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Earnings analysis · 10-Q

RIVN earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Rivian's Q1 2026 financial results showed a revenue of $1.381 billion, surpassing estimates of $1.368 billion, while EPS of -$0.33 was an improvement over the anticipated -$0.72. Segment growth was highlighted by…

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Rivian's Q1 2026 financial results showed a revenue of $1.381 billion, surpassing estimates of $1.368 billion, while EPS of -$0.33 was an improvement over the anticipated -$0.72. Segment growth was highlighted by automotive revenue at $970 million and software and services revenue at $473 million. On the balance sheet, cash decreased to $2.845 billion, while debt remains significant at approximately $4.5 billion, posing concerns in achieving profitability amid ongoing investment in growth and technology.

Read the original on SEC.gov

Where revenue came from

The business segments reported by the company.

Automotive 67.2% Software and Services 32.8%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$-0.33

What stood out

  • Revenue Beat Q1 2026

    Actual revenue reached $1.381 billion, exceeding estimates of $1.368 billion.

  • EPS Outperformance

    Reported EPS of -$0.33 significantly beat the consensus estimate of -$0.72.

  • Segment Growth

    Software and services revenue rose by 49% to $473 million, signaling strong demand.

  • Vehicle Deliveries Increased

    Delivered 10,365 vehicles in Q1 2026, up from 8,640 in Q1 2025, a 20% increase.

  • Cash Position

    Cash and cash equivalents decreased to $2.845 billion from $3.579 billion as of December 31, 2025.

  • Increased Development Investment

    R&D expenses were $458 million, up 20% from $381 million in Q1 2025.

What to watch

  • High Operating Expenses Persist

    Operating expenses totaled $1 billion, representing a continuous strain on profitability.

  • Free Cash Flow Negative

    Free cash flow was -$703 million, indicating ongoing cash burn amidst growth.

  • Significant Debt Load

    Total debt stood at $4.5 billion, raising concerns about liquidity and future financing.

Management's outlook

Management anticipates achieving delivery of 62,000 to 67,000 vehicles for the full year, with adjusted EBITDA loss projected between -$2.10 billion to -$1.80 billion.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.