TSLA Tesla, Inc.

What the last report said

Wed, Jul 22, 2026

Tesla Q2: Revenue significantly beat +7.7%, but EPS missed consensus by -35.3%; operating income plunged -57.7% driven by aggressive capacity & AI infrastructure investment — underlying operating performance under pressure

• Revenue +25.5% YoY / +26.1% QoQ: driven by vehicle deliveries +25% YoY (480,126 units), energy storage deployments +41% YoY (13.5 GWh), and Services & Other revenue +50% YoY ($4.58B); FSD subscriptions reached 1.48M (+56% YoY), with >55% attach rate on new North America deliveries
• Gross margin down 0.4pp YoY to 16.8%, down 4.3pp QoQ: news release explicitly states 'battery pack capacity remains the main limiting factor to near-term vehicle production volume increase', compounded by concurrent ramp of Megafactory Texas, semiconductor fab, and lithium refining — delaying unit cost improvements
• Operating income -56.9% YoY / -57.7% QoQ; operating margin down 2.8pp to 1.4%: release declares 'Tesla is in its largest and most exciting period of investment'; Capex surged to $5.79B (+142% YoY), exceeding operating cash flow ($4.70B), driving FCF negative (-$1.09B)
• Services & Other achieved record profitability: gross profit $648M (+$302M QoQ), 14% gross margin — all-time high, driven by fleet scale-up and operational efficiency gains

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