Filing Flows › Tesla (TSLA) › Q2 2026 › vs Q1 2026
Tesla (TSLA) Q2 2026 vs Q1 2026 (quarter over quarter)
Tesla's revenue rose $5.8B (+26%) from $22.4B in Q1 2026 to $28.2B in Q2 2026. The biggest changes: Total revenues from sales and services +$5.8B (+27%); Energy generation and storage leasing +$38.0M (+37%); Automotive leasing −$17.0M (-4%). Gross margin 16.8% against 21.1% (-4.3 pts).
Tesla, Q2 2026: revenue $28.2B (+26% year over year), operating margin 1.4%, net earnings $1.1B, operating cash flow $4.7B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 16.8% | 21.1% | -4.3 pts |
| Operating margin | 1.4% | 4.2% | -2.8 pts |
| Net margin | 4.0% | 2.2% | +1.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Automotive sales | $20.0B | $15.5B | $4.5B | +29% |
| Services and other | $4.6B | $3.7B | $836M | +22% |
| Energy generation and storage sales | $3.0B | $2.3B | $693M | +30% |
| Automotive regulatory credits | $146M | $380M | −$234M | -62% |
| Total revenues from sales and services | $27.7B | $21.9B | $5.8B | +27% |
| Automotive leasing | $364M | $381M | −$17.0M | -4% |
| Energy generation and storage leasing | $141M | $103M | $38.0M | +37% |
| Revenue | $28.2B | $22.4B | $5.8B | +26% |
| Gross profit | $4.8B | $4.7B | $31.0M | +0.7% |
| Cost of revenue | $23.5B | $17.7B | $5.8B | +33% |
| Other income, net | $931M | −$193M | $1.1B | — |
| Operating profit | $398M | $941M | −$543M | -58% |
| Operating expenses | $4.4B | $3.8B | $574M | +15% |
| Pre-tax earnings | $1.3B | $748M | $581M | +78% |
| Research & development | $2.4B | $1.9B | $425M | +22% |
| SG&A | $2.0B | $1.8B | $149M | +8% |
| Net earnings | $1.1B | $491M | $637M | +130% |
| Income tax | $201M | $257M | −$56.0M | -22% |
| Depreciation | $1.4B | $1.3B | $30.0M | +2% |
| Share-based compensation | $1.2B | $1.0B | $121M | +12% |
| Working capital & other | $1.0B | $1.1B | −$28.0M | -3% |
| Operating cash flow | $4.7B | $3.9B | $760M | +19% |
| Capital expenditures | $5.8B | $2.5B | $3.3B | +132% |
| Negative free cash flow (OCF − capex) | $1.1B | −$1.4B | $2.5B | — |
Questions
How much did Tesla's revenue grow quarter over quarter in Q2 2026?
Tesla's revenue rose $5.8B (+26%) from $22.4B in Q1 2026 to $28.2B in Q2 2026.
What drove Tesla's revenue change in Q2 2026?
Total revenues from sales and services +$5.8B (+27%); Energy generation and storage leasing +$38.0M (+37%); Automotive leasing −$17.0M (-4%).