Tesla, Inc. · 2026 Q2
ReportedJul 22, 2026
Period endedJun 30, 2026
Rule of 40+22
Consensus vs reported
EPS · ADJUSTED
MISS -39%
$0.33
vs $0.54 expected
QoQ—
YoY—
Revenue
BEAT +7%
$28.24B
vs $26.43B expected
QoQ+26.1%
YoY+25.5%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$28.24B
QoQ +26.1%
YoY +25.5%
EPS
$0.32
QoQ +146.2%
YoY -3.0%
Free Cash Flow
-$1.09B
QoQ —
YoY —
Gross Margin
16.8%
QoQ -4.3 pp
YoY -0.7 pp
FCF Margin
-3.9%
QoQ -10.3 pp
YoY -4.5 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The record deliveries were bought, and the release shows the price. Auto gross margin excluding regulatory credits fell to 16% from 19% in one quarter. Revenue beat consensus by ~6.8% at $28.24B; adjusted EPS missed by ~38% at $0.33 against $0.54.
- Operating income fell 57% in a record revenue quarter. $398 million, with operating margin collapsing from 4.1% to 1.4% . Volume and profit moved in opposite directions by a wide margin.
- Free cash flow turned negative for the first time in more than two years. −$1.09B , on capex up 142% to $5.79B , with full-year capex guided above $25B and management saying explicitly it keeps rising for a couple more years.
- GAAP net income carried the same one-time flattery as its peers. The $1.11B included unrealised gains on the SpaceX stake — the same mark-to-market that inflated Alphabet and JPMorgan headlines the same season.
- The backlog says demand was not the problem. Tesla ended the quarter with its largest auto order backlog since 2023 . A growing backlog alongside discount-driven volume means the margin was a choice, not a symptom.
Coverage around this release
R40
79 Robotaxis Is $5.5 Million a Year. Tesla Needs About 14,800 to Move Revenue by 1%.
News · Aug 7, 2026
R40
SpaceX Has Bought $835 Million of Megapacks. Musk's 10 GW Target Needs Nine to Twenty-Four Times That.
News · Aug 6, 2026
R40
Tesla's 50 GWh Megapack 3 Line Is Worth $10 Billion of Revenue. The Question Is Which Year.
News · Aug 6, 2026
R40
The AI Capex Bet, Six Months In: What the Mag 7 Actually Spent (and What the Market Learned)
News · Jul 30, 2026
R40
Tesla Q2 2026: Record Revenue, Record Deliveries — Stock Falls 14% on Margin Collapse
News · Jul 22, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q4 | — | $0.61 | — |
| 2025 Q1 | — | $0.12 | — |
| 2025 Q2 | — | $0.33 | — |
| 2025 Q3 | — | $0.39 | — |
| 2025 Q4 | — | $0.24 | — |
| 2026 Q1 | — | $0.13 | — |
| 2026 Q2 | $0.54 | $0.33 | -39% |
| 2026 Q3 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1318605.
HTML
8-K results announcement
Filed Jul 22, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
51 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 23, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure TSLA has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings