Companies /Consumer Cyclical

Tesla Inc

NASDAQ: TSLA Auto Manufacturers
$349.07
▼ $5.74 (−1.62%) today
Markets open · 12:13pm ET

Q2 2026 Earnings

Reported Jul 22, 2026, 4:35pm ET · SEC source
$0.33
Miss −38.51%
EPS · est. $0.54
$28.2B
Beat +7.10%
Revenue · est. $26.4B
+5.7%
Beating market
TSLA vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−10%−5%0Jul 22Jul 23report 4:35pm ETearnings−1.3%−11.2%
−10%−5%0Jul 22Jul 23earnings−1.3%−11.2%
TSLA −11.2%S&P 500 −1.3%
−10%−5%0Jul 22Jul 23report 4:35pm ETearnings−1.8%−11.2%
−10%−5%0Jul 22Jul 23earnings−1.8%−11.2%
TSLA −11.2%NASDAQ −1.8%
−14%−7%0Jul 21Jul 30report 4:35pm ETearnings−0.8%−15.3%
−14%−7%0Jul 21Jul 30earnings−0.8%−15.3%
TSLA −15.3%S&P 500 −0.8%
−14%−7%0Jul 21Jul 30report 4:35pm ETearnings−2.8%−15.3%
−14%−7%0Jul 21Jul 30earnings−2.8%−15.3%
TSLA −15.3%NASDAQ −2.8%
−14.52%
Day of report
−2.08%
Next session
−3.39%
One week
+9.15%
30 days

S&P 500 over the same 30 days: +3.43%.

Did TSLA Beat Earnings? Q2 2026 Results

Tesla delivered a tale of two results in Q2 2026, posting revenue that cleared Wall Street's bar while earnings fell well short, leaving investors to weigh a growth story complicated by aggressive spending. The company reported $28.24 billion in revenue, up 25.5% year-over-year and ahead of the $26.36 billion consensus by 7.10%, yet non-GAAP EPS of $0.33 missed the $0.54 estimate by 38.51% as operating expenses surged 47% to $4.35 billion, driven by AI infrastructure buildout, R&D investment, and stock-based compensation tied to the 2025 CEO Performance Award. The spending pressure crushed operating margins to just 1.4%, even as record deliveries of 480,126 vehicles and 13.5 GWh of energy storage deployments underscored operational momentum. Free cash flow turned negative at $1.09 billion, a sharp reversal that has analysts scrutinizing whether Tesla's $25 billion capital budget will justify returns. Looking ahead, Tesla expects hardware profits to be gradually accompanied by accelerating AI, software, and fleet-based revenues as its Robotaxi network expands and Optimus production ramps through 2026.

Key Takeaways
  • Record Q2 vehicle deliveries of 480,126, up 25% YoY
  • Services and Other revenue grew 50% YoY with record profitability and 14% gross margin
  • Energy storage deployments of 13.5 GWh, up 41% YoY
  • FSD subscription attach rate exceeded 55% of new North American deliveries
  • Active FSD subscriptions reached 1.48 million, up 56% YoY
  • Lower average cost per vehicle due to lower inbound duties
  • Positive FX impact of $0.5B on revenue
  • Lower vehicle ASP (excluding FX) weighed on profitability
  • Operating expenses surged 47% YoY driven by AI/R&D, SBC, and SG&A
  • Lower regulatory credit revenue

Forward Guidance & Outlook

Tesla is focused on maximum capacity utilization at its factories, with deliveries and deployments impacted by aggregate demand, supply chain readiness, and allocation decisions between customer sales and its owned Robotaxi fleet. The company will manage the business to ensure a strong balance sheet with sufficient liquidity for its product roadmap and long-term capacity expansion, including vertical integration. Over time, Tesla expects hardware-related profits to be accompanied by an acceleration of AI, software, and fleet-based profits. The company continues to evolve its product lineup with focus on cost, scale, and future monetization via AI-powered services, leveraging existing production capacity before building new factories. Tesla Semi and Megapack 3 remain on schedule for production starting in 2026. First-generation Optimus production lines are being installed with production anticipated in 2026. Capacity buildout for AI compute, solar, battery material, and semiconductor manufacturing is underway.

TSLA YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$8.0B$16.0B$24.0B$22.5B$28.2BRevenue$3.9B$4.8BGross Profit$923.0M$398.0MOperating Income$1.2B$1.1BNet Income
$0$8.0B$16.0B$24.0BRevenueGross ProfitOperating IncomeNet Income

TSLA Revenue by Segment

Automotive Sales$20.0B+26.7%
Automotive
Services and Other$4.6B+50.0%
Energy Generation and Storage$3.1B+13.0%
Automotive Regulatory Credits$146.0M−66.7%
Automotive Leasing$364.0M−16.3%

Figures from SEC filings and company reports. Not investment advice.