RIVN · Q2 FY2026
Rivian Automotive, Inc. / DE Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $1.658B | $1.303B (yr ago) | Beat |
| EPS | -$0.63 | -$0.97 (yr ago) | Beat |
| Free Cash Flow | -$849M | -$398M (yr ago) | Miss |
| Gross Margin | 10.8% | -15.8% (yr ago) | Beat |
| Operating Margin | -50.4% | -85.5% (yr ago) | Beat |
What changed
Revenue increased 27.2% year over year, consolidated gross margin reached 10.8%, and the operating loss narrowed by $278M despite higher R2 launch spending. The improvement depended partly on $108M of regulatory-credit revenue and Volkswagen-related software work, while free cash outflow more than doubled to $849M as Rivian built inventory for R2.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise; we establish fair value at $16.00 per share. Better margins and guidance are offset by continued heavy cash consumption and dilution from the July equity offering.