling model and is responsible for “substantial quarter-on-quarter gains,” the company said.
Rivian delivered a record 19,248 units from July to September. The company does not disclose delivery by vehicle.
The EV maker remained unprofitable overall but continued to narrow its losses during the quarter. The company reported a net loss attributable to common shareholders of $913 million, compared to a loss of $1.17 billion during the third quarter of 2025.
Rivian’s gross profit, which is closely watched by investors, was $176 million during the third quarter, up from $24 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization were $435 million, an increase of $167 million from the same period last year.
The company reported that its software and services segment continued to grow, generating revenue of $605 million and gross profit of $256 million, with a margin of 42%. That compares with the automotive operation, which recorded nearly $1.55 billion in revenue and a gross loss of $80 million.
Also, on Thursday, Rivian said that the R2, the smaller and cheaper sibling of the current R1S luxury SUV, will have a positive gross profit by the end of the year. CEO RJ Scaringe said the company needs to exceed the current R2 production plan of 160,000 units to achieve overall profitability.
“The ramp-up is critical for us to achieve a positive gross margin in R2 and will ultimately contribute to a positive gross margin for the business,” Scaringe told CNBC’s Phil LeBeau in an interview Thursday. “We will see that at the end of the quarter and the unit economy will continue to grow … into Q1 next year as well.”
Rivian on Thursday said its cash, cash equivalents and short-term investment balance was $5.5 billion, up from $5.3 billion to end the second quarter.
