Elon Musk said aiming for a "high-efficiency capital spend" would just "slow things down." WEF/Getty images Elon Musk says Tesla should spend even more on AI — even if some money ends up being wasted.
The EV giant's capital expenditure soared 142% year-over-year to $5.8 billion in the second quarter as Musk's AI spending spree ramped up.
Speaking on an analyst call after Tesla's earnings on Thursday, Musk said that he had asked executives to keep accelerating the company's spending.
"We should be spending on capex as fast as we can spend — as fast as we can without it being too wasteful. So we're not trying to aim for some extremely high-efficiency capital spend because that would slow things down," Musk said.
Tesla is investing aggressively in new production lines and factories for its Cybercab robotaxi and Optimus humanoid robot.
The automaker recorded a negative free cash flow of $1.1 billion in the second quarter, its first shortfall since 2024, and Tesla's shares fell in premarket trading as the company's profits missed earnings expectations.
Executives told investors that AI spending will continue to grow, with Tesla's total capex spending expected to surpass $25 billion this year.
CFO Vaibhav Taneja said on the earnings call that Tesla was aiming to secure debt facilities to give it the capacity to borrow up to $30 billion.
He predicted spending would ramp up in the next 2-3 years as the company builds a new solar panel factory, installs more AI compute, and breaks ground on a massive 'Terafab' semiconductor fab that Tesla is building with SpaceX.
It comes as other tech giants burn through cash to keep up in the escalating AI race. Google recorded a negative free cash flow of nearly $6 billion in its second-quarter earnings on Wednesday and raised its capex predictions for the full year to as much as $205 billion.
Musk's comments on Tesla's spending efficiency come a year after he launched an assault on wasteful government spending with DOGE, and the world's richest man has continued to criticize government spending as prone to abuse and waste.
Musk told investors on Wednesday that Tesla's capex efficiency was "off-scale good" because the EV giant was investing in lots of productive assets like factories and infrastructure at the same time.
"I think probably this is the fastest industrial scale-up since World War II in America," Musk said.
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Wall Street is set for a moderately lower open on Thursday after mixed results from Alphabet and Tesla, while a fresh surge in oil prices revived concerns about inflation and interest rates.
Futures for the Dow Jones, S&P 500 and Nasdaq were all down around 0.3%.
This would see losses extended from the day before, when the Nasdaq dropped 0.6% to 25,691, the S&P fell 0.1% to 7,499, and the Dow finished essentially flat, down six points at 52,219.
After the closing bell, Alphabet Inc (NASDAQ:GOOG) beat revenue and earnings forecasts, with cloud revenue surging 82%, but its shares fell in after-hours trading after the Google owner raised its planned capital expenditure to as much as $205 billion this year. Shares were down 4.1% in pre-market trading.
Tesla Inc (NASDAQ:TSLA) shares declined 6.2% after reporting its first quarter of negative free cash flow in more than two years as operating costs surged.
European markets were also lower, led by a 1.7% decline in Milan as semiconductor manufacturer STMicroelectronics (NYSE:STM) fell sharply after weaker second-quarter earnings and soft third-quarter guidance disappointed investors following a three-month rally.
In commodities, WTI crude has jumped 4.1% on Thursday morning to above $90.65 a barrel, its highest level in six weeks, as US Central Command confirmed another round of strikes against Iran.
"Strikes between the US and Iran show no sign of easing, and the Houthis said they targeted two oil tankers in the Red Sea yesterday, raising fears that the conflict is widening," said Henry Allen at Deutsche Bank.
This has raised fresh supply fears as Saudi Arabia has redirected oil exports to the Red Sea port of Yanbu, prompting "fresh concerns about a more prolonged stagflationary shock", with investors pricing in higher inflation and a more hawkish path for central banks.
Fed futures now indicate a 36% chance of an interest-rate increase next week. The European Central Bank is expected to leave rates unchanged when it announces its latest decision later today.
Before the bell, earnings are due from defence groups RTX and Lockheed Martin, telecoms names T-Mobile and Nokia, and other heavyweights including Thermo Fisher, TotalEnergies, Blackstone, Freeport-McMoRan, Comcast and Honeywell.
After the close, attention turns to Intel and SAP, along with gold miner Newmont.
Tesla ve druhém čtvrtletí ukázala dva zcela odlišné příběhy. Na jedné straně výrazně překonala očekávání v dodávkách vozů a vykázala první skutečný růst tržeb po více než roce.
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Tagy: USD, akcie, zisk, Tesla
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23.07.2026 12:46Tesla sice prodala více aut, ale poprvé za dva roky spálila víc peněz, než sama vydělala 11:58Na akcie doléhá příliš drahá AI, rostoucí výnosy dluhopisů i výsledky 11:00Alphabet poprvé od svého IPO vykazuje záporný cash flow. Akcie i přes famózní výsledky klesají 10:38UniCredit ve druhém čtvrtletí klesl zisk o 13 procent 9:21Rozbřesk: Jak Detroit prohrál s Japonskem a proč by Evropa měla zbystřit 8:36Výsledky dodaly Alphabet a Tesla, Evropa zahájí spíše negativně 8:26Prodej aut v EU v červnu stoupl o 13,6 procenta, dál posílili čínští výrobci 8:19Muskova automobilka Tesla zvýšila tržby o čtvrtinu, ale zisk jí klesl 22.07.2026 22:39Alphabet překonal odhady. Poptávka po AI je enormní, cloud vykázal více než 80procentní růst 22:01Akcie před výsledky technologických gigantů kolísaly, růst ropy zvýšil obavy z inflace 18:10Stát by mohl dát na burzu až 40 procent akcií pražského letiště v roce 2028, řekl Babiš 18:05A komu tím prospějete? 16:59Šéf Equinoru: EU zřejmě nesplní cíl pro naplnění zásobníků plynu před zimou 16:40Prezident Pavel vetoval spornou novelu rozpočtových zákonů 16:28Alphabet čeká klíčová zkouška. Investoři chtějí vidět návratnost investic do AI 16:27AMD investuje do firmy Anthropic až pět miliard dolarů, Antropic od AMD koupí čipy 15:01Moneta by měla pokračovat v růstu. Klíčovým tématem bude kapitál a výplata akcionářům 13:29Autonomní agent AI se při bezpečnostním testu vymkl kontrole, uvedla OpenAI 13:15Za Starmera vedl obranu, nyní bude Healey šéfem britské státní kasy. Investoři tak sází na vyšší výdaje na obranu 11:40Goldman Sachs hledá příležitosti mimo AI. Sází na spotřebu, finance i cestování
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Výrobce elektromobilů Tesla zveřejnil hospodářské výsledky za druhé čtvrtletí roku 2026, ve kterém zisk na akcii zaostal za průměrným odhadem analytiků, zatímco tržby odhady překonaly. Analytici zároveň upozorňují, že může trvat déle, než se výdaje do segmentu fyzické AI (robotika, autonomní vozidla) promítnou do výnosů a zisků firmy.
Výsledky společnosti Tesla (TSLA) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Tržby (mld. USD) 28,24 26,32 22,50 Čistý zisk (mld. USD) 1,11 -- 1,17 Očištěný zisk na akcii (EPS, USD/akcie) 0,33 0,51 0,40 Výsledky za 2Q Tržby meziročně vzrostly o 26 % na 28,24 mld. USD, nad odhadem 26,32 mld. USD.
Tržby z automobilového segmentu dosáhly 20,52 mld. USD, meziročně +23 %, nad odhadem 18,68 mld. USD. Tržby ze segmentu energetiky a úložišť činily 3,14 mld. USD, meziročně +13 %, pod odhadem 3,77 mld. USD. Tržby ze služeb a ostatní vzrostly o 50 % na 4,58 mld. USD, výrazně nad odhadem 3,72 mld. USD.
Hrubá marže dosáhla 16,8 % oproti loňským 17,2 %, pod odhadem 19,4 %.
Provozní zisk meziročně klesl o 57 % na 398 mil. USD, výrazně pod odhadem 1,39 mld. USD.
Volný hotovostní tok byl záporný ve výši 1,09 mld. USD oproti kladným 146 mil. USD ve stejném období loňského roku, nicméně lépe než odhadovaná záporná hodnota 3,64 mld. USD. Kapitálové výdaje vzrostly na 5,79 mld. USD z loňských 2,39 mld. USD, pod odhadem 6,59 mld. USD.
Počet aktivních předplatných FSD (Supervised) dosáhl 1,48 mil., meziročně +56 %, nad odhadem 1,40 mil.
Komentář vedení Společnost v rámci výsledků uvedla, že penetrace FSD (Supervised) ve čtvrtletí dále rostla a Tesla obdržela další schválení pro nasazení FSD v Litvě, Estonsku, Dánsku a Belgii, přičemž zákazníci v těchto zemích ujeli na FSD od července přes 50 mil. km. Firma rovněž pokračuje ve stavbě a přípravě zařízení pro polovodičovou továrnu v Austinu.
V oblasti energetiky Tesla dosáhla rekordních instalací úložišť v regionu EMEA a je na dobré cestě zahájit letos výrobu Megapacku 3 a Megablocku v nové Megafactory Texas.
V robotice společnost demontovala výrobní linky pro Modely S a X ve Fremontu a instaluje první generaci linek pro Optimus, přičemž výroba by měla začít později v tomto roce. Kapacita bateriových článků zůstává podle společnosti limitujícím faktorem pro navyšování výroby vozidel.
Komentáře analytiků Analytik Steve Man z Bloomberg Intelligence uvedl, že rostoucí výdaje Tesly do fyzické AI se mohou promítnout do smysluplných tržeb a zisků s větším zpožděním, i když vedení podle něj zachovává očekávání ohledně Cybercabu a Optimu. Dodal, že kapitálové výdaje by měly v příštích dvou až třech letech dále růst v souvislosti s rozšiřováním Cybercabu, Robotaxi, Optimu a AI infrastruktury.
Analytik Andrew Percoco z Morgan Stanley označil zrychlující se cyklus kapitálových výdajů Tesly za nezbytnou investici k zajištění vedoucí pozice v autonomii a robotice. Podle něj tyto investice dále prohlubují záporný volný hotovostní tok, což zvyšuje důraz na konkrétní milníky u Robotaxi a Optimu.
Analytik Alexander Potter z Piper Sandler uvedl, že marže za 2Q byly pod konsensem, což zatížilo akcie. Aby se Tesla vymanila ze současné situace, bude podle něj muset vyvrátit pochybnosti ohledně Optimu a Cybercabu. Dodal, že zůstává i nadále pozitivně naladěný, i když je obtížné odhadnout načasování katalyzátorů.
Akcie Tesla Akcie Tesla (TSLA) v předburzovní fázi obchodování klesají o 5,46 % na 353,58 USD.
Akcie Tesla Inc (TSLA) před výsledky uzavřely na 374,01 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 1404,7 P/E 374,2 Vývoj za letošní rok (%) -16,8 Očekávané P/E 200,1 52týdenní minimum (USD) 297,8 Prům. cílová cena (USD) 416,5 52týdenní maximum (USD) 498,8 Dividendový výnos (%) -- Zdroj: Tesla, Bloomberg
Tesla Inc (NASDAQ:TSLA) managed the unusual feat of selling more cars than ever before and being punished for it, with shares falling 4% after hours and wiping roughly $71 billion from the electric carmaker's value.
Start with the good, because there genuinely is some. Revenue of $28.24 billion was up 26% year-on-year and comfortably ahead of the $25.71 billion analysts had pencilled in.
Deliveries of 480,126 vehicles were a second-quarter record and the first annual growth in two years, ending a slump driven by Chinese competition and a consumer backlash against Elon Musk's politics.
The services division, which includes out-of-warranty repairs, grew revenue 50% to $4.58 billion at record margins, a reminder that the most boring part of the business is quietly among the healthiest.
Subscriptions to Full Self-Driving, which despite the name still requires a human ready to grab the wheel, rose 56% to 1.48 million, generating $791 million of annual recurring revenue.
Chief financial officer Vaibhav Taneja said the company left the quarter with its biggest order backlog since 2023.
Now the bad. Adjusted earnings of 33 cents a share came in barely two-thirds of the 51 cents Wall Street expected.
Gross margin fell to 16.8%, against forecasts of 19.4%, as average selling prices dropped and revenue from selling regulatory credits to rival carmakers collapsed from $439 million to $146 million.
That last line matters more than it looks, because those credits were nearly pure profit and are not coming back.
Tesla is now selling cheaper Model 3 and Y variants after retiring the pricier Model S and X, which is a fine way to move metal and a poor way to defend margins.
Operating expenses rose 47% to $4.35 billion, roughly twice the pace of revenue growth, dragging operating margin down to 1.4% from 4.1%.
Then the ugly, or at least the expensive.
Capital expenditure jumped 142% to $5.79 billion and free cash flow swung to a deficit of $1.09 billion, from a $146 million surplus a year earlier.
Taneja has guided to more than $25 billion of capex this year, close to three times the 2025 figure, and warned that operating costs will keep climbing into 2027.
In fairness to Tesla, the burn was smaller than the $3.6 billion analysts had feared, which is the sort of consolation prize that only makes sense in this stock.
The money is going into artificial intelligence compute, six new factories, Optimus humanoid robot lines at Fremont, and Terafab, a semiconductor project run jointly with SpaceX.
Musk described Optimus as the hardest product Tesla has ever tried to manufacture, noting there is no existing supply chain for it, which is true and also not obviously reassuring.
None of it generates revenue yet, and Musk has conceded robotaxi income will not become meaningful until 2027.
The strategic subtext was harder to miss than usual.
Asked whether Tesla and SpaceX might merge, Musk cited the growing overlap around Terafab before observing that one cannot discuss combining companies on an earnings call, having just spent an hour describing two companies that increasingly cannot function without each other.
Analysts have put the odds of a combination at 80% to 90% by early 2027.
Investors have already marked Tesla down 17% this year against a rising Nasdaq, and SpaceX has shed more than 40% from its post-listing peak.
The pitch is that the spending buys a robotics and autonomy platform worth far more than a carmaker.
The problem is that shareholders are being asked to fund it out of a business whose margins are going the wrong way.
Tesla Inc (NASDAQ:TSLA) managed the unusual feat of selling more cars than ever before and being punished for it, with shares falling 4% after hours and wiping roughly $71 billion from the electric carmaker's value.
Start with the good, because there genuinely is some. Revenue of $28.24 billion was up 26% year-on-year and comfortably ahead of the $25.71 billion analysts had pencilled in.
Deliveries of 480,126 vehicles were a second-quarter record and the first annual growth in two years, ending a slump driven by Chinese competition and a consumer backlash against Elon Musk's politics.
The services division, which includes out-of-warranty repairs, grew revenue 50% to $4.58 billion at record margins, a reminder that the most boring part of the business is quietly among the healthiest.
Subscriptions to Full Self-Driving, which despite the name still requires a human ready to grab the wheel, rose 56% to 1.48 million, generating $791 million of annual recurring revenue.
Chief financial officer Vaibhav Taneja said the company left the quarter with its biggest order backlog since 2023.
Now the bad. Adjusted earnings of 33 cents a share came in barely two-thirds of the 51 cents Wall Street expected.
Gross margin fell to 16.8%, against forecasts of 19.4%, as average selling prices dropped and revenue from selling regulatory credits to rival carmakers collapsed from $439 million to $146 million.
That last line matters more than it looks, because those credits were nearly pure profit and are not coming back.
Tesla is now selling cheaper Model 3 and Y variants after retiring the pricier Model S and X, which is a fine way to move metal and a poor way to defend margins.
Operating expenses rose 47% to $4.35 billion, roughly twice the pace of revenue growth, dragging operating margin down to 1.4% from 4.1%.
Then the ugly, or at least the expensive.
Capital expenditure jumped 142% to $5.79 billion and free cash flow swung to a deficit of $1.09 billion, from a $146 million surplus a year earlier.
Taneja has guided to more than $25 billion of capex this year, close to three times the 2025 figure, and warned that operating costs will keep climbing into 2027.
In fairness to Tesla, the burn was smaller than the $3.6 billion analysts had feared, which is the sort of consolation prize that only makes sense in this stock.
The money is going into artificial intelligence compute, six new factories, Optimus humanoid robot lines at Fremont, and Terafab, a semiconductor project run jointly with SpaceX.
Musk described Optimus as the hardest product Tesla has ever tried to manufacture, noting there is no existing supply chain for it, which is true and also not obviously reassuring.
None of it generates revenue yet, and Musk has conceded robotaxi income will not become meaningful until 2027.
The strategic subtext was harder to miss than usual.
Asked whether Tesla and SpaceX might merge, Musk cited the growing overlap around Terafab before observing that one cannot discuss combining companies on an earnings call, having just spent an hour describing two companies that increasingly cannot function without each other.
Analysts have put the odds of a combination at 80% to 90% by early 2027.
Investors have already marked Tesla down 17% this year against a rising Nasdaq, and SpaceX has shed more than 40% from its post-listing peak.
The pitch is that the spending buys a robotics and autonomy platform worth far more than a carmaker.
The problem is that shareholders are being asked to fund it out of a business whose margins are going the wrong way.
Evropské akcie budou dle futures kontraktů ve čtvrtek ráno otvírat se ztrátami do -0,5 %, zatímco zámoří aktuálně ztrácí -0,2 %. Investoři sledují ceny ropy, Brent se obchoduje na 96 USD a je tak nejvýše od přelomu květen/červen. Na Blízkém východě pokračuje napětí, tankery v Rudém moři jsou terčem Íránem podporovaných Hútíjů. Diplomatické úsilí o ukončení konfliktu se tak fakticky zastavilo a růst cen energií zatěžuje vyhlídky na inflaci. V prodlouženém obchodování v USA včera klesly akcie Alphabet (-3 %), když investoři vyjádřili obavy z vyšších kapitálových výdajů příští rok (cca +15 mld. USD proti odhadům). Po výsledcích se nedařilo ani akciím Tesla. Na druhou stranu vyšší výdaje vyhovují např. čipovým firmám, Asie tak těžila z růstu Samsungu či SK Hynix. V Evropě dnes zasedá ECB, pohyb sazeb se nečeká, trh však čeká pohyb vzhůru na zářijovém zasedání. Kvartální výsledky bank BNP či Unicredit vypadají silně. Praha po včerejším růstu (PX +1,5 %) by mohla spíše předvést smíšený vývoj. Vybírání zisků by mohlo převažovat na bankách.
Record Q2 Deliveries: Achieved record deliveries globally with sequential growth in the Americas (60%), APAC (27%), and EMEA (12%).Model Y Performance: Set rec
Před otevřením evropských akciových trhů futures naznačovaly převážně negativní náladu napříč hlavními burzami. Největší pokles vykazoval německý index DAX , jehož futures ztrácely 0,43 % na 25 163 bodů, což ukazovalo na slabší očekávaný start obchodování ve Frankfurtu.
Článek se odemkne 23.07.2026 9:36
Pokračování článku je dostupné jen klientům placených služeb Patria Plus / Investor Plus případně uživatelům platformy Patria Direct. Pokud jste klientem těchto služeb, potom je nutné se Přihlásit.
V rámci placeného informačního servisu získáte přístup ke kompletnímu zpravodajství www.patria.cz bez jakýchkoliv omezení. Veškeré zprávy, komentáře a horké zprávy jsou zobrazovány terminálovou metodou (bez nutnosti obnovovat stránku) bez zpoždění a v plné verzi.
Nejen zpravodajství, ale i další služby získáte v Patria Plus / Investor Plus - sms a e-mailové zpravodajství, data z finančních trhů v reálném čase, kompletní analytický servis, rozsáhlé databáze časových řad ke stažení, prognózy vývoje a valuace, ekonomické fundamenty, nástroje a kalkulátory... více
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře
23.07.2026 8:36Výsledky dodaly Alphabet a Tesla, Evropa zahájí spíše negativně 8:26Prodej aut v EU v červnu stoupl o 13,6 procenta, dál posílili čínští výrobci 8:19Muskova automobilka Tesla zvýšila tržby o čtvrtinu, ale zisk jí klesl 22.07.2026 22:39Alphabet překonal odhady. Poptávka po AI je enormní, cloud vykázal více než 80procentní růst 22:01Akcie před výsledky technologických gigantů kolísaly, růst ropy zvýšil obavy z inflace 18:10Stát by mohl dát na burzu až 40 procent akcií pražského letiště v roce 2028, řekl Babiš 18:05A komu tím prospějete? 16:59Šéf Equinoru: EU zřejmě nesplní cíl pro naplnění zásobníků plynu před zimou 16:40Prezident Pavel vetoval spornou novelu rozpočtových zákonů 16:28Alphabet čeká klíčová zkouška. Investoři chtějí vidět návratnost investic do AI 16:27AMD investuje do firmy Anthropic až pět miliard dolarů, Antropic od AMD koupí čipy 15:01Moneta by měla pokračovat v růstu. Klíčovým tématem bude kapitál a výplata akcionářům 13:29Autonomní agent AI se při bezpečnostním testu vymkl kontrole, uvedla OpenAI 13:15Za Starmera vedl obranu, nyní bude Healey šéfem britské státní kasy. Investoři tak sází na vyšší výdaje na obranu 11:40Goldman Sachs hledá příležitosti mimo AI. Sází na spotřebu, finance i cestování 11:10Zatímco se čeká na Google, ropa poskočila výš a opatrnost se vrací 8:56Rozbřesk: O neudržitelnosti nízkých cen potravin v ČR 8:50Babiš otevřel debatu o cukrové dani. Trhy sledují také Írán, léky a energetiku 6:03Cena pojištění AI dluhu roste. Oracle se dostal na úrovně z finanční krize 21.07.2026 17:18Dobré ekonomické a investiční příběhy. Ale ve špatné době?
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Tesla said Robotaxi operates in seven US markets, with six now offering unsupervised rides. Tim Goessman/Bloomberg via Getty Images Tesla has some numbers to tout for its progress on Robotaxi.
CEO Elon Musk and other executives said during Tesla's second-quarter earnings call on Wednesday that the company continues to expand its autonomous ride-hailing platform, adding more cities and more unsupervised rides.
Since Tesla first launched Robotaxi in June 2025 with a small fleet of Model Ys and safety monitors, the rollout of the company's ride-hailing service has been slower than Musk's predictions.
The CEO said in July 2025 that Tesla could reach half the US population by the end of 2025, pending regulatory approval.
Tesla now lists seven US metropolitan regions, including two Florida cities — Orlando and Tampa — announced on the eve of the company's Q2 earnings call.
The company has yet to disclose the size of its overall fleet, number of paid rides, intervention rates, or the economics of each trip.
Musk said during the earnings call that safety is central to the constraints on Robotaxi's deployment scale.
"If we injure even one person, it will be worldwide headline news, and regulators will immediately clamp down on our activities," he said. "We're going as fast as humanly possible in scaling Robotaxi, but while trying to ensure that we do not harm anyone at all and ideally do not even run over a pet."
Here are seven numbers that demonstrate Tesla's Robotaxi progress:
1. Nearly 2.5 million total paid milesTesla said in its shareholder deck that Robotaxi had reached nearly 2.5 million cumulative paid miles by the end of the second quarter.
The figure includes trips with a safety monitor — a human supervisor who oversees the autonomous software — in the car. In the San Francisco Bay Area, a safety monitor remains behind the wheel.
2. More than 380,000 unsupervised milesAshok Elluswamy, Tesla's VP of AI, said Robotaxi has driven more than 380,000 unsupervised miles across six cities in two different states.
This is one of the more concrete figures Tesla has provided around its progress for unsupervised rides. Tesla has yet to reveal how many cars are operating without a safety monitor.
For comparison, Alphabet's Waymo has driven more than 200 million fully autonomous, rider-only miles.
3. More than 10% weekly mileage growthMusk said Robotaxi has seen a growth rate of more than 10% for miles driven per week.
Similarly, Elluswamy said unsupervised mileage has increased at "double-digit growth rates" per week since the beginning of the year.
"We expect to continue growing at such a large rate through the rest of this year," Elluswamy said.
4. Seven US metropolitan regionsTesla said Robotaxi is now active in seven US markets: Austin, Dallas, Houston, Miami, Orlando, Tampa, and the San Francisco Bay Area.
All regions except for the Bay Area are "ramping unsupervised" rides, the company said in the shareholder deck.
Tesla is also targeting Phoenix and Las Vegas, with "preparations underway."
Meanwhile, Waymo operates in 11 US regions.
5. Zero 'notable incidents' from RobotaxiElluswamy said that there have been "zero notable incidents" over the more than 380,000 unsupervised Robotaxi miles driven. He added that the known incidents involved other road users hitting stationary Teslas.
Tesla has reported crashes to federal regulators, including two low-speed crashes that occurred after Tesla's teleoperator assumed direct control of the car. Both incidents had a safety monitor behind the wheel.
Elluswamy said the progress was a "huge validation of Tesla's entire AI approach."
6. More than 125,000 Cybercabs in manufacturing capacityTesla said it installed an annual manufacturing capacity of more than 125,000 Cybercabs — the company's purpose-built robotaxi — at Gigafactory Texas. Production began during the second quarter.
For comparison, Zoox, Amazon's robotaxi venture, says its factory in Hayward, California can assemble more than 10,000 purpose-built robotaxis a year once it operates at full scale. Waymo has said that its Arizona plant can build "tens of thousands" of robotaxis at full buildout.
Tesla's number does not represent the current production rate, which was not disclosed.
Musk said the Cybercab needs to accumulate more driving data specific to its chassis before the company can put more on the road.
Employees have started taking autonomous rides in the car at Gigafactory, Tesla said.
7. Nearly 1.5 million paid FSD customersTesla reported 1.48 million paying customers of Full Self-Driving, the automaker's advanced driver-assistance system. That represents a 56% year-over-year increase.
While FSD for personally owned vehicles requires constant human supervision, one of Tesla's long-standing promises is that the tech will no longer require driver monitoring.
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Tesla stock NASDAQ:TSLA sank more than 4% in after-hours trading after second-quarter results exposed the mounting cost of Elon Musk’s push into artificial intelligence, autonomous taxis and humanoid robots.
Revenue rose 26% to $28.24 billion, beating Tesla’s company-compiled consensus of $27.58 billion.
Adjusted earnings were 33 cents a share, missing the 55-cent consensus. Capital expenditure more than doubled to $5.79 billion, pushing free cash flow to negative $1.09 billion.
The reaction came before regular US trading on Thursday and suggested investors now want more than ambitious timelines.
Tesla delivered a record second-quarter deliveries of 480,126 vehicles, up 25%, helping automotive revenue rise 23% to $20.52 billion. Energy generation and storage revenue increased 13% to $3.14 billion.
The strain appeared below the top line. Operating expenses climbed 47% to $4.35 billion, including a 49% increase in research and development spending to $2.37 billion.
Operating income fell 57% to $398 million, while operating margin narrowed to 1.4% from 4.1%.
Automotive gross margin excluding regulatory credits dropped to 16.3% from 19.2% in the first quarter.
Lower selling prices and a sharp fall in regulatory-credit revenue showed that higher deliveries did not translate cleanly into stronger profitability.
Tesla also booked a $763 million after-tax unrealised gain on its SpaceX stake. Because adjusted earnings exclude it, the profit miss reflected underlying operations rather than accounting.
Tesla Q2 earnings: AI progress is visible, but monetisation remains limitedTesla reported 1.48 million active Full Self-Driving subscriptions, up 56% year on year.
Cybercab production began, Robotaxi operations expanded across seven US metros, and on-site AI-computing capacity in Texas more than doubled during the first half.
Those milestones support Musk’s argument that Tesla is becoming a physical-AI company, but do not establish how quickly autonomy and robotics will become material revenue sources.
Truist analyst William Stein described Tesla’s AI progress as “positive, but imperfect” in a note reported by TipRanks.
Stein views FSD and Robotaxi as the most important near-term projects and Optimus as the larger long-term opportunity, while maintaining a Hold rating.
Morgan Stanley analyst Andrew Percoco entered the report with an Equal Weight rating and a $417 target, expecting constructive but relatively modest AI updates rather than an immediate catalyst for a major re-rating.
Tesla generated $4.70 billion in operating cash flow but spent $5.79 billion on factories, computing infrastructure and new products.
Management expects full-year capital expenditure to exceed $25 billion and remain elevated as AI, Cybercab and Optimus capacity expands.
BNP Paribas analyst James Picariello expects annual capital expenditure to average at least $22 billion through 2030.
That forecast suggests the second-quarter surge was an early stage of a multiyear investment cycle, not a temporary spike.
The bullish case remains that Robotaxi and Cybercab could become scalable, high-margin businesses, while rising FSD subscriptions create recurring software revenue.
The risk is that spending continues to outrun monetisation while weaker vehicle margins reduce Tesla’s financial cushion.
Tesla said Wednesday that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" safety incident.
Ashok Elluswamy, Tesla’s vice president of AI software, highlighted the fleet’s safety record during the electric vehicle maker’s second-quarter earnings call, telling investors it had recorded "zero notable incidents."
Any reported incidents involved "other actors impacting us when we were stationary," Elluswamy said.
"I'd like to emphasize how safe the operation has been so far," Elluswamy said. "Zero notable incidents over 380,000 miles."
MUSK SAYS TESLA, SPACEX TO BUILD ADVANCED CHIP MANUFACTURING FACILITY
A Tesla robotaxi travels along South Congress Avenue in Austin, Texas, June 22, 2025. Tesla said that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" (Reuters/Joel Angel Juarez / Reuters)
Elluswamy said the results support Tesla’s camera-based approach to autonomous driving.
"Historically, the so-called experts have always claimed that you need lidars, radars, HD maps and the entire kitchen sink to drive safely," he said. "Here, we show that such is not true. You can have safe, comfortable and affordable autonomy with just cameras."
Tesla said mileage traveled by its unsupervised robotaxi fleet has grown at a double-digit weekly rate for months.
"We have grown at such a high compounding rate on a week-over-week basis over the last several months," Elluswamy said. "Not only that, we expect to continue growing at such a large rate through the rest of this year."
ELON MUSK REVEALS PRICE OF TESLA'S CYBERCAB
A Tesla robotaxi operates on South Congress Avenue in Austin, Texas, on June 22, 2025. (Reuters/Joel Angel Juarez / Reuters)
The remarks came one day after Tesla expanded its robotaxi service to Orlando and Tampa, according to Reuters.
Tesla launched the service in Austin in June 2025, initially placing safety monitors inside the vehicles.
It later began offering fully unsupervised rides in Austin and expanded the service to Dallas, Houston and Miami, Reuters reported.
Stocks In This Article: SELF-DRIVING CAR COMPANIES WAYMO, TESLA TO TESTIFY AT KEY SENATE COMMITTEE ON REGULATING GROWING INDUSTRY
Passengers exit a Waymo self-driving car, Dec. 26, 2025, in San Francisco. Unlike Waymo, which uses lidar sensors, Tesla relies mainly on cameras and AI software. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)
Unlike Waymo, which uses "light detection and ranging" or "lidar" sensors, Tesla relies mainly on cameras and AI software, according to the outlet.
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"We expect that the time to launch to a new city will continue to trend towards zero, towards an end where we operate in entire states as a whole, instead of going city by city," Elluswamy added.
Tesla could not immediately be reached by FOX Business for comment.
Tesla, Inc. (TSLA) Q2 2026 Earnings Call July 22, 2026 5:30 PM EDT
Company Participants
Travis Axelrod - Head of Investor Relations
Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Vaibhav Taneja - Chief Financial Officer
Ashok Elluswamy - Executive Officer
Karn Budhiraj
Lars Moravy - Vice President of Vehicle Engineering
Brandon Ehrhart
Conference Call Participants
Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
Walter Piecyk - LightShed Partners, LLC
William Stein - Truist Securities, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division
Presentation
Travis Axelrod
Head of Investor Relations
Good afternoon, everyone, and welcome to Tesla's Second Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.
Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up. [Operator Instructions]
Before we jump into Q&A, Elon has some opening remarks. Elon?
Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director
Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take
Tesla CEO Elon Musk on Wednesday left the door open to the EV maker merging with his other trillion-dollar-plus-valued firm SpaceX , declining to dismiss the possibility and citing growing overlap between the companies.
Tesla reports adjusted earnings of 33 cents a share for the second quarter. That was well short of the 51-cent average of analyst estimates compiled by Bloomberg.
SummaryTesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates.Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions.TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. jetcityimage/iStock Editorial via Getty Images
After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Tesla on Wednesday missed analysts’ profit forecasts for the second quarter and, for the first time in more than two years, reported negative free cash flow as the Elon Musk-led EV maker accelerated spending on infrastructure for its AI and robotics ambitions.
Shares were down about 2.5% in extended trading.
Musk plans to spend more than $25 billion this year, nearly triple last year’s $8.53 billion, as he bets on Tesla’s AI-powered self-driving technology and robotics, over its auto business, which still is the core revenue generator.
Tesla CEO Elon Musk plans to spend more than $25 billion this year, nearly triple last year’s $8.53 billion. dpa/picture alliance via Getty Images But the pivot is expensive, and while much of Tesla’s valuation hangs on the promise of potentially high-margin revenue streams, the spending is heightening investor scrutiny.
Thomas Monteiro, senior analyst at Investing.com, said it could become difficult for Tesla to keep up with its recent capital-spending pace as its cash burn worsens.
“Given that most of the Tesla premium rests on future narratives, every capex dollar Tesla commits will be judged more harshly than it was a year ago,” he said.
Adjusted profit in the quarter ended June 30 was 33 cents per share, versus analysts’ average expectation of 51 cents per share, according to data compiled by LSEG.
Tesla’s profitability was hurt by higher operating expenses driven by AI, lower average selling prices and weaker regulatory credit revenue even as vehicle deliveries rose, the EV maker said on Wednesday.
Capital expenditure in the quarter came in at $5.8 billion, compared with the expectation of about $6.2 billion.
Tesla’s profitability was hurt by higher operating expenses driven by AI, lower average selling prices and weaker regulatory credit revenue even as vehicle deliveries rose. Hernan Ogallar/EPA/Shutterstock Tesla reported negative free cash flow of $1.1 billion, compared with analysts’ expectation for cash burn of $3.3 billion.
“This is a massive capex year, but I’m confident that all the things that we are investing in will yield incredible returns,” Musk told analysts on a post-earnings conference call.
EV sales in the quarter helped assuage some fears for now. Tesla delivered 480,126 vehicles in the second quarter, above Wall Street expectations and up from 384,122 vehicles a year earlier.
The Austin, Texas-based automaker reported revenue of $28.24 billion for the three months ended June 30, compared with analysts’ average estimate of $25.71 billion.
Automotive gross margin came in at 16.3%, compared with the expectation of 18.04%, according to Visible Alpha data.
Tesla also deployed 13.5 GWh of energy storage products in the quarter, up from 8.8 GWh in the first quarter and 9.6 GWh a year earlier.
Investors have increasingly turned their attention to Musk’s push into self-driving technology and robotics. CFOTO/Future Publishing via Getty Images Automotive business under pressure But the core automotive business remains under scrutiny as competitors introduce newer models, often at lower price points, while the company continues to rely heavily on its Model 3 compact sedans and Model Y SUVs for volume.
Tesla has tried to stimulate demand through lower-priced trims, including stripped-down, affordable versions of the Model 3 and Model Y late last year, and the launch this month of a six-seater variant of the Model Y in the United States, where demand has been hit by the removal of key tax credits last year.
Wall Street expects Tesla to deliver about 1.7 million vehicles in 2026, according to Visible Alpha data. That would imply growth from last year’s levels, but analysts remain divided over whether the second-quarter rebound reflects sustainable demand or timing effects after a weak first quarter.
Analysts say sustaining the momentum could be difficult, with third-quarter growth set to face a high bar after a strong performance in the same period last year.
Investors have increasingly turned their attention to Musk’s push into self-driving technology and robotics, seeking clearer evidence that Tesla’s autonomy narrative is shifting from promise to commercial reality.
The core automotive business remains under scrutiny as competitors introduce newer models, often at lower price points. REUTERS Robotaxi expansion accelerates Tesla’s energy generation and storage unit has emerged as a key counterweight to the auto business, helped by demand for grid-scale batteries that support renewable energy, data centers and electricity-network stability.
Tesla has said it expanded its unsupervised robotaxi service in Austin and launched unsupervised rides in Dallas and Houston in April. The company also operates a robotaxi service in Miami and expanded the service to Orlando and Tampa, Florida. Tesla has previously identified Phoenix and Las Vegas among future expansion markets.
The company received approval in April to deploy its advanced driver assistance software – called Full Self-Driving Supervised – in the Netherlands. Some other European countries have also allowed the technology following the Dutch approval.
A key vote to decide on Europe-wide approval for the technology is expected later this year. Tesla is also pushing for approval in China.
Tesla’s shares have fallen more than 15% this year. At about $1.4 trillion, it remains the world’s most valuable automaker by a wide margin, reflecting investor expectations that self-driving software, energy storage, robotaxis and humanoid robots could eventually deliver higher-margin growth than vehicle sales.
Tesla reported Q2 earnings with a massive profit miss and significant margin deterioration. TSLA achieved solid delivery numbers, but only by sacrificing profitability. The high valuation is not justified given the deteriorating financial metrics revealed in this report.
Tesla (TSLA - Free Report) came out with quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -34.00%. A quarter ago, it was expected that this electric car maker would post earnings of $0.36 per share when it actually produced earnings of $0.41, delivering a surprise of +13.89%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Tesla, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $28.24 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.41%. This compares to year-ago revenues of $22.5 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Tesla shares have lost about 15.7% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Tesla?While Tesla has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Tesla was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.54 on $27.13 billion in revenues for the coming quarter and $2.16 on $103.29 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Rivian Automotive (RIVN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level.
Rivian Automotive's revenues are expected to be $1.58 billion, up 21.2% from the year-ago quarter.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TSLA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Tesla (TSLA - Free Report) reported $28.24 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 25.5%. EPS of $0.33 for the same period compares to $0.40 a year ago.
The reported revenue represents a surprise of +9.41% over the Zacks Consensus Estimate of $25.81 billion. With the consensus EPS estimate being $0.50, the EPS surprise was -34%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Tesla performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total vehicle deliveries: 480,126 versus the six-analyst average estimate of 431,186.Other models deliveries: 12,364 versus the five-analyst average estimate of 9,874.Model 3/Y deliveries: 467,762 compared to the 426,145 average estimate based on five analysts.Storage deployed: 13,500.00 MWh versus the two-analyst average estimate of 13,077.47 MWh.Total Leased Units: 7,580 versus 9,800 estimated by two analysts on average.Revenues- Automotive sales: $20.01 billion versus $18.35 billion estimated by eight analysts on average. Compared to the year-ago quarter, this number represents a +26.7% change.Revenues- Energy generation and storage: $3.14 billion versus the eight-analyst average estimate of $3.55 billion. The reported number represents a year-over-year change of +12.6%.Revenues- Services and other: $4.58 billion versus $3.8 billion estimated by eight analysts on average. Compared to the year-ago quarter, this number represents a +50.4% change.Revenues- Automotive regulatory credits: $146 million versus $374.71 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -66.7% change.Revenues- Automotive leasing: $364 million versus $313.42 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -16.3% change.Total Automotive Revenue: $20.52 billion compared to the $15.83 billion average estimate based on four analysts. The reported number represents a change of +23.1% year over year.Gross profit- Total Automotive: $3.14 billion compared to the $3.73 billion average estimate based on five analysts.View all Key Company Metrics for Tesla here>>>
Shares of Tesla have returned -0.7% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Robotaxi Mode Engaged: Tesla Starts Monetizing Its Florida FleetTesla NASDAQ: TSLA executives used the company’s second-quarter 2026 earnings webcast to highlight record quarterly deliveries, rising interest in Full Self-Driving, rapid energy storage growth and a major multiyear capital spending cycle tied to autonomy, robotics, semiconductor capacity and manufacturing expansion.
Elon Musk said Tesla had “a great quarter” and achieved record second-quarter deliveries. He said the Model Y continues to set records and described Full Self-Driving, or FSD, as a significant demand driver in markets where it is approved.
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Bank Earnings Are Roaring, But Wall Street Isn't Ready to Celebrate“For a lot of people, they’re actually buying Tesla Full Self-Driving with a car attached, as opposed to a car with FSD,” Musk said, adding that Tesla expects demand to increase as FSD gains approval in additional countries.
Vehicle Demand Rebounded Across Regions Vaibhav Taneja said the second quarter continued a demand recovery that began late in the first quarter. Tesla posted sequential delivery growth of 60% in the Americas, 27% in APAC and 12% in EMEA, he said. Model Y also set records in several markets, including the Netherlands, Australia and New Zealand.
Tesla’s Delivery Surprise Was Big—Earnings Need to Be BiggerTaneja said Tesla exited the quarter with its largest order backlog since 2023 and is focused on increasing production across its factories. He cautioned that production growth will be limited by supply chain constraints, including batteries and electronic components.
FSD was a recurring focus of the call. Taneja said about 55% of North American deliveries had an FSD subscription enabled at the time of delivery in the second quarter. He said FSD attach rates reached nearly 1.5 million paid customers globally, with 55% coming from upfront purchases and 45% from subscriptions. Tesla expects future FSD monetization growth to come primarily from subscriptions, he said, as the company has removed the purchase option in most markets.
Margins Reflect Warranty, Tariff and Pricing Dynamics Automotive gross margin excluding regulatory credits declined sequentially to 16.3% from 19.2%. Taneja said the first quarter had benefited from a $230 million warranty true-down and tariff relief that did not repeat in the second quarter. Adjusting for those first-quarter benefits, automotive gross margin excluding credits would have been approximately flat, he said.
Taneja also said commodity price increases and interest rate changes continued to add costs. Higher interest rates raised the cost of subvention programs, which are recognized upfront as a revenue offset and negatively affected automotive margins.
Tesla’s energy business deployed 13.5 GWh of energy storage in the quarter, up 53% sequentially and the company’s second-largest quarter for the business. However, energy gross margin fell to 20.4% from 39.5%. Taneja attributed the decline to a roughly $240 million warranty true-up tied to vendor cell issues for legacy deployments, the absence of more than $200 million in tariff benefits recognized in the first quarter and lower average selling prices for industrial storage amid increasing competition.
Long term, Taneja said Tesla expects energy gross margins to normalize in the mid- to low-20% range. He described the energy order backlog as robust and said the company is building for existing demand as well as expected future demand from data centers and broader electrification.
Service and other gross margin improved to 14.1% from 9.2%, an all-time high, driven by higher volume and better cost management across used vehicles, Supercharging, service centers and insurance, Taneja said.
Robotaxi Expansion Centers on Safety and Reliability Musk said Tesla is scaling Robotaxi “as fast as humanly possible” while prioritizing safety. He said the company is trying to avoid any harm as it expands the service, noting that any injury involving Robotaxi would draw significant scrutiny from regulators and the public.
Ashok, Tesla’s vice president of AI, said the Robotaxi program has driven more than 380,000 miles of unsupervised operation across six cities in two states with “zero notable incidents.” He said the fleet is already running early versions of Tesla’s V15 FSD software, with about 40% of planned major improvement tracks merged into current builds.
Taneja said Tesla has expanded its Robotaxi fleet to seven U.S. markets and expects the ramp to accelerate through the rest of the year. Musk said the constraint on growth is the “march of nines” of reliability, describing the need for increasingly high safety and reliability levels before broader scaling.
Executives said Tesla plans to keep Robotaxi vertically integrated. Musk said he does not expect demand challenges and believes the service’s economics will make demand exceed Tesla’s ability to serve it.
Optimus, Cybercab and AI Chips Drive Investment Plans Musk said Optimus could be “the biggest product ever,” but emphasized that scaling manufacturing will be difficult because there is no established supply chain for many of the robot’s parts. He said Tesla has in-sourced a significant amount of production and is building an Optimus line in Fremont where Model S and Model X production had previously been located.
Ashok said Optimus training will use data from factory workers, dedicated demonstrations, internet video and eventually robots practicing tasks in an “Optimus Academy.” He said Tesla is applying the same end-to-end AI strategy used in FSD: “pixels in, controls out.”
Musk also discussed Tesla’s planned Terafab initiative and said the company expects to announce a location soon. He said Terafab is necessary to avoid AI chip constraints that would limit Optimus production. Tesla has placed equipment orders for a development fab in Austin intended to combine lithography mask production, logic, memory, packaging and chip testing under one roof.
On Cybercab, executives said the vehicle will use the same V15 models as other Tesla platforms. Musk said Tesla needs to accumulate driving data specific to the Cybercab chassis before putting large numbers on the road. He also said Starlink will be integrated into Cybercab and, in markets where available, Tesla vehicles generally, because Robotaxis need reliable connectivity.
CapEx to Rise as Tesla Pursues Manufacturing Build-Out Taneja said free cash flow was negative in the quarter, largely because capital expenditures more than doubled sequentially. Tesla continues to expect 2026 CapEx of more than $25 billion, with spending set to rise further in the second half of the year.
He said CapEx will grow for the next two or three years as Tesla expands its Robotaxi fleet, Optimus production capacity, semiconductor fab investments, solar manufacturing capacity, AI compute infrastructure and automotive manufacturing. Tesla is also pursuing debt facilities that could provide borrowing capacity of up to $30 billion to accelerate those investments.
Musk said he has asked Tesla’s team to spend on CapEx “as fast as we can without it being too wasteful,” balancing capital efficiency against speed. He described the current effort as one of the fastest industrial scale-ups in modern U.S. history.
Net income in the quarter was positively affected by a $1 billion mark-to-market gain on Tesla’s SpaceX holdings, offset by about $300 million in foreign exchange losses and roughly $100 million in Bitcoin losses, Taneja said.
About Tesla (NASDAQ:TSLA)Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.
Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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ToplineElon Musk on Wednesday deflected questions about a direct merger between his SpaceX and Tesla during the automaker’s earnings call, following months of speculation about a future tie-up of his two firms as the world’s richest person said there is increasingly more “overlap” between them.
Musk told investors there is “more and more overlap” between his two companies.
Copyright 2019 The Associated Press. All rights reserved.
Key FactsMusk, in response to a question from Wells Fargo analyst Colin Langan about a possible merger between Tesla and SpaceX, said: “We can’t talk about, you know, combining companies and that kind of thing on an earnings call—it has got to be done with the appropriate process.”
There is “more and more overlap” between Tesla and SpaceX, Musk said, referencing Starlink’s integration into Cybertrucks—and later inclusion in all Tesla vehicles, according to Musk—and TeraFab, a proposed AI chip manufacturing venture between Tesla, SpaceX and xAI, which is now a SpaceX subsidiary.
Musk said xAI, now known as SpaceXAI, will develop an AI model to serve as a “manager” for Optimus, Tesla’s robots that Musk has claimed could be the “biggest product ever.”
In response to Langan’s question, Tesla’s general counsel said the automaker will “continue to benefit from our relationship with SpaceX,” citing “numerous beneficial transactions” and investments between them.
tesla misses on earnings, despite revenue beatTesla reported second-quarter revenue of $28.2 billion, beating consensus economist projections of $27.2 billion, according to FactSet. The firm posted earnings of 33 cents per share, however, which fell well below estimates of 55 cents. Tesla also reported its first quarter of negative free cash flow in more than two years, running just over $1 billion in the red, as chief financial officer Vaibhav Taneja reiterated Tesla planned to spend more than $25 billion this year, noting that figure will likely rise in the coming years.
key backgroundSome analysts have suggested that Tesla and SpaceX could merge, as Musk has worked to fold his companies into one another. SpaceX president Gwynne Shotwell told CNBC a deal combining the rocket maker with Tesla “might make Elon’s life a little easier,” arguing there was “no question that there are synergies between Tesla and SpaceX in our futures.” Musk reportedly discussed the possibility of combining the two companies, and Tesla employees have purportedly said many workers at the company are expecting a transaction to take place. Former Wedbush Securities analyst Dan Ives said ahead of SpaceX’s initial public offering last month his firm had placed odds of 80% or higher for Tesla and SpaceX merging by 2027, writing in a separate note the “groundwork is already in place for both operations to become one organization.”
further readingForbesCould Musk Merge SpaceX And Tesla? Here’s What Analysts—And Betting Markets—SayBy Ty Roush
4:15pm: Earnings loom US stocks ended mostly lower on Wednesday as investors took a breather after two strong sessions, with rising oil prices and caution ahead of a wave of closely watched earnings keeping buying in check.
The Dow Jones finished little changed, slipping 6 points to 52,219. The S&P 500 fell 10 points, or 0.1%, to 7,499, while the Nasdaq underperformed, dropping 146 points, or 0.6%, to 25,691.
Trading was uneven throughout the session as investors stepped back from the artificial intelligence and semiconductor stocks that had powered the market's recent rebound. After two days of solid gains, traders appeared content to lock in profits while waiting for the next major catalyst.
Attention now shifts to a busy slate of earnings due after the closing bell, led by Tesla and Alphabet, whose results are expected to provide fresh insight into both AI spending and consumer demand. IBM, ServiceNow, Southwest Airlines and Wyndham Hotels & Resorts are also scheduled to report, adding to what is shaping up to be one of the busiest weeks of the earnings season.
Meanwhile, higher oil prices added another layer of caution to the market, raising concerns that persistent strength in energy could complicate the inflation outlook.
3:40pm: Proactive news headlines Custom Health Holdings Inc (TSX:CHLT) signed a binding letter of intent to acquire Evergreen Pharmacy in a US$3.5 million deal expected to add more than US$78 million in annual revenue. Varon Corp (OTCID:OZSC) announced that its Ballislife Drink joint venture signed a multi-year exclusive agreement to distribute Ballislife HYDRO Sports Drink across Canada, beginning with a C$100,000 purchase order. Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) has launched new drilling programs at its Berenguela project in Peru and its Challacollo project in Chile to expand copper, silver and gold mineralization. Snail Inc (NASDAQ:SNAL) said it will attend Gamescom 2026 in Germany, where it plans to showcase its growing game portfolio and unveil a previously undisclosed title. TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) announced that Altius Minerals increased its strategic stake in the company by purchasing an additional 7.435 million shares, bringing its total holdings to about 30.94 million shares. 2:30pm: Market movers Super Micro Computer Inc (NASDAQ:SMCI) shares surged about 20% after the AI server maker reported stronger-than-expected preliminary fourth-quarter gross margins and a record order backlog. AT&T Inc (NYSE:T, XETRA:SOBA) shares rose 4.3% after the telecom company reported second-quarter earnings that beat expectations, supported by strong postpaid phone and broadband subscriber growth. Oatly Group (NASDAQ:OTLY) shares jumped 29% after the oat drink maker reported stronger second-quarter revenue, improved margins, progress toward profitability and raised its full-year revenue outlook. Pegasystems shares fell about 15% after the enterprise software company reported second-quarter earnings and revenue that missed Wall Street expectations. GE Vernova shares declined about 6.4% after widening losses in its wind business overshadowed better-than-expected quarterly revenue and record order growth. Custom Health Holdings Inc (TSX:CHLT) signed a binding letter of intent to acquire Evergreen Pharmacy in a US$3.5 million deal expected to add more than US$78 million in annual revenue. Rocket Lab USA Inc (NASDAQ:RKLB) shares gained about 3% after the company secured a US$266 million contract from the US Air Force and US Space Force to provide suborbital launch services. Varon Corp (OTCID:OZSC) announced that its Ballislife Drink joint venture signed a multi-year exclusive agreement to distribute Ballislife HYDRO Sports Drink across Canada, beginning with a C$100,000 purchase order. Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) has launched new drilling programs at its Berenguela project in Peru and its Challacollo project in Chile to expand copper, silver and gold mineralization. 1:00pm: And then there's Alphabet Alphabet Inc (NASDAQ:GOOG) (Alphabet Inc (NASDAQ:GOOG)) reports second-quarter results after Wednesday's close, with Wall Street bracing for a print that could either validate the company's AI spending spree or intensify investor unease about it.
Bank of America is firmly in the bullish camp, reiterating its Buy rating and raising earnings estimates ahead of the print. The bank projects revenue of $102.1 billion and EPS of $8.38, both well above Street consensus of $101 billion and $2.90.
Much of that EPS gap traces to an estimated $80 billion boost to operating income from the revaluation of Alphabet's stake in Anthropic, whose valuation climbed from $380 billion in the first quarter to $965 billion in the second.
Capital spending remains the swing factor. Alphabet already guided full-year 2026 capex to $180 billion to $190 billion, and Bank of America thinks that range could climb another 5%, to $190 billion to $200 billion, given accelerating AI demand and rising memory costs.
12:05pm: Tesla's question mark Tesla Inc (NASDAQ:TSLA) (Tesla Inc (NASDAQ:TSLA)) reports second-quarter results after the bell Wednesday, and the numbers investors already have in hand tell a split story: a blowout on deliveries, a question mark on spending.
The bigger debate on the call is likely to center on what Tesla is doing with its money, and its robots. The company set aside a $25 billion capital budget for 2026 to fund AI infrastructure and Optimus development, a spending pace analysts expect to push free cash flow to roughly negative $3.25 billion for the quarter.
Shares were flat Wednesday heading into the release.
11:00am: Supermicro surges Super Micro Computer Inc (NASDAQ:SMCI) (Super Micro Computer Inc (NASDAQ:SMCI)) shares opened about 20% higher on Tuesday after the company released preliminary fourth quarter fiscal 2026 results showing significantly stronger-than-expected gross margins and a record order backlog, despite revenue tracking near the low end of its guidance.
The AI server maker said revenue for the quarter ended June 30 is expected to be near the lower end of its previously issued guidance range of $11.0 billion to $12.5 billion. Wall Street analysts had been expecting revenue of about $11.73 billion.
The company also reported receiving more than $60 billion in new orders during the quarter, lifting its backlog to a record level at the end of fiscal 2026. Supermicro said the orders are expected to be delivered over future quarters.
10am: Dow opens higher, Nasdaq hit by semis selling There has been another uneven open on Wall Street, with investors selling out of technology stocks ahead of key earnings from Alphabet and Tesla after the close.
The Dow Jones has opened up 225 points, or 0.4%, while the Nasdaq fell 0.2%, with the S&P 500 oscillating around the flatline.
Industrial and defensive names led the Dow gains, with Honeywell, Verizon, 3M and Chevron the top risers.
Meanwhile, the Nasdaq's fall resulted from declines in semiconductor and AI-linked stocks, with AppLovin, SanDisk, Workday, Palantir and Lam Research leading falls as investors take profits after the rally yesterday.
An exception is Super Micro Computer, which jumped over 20% after the company released preliminary results showing significantly stronger-than-expected gross margins and a record order backlog, despite revenue tracking near the low end of its guidance.
8.10am: Tech stocks to see Wall Street open lower Wall Street stocks looked set for a weaker open on Wednesday as investors lock in profits in technology stocks ahead of crucial earnings from Google owner Alphabet and Tesla, while escalating tensions in the Middle East push oil prices to six-week highs.
Dow Jones futures were down 0.2%, while the S&P 500 was called 0.4% lower and the hardest hit is expected to be the Nasdaq, where futures have dropped 1%, with chipmakers leading the pre-market declines after a sharp rebound in the previous session.
The cautious mood follows a strong rally the day before, when the Dow Jones rose 380 points, or 0.7%, to 52,443, the S&P 500 gained 0.9% to 7,546, and the Nasdaq climbed 1.3% to 29,316, helped by a powerful recovery in semiconductor stocks after weeks of heavy selling.
Earnings from Alphabet and Tesla are due after the bell, with analysts seeing these as key tests for the artificial intelligence trade.
Markets will be watching Alphabet for updates on AI-related capital spending and monetisation, while Tesla's results are expected to provide fresh detail on autonomous driving, robotics and vehicle demand.
Results from Texas Instruments, IBM and ServiceNow will also be closely watched in the evening, while Philip Morris, GE Vernova and AT&T report before the opening bell.
Chip stocks were under pressure in pre-market trading as investors took profits following a 5.5% jump in the sector the previous session.
Semiconductor stocks have been under heavy pressure in recent weeks as hedge funds aggressively unwound crowded AI trades, driving the sector around 25% below its early June peak.
Tuesday's rebound came as "the Momo guys [momentum traders] ran out of stock to sell, so the pressure was off," said market strategist Kenny Polcari at Slatestone Wealth, suggesting the wave of forced selling may have largely run its course.
Meanwhile, Brent crude traded above $94 a barrel after another night of US strikes on Iranian targets and renewed threats to shipping routes in the Middle East from Yemen.
The stronger oil price has revived concerns that inflation could prove more persistent, complicating the Federal Reserve's policy outlook just as investors had begun to scale back expectations of further interest-rate increases.
"10 straight days of US strikes and continued attacks on military targets have kept a geopolitical premium firmly embedded in oil prices and that will become more of an issue next month and the months after," said Polcari.
There is little in the way of economic data due on Wednesday, putting more of the onus on corporate earnings and developments in the Middle East.
Tesla Inc (NASDAQ:TSLA) reported second-quarter revenue that topped Wall Street expectations, but profitability metrics missed forecasts as margins compressed.
Revenue reached $28.24 billion, up 26% year-over-year and ahead of the $26.32 billion estimate.
But adjusted earnings per share came in at $0.33, missing the $0.51 forecast and down 18% from a year earlier.
The miss sent shares down about 3.4% immediately after the bell on Wednesday.
Gross margin fell to 16.8% against expectations of 19.4%, while automotive gross margin excluding regulatory credits dropped 310 basis points to 16.3%. Operating margin was 1.4%, well below the 5.4% estimate.
Automotive revenue rose 23% to $20.52 billion, beating forecasts, while energy revenue of $3.14 billion fell short of expectations despite growing 13%. Services revenue jumped 50% to a record $4.58 billion in gross profit. Regulatory credit revenue fell 67% to $146 million.
Deliveries rose 25% to 480,126 vehicles, and production increased 10% to 451,758 units. Vehicle inventory tightened to 15 days of supply from 27 in the prior quarter.
Operating income fell 57% to $398 million, and GAAP net income declined 5% to $1.11 billion, helped by a $1.01 billion unrealized gain on Tesla's SpaceX stake. Capital expenditures rose 142% to $5.79 billion, while free cash flow was negative $1.09 billion, a smaller shortfall than analysts expected.
On autonomy, Tesla said cybercab production has started at Gigafactory Texas and robotaxi service now spans seven US metro areas, with unsupervised operations ramping in several cities. More than 55% of North American deliveries included an FSD subscription, and active subscriptions rose 56% to 1.48 million.
The company said Optimus production lines are being installed, with output expected in 2026, and gave no new numerical guidance for deliveries, earnings or capital spending.
Tesla Q2 results live: Investors look to Elon Musk's earnings call after automaker posts cash burnOur Standards: The Thomson Reuters Trust Principles., opens new tab
Vanessa Balintec is a Live Page Journalist based in Toronto, Ontario. She helps create and curate multimedia posts for Reuters’ Live Pages — a scrolling feed of multimedia posts for some of the biggest stories of the day. She previously worked at various bureaus for CBC News. Contact: [email protected]
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 2 hours ago
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Tesla’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Telsa to release earnings shortly after 4:05 p.m. ET.
7 minutes ago
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That wraps up our initial coverage of Tesla’s Q2 results. Thank you for stopping by!
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Tesla generated $4.70 billion in operating cash flow during Q2, an 85% increase from one year ago. However, capital expenditures climbed 142% to $5.79 billion, dropping free cash flow to negative $1.09 billion.
Tesla is simultaneously funding Cybercab production, Robotaxi expansion, Optimus manufacturing lines, AI compute, battery capacity, semiconductor production, and new energy-storage factories. The company more than doubled its on-site AI compute capacity in Texas during the first half of 2026.
The investment cycle is already affecting margins and cash generation. Tesla’s adjusted EBITDA margin fell from 15.1% to 11.6%, while cash and investments declined by $1.2 billion sequentially to $43.52 billion.
Tesla still has ample liquidity, but the quarter makes the tradeoff clear: the company is sacrificing near-term profitability and free cash flow to fund its autonomy, robotics, and manufacturing ambitions.
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Tesla disclosed several tangible milestones for its autonomy business. Cybercab production has begun at Gigafactory Texas, with engineering vehicles already undergoing public-road testing and providing employee rides on the factory campus.
Tesla’s Robotaxi service is now live in seven major metropolitan areas. Unsupervised operations are ramping in Austin, Dallas, Houston, Miami, Orlando, and Tampa, while the Bay Area service currently uses a safety driver.
FSD adoption is also accelerating. Active subscriptions increased 56% year over year to 1.48 million, and more than 55% of new North American deliveries included an FSD subscription during Q2.
These figures provide investors with early evidence that Tesla is beginning to convert its autonomy narrative into real-world deployments and recurring software revenue.
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Tesla shares initially fell 3% after Q2 revenue reached $28.24 billion, beating the $26.49 billion consensus estimate and rising 26% year over year.
The problem was profitability. Adjusted EPS came in at $0.33 versus $0.54 expected and declined 18% year over year. Operating income plunged 57% to $398 million, while operating margin contracted from 4.1% to just 1.4%.
Tesla attributed the decline to rising spending on AI and other R&D projects, higher stock-based compensation, lower vehicle pricing, fewer regulatory credits, and energy warranty charges. Regulatory-credit revenue fell 67% year over year to $146 million.
The quarter showed Tesla can still drive volume growth, but doing so while funding its AI ambitions is placing significant pressure on near-term earnings.
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Tesla just reported Q2 earnings, with shares initially down 3% following the report. Here are the key numbers:
Revenue: $28.24 billion vs. $26.49 billion expected EPS: $0.33 vs. $0.54 expected Quick Read:
Tesla delivered a 7% revenue beat, with sales rising 26% year over year and sequentially.
However, EPS missed estimates by 39% and declined 18% year over year, suggesting weaker profitability overshadowed the strong top-line performance.
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What Polymarket Traders Are Pricing In The crowd’s conviction on tonight’s beat has actually strengthened into the report. The Yes probability moved from 71.5% on July 19 to 76.5% on July 21, then to 78% today on rising volume.
For the week, Polymarket’s modal price target is $367.50 at 67.5% probability, with a Friday close above $375 pegged at roughly 51.5%. Above $400 is a 19.5% shot. Tesla currently trades at $374.94 half an hour before earnings.
Credibility Check: The crowd has resolved 223 TSLA markets at a 75.3% correct rate, with an average Brier score of 0.138. Last week’s weekly-hit target of $382.50 landed exactly.
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Translation: Expect a beat, a tight range, and muted upside follow-through.
1 hour ago
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Wildcards Not Priced Into Consensus Beyond the headline numbers, here are four under-appreciated variables could swing tonight’s Q2 earnings for Tesla.
FX reversal risk: Q1 2026 benefited from a ~$0.9B positive FX tailwind, versus only ~$0.3B in Q4 2025. USD strength against EUR, CNY, and JPY could compress the top line. Regulatory credits fade: Credits slid to $380M in Q1, down from $739M a year earlier. U.S. EV credit expiration magnifies quarterly variance. Tariff one-timers: Q1 automotive margin absorbed one-time warranty and tariff-related gains that likely won’t repeat. Crypto swing on GAAP: Digital asset losses hit $222M in Q1. Options traders are hedged, with a 0.79 full-chain put/call ratio.
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Why Guidance Matters More Than the Q2 Print Tesla (NASDAQ:TSLA | TSLA Price Prediction) doesn’t hand out quarterly revenue or EPS targets, so tonight’s $0.5367 EPS and $26.36 billion revenue consensus estimates are likely going to be overshadowed by any clarification on the company’s upcoming AI and autonomy roadmap.
Bullish setup: A firm late July or August Optimus V3 production start Cybercab and Semi ramp on track Robotaxi expansion toward a dozen states by the end of this year Auto gross margin ex-credits holding above 19.2% Bearish setup: Slippage on Cybercab, Optimus, or Megapack 3 Softer margin commentary as over $25 billion in 2026 capex pressures free cash flow Muted FSD subscription growth off the 1.28M base. History shows that guidance is usually the biggest factor in how the stock reacts after earnings.
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Bull Case Q2 deliveries of 480,126 vehicles signal demand recovery, and automotive gross margin already expanded to 21.1% in Q1 from 16.2%. FSD subscriptions hit 1.28 million (+51% YoY), and Services revenue jumped 42% YoY to $3.75 billion. Polymarket assigns a 77.5% beat probability, with the last surprise at +17.78%. Cash of $44.7 billion funds Optimus, Cybercab, and Megapack 3 ramps. Bear Case At a forward P/E near 167, valuation leaves no margin for error. Operating expenses surged 37% in Q1 on AI and CEO stock-based comp. Tesla missed EPS in Q2 and Q3 2025, and both recent beats sold off -3.56% and -3.45% same-day. Polymarket sees just a 20% chance shares finish today higher. 2 hours ago
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With Tesla (NASDAQ:TSLA) reporting tonight after the close, here are some top questions we expect analysts to ask.
Top 5 Analyst Questions Automotive gross margin ex-credits after Q1’s 19.2% print Robotaxi unit economics across a dozen states by year-end Optimus V3 production ramp and Fremont line status FSD take rate after subscription shift; 1.3 million paid users trajectory CapEx trajectory versus over $25 billion 2026 guide Key Topics Management Must Address Energy storage reversal after -12% YoY Q1 decline China FSD approval timeline Cybercab volume ramp and Semi start Buzzwords to Listen For “Unsupervised autonomy,” “AI5,” “Megapack 3,” “capacity utilization” Polymarket assigns 97% odds Musk says “software” Red Flags Rising inventory days beyond 27 Negative free cash flow guide extension Any Optimus timeline slippage 2 hours ago
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Tesla reports Q2 earnings tonight, with Wall Street expecting about $0.54 in EPS on $26.36 billion in revenue.
The company has already disclosed Q2 deliveries of 480,126 vehicles, shifting investors’ attention toward automotive margins, Full Self-Driving monetization, Robotaxi progress, and the timeline for Optimus.
Polymarket traders assign a 78% probability that Tesla beats earnings estimates. However, they also see a 77% probability that shares finish today lower, suggesting that investors already have high expectations heading into tonight’s earnings.
Tesla trades at roughly 167 times forward earnings, and the company’s valuation depends heavily on its AI, robotics, and autonomy businesses becoming major commercial successes. Stable automotive margins and credible Optimus and Robotaxi milestones could support Wall Street’s average price target of $425.22 compared to the stock’s current price of $375.89.
Tesla (NASDAQ:TSLA) reports Q2 2026 earnings results tonight at 4:05 PM ET after the market closes. Shares sit at $376.03, down 15.74% year to date. With delivery volume already disclosed, tonight will give investors a read into the company’s margins and commentary around key product lines.
Momentum Returns for Tesla, But Valuation Still Stretched In Q1 2026, revenue reached $22.39B (+15.8% YoY), non-GAAP EPS came in at $0.41 versus $0.35 estimated, and automotive gross margin expanded to 21.1% from 16.2% a year earlier. Free cash flow more than doubled to $1.44B, and cash swelled to $44.74B.
Since that April release, shares have slipped 2.21% as caution built. Reddit sentiment is neutral-to-bearish, with WallStreetBets carrying a 32 score into the report. The full-chain put/call ratio of 0.76 reflects hedging, not panic.
Consensus Estimates Metric Q2 2026 Estimate Q2 2025 Actual Revenue $26.36B $22.50B EPS (Normalized) $0.5367 $0.40 Analysts expect Tesla to see solid double-digit growth, aided by the delivery beat and energy storage momentum. The EPS bar sits above last year’s Q2, meaning any margin slippage from tariff normalization or credit weakness would be visible immediately.
What I’m Watching: Margins, Optimus Cadence, and FSD Monetization Tonight, I’ll be watching automotive gross margin first. Q1’s 21.1% gross margin benefited from lower material costs and one-time warranty and tariff gains. Investors will focus on whether ex-credits margin holds in the high teens as regulatory credits keep normalizing lower.
Optimus commentary will be another important lever to watch tonight. Musk framed it as “the biggest product ever” and guided Fremont starter production for later this year, with a Giga Texas line targeting summer next year. Polymarket assigns just a 22% chance of an Optimus release by year-end, so any V3 reveal date matters.
FSD monetization is the third watchpoint. Paid subscribers hit nearly 1.3 million, EU approval cleared in the Netherlands, and Robotaxi expanded to Dallas and Houston. I’ll be watching FSD attach rates and any Robotaxi state count update against Musk’s “dozen states by the end of this year” aspiration.
Fourth, capex discipline. CFO Vaibhav Taneja guided for over $25 billion of CapEx for 2026 with negative free cash flow implied. Any softening of that framing would be a positive tell for cash generation. Prediction markets put near-certain odds on management mentioning Software, Robot, Factory, and Optimus during the call.
Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q1 2026 +14.14% -3.56% +2.12% +16.02% Q4 2025 +6.38% -3.45% -4.65% -5.79% Q3 2025 -10.35% +2.28% -1.98% -6.95% Q2 2025 -1.11% -8.20% +0.97% +13.53% On average, shares moved +0.73% one week after earnings over the past year.
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Had you purchased Tesla (TSLA -1.29%) 10 years ago and held one, you'd have reaped a monster 2,380% return (as of July 21). That's a nearly 25-fold gain, something any investor would be ecstatic about.
It now has a market cap of $1.4 trillion, so there is certainly not as much upside potential in its future as there was in its past. But could buying this "Magnificent Seven" stock today eventually give you a 10x return?
Image source: The Motley Fool.
The potential of Robotaxi and Optimus Tesla is still primarily an electric vehicle company, but its bull case rests more on its ability to bring artificial intelligence capabilities to the physical world at scale.
One area this will show up is autonomous driving technology. Tesla is currently operating its self-driving Robotaxis service with unsupervised rides in four U.S. cities. Clearly, it will have a lot of work to do to get it up and running at scale in markets around the world. But if it can compete successfully against the other players in the self-driving and ride-share spaces, there's a chance it could result in a sizable high-margin revenue stream.
Its Optimus humanoid robot is another initiative that provides the business with optionality. Tesla began preparations for its first large-scale Optimus factory in Q2. The ultimate goal is to sell these machines both to enterprise clients and consumers.
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Expectations are sky-high Tesla is working on ambitious projects. Yet even if it finds success with Robotaxi and Optimus, it's hard to know if shareholders will be happy.
That's because the company's sky-high valuation introduces a notable headwind to further share price appreciation. The stock trades today at a price-to-earnings ratio of 353. Even with flawless execution on Tesla's part, the optimism already baked into the stock might leave it with little to gain from rising earnings and revenues. With that in mind, investors should not expect another 10x gain from the stock. It's also worth repeating that retail investors should not put all of their eggs in one basket, nor all of their portfolio in one stock. So if you buy Tesla shares today, even in the unlikely event that the company does increase in value tenfold from here, that would not 10x your net worth.
Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
Steve Westly discusses why Tesla's (TSLA) energy business could be a key driver of future growth ahead of earnings, making the case its position in the sector proves just as valuable as EVs and AI. Tu Le weighs in on Tesla's outlook internationally, discussing market conditions and noting that the company's factory production remains strong despite ongoing pressure.
Tesla reported negative free cash flow in the second quarter for the first time in more than two years as the Elon Musk-led EV maker accelerated spending on AI infrastructure, battery capacity, robotaxis and next-generation manufacturing.
AUSTIN, Texas--(BUSINESS WIRE)--Tesla has released its financial results for the second quarter of 2026 by posting an update on its Investor Relations website. Please visit https://ir.tesla.com to view the update. As previously announced, Tesla management will host a live company update and question and answer (Q&A) webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the results and outlook. What: Tesla Second Quarter 2026 Financial Results Q&A Webcast When: Wednesday,.
Tesla Inc (NASDAQ:TSLA) reported second-quarter financial results after market close Wednesday.
Here are the highlights.
Tesla Q2 EarningsTesla reported second-quarter revenue of $28.24 billion. The total beat a Street consensus estimate of $25.71 billion, according to data from Benzinga Pro.
Second-quarter earnings of 33 cents per share missed a Street consensus estimate of 50 cents per share.
Tesla previously reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year. The total beat a Street estimate of 406,000.
The company said it hit $100 billion in trailing twelve-month revenue for the first time in history in the second quarter.
Active FSD subscriptions hit 1.48 million in the second quarter, up 56% year-over-year and up from the 1.28 million reported in the first quarter.
Tesla ended the quarter with digital assets worth $674 million, made up primarily of Bitcoin (CRYPTO:BTC) holdings. This marks a significantly lower figure than the $786 million in the first quarter, with the leading cryptocurrency trading lower this year.
What’s Next for TeslaThe company said its first-generation production lines for Optimus Bot are being installed in anticipation of production in 2026, with the company saying production will happen "soon."
The Cybercab is listed as in production, an improvement from the company saying it expected volume production "this year" last quarter. Tesla said the vehicle began production in the quarter.
The Tesla Semi is listed as "commissioning" and the company said it remains on track for volume production this year.
"We are focused on maximum capacity utilization at our factories," the company said.
Tesla said deliveries and deployments will depend on demand.
"Tesla is in its largest and most exciting period of investment."
The company said it has "never been more optimistic about the future."
Tesla Stock Price ActionTesla stock is down 2.8% to $363.42 in after-hours trading Wednesday versus a 52-week trading range of $297.82 to $498.83.
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Tesla Inc (NASDAQ:TSLA) reported second-quarter revenue that topped Wall Street expectations, but profitability metrics missed forecasts as margins compressed.
Revenue reached $28.24 billion, up 26% year-over-year and ahead of the $26.32 billion estimate.
But adjusted earnings per share came in at $0.33, missing the $0.51 forecast and down 18% from a year earlier.
The miss sent shares down about 3.4% immediately after the bell on Wednesday.
Gross margin fell to 16.8% against expectations of 19.4%, while automotive gross margin excluding regulatory credits dropped 310 basis points to 16.3%. Operating margin was 1.4%, well below the 5.4% estimate.
Automotive revenue rose 23% to $20.52 billion, beating forecasts, while energy revenue of $3.14 billion fell short of expectations despite growing 13%. Services revenue jumped 50% to a record $4.58 billion in gross profit. Regulatory credit revenue fell 67% to $146 million.
Deliveries rose 25% to 480,126 vehicles, and production increased 10% to 451,758 units. Vehicle inventory tightened to 15 days of supply from 27 in the prior quarter.
Operating income fell 57% to $398 million, and GAAP net income declined 5% to $1.11 billion, helped by a $1.01 billion unrealized gain on Tesla's SpaceX stake. Capital expenditures rose 142% to $5.79 billion, while free cash flow was negative $1.09 billion, a smaller shortfall than analysts expected.
On autonomy, Tesla said cybercab production has started at Gigafactory Texas and robotaxi service now spans seven US metro areas, with unsupervised operations ramping in several cities. More than 55% of North American deliveries included an FSD subscription, and active subscriptions rose 56% to 1.48 million.
The company said Optimus production lines are being installed, with output expected in 2026, and gave no new numerical guidance for deliveries, earnings or capital spending.
Tesla is no longer planning to reach “volume production” of three of its newest products – the Cybercab, the Tesla Semi, and its Megapack 3 commercial energy storage solution – in 2026, according to a second-quarter shareholder letter published Wednesday. The company also removed language from its first-quarter letter about its Optimus robot reaching “volume production.”
The company said Wednesday that it’s trying to increase battery production, specifically around the company’s 4680 cell, in order to start building the Cybercab and Tesla Semi at scale. It did not offer a reason for pushing back volume production of the new Megapack, or say whether there are any holdups around Optimus.
Tesla started making the first production Cybercabs at its factory in Austin, Texas earlier this year, but said in the letter that it’s still building out the manufacturing lines for the Semi and Optimus. The company had said as recently as January that the Cybercab, Semi, and Megapack 3 would reach “volume production” this year.
The pullback comes as the company plows money into its next generation of products while attempting to shift from an EV maker to an AI and robotics company. Tesla’s results, which showed net income falling 5% year-over-year to $1.1 billion, capital expenditures more than doubling, and negative free cash flow, were slightly buoyed by an uptick in revenue.
Still that revenue boost wasn’t enough to offset the cost of business and Tesla’s push to develop and launch new products, which Tesla CFO Vaibhav Taneja previously said would lead to negative cash flow for the remainder of the year.
The company reported revenue of $28.2 billion, a 26% increase from the $22.5 billion it generated in the second quarter of 2025. Tesla’s second-quarter revenue also grew from the previous quarter’s haul of $22.38 billion.
The bulk of its revenue came from selling and leasing its EVs — and those results improved significantly this quarter.
The company reported automotive revenue of $20.5 billion in the second quarter, compared to $16.6 billion in the same-year ago period. Tesla delivered more than 480,000 vehicles in the second quarter, an increase of more than 120,000 from the first quarter.
It was Tesla’s best result for overall sales since the third quarter of last year, when it delivered nearly 500,000 vehicles. The increase was driven by record sales in several markets outside of the U.S., including South Korea, Australia, Colombia, Japan, Taiwan, Thailand, Portugal, the Philippines, Chile, Slovenia and Lithuania, the company said in its shareholder letter.
Tesla’s second-quarter revenue results improved from a year ago when the company suffered from a combination of falling EV sales, lower average selling prices, less cash from regulatory credits, and a drop in solar and energy revenue.
Sales of energy storage and solar also proved to be a standout, improving 13% to $3.1 billion. And subscriptions to Tesla’s advanced driver assistance system, known as Full Self-Driving (Supervised) continue to rise. The company reported 1.48 million subscriptions, a 56% increase from the same period last year.
Tesla’s bottom line, however, slipped as it poured money into new products and saw its gross margins squeezed.
Tesla reported net income of $1.1 billion, a 5% decrease from the same period a year ago. At the same time, its operating expenses ballooned by 47% to $4.3 billion. Meanwhile, Tesla had negative free cash flow of $1 billion in the second quarter, a stark change from the $1.44 billion in positive free cash flow it reported last quarter and the $146 million it had in the same period last year.
The company’s operating income was $398 million, a 57% drop from the $932 million it reported in the same period last year.
A year ago, Tesla called the second quarter of 2025 a “seminal point” in the company’s history and the beginning of its transition from a company that sells electric vehicles, solar, and energy storage to one that leads in “AI, robotics and related services.”
That transition is still underway and Tesla CEO Elon Musk has said the company would boost spending to achieve its goal. Tesla said its capital expenditure will be $25 billion in 2026, about three times more than it historically has spent.
This spring, the company ended production of its flagship Model S sedan and Model X SUV vehicles at its Fremont, California factory to make way for its Optimus humanoid robot. It is also bringing its Tesla Robotaxi service to new cities, albeit with a limited number of vehicles. And it’s still pushing to sell owners on Full Self-Driving (Supervised), and eventually make that product capable enough to handle all driving without the need of a human.
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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.
Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.
TSLA stock is moving ahead of earnings. See the chart and price action here. For Q2, Tesla delivered 480,126 vehicles, up 25% from a year ago and marking its strongest second quarter ever. Wall Street’s consensus pegs total revenue at $25.71 billion, with non‑GAAP earnings at 50 cents, according to Benzinga Pro estimates.
On paper, that looks like a solid reset after a bruising stretch of revenue stagnation and margin compression. In practice, it raises the core question: is the delivery boom finally translating into durable earnings power, or is the headline growth being hollowed out by aggressive price cuts and rising costs?
Deliveries Are Up, But Did Profit Follow?Stephen Callahan, trading behavior analyst at Firstrade, cuts straight to that tension in an exclusive conversation with Benzinga.
"The question for investors is whether the surge in car deliveries actually made money or did they get eaten by price cuts," he says, framing Q2 as a margin stress test, not a victory lap.
Callahan notes, "Previously, Tesla reported its volume numbers. For the second quarter, Tesla delivered 480,126 vehicles, up 25% from the quarter last year, for its strongest second quarter ever."
Tesla stock has already celebrated the volume surprise, and Wednesday’s earnings print will decide whether that enthusiasm is justified.
Consensus Expectations Underline A Fragile Story Gross margin is projected at 19.5% Operating margin is at just 5.4% Net income attributable to common shareholders around $1.28 billion. At the same time, analysts expect negative free cash flow of roughly $3.25 billion, as heavy capital spending outstrips operating cash generation. The mix — record units, modest profit and cash burn — suggests the combination of 480,126 deliveries and a near $28 billion revenue forecast may be stretching expectations faster than Tesla’s actual earnings power is recovering.
Callahan’s real warning sits between the lines.
Wall Street "analysts estimate that Tesla will report second‑quarter GAAP earnings between 34 and 36 cents per share, and non‑GAAP earnings at 55 cents per share. Analysts project total revenue to be $27.58 billion. This would be Tesla’s first revenue growth in more than a year."
If Tesla can’t convert this delivery spike into fatter margins and cleaner cash flow, investors may conclude that the company has rediscovered volume, not genuine profitability — and start to mark down how much a "blowout" quarter is really worth.
TSLA Stock Price Activity: Tesla stock was down 0.21% at $378.14 at the time of publication Wednesday, according to data from Benzinga Pro.
Over the past month, TSLA has declined about 4.8% versus a 0.2% rise in the S&P 500 and is down roughly 18% year-to-date compared to the index’s 9.3% gain.
Photo: mundissima / Shutterstock
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"Make your espresso on the road while your Tesla drives itself," wrote Musk in one post. Johannes Neudecker/picture alliance via Getty Images Elon Musk's posting habits are putting Tesla under the microscope — again.
Regulators looking into Tesla's Full Self-Driving have asked the company for more information about a series of X posts in which CEO Elon Musk said drivers could text and make an espresso while using the automated driving assist technology.
In a request for information sent to Tesla on July 2, officials at the National Highway Traffic Safety Administration (NHTSA) asked the company to clarify posts made on Musk and Tesla's accounts.
These include a post from December 2025 in which Musk said FSD users could text and drive "depending on [the] context of surrounding traffic."
"This is so cool. Make your espresso on the road while your Tesla drives itself," Musk wrote in another post cited by the document. The billionaire was responding to a video showing a Tesla owner using an espresso machine and reclining his seat while FSD was engaged.
The NHTSA also cited posts from Musk saying that FSD can "operate in all conditions" and that an FSD update will "substantially reduce" the need for driver attention, as well as posts from Tesla promoting the technology.
The regulator asked Tesla to clarify whether these examples were "accurate and consistent" with FSD's capabilities, and if the company has done anything to reduce the potential for "misunderstanding or misuse."
On its website and in owner manuals, Tesla makes it clear that drivers using Full Self-Driving (Supervised) should pay attention to the road and be ready to take over at all times.
It's not the first time Tesla has faced legal and regulatory scrutiny over the way it promotes FSD.
The Model Y maker was ordered to pay $242 million in damages last year over a wrongful-death lawsuit that alleged Tesla's advertising exaggerated the capabilities of Autopilot, FSD's predecessor, and the company struck a deal to avoid a ban in California in February after a judge ruled that its "Autopilot" and "Full Self-Driving" branding was misleading.
The NHTSA investigation, which was opened in October 2024 and upgraded to an engineering analysis in March, is looking into FSD's ability to alert the driver in low-visibility conditions. The probe was opened following several reports of Tesla's crashing in areas where visibility was reduced by "sun glare, fog, or airborne dust."
Tesla did not immediately respond to a request for comment.
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Tesla (TSLA -0.46%) saw a significant increase in deliveries in the second quarter of 2026. The electric vehicle giant's 480,126 deliveries were up from 384,122 in the second quarter of 2025, a huge 25% year-over-year increase. The second-quarter 2026 figure was also above the Wall Street consensus for roughly 406,000 deliveries.
CEO Elon Musk must be doing something right... Or is there more to the story?
Image source: The White House.
What happened a year ago? While it may seem like ancient history, Elon Musk was heavily involved in politics in 2025. That led to a backlash against the electric vehicle company he founded, which depressed EV sales. Increasing competition in the EV market was another headwind. Tesla's 25% year-over-year increase in second-quarter 2026 deliveries was at least partly a recovery from a unique period when deliveries were depressed. Elon Musk was clearly a key factor in both quarters, but it wasn't really anything the CEO did at the company.
That said, second-quarter 2026 deliveries did beat Wall Street expectations. That is a good sign, but there are also factors beyond the CEO that need to be considered. Most notably, the geopolitical conflict in the Middle East, which has upended the global energy market. Oil is a commodity, and the reduced supply caused by the conflict pushed prices higher. That, in turn, has resulted in higher gasoline prices. In the face of higher gas prices, new-car buyers could be shifting to EVs to reduce fuel costs. Elon Musk had very little to do with this dynamic.
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Elon Musk is a visionary, but he isn't responsible for everything To be fair, Tesla wouldn't be the company it is without Elon Musk. The CEO is a brilliant, visionary leader. In fact, there might not be an electric vehicle market at all if it weren't for Musk. But that doesn't mean every Tesla success is directly tied back to Musk, nor does it mean all shortfalls are, either. And yet, it is noteworthy that Tesla's stock price fell after it reported its strong second-quarter delivery numbers.
When Tesla reports earnings after the close on July 22, investors will be looking to see what the company is planning for the future. Elon Musk appears to be shifting gears, pushing more toward AI and automation. That includes both humanoid robots and self-driving vehicle services. In other words, huge capital spending plans may be the norm, which investors could find worrying. So while every company outcome isn't a result of something that Elon Musk is doing at Tesla, Musk's vision will likely be closely watched again this quarter because it still has a material long-term impact on the company.
EVs, AI, Robots and RobotaxisTesla reports their second-quarter financial results Wednesday after market close and similar to recent quarterly reports, the information and management commentary could be less about consumer electric vehicles and more about AI, robots and autonomous vehicles.
Benzinga asked viewers about Tesla’s future growth plans.
The results are:
Humanoid Robots (Optimus Bot): 32% Robotaxis: 30% New electric vehicle models: 26% FSD Monthly subscriptions: 12% While the Optimus Bot won, the poll divided Benzinga readers on humanoid robots, robotaxis and new EV models. FSD monthly subscriptions finished last in the poll with only 12%.
The fact that humanoid robots and robotaxis got 62% of the votes in the poll signals a major shift for Tesla and one that CEO Elon Musk is betting on.
Musk has said that FSD and Optimus are "the biggest factors" in Tesla achieving its Master Plan Part 4.
"80% of Tesla’s value will be Optimus," Musk tweeted previously.
“I think that’s probably correct if we execute well on autonomous transport and Optimus,” Musk said.
In June 2024, Musk also said Optimus could help Tesla hit a $25 trillion market capitalization.
Tesla is expected to begin third-party sales and high-volume production of Optimus in 2027.
Tesla Q2 EarningsTesla has beaten analyst estimates for revenue and earnings per share in two straight quarters, but the stock price has fallen after three of the last four earnings reports with an average loss of 5% over that time.
The revenue and earnings per share continue to matter less for Tesla investors and analysts than the commentary from Musk and the future timeline for items like FSD, new vehicles, robotaxis and the Optimus Bot.
Tesla gave updates on robotaxi paid miles, robotaxi city rollouts, FSD subscriptions and a timeline on its vehicle releases during its first-quarter earnings report and conference call.
“We are excited about Tesla’s positioning in 2026 with tailwinds persisting for the auto business, our continued progress on FSD 4, the ramp of Robotaxi, progress on Optimus ahead of mass production and the growth of our energy production capacity,” the company said after first-quarter results.
The previous timeline was for the Cybercab to enter volume production "this year."
Investors will be closely watching to see the update numbers on these growth initiatives and an updated timeline on releases.
Price ActionTesla stock is down 0.3% to $377.98 on Wednesday versus a 52-week trading range of $297.82 to $498.83. The company’s shares are down 13.8% year-to-date in 2026.
Photo courtesy: Rokas Tenys on Shutterstock.com
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Tesla, Inc. NASDAQ: TSLA is continuing to execute on a profound structural pivot. By launching unsupervised robotaxi rides in Orlando and Tampa, Tesla is transitioning from internal research and development into the commercial monetization of its Full Self-Driving stack. Investors are watching the real-time evolution of a traditional vehicle manufacturer into a high-margin software network operator.
Tesla Today
$377.46 -1.47 (-0.39%)
As of 12:36 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$297.82▼
$498.83P/E Ratio346.21
Price Target$408.07
The broader market has spent years debating the timeline of autonomous driving, often punishing Tesla for missed deadlines and aggressive management promises. Shares of Tesla stock currently trade near $380, down about 15% from the beginning of the year. Short-term traders might view that year-to-date slide as fundamental weakness, but the deployment of an unsupervised commercial fleet in major Florida markets suggests the technology is maturing faster than regulatory skeptics modeled.
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Investors willing to look past the daily price action are seeing a commercial rollout that alters the valuation math. When a hardware business switches to recurring revenue, the quality of its revenue changes. The Florida rollout is not a beta test; it is a commercial revenue-generating milestone that begins to justify the structural shift the market has been anticipating.
Pumping the Brakes on Margin PanicTo understand the financial mechanics of this transition, investors need to look closely at the recent second-quarter delivery report. Tesla beat delivery estimates by 18%, a significant hardware stabilization metric. For a legacy automaker, an 18% delivery beat is all about moving inventory off the lot to recognize one-time sales revenue. For a software-centric enterprise, those vehicles represent immediate expansions to the total addressable market for a high-margin subscription service.
Headlines often highlight that net margins have compressed to 3.95%, with pretax margins at 5.55%. Pure-play electric vehicle competitors continue to force aggressive pricing across the industry, squeezing profitability from physical cars. If market participants evaluate Tesla strictly as a metal-bending manufacturer, single-digit margins are an immediate red flag.
This margin compression is actually a calculated acquisition cost. The strategy relies on distributing the hardware at a lower premium to capture recurring, software-as-a-service revenue. The physical car is effectively becoming the delivery mechanism for the artificial intelligence (AI) network.
Tesla is willing to take a hit on upfront hardware sales because the lifetime value of a Full Self-Driving subscriber far outweighs the initial margin loss. Retained earnings and operational cash flow of $2.73 per share are being aggressively reallocated into artificial intelligence infrastructure and compute capacity, building the rails for a new utility network.
Pricing the Autonomous PremiumValuation is where the fundamental divergence between retail sentiment and institutional positioning becomes obvious. A trailing price-to-earnings ratio of 347x and a price-to-sales multiple of 14.5x are incompatible with legacy automotive benchmarks. Persistently elevated interest rates typically crush long-duration growth assets, yet Tesla maintains a market capitalization anchored at $1.42 trillion.
Institutions are willing to pay this premium because they are factoring in the technology's scalability. Competitors like Alphabet Inc. NASDAQ: GOOGL through Waymo and General Motors Company NYSE: GM through Cruise approach autonomy with heavy LIDAR sensors and restricted, pre-mapped geofences. Those competing networks require immense localized capital expenditure to expand block by block.
The Full Self-Driving stack utilizes a generalized, vision-based approach. The ability to deploy unsupervised robotaxis in Orlando and Tampa simultaneously, without waiting for exhaustive local pre-mapping, validates the scalability of this generalized system.
Investors are paying the 347x multiple for software that can theoretically scale globally without being tethered to a rigid geofenced grid. Software businesses command higher multiples because once the code is written, the cost of distributing it to the millionth user is virtually zero. As the Florida fleet scales, the incremental revenue drops straight to the bottom line, which will eventually pull that 347x multiple down to earth through pure earnings growth.
Crash-Testing the Balance SheetAny transition of this magnitude carries inherent friction, primarily from legal and regulatory bodies attempting to keep pace with technological advancement. The February 2026 $243 million Autopilot verdict from a Florida jury acts as a stark reminder of Tesla’s ongoing legal liabilities.
When evaluating a legal penalty, investors should assess it against the balance sheet to determine whether it is an existential threat or an operational cost of doing business. Generating $97.88 billion in annual sales, Tesla maintains a liquidity profile with a current ratio of 2.04 and a remarkably low debt-to-equity ratio of 0.09. From a fundamental perspective, a $243 million verdict is easily absorbed.
The broader market often overreacts to these headlines, but the underlying data tells a very specific story. The legal outcome exposes ongoing regulatory friction, yet Tesla is concurrently expanding its commercial robotaxi operations in the same state where the verdict was delivered. Capital is flowing toward the physical rollout, treating the legal penalties as manageable speed bumps rather than structural roadblocks. Regulatory fines are effectively becoming a line-item capital expenditure required to pioneer the autonomous space.
Tesla, Inc. (TSLA) Price Chart for Wednesday, July, 22, 2026
Plotting Your Next Market ManeuverThe options market currently reflects a moderately bullish speculative bias, with call volume actively outpacing put volume ahead of near-term catalysts. Traders are anticipating that software commercialization will drive the next leg of growth. Conversely, corporate insiders have exhibited a distinct pattern of selling shares, taking liquidity off the table while valuations remain elevated.
Those conflicting signals require a measured, pragmatic approach. Investors are looking at a business navigating a capital-intensive transition phase. The hardware segment will likely continue to face margin pressure from macroeconomic headwinds and aggressive pricing by competitors. Investors might consider looking past the immediate quarter-to-quarter automotive delivery metrics to focus heavily on software adoption rates and autonomous fleet expansion milestones.
The Florida rollout proves the commercial phase is officially underway. Those with a higher risk tolerance might view the recent year-to-date pullback as an entry point into the AI infrastructure transition, prioritizing the high-margin network potential over the stagnant legacy auto narrative. Market participants should keep a close watch on how quickly the unsupervised fleet expands beyond Tampa and Orlando, as that velocity will be the ultimate fundamental metric that dictates the stock price over the next 12 months.
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Tesla (NASDAQ:TSLA | TSLA Price Prediction) enters its Q2 2026 earnings report today with shares down 15.74% year-to-date, closing Monday at $378.93 and trading near $376.88 intraday. That drawdown lags the broader tech sector and reflects a narrative dominated by concerns over brand sentiment tied to Elon Musk’s political activities, softer year-over-year delivery comparisons, and a 12% YoY decline in Energy Generation & Storage revenue last quarter.
Investors are overlooking the operating leverage building underneath. Automotive gross margin has already snapped back, free cash flow more than doubled last quarter, and FSD subscription growth is accelerating into a high-margin recurring stream.
Tesla’s Margin Recovery and FSD Monetization Should Drive a Beat Consensus for Q2 2026 sits at $0.53 in EPS on $26.36 billion in revenue. Prediction markets are pricing a 74% probability that Tesla beats, and the recent operating trend supports that positioning.
Q1 2026 delivered EPS of $0.41 versus a $0.3592 estimate, a 14.14% beat, with revenue of $22.39 billion, up 15.78% year-over-year. Three supporting data points reinforce the Q2 case:
Automotive gross margin expanded to 21.1% from 16.2% YoY, powered by lower material costs and higher ASPs. Active FSD subscriptions reached 1.28 million, up 51% YoY, feeding a 42% YoY jump in Services & Other revenue to $3.75 billion. Operating income surged 135.84% YoY and free cash flow rose 117.47%, with cash on the balance sheet climbing to $44.74 billion. Jim Cramer framed the setup on Mad Money earlier this year, noting that “consensus estimates for Tesla for 2026 and 2027 indicate that the analysts and investors do in fact expect sales and earnings to start growing again, both this year and next year”. Six new production lines ramping in 2026, plus driverless Robotaxi launches in Dallas and Houston and EU FSD approval in the Netherlands, layer optionality on top of the core margin story.
The Stock Looks Attractive at Current Levels Tesla carries a trailing P/E of 375, a rich multiple that is fully justified only if the AI, autonomy, and Optimus platforms translate into the profit acceleration management has flagged. On a forward basis, the 247Wall St. model implies a P/E of 208 against a forward EPS of $2.44, a premium to the market that is anchored by positive earnings momentum and mega-cap balance sheet firepower.
The 12-month consensus price target sits at $425.22, backed by 23 Buy ratings, 18 Holds, and 6 Sells. That target implies meaningful upside from the current $376.88 level, and the 247Wall St. bull case pushes to $487.90 over the next 12 months. Tesla is beaten down, tonight’s earnings report is the catalyst, and the upside case to $425 remains fully intact.
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Tesla is set to announce second-quarter results after the bell on Wednesday, three weeks after reporting a 25% year-over-year increase in vehicle deliveries.
Here's what Wall Street expects, according to estimates from analysts polled by LSEG:
Earnings per share: 51 cents expectedRevenue: $25.71 billion expectedTesla's earnings report lands in the midst of a steep decline in its stock price, which is down about 10% this month and 16% for the year. That slide has coincided with a drop in SpaceX, Elon Musk's other trillion-dollar company, which held a record market debut in June and has lost almost 40% of its value since its peak close.
For Tesla, the dip has come despite signs of a rebound in its core auto business. In early July, the company reported vehicle deliveries that topped 480,000, exceeding exceeding analysts' expectations.
Tesla is trying to recover from consecutive years of declining deliveries, largely due to competition from Chinese automakers, including BYD, Nio and Xiaomi, that are offering affordable but high-tech EVs in markets beyond the U.S. Some car buyers have boycotted Tesla in response to Musk's incendiary political rhetoric and work with the Trump administration.
Soaring gas prices resulting from the U.S. war in Iran boosted Tesla sales in the first half of the year, with European car buyers purchasing more EVs.
In the second-quarter, Tesla started selling lower-cost versions of its Model 3 and Model Y vehicles, and made its premium driver assistance system, marketed as Full Self-Driving (Supervised) in the U.S., available in some European markets.
But Musk has shifted the focus of the company away from vehicle sales and toward its driverless Robotaxi service, ramping production of the company's driverless Cybercab, and remaking older factory lines in Fremont, California, to start manufacturing Optimus humanoid robots. He's promised shareholders and fans an AI-powered robot that will be able to step in as a babysitter, factory worker or world-class surgeon.
"I think Optimus will be our biggest product, not just Tesla's biggest product ever, but probably the biggest product ever," Musk said on the company's last earnings call in April.
Paul Miller, an analyst at Forrester, told CNBC in an email that Tesla leadership has made "plenty of big claims about autonomous mobility and physical AI over the years," but missed on some "bolder bets."
Musk told investors in 2019 that there would be 1 million Tesla robotaxis on the road by 2020. Last year, he said the company's autonomous ride-hailing services would cover "probably half the population of the U.S." by the end of 2025. And at the World Economic Forum in Davos earlier this year, Musk said Tesla Robotaxis would be "very, very widespread" domestically by the end of this year, a target that remains far off.
In robotaxis, Tesla is way behind Alphabet's Waymo in the U.S. and Baidu's Apollo Go in China. And in the humanoid robot market, where Tesla is still developing its product, the company faces competition from companies including China's Unitree, Boston Dynamics, Agility Robotics, Apptronik and London-based startup Humanoid.
On Wednesday's conference call, investors will be looking for updates on robotics and driverless technology, and how Musk expects Tesla and SpaceX to work together, including on Terafab, a massive chip factory the companies plan to jointly build and run with Intel in Texas.
Tesla Inc (NASDAQ:TSLA) reports second-quarter results after the bell Wednesday, and the numbers investors already have in hand tell a split story: a blowout on deliveries, a question mark on spending.
The electric vehicle maker posted 480,126 deliveries and 451,758 vehicles produced for the quarter, comfortably ahead of the roughly 406,600 Wall Street had penciled in, according to StreetAccount. That marks a 25% jump from a year ago, with Model 3 and Model Y accounting for 467,762 of the total.
The read-through: Tesla likely added about 95 basis points of global BEV market share, with its US share climbing 50 basis points to 46.1%.
The bigger debate on the call is likely to center on what Tesla is doing with its money, and its robots. The company set aside a $25 billion capital budget for 2026 to fund AI infrastructure and Optimus development, a spending pace analysts expect to push free cash flow to roughly negative $3.25 billion for the quarter.
Bank of America, which reiterated its Buy rating and $460 price target, argues the payoff is coming: robotaxi service now runs in five markets after a July 3 launch in Miami, the Texas fleet has swelled past 175 vehicles, and a June pricing study found Tesla undercutting Waymo, Uber and Lyft by 21% in San Francisco, albeit with wait times three to four times longer, a sign demand is outrunning supply.
Optimus remains the wildcard. Tesla is targeting initial Fremont production for late July or August, alongside a possible Gen 3 reveal, with Bank of America penciling in a slow ramp before humanoid shipments hit meaningful scale later in the decade.
Not everyone is convinced the money is moving fast enough. Ipek Ozkardeskaya, senior analyst at Swissquote, points out that Tesla has spent only about $2.5 billion of its $25 billion budget so far this year, despite being more than halfway through it.
"That raises questions about potential underspending on AI, autonomous driving and humanoid robots, the very ambitions that continue to underpin Tesla's valuation, given that its automotive business remains under pressure from Elon Musk's political controversies and intensifying competition from Chinese EV makers," she said.
That tension, strong deliveries against unproven bets, is what tonight's report will need to resolve.
Shares were flat Wednesday heading into the release.
Noah Hamman sets the stage for Tesla's (TSLA) earnings after Wednesday's closing bell. His biggest point of focus: EV sales, which he believes will show growth thanks to international markets.
Acumen Wealth Advisors LLC raised its stake in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 1,638.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,352 shares of the electric vehicle producer’s stock after buying an additional 8,814 shares during the quarter. Tesla comprises about 0.9% of Acumen Wealth Advisors LLC’s investment portfolio, making the stock its 28th biggest holding. Acumen Wealth Advisors LLC’s holdings in Tesla were worth $3,477,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the stock. Networth Advisors LLC purchased a new position in shares of Tesla in the 4th quarter worth about $26,000. Chapman Financial Group LLC purchased a new stake in Tesla during the 2nd quarter valued at about $26,000. Davidson Capital Management Inc. increased its stake in Tesla by 79.4% during the 4th quarter. Davidson Capital Management Inc. now owns 61 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 27 shares in the last quarter. Friedenthal Financial raised its holdings in Tesla by 66.7% in the first quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer’s stock worth $28,000 after buying an additional 30 shares during the last quarter. Finally, Prism Advisors Inc. purchased a new position in Tesla in the fourth quarter worth about $30,000. 66.20% of the stock is owned by institutional investors.
Tesla News Roundup Here are the key news stories impacting Tesla this week:
Positive Sentiment: Tesla reported record Q2 deliveries of 480,126 vehicles, its best quarter in two years, which gives bulls confidence that demand improved heading into earnings. Positive Sentiment: Options markets are pricing in a large earnings move, suggesting traders expect a volatile reaction and are actively betting on a meaningful catalyst from the report. Positive Sentiment: Tesla expanded its robotaxi service to Orlando and Tampa ahead of earnings, reinforcing investor hopes that the company is making progress beyond its core auto business. Article Title Positive Sentiment: Investors are looking for updates on FSD, robotaxi, and Optimus, and management teasing new software features and AI-driven tools is helping keep the growth story alive. Article Title Neutral Sentiment: Wall Street expects another quarter of revenue and earnings growth, but many analysts say the bar is high and that the stock may react more to guidance than to the headline numbers. Neutral Sentiment: Broader market news is also supportive, with tech stocks and the Nasdaq rallying ahead of Big Tech earnings, which may be helping Tesla participate in the rebound. Article Title Negative Sentiment: Investors remain focused on Tesla’s heavy spending on AI, robotaxis, and robotics, with reports warning that cash burn could rise and pressure near-term profitability. Negative Sentiment: Some commentary says Tesla’s valuation is still stretched and that the company must deliver more than strong EV sales to justify its premium multiple. Negative Sentiment: Competitor chatter and cautious analyst notes are tempering enthusiasm, including concerns about rising EV competition and whether current products can sustain Tesla’s growth narrative. Wall Street Analysts Forecast Growth A number of research firms have recently commented on TSLA. BTIG Research cut shares of Tesla to a “neutral” rating in a report on Friday, June 5th. President Capital upped their price objective on Tesla from $424.00 to $428.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a research note on Thursday, June 11th. Barclays boosted their price target on Tesla from $360.00 to $370.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Finally, Citigroup began coverage on Tesla in a research report on Thursday, July 9th. They set a “market perform” rating on the stock. Twenty-one equities research analysts have rated the stock with a Buy rating, twenty-one have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tesla has a consensus rating of “Hold” and an average price target of $408.07.
Check Out Our Latest Research Report on TSLA
Insider Activity In other news, Director Kathleen Wilson-Thompson sold 26,409 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total value of $9,985,506.99. Following the transaction, the director owned 48,399 shares in the company, valued at $18,300,145.89. This represents a 35.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Taneja sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the chief financial officer directly owned 18,106 shares in the company, valued at approximately $8,147,700. The trade was a 14.21% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 32,015 shares of company stock worth $12,383,640 over the last three months. Insiders own 19.90% of the company’s stock.
Tesla Price Performance NASDAQ TSLA opened at $378.93 on Wednesday. The stock has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 347.64, a PEG ratio of 12.40 and a beta of 1.80. Tesla, Inc. has a 1-year low of $297.82 and a 1-year high of $498.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.04 and a quick ratio of 1.62. The business’s fifty day moving average price is $406.82 and its 200-day moving average price is $404.53.
Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. Tesla had a return on equity of 4.89% and a net margin of 3.95%.The company had revenue of $22.39 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. Tesla’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Tesla, Inc. will post 1.34 earnings per share for the current year.
About Tesla (Free Report)
Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.
Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.
Recommended Stories Five stocks we like better than Tesla Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA – Free Report).
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Tesla cars line up for inspection at the Tesla Gigafactory during a government‑organised media trip in Shanghai, China, April 14, 2026. REUTERS/Go Nakamura/File Photo Purchase Licensing Rights, opens new tab
CompaniesBEIJING, July 22 (Reuters) - Shanghai authorities said on Wednesday it convened major automakers, dealer groups and internet platforms to reinforce compliance requirements as part of a campaign to regulate online information dissemination in the automotive sector.
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The meeting, organised Tuesday by several city authorities including cyberspace, commerce and market regulator, was attended by 15 major automakers.
These included SAIC Motor (600104.SS), opens new tab, Tesla (TSLA.O), opens new tab, BYD (002594.SZ), opens new tab, Xiaomi (1810.HK), opens new tab, Xpeng (9868.HK), opens new tab, Nio (9866.HK), opens new tab and Li Auto (2015.HK), opens new tab, as well as more than 80 dealer groups, a statement showed.
Internet platforms, including Bilibili (9626.HK), opens new tab and Xiaohongshu, were also summoned to the meeting.
In the meeting, Shanghai's market regulator clarified rules on pricing compliance covering manufacturing, pricing strategies and vehicle sales.
Authorities urged automakers and dealers to conduct self-inspections and resist improper online marketing practices, a statement from Shanghai's cyberspace administration said.
They also called on internet platforms to strengthen content reviews and handling of corporate infringement complaints, while pledging to step up rectification campaign and improve online information environment surrounding auto industry.
Reporting by Shi Bu and Liz Lee, Editing by Louise Heavens
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Stock Market Rally Defies Rising Oil, Bond Yields; Chips Lead As Seagate, Micron Make Bullish Moves Elon Musk's Tesla will release its second-quarter earnings after the market closes on Wednesday. Earnings are expected to grow 32% to 53 cents a share from 40 cents in Q2 2025, according to FactSet. That would be the second consecutive quarter of EPS growth after contracting in every quarter last year. Analysts expect revenue of $26.4 billion, a 17.5% increase…
Short-sellers are increasing their bets against Tesla (TSLA, Financials), the electric car and energy firm that is heading into Wednesday's earnings release wit
Tesla shares are showing limited movement. What should traders watch with TSLA? Earnings Preview & HistoryTesla is scheduled to report second-quarter earnings today after the market closes. Analysts estimate EPS of 44 cents along with revenue of $25.24 billion. For the prior quarter, Tesla reported EPS of 41 cents, beating the consensus estimate of 30 cents by 36.67%. The company also posted revenue of $22.39 billion, exceeding the consensus estimate of $22.17 billion.
What To WatchInvestors will be watching automotive gross margin closely, since Tesla’s record 480,126 vehicle deliveries only matter if aggressive pricing hasn’t eaten into profitability — EPS estimates span a wide range from 27 cents to 74 cents. Commentary on the Cybercab rollout, Full Self-Driving adoption and Optimus production timing will also be closely tracked, given Tesla’s valuation increasingly hinges on those initiatives rather than core vehicle sales.
Below All Key Levels, With Momentum FadingAt $377.00, Tesla is trading 4.6% below its 20-day SMA ($395.00) and 7.8% below its 50-day SMA ($408.56), a setup that typically keeps the near-term trend pointed lower unless price can reclaim those levels. It’s also 9.5% below the 200-day SMA ($416.27), reinforcing that the longer-term trend is still under pressure.
MACD is the cleaner momentum read right now: it’s below its signal line and the histogram is negative, which points to fading upside pressure versus the prior upswing. In plain terms, when MACD sits under the signal line, rallies often struggle to follow through until momentum improves back above that baseline.
The moving-average structure is also a headwind, with the 20-day SMA below the 50-day SMA and the 50-day SMA below the 200-day SMA (a "death cross" that occurred in April). That combination tends to shift trader focus toward selling strength rather than buying dips until the stock can start rebuilding above its intermediate trend lines.
Key Resistance: $433.00 — a round-number pivot area that sits above the major moving averages, where rebounds can stall Key Support: $368.50 — a nearby floor just below current levels where buyers previously stepped in Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price forecast of $405.70. Recent analyst moves include:
GLJ Research: Sell (Maintains Target to $24.86) (July 21) Morgan Stanley: Equal-Weight (Raises Target to $417.00) (July 14) Barclays: Equal-Weight (Raises Target to $370.00) (July 14) Benzinga Edge RankingsBelow is the Benzinga Edge scorecard for Tesla, highlighting its strengths and weaknesses compared to the broader market:
The Verdict: Tesla’s Benzinga Edge signal reveals a growth-heavy profile with a premium valuation, while momentum remains only moderate. For longer-term bulls, the setup improves if the stock can reclaim key moving averages; for tactical traders, the $368.50 support and $433.00 resistance define the near-term risk range.
Tesla Shares Trade FlatTSLA Price Action: At the time of publication, Tesla shares are trading 0.75% lower at $376.10, according to data from Benzinga Pro.
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