Tesla Q2 2026 revenue $28.2B (+26%) but non-GAAP EPS $0.33 and gross margin 16.8%
Tesla reported Q2 2026 revenue of $28.2B, up 26%, but margins fell: GAAP gross margin was 16.8% and automotive gross margin ex-credits was 16.3%. GAAP EPS was $0.32 and non-GAAP EPS $0.33, on GAAP net income of $1.11B. Free cash flow was negative at $1.09B on $5.79B of capex.
- Revenue $28,236M (+26%): automotive $20,516M (+23%), services $4,581M (+50%), energy $3,139M (+13%)
- GAAP gross margin 16.8%; automotive gross margin ex-credits 16.3%
- GAAP EPS $0.32; non-GAAP EPS $0.33; GAAP net income $1,114M
- Free cash flow $(1,092)M; capex $(5,789)M; GAAP operating income $398M (1.4%)
TSLA around the story · hourly24 h reaction ▼ 11.13%
Moves this explains
TSLA−9.70%Jul 22 · Fell 9.7% after Q2 earnings per share of $0.33 missed the roughly $0.50 expected, and free cash flow turned negative as capex hit a record $5.79B.Source
Tesla IR (SEC 8-K Ex. 99.1)Jul 22, 2026
SEC filing 8-K · accession 0001628280-26-049213 · sec.gov ↗