Rivian Q4 earnings preview: R2 progress and profit path still the key investor story

Pras Subramanian · Senior Reporter

Thu, February 12, 2026 at 5:44 AM GMT+9 3 min read

In this article:

•                                       StockStory Top Pick 
  

  NVDA

  +0.78%

 RIVN  

 -1.34%  

Rivian (RIVN) will report fourth quarter earnings after the bell on Thursday as the pure-play EV maker navigates the removal of EV tax credits and the launch of its highly anticipated R2 midsize vehicle.

For the quarter, Rivian is expected to report revenue of $1.26 billion per Bloomberg consensus estimates, down 27% from a year ago. The company is expected to post an adjusted loss per share of $0.69, with an adjusted EBITDA loss of $568.2 million, double the $277 million loss posted a year ago.

Last quarter, the company did report a gross profit as a pull forward in EV sales ahead of the expiration of the EV tax credit helped sales, but that incentive expired at the end of Q3.

NasdaqGS - Delayed Quote • USD

(RIVN)

Follow    



  View Quote Details   

14.76 -0.20 (-1.34%)

At close: 4:00:01 PM EST

Advanced Chart

The company also maintained its full-year loss projection in its Q3 report as tariffs and the loss of EV tax credits remained complicating factors. Rivian reiterated an adjusted 2025 full-year EBITDA loss in a range of $2 billion to $2.25 billion, with capital expenditures of $1.8 billion to $1.9 billion.

Last month, Rivian said it produced 10,974 vehicles at its manufacturing facility in Normal, Ill., and delivered 9,745 vehicles in Q4, with full-year tallies of 42,284 vehicles produced and 42,247 vehicles delivered, reaching the midpoint of its guidance range of 41,500 to 43,500 vehicles delivered. However, Rivian’s original 2025 delivery target was between 46,000 and 51,000.

Key to Rivian’s stock performance will be 2026’s full-year financial and delivery guidance.

Key to boosting Rivian’s deliveries is the development of the company’s upcoming R2 midsize crossover, which the company said is now in the production validation stage, with customer deliveries coming in the first half of the year.

The Rivian R2 equipped with the latest hardware and Rivian’s Autonomy Platform software. · Rivian

Further R2 developments, timelines of wider R2 production, and cost control will be top of mind for investors.

In addition, as part of the R2 product initiative, the company plans to amp up its AI and tech development, which investors are keen to hear more about.

Last December, the company said software advancements from its new Autonomy platform and Large Driving Model (LDM), an autonomous model trained similarly to a large language model (LLM), will expand its Universal Hands-Free assisted driving to second-gen R1 vehicles, covering 3.5 million miles in the US.

Later this year, a point-to-point hands-free system will be released, followed by a hands-free and eyes-free self-driving product, with the ultimate goal of achieving “personal Level 4” autonomy, meaning the vehicle will be able to drive fully on its own without requiring the driver’s attention.

Story Continues  

Rivian’s Universal Hands-Free assisted driving software in action. · Rivian

“We realized we wanted to do a clean-sheet approach to our Autonomy platform, and so we started the process on that, and that involved developing a camera platform, so a perception platform, redesigning the compute platform, and really architecting the whole system around an AI-centric approach, where the vehicles that are on the road are part of a large data flywheel, where we’re collecting data and using that data to train the models,” Rivian CEO RJ Scaringe told Yahoo Finance at the December event in Palo Alto.

Part of the company’s AI-centric approach is making its own chip, known as the Rivian Autonomy Processor, which will power Rivian EVs’ self-driving capabilities. Previously, the company used Nvidia’s Orin chip in its self-driving computer module.

Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You can follow him on_ X__ and on__ Instagram__._

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

Terms and Privacy Policy

Privacy Dashboard

More Info