Tesla Q2 revenue rises 26% to $28.2 billion, but operating income falls 57%
Tesla reported second-quarter 2026 revenue of $28.2 billion, up 26% from a year earlier, on record second-quarter deliveries of 480,126 vehicles. Operating income fell 57% to $398 million, and diluted EPS was $0.32 on a GAAP basis versus $0.33 a year earlier, with GAAP net income supported by a $1,005 million unrealized gain on its SpaceX equity investment. Free cash flow was negative $1.1 billion as capital expenditures rose to $5.8 billion, reducing cash and short-term investments to $43.5 billion.
Key points
- Total revenue of $28.2 billion, up 26% year over year; GAAP operating margin of 1.4%, down from 4.1% in Q2 2025.
- GAAP net income attributable to common stockholders of $1.1 billion, down 5% year over year, including a $1,005 million pre-pax unrealized SpaceX gain before tax effects.
- Diluted EPS of $0.32 GAAP and $0.33 non-GAAP, compared with $0.33 and $0.40 in Q2 2025.
- Operating cash flow of $4.7 billion and capital expenditures of $5.8 billion produced free cash flow of negative $1.1 billion.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 22, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.