Tesla (TSLA) Q2 FY2026 earnings: revenue $28.2 billion, up 25.5% on the year

Tesla, Inc. (TSLA) reported revenue of $28.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 25.5% on the same quarter a year earlier. Net income was $1.1 billion, down 4.9% on the year, and diluted earnings per share $0.32. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue

$28.2 billion

+25.5% on the year · +26.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

1.4%

4.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.1 billion

-4.9% on the year · +133.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.32

-3.0% on the year · +146.2% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose 26% year over year: Revenue was $28.2B, with the company citing higher deliveries, Services growth and a positive FX impact of $0.5B among the factors.
Operating income fell 57%: Income from operations was $398M against $923M a year earlier; the drivers are set out under costs, margins and pricing.
Record second-quarter vehicle deliveries: Deliveries rose year over year and were the first listed factor in the revenue increase, per the company's revenue bridge.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	28,236	22,387	22,496	+26.1%	+25.5%
Cost of revenue	23,485	17,667	18,618	+32.9%	+26.1%
Gross profit	4,751	4,720	3,878	+0.7%	+22.5%
Gross margin	16.8%	21.1%	17.2%
Research and development	2,371	1,946	1,589	+21.8%	+49.2%
Selling, general and administrative	1,982	1,833	1,366	+8.1%	+45.1%
Operating income	398	941	923	-57.7%	-56.9%
Operating margin	1.4%	4.2%	4.1%
Interest expense	81.0	92.0	86.0	-12.0%	-5.8%
Pre-tax income	1,329	748	1,549	+77.7%	-14.2%
Income tax	201	257	359	-21.8%	-44.0%
Effective tax rate	15.1%	34.4%	23.2%
Net income	1,114	477	1,172	+133.5%	-4.9%
Net margin	3.9%	2.1%	5.2%
Diluted EPS	$0.32	$0.13	$0.33	+146.2%	-3.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	4,697	3,937	2,540	+19.3%	+84.9%
Capital expenditure	5,789	2,493	2,394	+132.2%	+141.8%
Free cash flow	-1,092	1,444	146
Free cash flow margin	-3.9%	6.5%	0.6%
Cash from investing	-5,928	-5,023	-2,944
Cash from financing	37.0	1,172	-222	-96.8%
Share-based compensation	1,151	1,030	635	+11.7%	+81.3%
Diluted shares, weighted	3,540m	3,538m	3,519m	+0.1%	+0.6%
Shares outstanding at period end	3,949m	3,755m	3,224m	+5.2%	+22.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	86,858	84,116	77,314	+3.3%	+12.3%
Non-controlling interest	607	629	697	-3.5%	-12.9%
Redeemable equity	54.0	57.0	61.0	-5.3%	-11.5%
Debt	9,342	9,229	7,220	+1.2%	+29.4%
Operating lease liabilities	5,716	5,673	5,022	+0.8%	+13.8%
Finance lease liabilities	203	137	186	+48.2%	+9.1%
Other liabilities	45,744	43,883	38,067	+4.2%	+20.2%
Total liabilities and equity	148,524	143,724	128,567	+3.3%	+15.5%
Fixed assets	n/a	n/a	38,574
Goodwill	n/a	n/a	258
Intangible assets	n/a	n/a	138
Investments	28,305	28,140	21,195	+0.6%	+33.5%
Cash and equivalents	15,219	16,603	15,587	-8.3%	-2.4%
Receivables	4,087	3,959	3,838	+3.2%	+6.5%
Inventory	13,752	14,434	14,570	-4.7%	-5.6%
Other assets	87,161	80,588	34,407	+8.2%	+153.3%
Total assets	148,524	143,724	128,567	+3.3%	+15.5%

Questions

What was Tesla's revenue in Q2 FY2026?

Tesla (TSLA) reported revenue of $28.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 25.5% on the same quarter a year earlier.

How much did Tesla earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.1 billion, down 4.9% on the year, and diluted earnings per share $0.32.

When did Tesla report Q2 FY2026 results?

Tesla filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 23 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	17,719	18,756	16,934	21,454	24,318	23,329	24,927	23,350	25,167	21,301	25,500	25,182	25,707	19,335	22,496	28,095	24,901	22,387	28,236	28,046
Cost of revenue	12,872	13,296	12,700	16,072	18,541	18,818	20,394	19,172	20,729	17,605	20,922	20,185	21,528	16,182	18,618	23,041	19,892	17,667	23,485	22,552
Gross profit	4,847	5,460	4,234	5,382	5,777	4,511	4,533	4,178	4,438	3,696	4,578	4,997	4,179	3,153	3,878	5,054	5,009	4,720	4,751	5,494
Gross margin	27%	29%	25%	25%	24%	19%	18%	18%	18%	17%	18%	20%	16%	16%	17%	18%	20%	21%	17%	20%
R&D	740	865	667	733	810	771	943	1,161	1,094	1,151	1,074	1,039	1,276	1,409	1,589	1,630	1,783	1,946	2,371	2,761
SG&A	1,494	992	961	961	1,032	1,076	1,191	1,253	1,280	1,374	1,277	1,186	1,313	1,251	1,366	1,562	1,655	1,833	1,982	2,015
Operating income	2,613	3,603	2,464	3,688	3,901	2,664	2,399	1,764	2,064	1,171	1,605	2,717	1,583	399	923	1,624	1,409	941	398	718
Operating margin	15%	19%	15%	17%	16%	11%	10%	8%	8%	5%	6%	11%	6%	2%	4%	6%	6%	4%	1%	3%
Interest expense	71.0	61.0	44.0	53.0	33.0	29.0	28.0	38.0	61.0	76.0	86.0	92.0	96.0	91.0	86.0	76.0	85.0	92.0	81.0	90.0
Pre-tax income	2,635	3,626	2,474	3,636	3,983	2,800	2,937	2,045	2,191	1,888	1,787	2,791	2,524	589	1,549	1,959	1,181	748	1,329	956
Tax rate	11%	10%	8%	8%	7%	9%	11%	8%	-263%	26%	21%	22%	15%	29%	23%	29%	28%	34%	15%	16%
Net income	2,321	3,318	2,259	3,292	3,687	2,513	2,703	1,853	7,928	1,390	1,400	2,173	2,128	409	1,172	1,373	840	477	1,114	787
Net margin	13%	18%	13%	15%	15%	11%	11%	8%	32%	7%	5%	9%	8%	2%	5%	5%	3%	2%	4%	3%
Diluted EPS	$0.68	$0.95	$0.65	$0.95	$1.07	$0.73	$0.78	$0.53	$2.26	$0.41	$0.40	$0.62	$0.66	$0.12	$0.33	$0.39	$0.24	$0.13	$0.32	$0.22
Operating cash flow	4,585	3,995	2,351	5,100	3,278	2,513	3,065	3,308	4,370	242	3,612	6,255	4,814	2,156	2,540	6,238	3,813	3,937	4,697	6,263
Capital expenditure	1,810	1,767	1,730	1,803	1,858	2,072	2,060	2,460	2,306	2,773	2,270	3,513	2,783	1,492	2,394	2,248	2,393	2,493	5,789	4,732
Free cash flow	2,775	2,228	621	3,297	1,420	441	1,005	848	2,064	-2,531	1,342	2,742	2,031	664	146	3,990	1,420	1,444	-1,092	1,531
Shares outstanding	3,099m	3,108m	3,123m	3,158m	3,164m	3,169m	3,174m	3,179m	3,185m	3,189m	3,194m	3,207m	3,216m	3,220m	3,224m	3,324m	3,751m	3,755m	3,949m	3,953m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 23 July 2026: the filing.