Tesla

Q2 FY2026 EarningsQ2 FY2026 results showed a top-line beat but significant profitability pressure: revenue of $28.24B exceeded the $26.43B consensus by 6.84%, driven by a 25% YoY increase in automotive cash deliveries. However, GAAP EPS of $0.32 was exactly in-line with consensus as gross margin compressed to 16.8%, missing the 19.26% expectation by 2.46pct. The quarter was characterized by heavy AI infrastructure investment, with capital expenditures reaching $8.28B for the half-year, significantly exceeding historical run rates and analysts' implicit expectations.