RIVN earnings analysis
What we found in RIVN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.33
- Segment
- Automotive: $970 million
- Segment
- Software and Services: $473 million
What they said about what is next.
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.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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