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Tesla (TSLA) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Tesla (TSLA) reported revenue of $28.2B for the second quarter 2026 (Q2 2026), +26% from a year earlier and +26% from the quarter before. Operating margin was 1.4%, net earnings $1.1B (4.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.2B | +26% | +26% |
| Gross profit | $4.8B | +0.7% | +23% |
| Operating profit | $398M | -58% | -57% |
| Net earnings | $1.1B | +130% | -5% |
| Operating cash flow | $4.7B | +19% | +85% |
What changed
Revenue was $28.2B in Q2 2026, up 26% year over year and up 26% from the previous quarter. Automotive sales was the largest line at 71% of revenue. Automotive sales added $4.2B year over year (up 27%), 74% of the total change. Automotive regulatory credits declined 67%.
Gross margin was 16.8%, down 0.4 points from Q2 2025. Operating profit was $0.40B, a 1.4% margin (down 2.7 points year over year). Operating profit fell $0.53B even though revenue rose $5.7B versus Q2 2025, so costs grew faster than sales. Operating expenses grew 47% against revenue growth of 26%. The fastest-growing cost line was Research & development (+49%). Net earnings were $1.1B, down 5% year over year. The effective tax rate was 15.1%. Non-operating items added $0.93B, 70% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $4.7B (up 85% year over year), 416% of net earnings. Non-cash charges added back $1.4B of depreciation and $1.2B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $5.8B exceeded it, leaving free cash flow of −$1.1B.
Questions
What was Tesla's revenue in the second quarter 2026?
Tesla (TSLA) reported revenue of $28.2B for the second quarter 2026 (Q2 2026), +26% from a year earlier and +26% from the quarter before.
Was Tesla profitable in the second quarter 2026?
Operating profit was $398M (1.4% of revenue) and net earnings $1.1B.
Source: Tesla 10-Q on SEC EDGAR.