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Get filing alertsTesla reports Q2 2026 record deliveries, starts Cybercab production, posts negative FCF
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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Cybercab production began at Gigafactory Texas with engineering test drives on public roads and employee rides starting in July; Robotaxi service expanded to Miami, Orlando, and Tampa with unsupervised operation.
Exhibit 99.1 view on EDGAR → -
high
Q2 2026 revenue of $28.2B (up 26% YoY) and net income of $1.1B, but operating margin compressed to 1.4% from 4.1% prior year due to higher AI/R&D expenses and lower regulatory credit revenue; free cash flow negative $1.1B on $5.8B capex.
Exhibit 99.1 view on EDGAR → -
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Record Q2 deliveries of 480,126 vehicles (up 25% YoY), with Model 3/Y deliveries of 467,762 units; production reached 451,758 vehicles (up 10% YoY).
Exhibit 99.1 view on EDGAR → -
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Active FSD subscriptions grew to 1.48M (up 56% YoY) with over 55% attach rate on North America deliveries; FSD expanded to four additional European countries where customers have driven over 50M kilometers.
Exhibit 99.1 view on EDGAR → -
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Energy storage deployments of 13.5 GWh (up 41% YoY); decommissioned Model S/X lines at Fremont to install first-generation Optimus manufacturing lines with production expected soon.
Exhibit 99.1 view on EDGAR →
Summary
Tesla reported Q2 2026 results marked by record vehicle deliveries and the start of Cybercab production, but also significant margin compression and negative free cash flow.
The company delivered 480,126 vehicles (up 25% year-over-year) and generated $28.2 billion in revenue (up 26%), but operating margin fell to 1.4% from 4.1% in the prior-year quarter, driven by elevated spending on AI infrastructure, R&D projects, stock-based compensation, and lower regulatory credit revenue.
Capital expenditures surged to $5.8 billion, resulting in negative $1.1 billion free cash flow despite $4.7 billion in operating cash flow. The quarter's strategic highlight was the start of Cybercab production at Gigafactory Texas, with engineering test drives on public roads and employee rides beginning in July. Tesla expanded its Robotaxi service to three Florida cities with unsupervised operation, bringing the total to seven major U.S. metros. FSD adoption accelerated with 1.48 million active subscriptions (up 56% year-over-year) and over 55% attach rates on North America deliveries. The company also decommissioned Model S and X production lines at Fremont to install first-generation Optimus manufacturing lines. Retail investors should monitor whether the Cybercab ramp and FSD monetization can offset the margin pressure from elevated capex and operating expenses in coming quarters.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Tesla released Q2 2026 financial results via its Second Quarter 2026 Update posted on its website.
Added in current filing · verify on EDGAR →
On July 22, 2026, Tesla, Inc. released its financial results for the quarter ended June 30, 2026 by posting its Second Quarter 2026 Update on its website.
Tesla disclosed its second quarter 2026 financial results by posting an update on its website. The full results are contained in Exhibit 99.1, which is incorporated by reference. The 8-K body itself does not provide specific financial figures; investors must review the attached exhibit for revenue, earnings, production, delivery, and other operational metrics.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify