Tesla Q2 2026 earnings miss amid record deliveries

Tesla’s Q2 2026 results showed a record 480,126 vehicle deliveries, driving revenue up 26 % YoY to $28.2 billion. Adjusted earnings slipped to $0.33 per share, well below the $0.50‑$0.55 consensus, and gross margin fell to about 16.8 %. Operating expenses jumped 47 % to $4.35 billion as the company accelerated AI‑related infrastructure, robotaxi (Cybercab) and Optimus humanoid‑robot projects, alongside development of the Semi truck. Capital spending reached roughly $5.8 billion, with a full‑year capex target of $25‑$26 billion, pushing free‑cash‑flow negative for the first time in over two years (≈ $‑1.1 billion). Full‑self‑driving subscription revenue continued to grow, but margin pressure prompted analysts to warn that the aggressive AI outlays could strain profitability until new revenue streams materialise. Shares fell 4‑5 % in after‑hours trading; the stock is down about 20 % YTD. The order backlog grew to its largest size since 2023 and robotaxi service expanded to four U.S. cities.