Jun 2026 (Q2 FY26) — Jul 22, 2026
Tesla Q2 FY26 — Record Deliveries and Massive AI/Robotics Investment Cycle
Read the full callTesla (TSLA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Tesla earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 28,236 | +25.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 1.4 | −2.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,114 | −4.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 20 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First U.S. LFP cell manufacturing facility online | expecting our first LFP cell manufacturing facility to be online by the end of the year | Jun 2025 | LFP factory, which went into operation earlier this year | Achieved* |
| EU-wide regulatory approval for supervised FSD | an EU-wide approval later in Q2 | Mar 2026 | as we get approval for FSD in different part -- different countries, I think we'll see a similar uptick in demand - no statement on whether EU-wide approval was obtained | Pending |
| AI5 chip in volume production | volume production around the end of next year | Jun 2025 | And then there's also AI5, which hopefully is in volume production around the middle of next year. | Delayed |
7 of Tesla, Inc.'s 47 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 44 more targets are in the full ledger.
Claimed
- Achieved record Q2 deliveries globally with sequential growth across Americas (60%), APAC (27%), and EMEA (12%).
- Model Y is the best-selling car of any kind in the world, setting records in key markets.
- FSD attach rates continue to improve, reaching nearly 1.5 million paid customers globally, with 55% upfront purchases and 45% subscriptions.
- Energy storage deployments increased 53% sequentially to 13.5 GWh, marking the second largest quarter for the energy business.
- Service and other margins improved sequentially from 9.2% to an all-time high of 14.1%.
Qualified
- Automotive margins, excluding regulatory credits, declined sequentially from 19.2% to 16.3% due to non-recurring Q1 benefits and rising interest rate subvention costs.
- Energy gross margins declined from 39.5% to 20.4% due to a $240 million warranty true-up, non-recurring Q1 tariff benefits, and increased competition.
- Free cash flow was negative for the quarter, primarily due to CapEx more than doubling sequentially.
- Production growth is limited by supply chain constraints, including batteries and electronic components.
- Operating expenses are expected to continue growing in 2026 and beyond, driven by significant R&D and pre-production ramp costs.
Price
$368.06 +3.76% · +$13.34
Performance −16.2% 1Y
1Y: $439.31 on 17 Oct 2025 → $368.06. High $489.88 (16 Dec 2025), low $298.32 (29 Jul 2026).
- Previous close
- $354.72
- 52-week range
- $298.32 – $489.88
- One year
- −17.74%
Overview
- Symbol
- TSLA
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 20 judged targets kept · 27 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First U.S. LFP cell manufacturing facility online | expecting our first LFP cell manufacturing facility to be online by the end of the year | Jun 2025 | LFP factory, which went into operation earlier this year | Achieved* |
| EU-wide regulatory approval for supervised FSD | an EU-wide approval later in Q2 | Mar 2026 | as we get approval for FSD in different part -- different countries, I think we'll see a similar uptick in demand - no statement on whether EU-wide approval was obtained | Pending |
| AI5 chip in volume production | volume production around the end of next year | Jun 2025 | And then there's also AI5, which hopefully is in volume production around the middle of next year. | Delayed |
Claimed
- Achieved record Q2 deliveries globally with sequential growth across Americas (60%), APAC (27%), and EMEA (12%).
- Model Y is the best-selling car of any kind in the world, setting records in key markets.
- FSD attach rates continue to improve, reaching nearly 1.5 million paid customers globally, with 55% upfront purchases and 45% subscriptions.
- Energy storage deployments increased 53% sequentially to 13.5 GWh, marking the second largest quarter for the energy business.
- Service and other margins improved sequentially from 9.2% to an all-time high of 14.1%.
Qualified
- Automotive margins, excluding regulatory credits, declined sequentially from 19.2% to 16.3% due to non-recurring Q1 benefits and rising interest rate subvention costs.
- Energy gross margins declined from 39.5% to 20.4% due to a $240 million warranty true-up, non-recurring Q1 tariff benefits, and increased competition.
- Free cash flow was negative for the quarter, primarily due to CapEx more than doubling sequentially.
- Production growth is limited by supply chain constraints, including batteries and electronic components.
- Operating expenses are expected to continue growing in 2026 and beyond, driven by significant R&D and pre-production ramp costs.
The full ledger
Open Tesla, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 47 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
Tesla Q1 FY26 — Major Capital Investments for Future Growth & FSD Expansion
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
Tesla Q4 FY25 — Autonomous Future and Massive Investments
Read the full callEvery analysed call
Tesla earnings calls (TSLA)
Financials
What the filings say
Net profit, year on year: −5% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 25,182 | 25,707 | 19,335 | 22,496 | 28,095 | 24,901 | 22,387 | 28,236 |
| Operating profit | 2,717 | 1,583 | 399 | 923 | 1,624 | 1,409 | 941 | 398 |
| Operating margin | 10.8% | 6.2% | 2.1% | 4.1% | 5.8% | 5.7% | 4.2% | 1.4% |
| Interest | 92 | 96 | 91 | 86 | 76 | 85 | 92 | 81 |
| Profit before tax | 2,791 | 2,766 | 589 | 1,549 | 1,959 | 1,181 | 748 | 1,329 |
| Tax rate | 21.6% | 15.7% | 28.7% | 23.2% | 29.1% | 27.5% | 34.4% | 15.1% |
| Net profit | 2,173 | 2,317 | 409 | 1,172 | 1,373 | 840 | 477 | 1,114 |
| EPS ($ per share) | 0.68 | — | 0.13 | 0.36 | 0.43 | — | 0.15 | 0.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 1 | 1 | 3 | 3 | 3 | 3 | 3 |
| Reserves | -5,318 | -6,083 | -5,399 | 329 | 12,885 | 27,882 | 35,209 | 39,003 |
| Total liabilities | 23,427 | 26,199 | 28,418 | 30,548 | 36,440 | 43,009 | 48,390 | 54,941 |
| Fixed assets | 11,330 | 10,396 | 12,747 | 18,884 | 23,548 | 29,725 | 35,836 | 40,643 |
| Investments | — | — | — | 131 | 5,932 | 12,696 | 20,424 | 27,546 |
| Total assets | 29,740 | 34,309 | 52,148 | 62,131 | 82,338 | 106,618 | 122,070 | 137,806 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,098 | 2,405 | 5,943 | 11,497 | 14,724 | 13,256 | 14,923 | 14,747 |
| Cash from investing | -2,337 | -1,436 | -3,132 | -7,868 | -11,973 | -15,584 | -18,787 | -15,478 |
| Cash from financing | 574 | 1,529 | 9,973 | -5,203 | -3,527 | 2,589 | 3,853 | 1,139 |
| Net cash flow | 312 | 2,506 | 13,118 | -1,757 | -1,220 | 265 | -152 | 579 |
| Capital expenditure | -2,101 | -1,327 | -3,157 | -6,482 | -7,158 | -8,899 | -11,342 | -8,527 |
| Free cash flow | -3 | 1,078 | 2,786 | 5,015 | 7,566 | 4,357 | 3,581 | 6,220 |
TSLA revenue by segment
Automotive shrank from 91% to 89% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Automotive | 91% | 88% | 86% | 88% | 88% | 85% | 89% | 89% | +27.4% |
| Energy Generation and Storage | 9% | 12% | 14% | 12% | 12% | 15% | 11% | 11% | +12.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TSLA operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Energy storage deployed | 8.8 GWhIn Q1, we deployed 6 -- 8.8 gigawatt hour of energy storage, a 38% sequential decline.Source: earnings call transcript | 13.5 GWhIn Q2, we deployed 13.5 gigawatt hour of energy storage, a 53% sequential increase and the second largest quarter for energy business.Source: earnings call transcript | +53.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 47%
- Non Us 37%
- CN 17% ↓ 6 pt
As TSLA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
83 filings between Nov 6, 2025 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$87.69M
66 sales by 4 insiders
91% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 1
- Award — granted as compensation
- 11
- Option exercise — converted options into shares
- 1
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts, 1 disposition to issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Wilson-Thompson Kathleen | — | $29.95M | Apr 30, 2026 |
| MURDOCH JAMES R | — | $26.72M | Jan 2, 2026 |
| Musk Kimbal | — | $25.61M | Dec 9, 2025 |
| Taneja Vaibhav | — | $5.41M | Sep 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | Taneja Vaibhav Chief Financial Officer | Sale | 2,606 | $938.4K |
| Sep 5, 2026 | Taneja Vaibhav Chief Financial Officer | Option exercise | 6,539 | $0 |
| Jun 16, 2026 | Musk Elon CEO | Tax withheld | 17,531,857 | $7.09B |
| Jun 16, 2026 | Musk Elon CEO | Option exercise | 303,960,630 | $7.09B |
| Jun 8, 2026 | Taneja Vaibhav Chief Financial Officer | Sale | 2,606 | $1.05M |
| Jun 5, 2026 | Taneja Vaibhav Chief Financial Officer | Option exercise | 6,538 | $0 |
| May 13, 2026 | Taneja Vaibhav Chief Financial Officer | Sale | 3,000 | $1.35M |
| May 13, 2026 | Taneja Vaibhav Chief Financial Officer | Option exercise | 2,000 | $36.4K |
| May 13, 2026 | Taneja Vaibhav Chief Financial Officer | Option exercise | 1,000 | $18.4K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 520 | $194.7K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Option exercise 10b5-1 plan | 40,948 | $613.8K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 440 | $169.1K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 619 | $230.8K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 280 | $105.0K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 680 | $260.0K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,760 | $667.8K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 840 | $310.0K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 6,896 | $2.63M |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,520 | $562.0K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 3,480 | $1.32M |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,755 | $668.2K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,240 | $475.7K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 3,003 | $1.13M |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,081 | $407.2K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,275 | $472.9K |
| Apr 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,020 | $379.3K |
| Apr 21, 2026 | Musk Elon CEO | Disposition to issuer | 96,000,000 | $0 |
| Mar 31, 2026 | Zhu Xiaotong SVP | Option exercise | 20,000 | $411.4K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 2,481 | $882.4K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,800 | $638.6K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,640 | $580.0K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 2,000 | $705.7K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Option exercise 10b5-1 plan | 40,000 | $599.6K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 2,360 | $842.0K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 80 | $29.3K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 120 | $43.9K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 560 | $204.3K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 3,927 | $1.43M |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 4,001 | $1.45M |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 2,320 | $840.2K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,000 | $361.0K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,880 | $677.1K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 520 | $186.6K |
| Mar 30, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 1,120 | $400.8K |
| Mar 6, 2026 | Taneja Vaibhav Chief Financial Officer | Sale | 2,265 | $899.1K |
| Mar 5, 2026 | Taneja Vaibhav Chief Financial Officer | Option exercise | 6,538 | $0 |
| Feb 25, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 3,148 | $1.31M |
| Feb 25, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 6,825 | $2.84M |
| Feb 25, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 7,501 | $3.11M |
| Feb 25, 2026 | Wilson-Thompson Kathleen Director | Sale 10b5-1 plan | 4,777 | $1.98M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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