Filing Flows › Tesla (TSLA) › Q2 2026 › vs Q2 2025
Tesla (TSLA) Q2 2026 vs Q2 2025 (year over year)
Tesla's revenue rose $5.7B (+26%) from $22.5B in Q2 2025 to $28.2B in Q2 2026. The biggest changes: Total revenues from sales and services +$5.8B (+27%); Automotive leasing −$71.0M (-16%); Energy generation and storage leasing −$2.0M (-1%). Gross margin 16.8% against 17.2% (-0.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 16.8% | 17.2% | -0.4 pts |
| Operating margin | 1.4% | 4.1% | -2.7 pts |
| Net margin | 4.0% | 5.3% | -1.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Automotive sales | $20.0B | $15.8B | $4.2B | +27% |
| Services and other | $4.6B | $3.0B | $1.5B | +50% |
| Energy generation and storage sales | $3.0B | $2.6B | $352M | +13% |
| Automotive regulatory credits | $146M | $439M | −$293M | -67% |
| Total revenues from sales and services | $27.7B | $21.9B | $5.8B | +27% |
| Automotive leasing | $364M | $435M | −$71.0M | -16% |
| Energy generation and storage leasing | $141M | $143M | −$2.0M | -1% |
| Revenue | $28.2B | $22.5B | $5.7B | +26% |
| Gross profit | $4.8B | $3.9B | $873M | +23% |
| Cost of revenue | $23.5B | $18.6B | $4.9B | +26% |
| Other income, net | $931M | $626M | $305M | +49% |
| Operating profit | $398M | $923M | −$525M | -57% |
| Operating expenses | $4.4B | $3.0B | $1.4B | +47% |
| Pre-tax earnings | $1.3B | $1.5B | −$220M | -14% |
| Research & development | $2.4B | $1.6B | $782M | +49% |
| SG&A | $2.0B | $1.4B | $616M | +45% |
| Net earnings | $1.1B | $1.2B | −$62.0M | -5% |
| Income tax | $201M | $359M | −$158M | -44% |
| Depreciation | $1.4B | $1.1B | $220M | +19% |
| Share-based compensation | $1.2B | $635M | $516M | +81% |
| Working capital & other | $1.0B | −$435M | $1.5B | — |
| Operating cash flow | $4.7B | $2.5B | $2.2B | +85% |
| Capital expenditures | $5.8B | $2.4B | $3.4B | +142% |
| Negative free cash flow (OCF − capex) | $1.1B | −$146M | $1.2B | — |
Questions
How much did Tesla's revenue grow year over year in Q2 2026?
Tesla's revenue rose $5.7B (+26%) from $22.5B in Q2 2025 to $28.2B in Q2 2026.
What drove Tesla's revenue change in Q2 2026?
Total revenues from sales and services +$5.8B (+27%); Automotive leasing −$71.0M (-16%); Energy generation and storage leasing −$2.0M (-1%).