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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 · ~2 min read
Key Changes
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Q2 2026 revenue $28.2B (+26% YoY), net income $1.1B, but operating margin compressed to 1.4% from 4.2% prior year on higher AI/R&D spend and lower regulatory credits; negative $1.1B free cash flow on $5.8B capex.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Record Q2 deliveries of 480,126 vehicles (+25% YoY), with Model 3/Y at 467,762 units; production 451,758 vehicles (+10% YoY).
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Cybercab production started at Gigafactory Texas; engineering test drives on public roads began, employee rides launched in July; Robotaxi service expanded to Miami, Orlando, Tampa (seven U.S. metros total).
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Active FSD subscriptions grew to 1.48M (+56% YoY) with >55% attach rate on North America deliveries; FSD approved in four additional European countries (Lithuania, Estonia, Denmark, Belgium).
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Energy storage deployed 13.5 GWh (+41% YoY); Model S/X lines decommissioned at Fremont, replaced with first-generation Optimus humanoid robot production lines.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
Summary
Tesla reported Q2 2026 revenue of $28.2 billion (up 26% year-over-year) and net income of $1.1 billion, but operating margin compressed sharply to 1.4% from 4.2% in the prior-year quarter, driven by higher operating expenses for AI infrastructure, R&D projects, stock-based compensation, and lower regulatory credit revenue. The company generated $4.7 billion in operating cash flow but posted negative $1.1 billion free cash flow as capital expenditures surged to $5.8 billion. Record quarterly deliveries of 480,126 vehicles (up 25% YoY) and production of 451,758 units (up 10% YoY) demonstrate strong demand, but the margin compression and negative free cash flow reflect the cost of scaling autonomous and AI initiatives. The quarter marked 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, bringing unsupervised operations to seven major U.S. metros. FSD adoption accelerated with active subscriptions reaching 1.48 million (up 56% YoY) and attach rates exceeding 55% of North America deliveries; regulatory approvals in four additional European countries extended FSD's international footprint. Energy storage deployments of 13.5 GWh (up 41% YoY) and the transition of Fremont's Model S/X lines to Optimus humanoid robot production signal Tesla's pivot toward autonomy, robotics, and energy. Retail holders should watch whether the company can sustain delivery growth and margin recovery as it absorbs the capital intensity of these new product ramps.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.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Total revenues 22,496 28,095 24,901 22,387 28,236 ... Total GAAP gross margin 17.2% 18.0% 20.1% 21.1% 16.8% ... Income from operations 923 1,624 1,409 941 398 ... Operating margin 4.1% 5.8% 5.7% 4.2% 1.4% ... Net income attributable to common stockholders (GAAP) 1,172 1,373 840 477 1,114 ... EPS attributable to common stockholders, diluted (GAAP) 0.33 0.39 0.24 0.13 0.32 ... Net cash provided by operating activities 2,540 6,238 3,813 3,937 4,697 ... Capital expenditures (2,394) (2,248) (2,393) (2,493) (5,789) ... Free cash flow 146 3,990 1,420 1,444 (1,092)
Tesla reported Q2 2026 revenue of $28.2 billion (up 26% year-over-year) and GAAP net income of $1.1 billion. Operating margin compressed to 1.4% from 4.1% in the prior-year quarter, driven by higher operating expenses for AI and R&D projects, stock-based compensation, and lower regulatory credit revenue. The company generated $4.7 billion in operating cash flow but reported negative $1.1 billion free cash flow due to a sequential increase in capital expenditures to $5.8 billion.
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Source-verified from EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify