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How Tesla, Inc. (TSLA) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/22/2026
Tesla, Inc. is an American multinational automotive and clean energy company. · Wikipedia
More about the company
Headquartered in Austin, Texas, it designs, manufactures, and sells battery electric vehicles (BEVs), stationary battery energy storage devices from home to grid-scale, solar panels and solar shingles, and related products and services.
Key growth driver: Automotive — the fastest-growing revenue line: $20,516, +23% y/y. · by the Q2 2026 report
How does Tesla make money?
Tesla brought in $28.2 billion of revenue in Q2 2026, up 26% year over year. The largest source was Automotive: $20.5 billion, or 73% of the total, followed by Services & Other ($4.58B, 16%) and Energy Gen & Storage ($3.14B, 11%). Net income for the quarter was $1.11 billion, down 5% year over year.
Revenue by source, Q2 2026
- Automotive$20.5B · 73% · +23%
- Services & Other$4.58B · 16% · +50%
- Energy Gen & Storage$3.14B · 11% · +13%
Shares of $28.2B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TSLA’s next earnings date?
Wednesday, October 28, 2026estimated
Tesla, Inc. (TSLA) has not confirmed the date yet; Oct 28, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $0.24 (11 analysts), vs $0.37 in the same quarter last year.
Last report: Jul 22, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$28,236
+26%
Gross profit
$4,751
+23%
16.8% margin
Operating income
$398
−57%
1.4% margin
Net income
$1,114
−5%
$0.32 diluted EPS
Verdict: Tesla grew revenue 26% YoY to $28.2B on record deliveries and a Services rebound, but GAAP operating income collapsed 57% to $398M as opex surged 47% on AI/R&D spend and SBC while regulatory-credit revenue and vehicle ASP fell, and net income of $1,114M was only preserved by a $590M other-income swing tied to the SpaceX equity gain.
Operating cash flow $4,697M; free cash flow −$1,092M (capex $5,789M); cash & investments $43.5B (−$1.2B seq.); no dividend/buyback disclosed this quarter.
Source and notation
* marks non-cash / ≈ estimated. Source: Tesla press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- profit is growing slower than revenue: −5% vs +26% y/y in Q2 2026
Most likely because costs grew faster than revenue (r&d +49% y/y, sg&a +45% y/y); operating income fell 57% YoY despite revenue growth, driven by opex up 47% (AI/R&D projects, SBC incl. 2025 CEO Performance Award); other income (expense), net swung from +$320M in Q2'25 to +$590M in Q2'26. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗TSLA earnings history: past report dates
| Jul 22, 2026 Wed | 4:35 pmafter market close | Jun 30, 2026 | $28.2B+26% y/y | $0.32−3% y/y |
| Apr 22, 2026 Wed | 4:10 pmafter market close | Mar 31, 2026 | $22.4B+16% y/y | $0.13+8% y/y |
| Jan 28, 2026 Wed | 4:11 pmafter market close | Dec 31, 2025 | ≈$24.9B−3% y/y | ≈$0.24−61% y/y |
| Oct 22, 2025 Wed | 4:06 pmafter market close | Sep 30, 2025 | $28.1B+12% y/y | $0.39−37% y/y |
| Jul 23, 2025 Wed | 4:14 pmafter market close | Jun 30, 2025 | $22.5B−12% y/y | $0.33−18% y/y |
| Apr 22, 2025 Tue | 4:10 pmafter market close | Mar 31, 2025 | $19.3B−9% y/y | $0.12−71% y/y |
| Jan 29, 2025 Wed | 4:09 pmafter market close | Dec 31, 2024 | ≈$25.7B+2% y/y | ≈$0.61−73% y/y |
| Oct 23, 2024 Wed | 4:09 pmafter market close | Sep 30, 2024 | $25.2B+8% y/y | $0.62+17% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Tesla, Inc.: 5-year financials
| 2025 | 94,827 | 4,355 | 3,794 | 6,220 |
| 2024 | 97,690 | 7,076 | 7,091 | 3,581 |
| 2023 | 96,773 | 8,891 | 14,997 | 4,357 |
| 2022 | 81,462 | 13,656 | 12,556 | 7,566 |
| 2021 | 53,823 | 6,523 | 5,519 | 5,015 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
0/2systematically poor
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Sep 2018SEC: Musk settled fraud charges over his tweet about taking the company private at $420; Tesla was charged with lacking disclosure controls and paid a $20M penalty. sec.gov ↗
- Jan 202510-K: the Delaware court approved the settlement of the suit over 2017–2020 director compensation; in Q1 2025 Tesla received $277M from directors, and the options were canceled in May 2025. sec.gov ↗
- Dec 202510-K: on December 19, 2025, the Delaware Supreme Court reversed the rescission of Musk's 2018 package (Tornetta v. Musk), reinstating it, awarded $1 in nominal damages and sharply cut the plaintiffs' fee. sec.gov ↗
- Nov 202510-K: Musk was issued 96.0M restricted shares (interim award, August 2025) and 423.7M shares under the 2025 package (approved by shareholders on November 6, 2025); total shares of 3,752.4M as of January 23, 2026 vs. 2,879.7M (split-adjusted) in February 2021. sec.gov ↗
- Dec 2025The Delaware Supreme Court reinstated Musk's 2018 package, which the trial court had voided in 2024. cnbc.com ↗
Scoring: 2.0 −0.5 (criterion 1: share count +12% over 5 years excluding the 519.7M restricted shares issued to Musk in 2025; +30% including them) −0.5 (criterion 10: SEC 2018, $20M from the company for lacking disclosure controls over Musk's tweets) −1.0 (criterion 4: directors returned compensation under the 2023–2025 settlement; the Delaware court found Musk's 2018 package the product of an unfair process, and in 2025 the Supreme Court reversed only the rescission and awarded nominal damages) = 0.0
- Share classes
- Single class of common stock (Nasdaq: TSLA); no non-voting or super-voting classes. Unallocated shares from the 2025 package vote in proportion to the rest.
- Dilution
- Shares 2,879.7M (February 2021, adjusted for the 2022 3-for-1 split) → 3,752.4M (January 2026), +30%; of these, 423.7M are the 2025 CEO package and 96.0M the 2025 interim CEO award (restricted shares). Excluding them, +12.3% (>10%) → −0.5. Diluted weighted average (XBRL) +8.6%; SBC 3% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- No dividends and no payout policy.
- Lawsuits & regulators
- SEC 2018: Tesla charged with lacking disclosure controls over Musk's tweets, $20M penalty on the company → −0.5 (criterion 10). The "funding secured" class action ended in a jury verdict for the company (2023) — no deduction; derivative suits over the go-private deal were dismissed.
- Related parties
- Director compensation suit (2020): the 2023 settlement was approved in January 2025; directors returned $277M and gave up options. Tornetta v. Musk: in 2024 the Delaware court voided the 2018 CEO package as unfair; on December 19, 2025, the Delaware Supreme Court reversed the rescission, reinstating the package, and awarded $1 in nominal damages. In total, two episodes of off-market dealings with management → −1.0 (criterion 4). The xAI investment (January 2026) and dealings with SpaceX/X/TBC — derivative suits unresolved, no deduction.
How the score works · checked as of Sep 2026
Tesla, Inc. (TSLA) earnings: FAQ
How does Tesla make money?
Tesla brought in $28.2 billion of revenue in Q2 2026, up 26% year over year. The largest source was Automotive: $20.5 billion, or 73% of the total, followed by Services & Other ($4.58B, 16%) and Energy Gen & Storage ($3.14B, 11%). Net income for the quarter was $1.11 billion, down 5% year over year.
When is TSLA's next earnings date?
Tesla, Inc. (TSLA) has not confirmed the date yet; Oct 28, 2026 is an estimate based on its past reporting schedule.
When did TSLA last report earnings?
Tesla, Inc. reported Q2 2026 results on Jul 22, 2026.
What is the EPS estimate for TSLA's next earnings?
The consensus EPS forecast is $0.24 (11 analysts), vs $0.37 in the same quarter last year.
Where can I find Tesla, Inc.'s financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TSLA's filings; this page breaks the latest report down in a Sankey chart.
What was TSLA's net income in Q2 2026?
Tesla, Inc. reported net income of $1,114M for Q2 2026 (−5% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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