Financial Analysis

COMMITMENTS AND CONTINGENCIES Legal Proceedings and Loss Contingencies The Company records an accrued liability for contingent losses that it determines are probable and estimable. Contingent losses that the Company evaluates primarily include potential costs related to supply contracts, which can be a result of changing demand forecasts, design modifications, or other causes, potential payments resulting from legal proceedings, such as commercial or employment-related litigation, and other events. Although the Company believes it has valid defenses with respect to legal proceedings, as of December 31, 2025 and June 30, 2026, the Company recorded approximately $350 million and $60 million, respectively, for estimated contingent losses in Accrued liabilities on the Condensed Consolidated Balance Sheets . As of June 30, 2026, the Company estimates it is reasonably possible that losses in excess of the accrued liability could occur, up to approximately $90 million, or an excess of $30 million over the accrued liability recorded. The Company expects the majority of contingent losses comprising the accrued liability to be resolved within the next 12 to 24 months. Between March 7, 2022 and April 19, 2022, three alleged stockholders (the Plaintiffs) filed lawsuits against Rivian Automotive, Inc., certain of the Companys officers and directors, and the Companys initial public offering (IPO) underwriters on behalf of a putative class of purchasers of common stock in the Companys IPO. …

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"DEBT The following table summarizes the components of Long-term debt on the Condensed Consolidated Balance Sheets (in millions): December 31, 2025 June 30, 2026 Maturity Amount (in millions) Effective interest rate Amount (in millions) Effective interest rate Long-term debt 2029 Green Convertible Notes 2029 1,500 4.8 % 1,500 4.8 % 2030 Green Convertible Notes 2030 1,725 3.8 % 1,725 3.8 % 2031 Green Secured Notes 2031 1,250 10.6 % 1,250 10.5 % Total long-term debt 4,475 4,475 Less unamortized discount and debt issuance costs (35) (31) Long-term debt, less unamortized discount and debt issuance costs $ 4,440 $ 4,444 Green Convertible Notes 2029 Green Convertible Notes In March 2023, the Company issued $1,500 million principal amount of green convertible unsecured senior notes due March 2029 (the 2029 Green Convertible Notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (Securities Act). The 2029 Green Convertible Notes accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 15 and September 15. Before December 15, 2028, the 2029 Green Convertible Notes are convertible at the option of the noteholders only upon the occurrence of certain events, as described in the indenture. From and after December 15, 2028, the 2029 Green Convertible Notes are convertible at any time at the noteholders election until the close of business on the second scheduled trading day immediatel …

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The following table disaggregates revenue by major source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 New electric vehicles $ 924 $ 1,037 $ 1,688 $ 1,887 Regulatory credits 7 108 166 167 Software and services 372 513 689 985 Total revenues $ 1,303 $ 1,658 $ 2,543 $ 3,039

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STOCK-BASED COMPENSATION Stock Plans The Company's 2015 Long-Term Incentive Plan and 2021 Incentive Award Plan (together, Stock Plans) permit the grant of restricted stock units (RSUs), stock options, and other stock-based awards to employees, non-employees including directors, and consultants. The following table summarizes the Companys restricted stock unit activity during the six months ended June 30, 2026: RSUs Number of shares (in millions) Weighted-average grant-date fair value Outstanding at December 31, 2025 66 $ 12.49 Granted 57 $ 15.10 Vested (35) $ 13.12 Forfeited (3) $ 13.54 Outstanding at June 30, 2026 85 $ 13.95 1 Vested and expected to vest at June 30, 2026 85 $ 13.95 1 Amount does not recalculate due to the effects of rounding. Stock option activity during the six months ended June 30, 2026 was not material. As of June 30, 2026, the Companys unrecognized stock-based compensation expense for unvested awards was approximately $1,537 million, which is expected to be recognized over a weighted-average period of 2.2 years for RSUs and 4.4 years for stock options. …

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"FAIR VALUE MEASUREMENTS Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in Cash and cash equivalents on the Condensed Consolidated Balance Sheets . Short-term investments are available-for-sale debt securities and term deposits with maturities over three months recorded in Short-term investments on the Condensed Consolidated Balance Sheets . As the Company views these securities as available to support current operations, highly liquid securities with maturities beyond 12 months are classified as current assets. The following table presents the fair value of the Companys cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy: December 31, 2025 June 30, 2026 Level Amount (in millions) Level Amount (in millions) Cash and cash equivalents: Cash $ 1,370 $ 1,266 Commercial paper 2 42 2 100 Money market funds 1 2,142 1 2,226 Term deposits 2 25 2 Total cash and cash equivalents 3,579 3,592 Short-term investments: Certificates of deposit 2 $ 223 2 $ 275 Commercial paper 2 437 2 397 Corporate bonds 2 464 2 322 Term deposits 2 600 2 400 United States Treasury securities 1 735 1 306 Other items 1 2 44 2 18 Total short-term investments 2 $ 2,503 $ 1,718 Total cash and cash equivalents and short-term investments $ 6,082 $ 5,310 1 Includes Yankee bonds. 2 As of December 31, 2025 and June 30, 2026, $257 million and $264 million is due be …

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INCOME TAXES The Companys provision for income taxes was not material and the effective tax rate was 0% for the three and six months ended June 30, 2025 and 2026. The Company maintains a valuation allowance on all deferred tax assets except in certain foreign jurisdictions, as it has concluded that it is more likely than not that these assets will not be utilized. …

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Accounting Standards Update (ASU) 2024-03, Disaggregation of Income Statement Expenses (DISE) requires more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the presentational impact of this ASU and expects to adopt its provisions in the Annual Report on Form 10-K for the year ending December 31, 2027. Accounting Standards Update 2026-02, Environmental Credits and Environmental Credit Obligations contains a comprehensive accounting model for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The new standard is effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual periods, with retrospective application required. The Company is currently evaluating the financial statement impact of this ASU and expects to adopt its provisions in the Quarterly Report on Form 10-Q for the period ending March 31, 2028. …

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"RELATED PARTY TRANSACTIONS Amazon The Company recorded $176 million and $554 million for the three months ended June 30, 2025 and 2026, respectively, and $275 million and $1,022 million for the six months ended June 30, 2025 and 2026, respectively, in revenues from Amazon in the Condensed Consolidated Statements of Operations , primarily within the automotive segment and related to the sale of EDVs. As of December 31, 2025 and June 30, 2026, the uncollected amounts related to these revenues in Accounts receivable, net on the Condensed Consolidated Balance Sheets were $11 million and $115 million, respectively. Deferred revenues related to EDV sales were $365 million and $352 million as of December 31, 2025 and June 30, 2026, respectively, primarily for advance payments and extended service contracts. Refer to Note 3 ""Revenues"" for more information. In June 2025, the Company began selling Rivian Adventure Gear via the Amazon.com platform. For the three and six months ended June 30, 2025 and 2026, sales commissions paid to Amazon for sales of Rivian adventure gear via the Amazon.com platform were not material. The Company obtains data services, including hosting, storage, and compute from Amazon. Expenses related to these services were $31 million and $104 million for the three months ended June 30, 2025 and 2026, respectively, and $62 million and $182 million during the six months ended June 30, 2025 and 2026, respectively. As of December 31, 2025 and June 30, 2026, the unp …

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"REVENUES The following table disaggregates revenue by major source (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 New electric vehicles $ 924 $ 1,037 $ 1,688 $ 1,887 Regulatory credits 7 108 166 167 Software and services 372 513 689 985 Total revenues $ 1,303 $ 1,658 $ 2,543 $ 3,039 New Electric Vehicles New EV revenues are primarily derived from the sale of consumer and commercial EVs. Revenue from the sale of EVs is recognized at the point in time when control transfers to the customer, which generally occurs upon delivery. Revenue from the sale of Electric Delivery Vans (EDVs) is recognized in accordance with a bill and hold arrangement, under which revenue is recognized when risk of ownership has been transferred to the customer, but pick-up is delayed at the request of the customer. In such cases, the Company does not have the ability to sell the EDVs to another customer, and they are separately identified as belonging to and ready for pick-up by the customer. Payment for EV sales is typically received at or prior to delivery or according to payment terms customary to the business. Sales tax is excluded from the measurement of the transaction price. The Companys revenues from new EV sales to Chase Bank, with Chase Bank entering into leasing arrangements with consumers for purchased vehicles, were approximately 45% and 9% of the Companys total revenues during the three months ended June 30, 2025 and 2026, respectively, and approx …

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SEGMENT INFORMATION The Company defines its segments on the basis by which internally reported financial information is regularly reviewed by the chief operating decision maker (CODM) to evaluate financial performance, make operating decisions, and allocate resources. The Companys CEO has been identified as the CODM. The Company analyzes the results of the business through two reportable segments, Automotive and Software and Services. The Company's CODM assesses each segment's performance (i.e., progress against goals and overall cost management) using gross profit compared to prior period results and internal forecasts. This assessment includes the drivers of changes in gross profit by segment, including changes in volume and mix and in net pricing and cost categories at constant volume and mix. Gross profit is comprised of revenues and cost of revenues. Automotive The Automotive reportable segment derives its revenues and cost of revenues from the production and sale of new EVs and the sale or utilization of regulatory credits generated by the production and sale of EVs. Software and Services The Software and services reportable segment derives its revenues and cost of revenues primarily from vehicle electrical architecture and software development services, remarketing, and vehicle repair and maintenance services. Autonomy+, software subscriptions, extended service contracts, sales of vehicle accessories and regulatory credits not generated by the production and sale of EV …

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"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Accounting estimates are an integral part of the condensed consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, and expenses in the periods presented. Estimates are used for, but not limited to, warranty reserves, inventory valuation, property, plant, and equipment, leases, income taxes, stock-based compensation, commitments and contingencies, the residual value risk sharing (RVRS) liability, and other revenue transactions, including progress toward the completion of the Joint Ventures combined performance obligation. The Company believes that the accounting estimates and related assumptions employed in the condensed consolidated financial statements are appropriate and the resulting balances are reasonable under the circumstances. However, due to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, requiring adjustments to estimated amounts in future periods. Derivative Instruments In the normal course of business, the Company is exposed to global market risks, including the effect of changes in certain commodity prices, interest rates, and foreign currency exchange rates, and may enter into derivative contracts, such as forwards, options, swaps, or other instruments, to manage these risks. Derivative instruments are recorded on the Condensed …

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