Tesla, Inc. (TSLA) Earnings Call Transcripts

Tesla, Inc.'s Latest Earnings Call - Q2 FY2026

In Q2 2026, Tesla achieved record deliveries, reporting revenue of $30.5 billion, up from $27.2 billion YoY, and net income of $2.1 billion, reflecting a strong demand resurgence across all regions. However, automotive gross margins declined from 19.2% to 16.3%, attributed to the absence of prior quarter benefits and rising costs from commodity prices and interest rates. Management maintained a bullish outlook, emphasizing growth in vehicle demand driven by Full Self-Driving (FSD) adoption and a robust order backlog, while signaling a significant increase in capital expenditures to over $25 billion for the year, aimed at scaling production and advancing new technologies.

Reported metrics

Guidance from management

Tesla expects continued growth in demand and production, with CapEx projected to exceed $25 billion in 2026. Management is focused on scaling operations to meet demand and advance new technologies.

What management said

Thanks so much, Vaibhav. As everyone on the call may have noticed, we've covered several of the say.com questions already in opening remarks, including Optimus production, Terafab and Digital Optimus. Ashok is joining us today, our VP of AI, and he's going to cover questions related to robotaxi. Ashok?

Great. Thank you so much, Ashok. So that covers the say.com questions. And now we will move over to analyst questions. The first question comes from Tom from RBC. Tom, please feel free to unmute yourself when you're ready. Tom, you're still on mute. So, please unmute yourself and go ahead and ask your question. All right. We're not getting any audio from Tom at the moment. So we will try to move on to Andrew, and we...

What analysts pressed on

Analysts expressed concerns about the declining automotive margins and the challenges in scaling Optimus production. There were questions about the potential impact of rising interest rates and commodity costs on profitability.

Main topics on the call

• Record Deliveries — Tesla reported record Q2 deliveries with a sequential growth of 60% in the Americas, 27% in APAC, and 12% in EMEA. Management noted, 'We exited Q2 with our largest order backlog since 2023,' indicating strong demand.
• FSD Adoption — FSD adoption remains a key demand driver, with 55% of Q2 deliveries including FSD subscriptions. Elon Musk stated, 'This is a significant demand driver,' as the company expects continued growth in FSD monetization.
• Automotive Margin Decline — Automotive gross margins fell to 16.3% from 19.2%, impacted by the lack of prior quarter benefits and rising costs. Vaibhav Taneja noted, 'Commodity price increases and interest rate changes all continue to add to our co...
• Energy Business Growth — The energy business deployed 13.5 GWh of storage, a 53% sequential increase, but gross margins declined to 20.4%. Taneja mentioned, 'Energy business is inherently lumpy,' indicating variability in performance.

Read the full Tesla, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Tesla, Inc. earnings call transcripts on record, spanning January 29, 2020 to July 22, 2026. Based on this history, Tesla, Inc. reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

TSLA

Exchange

NasdaqGS

Country

US

Sector

Consumer Discretionary

Industry

Automobiles

Calls on record

34

First call

January 29, 2020

Most recent

July 22, 2026

Reporting cadence

quarterly