Analyst Consensus ?
ConsensusHold29 ratings
Bullish1551.7%
Neutral931.0%
Bearish517.3%
Rivian Automotive, Inc. · RIVN · FY2026 Q2 · Calendar Q3 2026
Rivian raises delivery outlook as R2 demand and services growth build
The current analysis supports a constructive but execution-dependent view: R2 demand, improving automotive losses, software-services growth, and liquidity strengthen Rivian's growth trajectory, while ramp costs and autonomy milestones remain material constraints.
Reported After market closeNASDAQConsumer Cyclical
$17.56B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.47
Consensus $-0.66
EPS surprise
+29.1%
Reported versus consensus
Reported revenue
$1.66B
Consensus $1.52B
Revenue surprise
+9.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-9.6%
Event window
SPY move
+0.7%
Same window
Abnormal move
-10.3%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+5.6%
Up to 20 sessions
RIVNSPY benchmark
Ask FN2 about RIVN FY2026 Q2
Transcript, numbers and history already loaded
Why did RIVN fall 9.6% after beating EPS estimates in FY2026 Q2?What changed in RIVN's guidance and outlook in FY2026 Q2?Give me the bull and bear case for RIVN after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
R2 external deliveries have started, early demand was stronger than expected, delivery guidance was raised, and software and services remained a larger growth contributor. Compared with the prior analysis, the production ramp is further along, but margin pressure during the ramp remains.
Guidance delta
Full-year delivery guidance was raised to 65–70k vehicles.
Key takeaways
- R2 external deliveries began with strong early demand and higher-than-expected reservation-to-order conversion.
- Automotive gross-profit losses narrowed, although the production ramp is expected to pressure margins again.
- Software and services growth, the Volkswagen joint venture, and expanding commercial-van activity support the broader growth case.
Management priorities
- Scale R2 production from one shift to two and expand annual capacity.
- Grow software and services, including the Volkswagen joint venture and Autonomy+.
- Advance point-to-point autonomy, Rivian Assistant, and the Georgia manufacturing program.
Follow RIVN with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$12.16Current
$12Low
$29.94Average
$141High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Oct 30, 2026 |
| Jefferies | Buy | Hold | Upgrade | Oct 30, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Oct 30, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 31, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Jul 31, 2026 |
| Piper Sandler | Overweight | Neutral | Upgrade | Jul 27, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 9, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Jul 8, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | May 11, 2026 |
| Benchmark | Buy | Buy | Maintain | May 1, 2026 |
| Tigress Financial | Buy | Buy | Maintain | Apr 10, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 6, 2026 |
| Stifel | Buy | Buy | Maintain | Feb 17, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Feb 13, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Feb 13, 2026 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Jan 12, 2026 |
| Baird | Outperform | Neutral | Upgrade | Dec 18, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Dec 12, 2025 |
| Mizuho | Underperform | Neutral | Downgrade | Oct 20, 2025 |
| JP Morgan | Underweight | Underweight | Maintain | Oct 20, 2025 |
| Guggenheim | Neutral | Buy | Downgrade | Jul 14, 2025 |
| B of A Securities | Underperform | Neutral | Downgrade | Feb 24, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jan 22, 2025 |
| Truist Securities | Hold | Hold | Maintain | Jan 16, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 22, 2024 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Aug 11, 2023 |
| Redburn Partners | Buy | Buy | Maintain | Jan 11, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $12.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Cantor Fitzgerald | Andres Sheppard | $16 | $11.45 | +31.6% | Oct 30, 2026 |
| Evercore ISI | Chris McNally | $18 | $11.45 | +48.0% | Oct 30, 2026 |
| Needham | Chris Pierce | $18 | $11.45 | +48.0% | Oct 30, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $22 | $16.96 | +80.9% | Aug 24, 2026 |
| RBC Capital | Tom Narayan | $16 | $15.34 | +31.6% | Jul 31, 2026 |
| Morgan Stanley | Analyst unavailable | $14 | $16.83 | +15.1% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $16 | $16.83 | +31.6% | Jul 31, 2026 |
| Piper Sandler | Alexander Potter | $20 | $15.84 | +64.5% | Jul 27, 2026 |
| UBS | Joseph Spak | $17 | $17.84 | +39.8% | Jul 9, 2026 |
| D.A. Davidson | Michael Shlisky | $15 | $14.06 | +23.4% | May 11, 2026 |
| Mizuho Securities | Analyst unavailable | $13 | $15.4 | +6.9% | May 1, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $19 | $15.53 | +56.3% | May 1, 2026 |
| Jefferies | Owen Paterson | $15 | $15.1 | +23.4% | Mar 3, 2026 |
| Stifel Nicolaus | Analyst unavailable | $20 | $17.05 | +64.5% | Feb 17, 2026 |
| D.A. Davidson | Michael Shlisky | $14 | $17.38 | +15.1% | Feb 17, 2026 |
| Cantor Fitzgerald | Andres Sheppard | $18 | $16.86 | +48.0% | Feb 13, 2026 |
| Mizuho Securities | Analyst unavailable | $11 | $14 | -9.5% | Feb 13, 2026 |
| Piper Sandler | Analyst unavailable | $18 | $14 | +48.0% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $23 | $14 | +89.1% | Feb 13, 2026 |
| UBS | Joseph Spak | $16 | $14 | +31.6% | Feb 13, 2026 |
| UBS | Analyst unavailable | $15 | $18.85 | +23.4% | Jan 14, 2026 |
| Wolfe Research | Analyst unavailable | $16 | $19.19 | +31.6% | Jan 12, 2026 |
| UBS | Analyst unavailable | $20 | $20.06 | +64.5% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $18 | $19.41 | +48.0% | Jan 5, 2026 |
| Robert W. Baird | Analyst unavailable | $25 | $17.63 | +105.6% | Dec 18, 2025 |
| Goldman Sachs | Analyst unavailable | $16 | $16.42 | +31.6% | Dec 12, 2025 |
| Needham | Analyst unavailable | $23 | $16.42 | +89.1% | Dec 12, 2025 |
| Morgan Stanley | Andrew Percoco | $12 | $17.95 | -1.3% | Dec 8, 2025 |
| Tigress Financial | Ivan Feinseth | $25 | $15.34 | +105.6% | Nov 14, 2025 |
| UBS | Analyst unavailable | $13 | $13.6 | +6.9% | Oct 6, 2025 |
| Goldman Sachs | Analyst unavailable | $15 | $15.59 | +23.4% | Sep 29, 2025 |
| Piper Sandler | Alexander Potter | $15 | $15.91 | +23.4% | May 22, 2025 |
| RBC Capital | Tom Narayan | $12 | $15.73 | -1.3% | Jan 3, 2025 |
| Truist Financial | Jordan Levy | $12 | $15.73 | -1.3% | Jan 3, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $16 | $10.48 | +31.6% | Nov 11, 2024 |
| Barclays | Dan Levy | $13 | $10.39 | +6.9% | Oct 30, 2024 |
| Jefferies | Philippe Houchois | $17 | $11.71 | +39.8% | Sep 23, 2024 |
| Deutsche Bank | Edison Yu | $14 | $13.08 | +15.1% | Sep 9, 2024 |
| Wells Fargo | Colin Langan | $15 | $14.8 | +23.4% | Aug 7, 2024 |
| Truist Financial | Jordan Levy | $16 | $14.62 | +31.6% | Aug 2, 2024 |
| Wells Fargo | Colin Langan | $18 | $17.19 | +48.0% | Jul 18, 2024 |
| Morgan Stanley | Adam Jonas | $17 | $17.94 | +39.8% | Jul 17, 2024 |
| Canaccord Genuity | George Gianarikas | $30 | $13.42 | +146.7% | Jun 28, 2024 |
| D.A. Davidson | Michael Shilsky | $13 | $13.42 | +6.9% | Jun 28, 2024 |
| Needham | Chris Pierce | $20 | $14.47 | +64.5% | Jun 28, 2024 |
| Stifel Nicolaus | Stephen Gengaro | $18 | $14.46 | +48.0% | Jun 26, 2024 |
| Truist Financial | Jordan Levy | $13 | $11.96 | +6.9% | Jun 26, 2024 |
| Cantor Fitzgerald | Andres Sheppard | $20 | $11.96 | +64.5% | Jun 26, 2024 |
| Guggenheim | Ronald Jewsikow | $18 | $11.01 | +48.0% | Jun 25, 2024 |
| Morgan Stanley | Adam Jonas | $13 | $10.97 | +6.9% | May 31, 2024 |
| Barclays | Dan Levy | $10 | $8.83 | -17.8% | Apr 19, 2024 |
| Needham | Chris Pierce | $13 | $8.74 | +6.9% | Apr 18, 2024 |
| UBS | Joseph Spak | $9 | $8.4 | -26.0% | Apr 15, 2024 |
| Robert W. Baird | Ben Kallo | $23 | $10.52 | +89.1% | Apr 2, 2024 |
| Cantor Fitzgerald | Andres Sheppard | $23 | $10.63 | +89.1% | Apr 2, 2024 |
| Mizuho Securities | Vijay Rakesh | $12 | $10.65 | -1.3% | Mar 25, 2024 |
| Piper Sandler | Alexander Potter | $21 | $10.69 | +72.7% | Mar 14, 2024 |
| Wedbush | Daniel Ives | $20 | $12.83 | +64.5% | Mar 8, 2024 |
| Barclays | Dan Levy | $16 | $15.89 | +31.6% | Feb 20, 2024 |
| Needham | Chris Pierce | $25 | $16.43 | +105.6% | Nov 27, 2023 |
| RBC Capital | Tom Narayan | $15 | $16.61 | +23.4% | Nov 8, 2023 |
| Evercore ISI | Chris McNally | $35 | $24.28 | +187.8% | Oct 2, 2023 |
| Needham | Chris Pierce | $31 | $19.86 | +154.9% | Aug 24, 2023 |
| BNP Paribas | James Picariello | $30 | $21.91 | +146.7% | Aug 11, 2023 |
| Cantor Fitzgerald | Andres Sheppard | $29 | $22.75 | +138.5% | Aug 9, 2023 |
| Canaccord Genuity | George Gianarikas | $40 | $19.99 | +228.9% | Jul 5, 2023 |
| Cantor Fitzgerald | Andres Sheppard | $27 | $14.49 | +122.0% | May 10, 2023 |
| RBC Capital | Tom Narayan | $14 | $12.92 | +15.1% | Apr 19, 2023 |
| Morgan Stanley | Names Top | $63 | $13.38 | +418.1% | Apr 14, 2023 |
| Mizuho Securities | Vijay Rakesh | $35 | $14.47 | +187.8% | Mar 9, 2023 |
| Needham | Chris Pierce | $26 | $15.76 | +113.8% | Mar 1, 2023 |
| Wedbush | Daniel Ives | $25 | $17.45 | +105.6% | Mar 1, 2023 |
| Barclays | Dan Levy | $28 | $20.22 | +130.3% | Feb 18, 2023 |
| Goldman Sachs | Mark Delaney | $19 | $16.45 | +56.3% | Jan 10, 2023 |
| Truist Financial | Analyst unavailable | $50 | $17.76 | +311.2% | Jan 4, 2023 |
| Morgan Stanley | Adam Jonas | $55 | $25.58 | +352.3% | Dec 12, 2022 |
| Evercore ISI | Analyst unavailable | $35 | $28.85 | +187.8% | Nov 30, 2022 |
| Wedbush | Daniel Ives | $37 | $32.96 | +204.3% | Nov 10, 2022 |
| Mizuho Securities | Analyst unavailable | $58 | $32.96 | +377.0% | Nov 10, 2022 |
| RBC Capital | Analyst unavailable | $50 | $32.96 | +311.2% | Nov 10, 2022 |
| Mizuho Securities | Vijay Rakesh | $65 | $36.7 | +434.5% | Oct 6, 2022 |
| RBC Capital | Joseph Spak Spak | $62 | $32.31 | +409.9% | Sep 29, 2022 |
| Wedbush | Daniel Ives | $45 | $38.75 | +270.1% | Sep 12, 2022 |
| Wedbush | Daniel Ives | $40 | $31.3 | +228.9% | Jul 8, 2022 |
| Mizuho Securities | Vijay Rakesh | $70 | $25.7 | +475.7% | Jul 4, 2022 |
| D.A. Davidson | Michael Shlisky | $24 | $26.24 | +97.4% | Jun 18, 2022 |
| Morgan Stanley | Adam Jonas | $60 | $27.49 | +393.4% | May 17, 2022 |
| Deutsche Bank | Emmanuel Rosner | $69 | $26.7 | +467.4% | May 15, 2022 |
| Wells Fargo | Colin Langan | $24 | $20.6 | +97.4% | May 12, 2022 |
| RBC Capital | Joseph Spak | $77 | $24.21 | +533.2% | May 12, 2022 |
| Deutsche Bank | Emmanuel Rosner | $90 | $31.52 | +640.1% | Apr 26, 2022 |
| Barclays | Analyst unavailable | $38 | $33.9 | +212.5% | Apr 26, 2022 |
| Piper Sandler | Alexander Potter | $112 | $36.23 | +821.1% | Apr 21, 2022 |
| RBC Capital | Joseph Spak | $100 | $38.8 | +722.4% | Apr 10, 2022 |
| Mizuho Securities | Vijay Rakesh | $95 | $46.44 | +681.3% | Apr 2, 2022 |
| Wells Fargo | Colin Langan | $40 | $38.05 | +228.9% | Mar 11, 2022 |
| Deutsche Bank | Emmanuel Rosner | $91 | $38.05 | +648.4% | Mar 11, 2022 |
| J.P. Morgan | Ryan Brinkman | $68 | $38.05 | +459.2% | Mar 11, 2022 |
| Barclays | Brian Johnson | $47 | $42.21 | +286.5% | Mar 8, 2022 |
| Robert W. Baird | George Gianarikas | $100 | $47.39 | +722.4% | Mar 4, 2022 |
| RBC Capital | Joseph Spak | $116 | $53.56 | +853.9% | Mar 2, 2022 |
| Wells Fargo | Colin Langan | $70 | $61.91 | +475.7% | Mar 1, 2022 |
| Redburn Partners | Charles Coldicott | $141 | $79.95 | +1059.5% | Jan 16, 2022 |
| Tigress Financial | Ivan Feinseth | $147 | $114.66 | +1108.9% | Dec 10, 2021 |
Track every rating change on RIVN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRivian Automotive, Inc. specializes in the design, engineering, and manufacturing of electric vehicles and related accessories. The company produces five-passenger electric pickup trucks and sport utility vehicles for individual consumers. Furthermore, Rivian develops a commercial electric delivery van platform, notably in partnership with Amazon.com. This firm markets its products directly to customers across both the consumer and commercial sectors. Founded in 2009, Rivian Automotive, Inc. maintains its primary operations in San Jose, California.
Historical context
All RIVN earningsConsumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MGA Magna International Inc. | FY2026 Q3 · Calendar Q4 2026 | +15.8% | -1.4% | Magna expands margins as China production weighs on sales outlook |
| SBUX Starbucks Corporation | FY2026 Q4 · Calendar Q4 2026 | +11.3% | -1.7% | Starbucks posts resilient comps and sets FY27 margin targets |
| AMZN Amazon.com, Inc. | FY2026 Q3 · Calendar Q4 2026 | -4.1% | -1.6% | Amazon pairs accelerating AWS AI demand with sustained capital intensity |
Latest beats and misses
Who reports nextBeat on EPS
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
- ABBVFY2026 Q3 · October 30, 2026+2.4% EPS+1.4% move
- GDFY2026 Q3 · October 30, 2026+9.0% EPS+0.5% move
- MGAFY2026 Q3 · October 30, 2026+15.8% EPS-1.4% move
Missed on EPS
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
Get the RIVN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-31T01:05:39.429525+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T10:40:44.106888+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T10:40:44.104515+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.