Released
FY2026 Q2
Earnings ReviewTSLA
MISSTesla Inc.
Tesla Inc. · EV/Energy
Wed, July 22, 2026·After Market Close
TeslaEVRobotaxiEnergy StorageQ2 EarningsEarnings
01Wall Street Consensus
EPS$0.52
Revenue—
02Earnings Results
EPS$0.33-36.5%
Revenue$28.24B
Operating margin1.4%
Revenue YoY+26%
※ Reported on a non-GAAP basis, below the $0.51-$0.53 consensus.
Key Takeaways
- Revenue $28.24B (+26% YoY) — energy storage and services carried the growth
- Non-GAAP EPS $0.33 — a miss against the $0.52 consensus
- Operating income $398M, a 1.4% operating margin — effectively break-even
- Quarterly capex $5.79B (+142% YoY) — AI compute and new lines
- Free cash flow -$1.09B — turned negative
- Full-year capex guidance raised to $25B from $20B
Key Checkpoints
- 01Deliveries and production (based on the Q2 pre-release)
- 02Automotive gross margin (ex regulatory credits)
- 03Energy storage (ESS) revenue and margin
- 04Robotaxi and FSD commercialization progress
- 052026 delivery guidance
Upside Catalysts
- High growth in the energy storage business
- Robotaxi expansion and FSD subscription ramp
- New models and the autonomy narrative
Risk Factors
- Slowing EV demand and price competition
- Shrinking regulatory-credit revenue
- Margin pressure — continued price cuts
- Robotaxi commercialization delays
Detail
EEPS History (Last 13 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
Beat5
Miss8
Beat rate38%
1Our Read
AI spending has arrived on a carmaker's income statement. Quarterly capital expenditure rose 142% year on year and free cash flow came in at -$1.09B — the first cash-burning quarter since early 2024.
The operating margin was 1.4%, effectively break-even, and EPS came in below consensus. Full-year capex guidance was lifted to $25B from $20B.
The spending is locked in, and the vehicle margin that has to carry it has thinned out.
Detail
SEPS 서프라이즈 히스토리
Beat4Miss9Beat률 31%
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)