Tesla Optimus

Tesla's Q2 2026 revenue reached $28.2 billion, up 26% year-over-year, driven by record vehicle deliveries (480K units), Services and Other growth of 50%, and Energy deployments of 13.5 GWh. However, profitability contracted sharply: GAAP operating income fell 57% to $0.4 billion, with operating margin collapsing to 1.4% from 4.1% in the prior-year quarter. GAAP net income was $1.1 billion and diluted EPS $0.32. Gross margin declined to 16.8% from 17.2%, pressured by lower automotive average selling prices, partially offset by lower inbound duties and higher ancillary sales (FSD subscriptions at record attach rates). Operating expenses surged 47% to $4.4 billion, driven by AI/R&D projects, stock-based compensation (including 2025 CEO Performance Award), and SG&A. Free cash flow turned negative at −$1.1 billion due to a $3.3 billion sequential capex increase. Capital deployment intensified: Cybercab began production; Optimus first-generation lines ramped at Fremont; Robotaxi expanded unsupervised to Miami, Orlando, Tampa. FSD (Supervised) subscriptions reached 1.48 million (56% YoY growth). The company flagged that scaling will be "non-linear" and reaffirmed no specific forward guidance.