TSLA · NASDAQ-GS
Consensus is $0.27 EPS for Sep 2026 across 11 estimates, ranging $0.09 to $0.52.
No consensus figures were provided, so the quarter cannot be assessed against an external earnings expectation. Tesla generated $28.24B of revenue and $1.11B of net income, with revenue above both Q1 FY2026's $22.39B and Q2 FY2025's $22.50B, but net income below the prior-year $1.17B and Q3 FY2025's $1.37B. Vehicle demand improved materially, producing record Q2 deliveries and the largest order backlog since 2023, supported by Model Y strength and FSD adoption. Automotive profitability weakened sequentially as the prior quarter's $230M warranty and tariff benefit did not repeat, while higher commodity prices and interest-rate subvention costs added pressure. Energy was the main margin drag: deployments increased to 13.5 gigawatt hours, but a roughly $240M warranty true-up, absent tariff benefits and lower industrial-storage ASPs reduced gross margin to 20.4%. Service and other offset some pressure with a 14.1% margin.
Management expects vehicle production to rise to address the growing backlog, although batteries and electronic components remain supply-chain constraints. Robotaxi fleet growth is expected to accelerate through the year, alongside expansion into new U.S. markets, while unsupervised miles have been growing at double-digit weekly rates. Operating expenses, driven largely by research and development, are expected to continue growing in 2026 and beyond. Full-year 2026 CapEx is expected to exceed $25B and increase further in the second half, with spending rising for the next two to three years. Energy gross margins are expected to normalize in the mid- to low-20% range. Tesla expects autonomous Semi capability around the end of this year or early next year.
