TSLA
FY2026 Q2 · Calendar Q3 2026
Tesla, Inc.
Tesla delivered record Q2 volumes and grew FSD adoption to 55% of North American deliveries, beating revenue estimates by 6.9%. However, a 34% EPS miss revealed margin compression across both automotive and energy segments, compounded by warranty true-ups, tariff-related cost changes, and rising subvention costs. The market reaction was severe with a 14.5% decline on roughly 3x baseline volume, reflecting investor concern that Tesla's massive capital expenditure cycle will continue to drain free cash flow through 2026 even as management projects confidence in its AI, robotics, and energy strategy.
EPS surprise-34.0%
Market move-14.5%
