| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 21 | — | 17.8x | Bottom tier | |
Growth | 85 | 14.2% | 7.1% | Top tier | |
Quality | 8 | -33.1% | 4.5% | Bottom tier | |
Safety | 21 | — | 2.6x | Bottom tier | |
Capital Return | 32 | — | 2.12% | Bottom tier | |
Momentum | 49 | 17.2% | 2.9% | Around median | |
Sentiment | 66 | 13 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Rivian Automotive develops electric vehicles and related software platforms, generating revenue from sales of R1 and R2 vehicles and EDV commercial delivery vans, alongside software, services, maintenance, Autonomy+, and development work within the joint venture with Volkswagen Group. The company began delivering R2 to external customers in June 2026, while Amazon's active fleet surpassed 40 thousand Rivian electric delivery vans, and the commercial van platform had traveled more than one billion miles through Q2 FY 2026.
In Q2 FY 2026, consolidated revenue reached $1.66 billion, up 27% year over year, and gross profit reached $179 million at an 11% gross margin, compared with a net loss of $833 million, according to EDGAR data. The Normal, Illinois plant produced 12,613 vehicles, and the company delivered 12,194 vehicles, exceeding its expected range of 9,000 to 11,000 vehicles due to growth in EDV and R1 and the start of R2 deliveries.
The automotive segment accounted for $1.14 billion of Q2 FY 2026 revenue, up 23%, but recorded a gross loss of $36 million, although this was $299 million better than the loss in the comparable period. The software and services segment generated revenue of $515 million, up 37%, and gross profit of $215 million at a 42% margin; $308 million, or 60% of segment revenue, came from the joint venture with Volkswagen Group.
The average analyst price target is $16.7 within a wide range of $13 to $22, with the consensus rated “Buy”; the average is approximately 26% below the 52-week range high of $22.69, while the highest target is close to that high and the lowest target is close to the low of $12.39. No usable price-to-earnings ratio is available due to continuing losses, so valuation depends heavily on the success of the R2 ramp and a turnaround in automotive gross profit, weighed against the risks of an expected adjusted FY 2026 loss of between $1.8 billion and $2.0 billion and the need for additional capital.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Rivian began delivering R2 to external customers in June 2026, and management views it as a driver of long-term growth and profitability. The company recorded more than 57 thousand test drives in Q2 FY 2026, and the conversion of reservations for the $58 thousand Launch Edition was materially above its expectations. Management targets operating two shifts by the end of Q3 FY 2026, but it does not expect a meaningful volume contribution from the second shift before Q4 FY 2026. The Premium and Standard versions are scheduled to be introduced in the early part of 2027.
Rivian generated consolidated gross profit of $179 million and a gross margin of 11% on revenue of $1.66 billion in Q2 FY 2026. Nevertheless, it recorded a net loss of $833 million and an adjusted loss before interest, taxes, depreciation, and amortization of $379 million. The automotive segment remained unprofitable at the gross profit level, with a loss of $36 million, while the software and services segment generated gross profit of $215 million. Management expects the R2 ramp to negatively affect automotive gross profit during Q3 FY 2026 before scale utilization improves in Q4.
Automated analysis for informational purposes only — not investment advice.
Rivian targets deliveries of between 65 thousand and 70 thousand vehicles across R1, R2, and commercial vans during FY 2026, after increasing guidance by 3,000 vehicles. This requires approximately 42,400 to 47,400 deliveries in the second half, with a greater concentration expected in Q4 FY 2026. The company expects an adjusted loss before interest, taxes, depreciation, and amortization of between $1.8 billion and $2.0 billion, an improvement of $50 million at the midpoint. It also reduced capital expenditure guidance by $250 million at the midpoint to a range of $1.7 billion to $1.8 billion.
The joint venture with Volkswagen Group contributed $308 million, or 60% of software and services segment revenue in Q2 FY 2026. The entire segment generated revenue of $515 million and gross profit of $215 million, making it a major contributor to consolidated gross profit. Amazon has more than 40 thousand Rivian electric delivery vans operating across thousands of cities in North America, and the platform has surpassed one billion miles traveled. Rivian is developing new EDV versions with larger batteries and all-wheel drive to meet Amazon's needs.
Rivian ended Q2 FY 2026 with approximately $5.3 billion in cash and cash equivalents and short-term investments. In July 2026, it sold 86.25 million Class A shares and raised approximately $1.3 billion for general purposes, including obligations and reserves related to the $4.5 billion Department of Energy loan for the Georgia plant. It also targets obtaining $1 billion in non-recourse debt from Volkswagen Group and an additional $250 million equity investment from Uber during 2026, both subject to meeting specific requirements. The company estimates total available liquidity and targeted capital at more than $14 billion, but the share issuance increases the number of shares outstanding and represents a dilution factor for shareholders.
