特斯拉2026Q2财报：利润同比暴跌57% Q2 2026 Update

Q22026Update

1

Highlights03

FinancialSummary04

OperationalSummary05

Manufacturing&Hardware06

SupportingInfrastructure07

AI&Software08

Services09

Outlook10

Photos&Charts11

KeyMetrics23

FinancialStatements26

AdditionalInformation32

2

HIGHLIGHTS

Profitability

Cash

Operations

$0.4BGAAPoperatingincome

$1.1BGAAPnetincome

$1.2Bnon-GAAPnetincome1

Operatingcashflowof$4.7B

Freecashflow2ofnegative$1.1B

$1.2Bdecreaseinourcashandinvestments3

RecordQ2vehicledeliveries

LaunchedRobotaxiinthreecitiesinFloridainJulyBeganproductionofCybercab

SUMMARY

Q2wasastrongquarterforourcorevehicle,energyandservicesbusinessesaswellasour

manufacturing,infrastructureandAIinitiatives.OurfocusremainsonstrengtheningthesecorebusinessesandmakingthenecessaryinvestmentsthatwilldeliverAmazingAbundance.

Teslageneratedover$100Binrevenueonatrailingtwelve-monthbasisforthefirsttime.Weachievedrecordsecond-quartervehicledeliveries,withcontinuedgrowthinnewmarketsandstrengthinestablishedmarkets.OurEnergyStoragebusinessreturnedtogrowth,achievingitssecond-bestquarterlydeploymentnumberandrecorddeploymentsonatrailingtwelve-monthbasis.TheServicesandOtherbusinessachievedrecordprofitabilityandmargininthequarter.

CybercabbeganproductionatGigafactoryTexas,andTeslaSemiremainsontrack

forproductionthisyearatournewfactoryinNevada.Progressalsocontinuedonbatterypackcapacityexpansion–themainlimitingfactortonear-termvehicleproductionvolumeincrease.MegafactoryTexasisnearingcompletion,withstartofproductionplannedforthisyear.

Additionally,siteselection,preparation,constructionandequipmentprocurementprogressedinthequarterforsolarandsemiconductormanufacturing.

FSD(Supervised)4penetrationcontinuedtogrowinthequarterwithmorecustomersoptingforsubscriptionatthetimeofvehiclepurchase.RobotaxirolloutcontinuedintheU.S.andisnowliveinsevenmajormetros5.ConstructionatourFremontFactoryforOptimusbeganafterwe

decommissionedtheModelS&Xlines,withanticipatedproductionlaterthisyear.

Teslaisinitslargestandmostexcitingperiodofinvestment.Fromhere,thereremainsmuchhardworkasweaimtorevolutionizetransportation,energyandproductivitythroughour

leadingreal-worldAI.Scalingwillbenon-linear,andwearefocusedonlong-termvaluecreation.We’veneverbeenmoreoptimisticaboutthefuture.

3

(1)RefertotheReconciliationofGAAPtoNon–GAAPFinancialInformationslide(2)Freecashflow=operatingcashflowlesscapex;(3)Includescash,cashequivalentsandshort-terminvestments;(4)Activedriversupervisionrequired;doesnotmakethevehicleautonomous;(5)BayAreaoperationsuseFSD(Supervised)pursuanttoCATCPpermit#TCP0046782–A;Note:allinformationhereinreferstothecurrentquarterunlessotherwisenoted.

4

FINANCIALSUMMARY

(Unaudited)

($inmillions,exceptpercentagesandpersharedata)

Q2-2025

Q3-2025

Q4-2025

Q1-2026

Q2-2026

YoY

Totalautomotiverevenues

16,661

21,205

17,693

16,234

20,516

23%

Energygenerationandstoragerevenue

2,789

3,415

3,837

2,408

3,139

13%

Servicesandotherrevenue

3,046

3,475

3,371

3,745

4,581

50%

Totalrevenues

22,496

28,095

24,901

22,387

28,236

26%

Totalgrossprofit

3,878

5,054

5,009

4,720

4,751

23%

TotalGAAPgrossmargin

17.2%

18.0%

20.1%

21.1%

16.8%

-41bp

Operatingexpenses

2,955

3,430

3,600

3,779

4,353

47%

Incomefromoperations

923

1,624

1,409

941

398

-57%

Operatingmargin

4.1%

5.8%

5.7%

4.2%

1.4%

-269bp

AdjustedEBITDA

3,401

4,227

4,154

3,668

3,273

-4%

AdjustedEBITDAmargin

15.1%

15.0%

16.7%

16.4%

11.6%

-353bp

Netincomeattributabletocommonstockholders(GAAP)

1,172

1,373

840

477

1,114

-5%

Netincomeattributabletocommonstockholders(non-GAAP)

1,393

1,770

1,761

1,453

1,153

-17%

EPSattributabletocommonstockholders,diluted(GAAP)

0.33

0.39

0.24

0.13

0.32

-3%

EPSattributabletocommonstockholders,diluted(non-GAAP)

0.40

0.50

0.50

0.41

0.33

-18%

Netcashprovidedbyoperatingactivities

2,540

6,238

3,813

3,937

4,697

85%

Capitalexpenditures

(2,394)

(2,248)

(2,393)

(2,493)

(5,789)

142%

Freecashflow

146

3,990

1,420

1,444

(1,092)

-848%

Cash,cashequivalentsandshort-terminvestments

36,782

41,647

44,059

44,743

43,524

18%

OPERATIONALSUMMARY

(Unaudited)

Q2-2025

Q3-2025

Q4-2025

Q1-2026

Q2-2026

YoY

Model3/Yproduction

396,835

435,826

422,652

394,611

442,936

12%

Othermodelsproduction

13,409

11,624

11,706

13,775

8,822

-34%

Totalproduction

410,244

447,450

434,358

408,386

451,758

10%

Model3/Ydeliveries

373,728

481,166

406,585

341,893

467,762

25%

Othermodelsdeliveries

10,394

15,933

11,642

16,130

12,364

19%

Totaldeliveries

384,122

497,099

418,227

358,023

480,126

25%

ofwhichsubjecttooperatingleaseaccounting

6,670

10,230

10,996

3,430

7,580

14%

Cumulativedeliveries(1)(all-time;mil)

8.0

8.5

8.9

9.2

9.7

21%

ActiveFSDSubscriptions(2)(mil)

0.95

1.04

1.10

1.28

1.48

56%

Totalendofquarteroperatinglease(newvehicle)count(3)

172,882

167,163

163,075

151,991

141,876

-18%

Globalvehicleinventory(daysofsupply)(4)

24

10

15

27

15

-38%

Storagedeployed(GWh)

9.6

12.5

14.2

8.8

13.5

41%

Superchargerstations

7,377

7,753

8,182

8,463

8,704

18%

Superchargerconnectors

70,228

73,817

77,682

79,918

82,357

17%

(1)Inaccordancewithour2025CEOPerformanceAward,metricincludesallnewTeslavehiclesdeliveredtocustomersplusanyunsupervisedRobotaxisplacedintocommercialoperation.Forfurtherdetailseeour2025ProxyStatement.

(2)Inaccordancewithour2025CEOPerformanceAward,metricincludesbothupfrontpaymentandmonthlysubscriptionsandexcludesfreetrials.Forfurtherdetailseeour2025ProxyStatement.

(3)BeginninginQ4,25,endofquarteroperatingleasecountpertainsonlytonewvehicles.Q3,25hasbeenadjustedtoexcludeusedvehicles.

T

5(4)Daysofsupplyiscalculatedbydividingnewvehicleendinginventorybytherelevantquarter,sdeliveriesandusing75tradingdays(alignedwithAutomotiveNewsdefinition).

6

MANUFACTURING&HARDWARE

Automotive

OuroverallQ2recorddeliveriesweresupportedbyrecorddeliveriesinseveralmarkets,

includingSouthKorea,Australia,Colombia,Japan,Taiwan,Thailand,Portugal,thePhilippines,Chile,SloveniaandLithuania.WelaunchedtheModelYLintheU.S.marketinJuly.Consistentwithlaunchesinothermarkets,wehaveseenapositiveresponsefromcustomers.

Energygenerationandstorage

WeachievedrecordenergystoragedeploymentsinEMEA,supportedbyrecorddeployments

fromMegafactoryShanghai,whichcontinuestorampproduction.WearealsoontracktobeginproductionofMegapack3andMegablockthisyearatournewMegafactoryTexas.

Powerwall3P(three-phase)isnowavailableinGermanyandisdesignedtomeetthepower

needsofhomeswiththree-phasepowerwithasingleunit.Itincludesanativethree-phase

inverterbringingthecostsavingsandenergysecurityofourresidentialenergyproductstomorecustomers.WearefocusedonbringingPowerwall3Ptootherthree-phasemarketsasquicklyaspossible.

Robotics

WehavedecommissionedthemanufacturinglinesforModelsS&XatourFremontFactoryandareinstallingthefirst-generationlinesforOptimus,whereweexpecttostartproductionsoon.TheinitialOptimusbuildswillbeusedinourOptimusAcademyfortrainingdatacollectionandfurtherfunctionalitydevelopment.Additionally,wecontinuedsitedevelopmentatGigafactoryTexaswithbuildingconstructionnowinfullswing.

InstalledAnnualManufacturingCapacity

Region

Product

Capacity

Status

Automotive

California

Model3/ModelY

>550,000

Production

Shanghai

Model3/ModelY

>950,000

Production

Berlin

ModelY

>375,000

Production

Texas

ModelY

>250,000

Production

Cybertruck

>125,000

Production

Cybercab

>125,000

Production

Nevada

TeslaSemi

-

Commissioning

TBD

Roadster

-

Designdevelopment

EnergyGenerationandStorage

California

Megapack

40GWh

Production

Nevada

Powerwall

>6GWh

Production

Shanghai

Megapack

20GWh

Production

Texas

Megapack

-

Commissioning

Robotics

California

Optimus

-

Construction

Texas

Optimus

-

Construction

Installedcapacity≠currentproductionrateandtheremaybelimitationsdiscoveredasproductionratesapproachcapacity.Productionratesdependonavarietyoffactors,includingequipmentuptime,componentsupply,

downtimerelatedtofactoryupgrades,regulatoryconsiderationsandotherfactors.Constructionincludesfactoryandinfrastructurebuildoutaswellastoolinstallation.

AITrainingCompute

WehavemorethandoubledouronsitecomputeinTexas(intermsofMWofcompute)duringthefirsthalfof2026.Cortex2supportsthedevelopmentofbothvehicleandhumanoidrobotautonomysoftwareandwillrampfurtherovertherestoftheyeartoensurewehavesufficientcomputeresources.

Battery

Wecontinuetoworkoninitiativestoincreasebatterypackcapacityasitremainsthelimiting

factoronrampingourvehicleproductionglobally.Ourteamsmadefurtherprogressonthe

rampofnewbatteryandmaterialfactories,includingvehiclepackcapacityinBerlin,cathode

materialproductionandlithiumrefininginTexasandLFPcellsinNevadaforourenergystorageproducts.Wearealsoincreasingproductionof4680cellstosupportproductionrampsofbothCybercabandTeslaSemiandincreasedproductionofModelY.

SUPPORTINGINFRASTRUCTURE

InstalledAnnualCapacity

Region

Asset

Capacity

Status

AITrainingCompute

Texas

Cortex1

>90MW

Production

Cortex2

>115MW

Production

BatteryCellManufacturing

Nevada

LFP

7GWh

EarlyRamp

Texas

4680

>40GWh

Production

CathodeMaterials

10GWh

EarlyRamp

LithiumRefining

30GWh

EarlyRamp

Berlin

4680

-

Construction

Installedcapacity≠currentproductionrateandtheremaybelimitationsdiscoveredasproductionratesapproachcapacity.Productionratesdependonavarietyoffactors,includingequipmentuptime,componentsupply,

downtimerelatedtofactoryupgrades,regulatoryconsiderationsandotherfactors.Earlyrampcapacityincludesexpectedcapacity.Constructionincludesfactoryandinfrastructurebuildoutaswellastoolinstallation.

OtherSupportingInfrastructure

400

300

200

ExistingCapacity

FuturePlannedCapacity

Weaddedover2,400netnewSuperchargingstalls,growingthenetworkby17%year-over-year.WecontinuetoinnovateourSuperchargerdesignandproductionprocess,helpingusscalethenetworkmorecost-effectively.WearefurtherreducingSuperchargerwaittimesthrough

improvedTripPlanner,forecastedstallavailabilityanddynamicwaitlistingintegratedintotheTeslaapp.

100

0

7

TeslaAITrainingCapacityRamp(MWofCompute)

AI&SOFTWARE

12.0

10.0

8.0

6.0

4.0

AISoftware

FSDMilesonV11andBefore

FSDMilesonV12andBeyond

WebegandeliveringFSDv14litetocustomersintheU.S.andSouthKorea(thelatterinJuly)withAI3hardware.ThissoftwarebuilddistillsthedrivingbehaviorfromAI4,sv14seriesintoboththecameraandcomputeconfigurationofAI3andincludesdestinationoptions(parkinginalot,on

thestreet,inadrivewayoratthecurbside)andspeedprofiles.Italsoaddresseschallengingdrivingscenarioswithimprovedproactiveandreactiveresponsivenessincludingnavigationhandling,mergesandforks,pedestrianinteractions,trafficlightsandvehiclecut-in.

2.0

0.0

AIInferenceCompute

Wecontinuetomakeprogressonconstructionandequipmentprocurementforour

CumulativeMilesDrivenwithFSD(Supervised)1(billions)

semiconductorfabinAustin.Whilestillinitsearlystages,thisprojectiscriticaltobuildingourownchipmakingcapabilitiestoensurereliablelong-termsupplyofessentiallogicandmemorychipsforourproducts.

AutomotiveandOtherSoftware

InJuly,webeganrollingoutourSummerRelease,withadditionalfunctionalityaimedat

enhancingthecustomerexperienceandfurtherpromotingourautonomouscapabilities.

CustomerscannowviewandshareSelf-DrivingStats,makingFSD(Supervised)1moresocialandinteractive.TheSummerReleasealsoincludesadditionalGrokfunctionalitysuchasmakingphonecalls,searchingandplayingmusicandadjustingclimatecontrols.AutomaticNavigationexpandsbeyondhomeandworktosupportanydestinationbasedonpersonalhabitsandschedule,

includingschooldrop-offsonthewaytowork.

CustomerViewofFSD(Supervised)1UsageStats

8(1)Activedriversupervisionrequired;doesnotmakethevehicleautonomousT--

SERVICES

Robotaxi

WestartedproductionofCybercab,ourpurpose-builtautonomousEVdesignedtobethe

workhorseofourRobotaxifleet.EngineeringtestdrivesofproductionCybercabsonpublicroadsalsobeganduringthequarter,andwebeganofferingemployeeridesinCybercabsonour

GigafactoryTexascampusinJuly,bothimportantprecursorstoCybercabdeploymentinourRobotaxifleets.

WeexpandedtheunsupervisedoperationareainAustinandlaunchedunsupervisedridesin

Miami,OrlandoandTampainJuly.PreparationforexpansionofourRobotaxiservicetoadditionalU.S.metroscontinued,includingtesting,permittingandfirstrespondertraining.

FSD(Supervised)1

FSDadoptiongrewinthequarter,includingrecordnetnewsubscriptions.Wealsoachieved

recordFSDattachratesinNorthAmerica,withover55%ofnewdeliveriesincludingFSD

subscriptions.BuildingontheapprovaltodeployFSDintheNetherlands,wereceivedadditionalapprovalsinLithuania,Estonia,DenmarkandBelgium,withcustomersinthesecountriesdrivingover50millionkilometers(31millionmiles)onFSDasofJuly.WeareseeingelevatedinterestinourvehiclesinmarketswithFSDapproval.

AutomotiveServices

ServicesandOthergrossprofitgrew$302Msequentiallytoarecord$648M,achievinga14%

grossmargin,withgrowthdrivenbyallmajorsegments.Asourvehiclefleetgrowsandwefurtherimprovebusinessefficiency,weexpectcontinuedprofitgrowth.

9(1)Activedriversupervisionrequired;doesnotmakethevehicleautonomous.

(2)PursuanttoCATCPpermit#TCP0046782-A

2,500,000

CumulativePaidRobotaxiMiles

2,000,000

1,500,000

1,000,000

500,000

0

CumulativePaidRobotaxiMiles

State

Metro

Status

California

SFBayArea

SafetyDriver2

Texas

Austin

RampingUnsupervised

Dallas

RampingUnsupervised

Houston

RampingUnsupervised

Arizona

Phoenix

PreparationsUnderway

Florida

Miami

RampingUnsupervised

Orlando

RampingUnsupervised

Tampa

RampingUnsupervised

Nevada

LasVegas

PreparationsUnderway

AnnouncedRobotaxiCoverage

10

OUTLOOK

VolumeWearefocusedonmaximumcapacityutilizationatourfactories.Deliveriesanddeploymentswillbeimpactedbyaggregatedemandfor

ourproducts,supplychainreadinessandallocationdecisionsbetweensaletocustomersoruseforourownedandoperatedfleet.

CashWewillmanagethebusinesssuchthatweensureastrongbalancesheet,maintainingsufficientliquiditytofundourproductroadmap,

long-termcapacityexpansionplans–includingfurtherverticalintegration–andotherexpenses.

ProfitWhilewecontinuetoexecuteoninnovationstoreducethecostofmanufacturingandoperations,overtime,weexpectourhardware-

relatedprofitstobeaccompaniedbyanaccelerationofAI,softwareandfleet-basedprofits.

ProductWecontinuetoevolveandaugmentourproductlineupwithafocusoncost,scaleandfuturemonetizationopportunitiesviaservices

poweredbyourAIsoftware.Weremainfocusedongrowingoursalesvolumesthroughadifferentiatedandefficientlymanagedproductportfolio,whichincludesleveragingandoptimizingourexistingproductioncapacitybeforebuildingnewfactoriesandproductionlines.

TeslaSemiandMegapack3remainonscheduleforproductionstartingin2026.First-generationproductionlinesforOptimusarebeinginstalledinanticipationofproductionin2026.

Capacitybuildoutandramprelatedtoourmulti-yearinfrastructureinitiatives,includingAIcompute,solar,batterymaterialandsemiconductormanufacturingareunderway.

PHOTOS&CHARTS

12

THETESLAECOSYSTEM-BUILDINGAWORLDOFAMAZINGABUNDANCE

13

MODELYL-NOWAVAILABLEINTHEU.S.

14

MODELYL-FIRSTBUILDSATGIGAFACTORYTEXAS

15

CYBERCAB-AUTONOMOUSRIDESFOREMPLOYEESATGIGAFACTORYTEXAS

16

ROBOTAXI-RAMPINGUNSUPERVISEDINMIAMI

17

CYBERCAB-PRODUCTIONATGIGAFACTORYTEXAS

18

OPTIMUS-FIRSTGENERATIONPRODUCTIONLINEINFREMONT

OPTIMUS-FIRSTGENERATIONPRODUCTIONLINEINFREMONT

19

20

TESLASEMIFACTORY-BUILDINGEXTERIOR

21

TESLASEMIFACTORY-ENDOFLINE

22

TESLALITHIUMDAY-IN-HOUSEBATTERY-GRADELITHIUMPRODUCTIONRAMPINTEXAS

KEYMETRICSQUARTERLY

(Unaudited)

0.5

0.4

0.3

0.2

0.1

0.0

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

4Q-2024

1Q-2025

2Q-2025

3Q-2025

4Q-2025

1Q-2026

2Q-2026

VehicleDeliveries(millionsofunits)

7

6

5

4

3

2

1

0

-1

-2

-3

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

4Q-2024

1Q-2025

2Q-2025

3Q-2025

4Q-2025

1Q-2026

2Q-2026

OperatingCashFlow($B)FreeCashFlow($B)(1)

8

7

6

5

4

3

2

1

0

3Q-2023

4Q-2023

1Q-2024

2Q-2024

3Q-2024

4Q-2024

1Q-2025

2Q-2025

3Q-2025

4Q-2025

1Q-2026

2Q-2026

NetIncome($B)(2)

AdjustedEBITDA($B)(2)(3)

23

(1)BeginninginQ1'25,Capitalexpendituresispresentedinclusiveofpurchasesofenergygenerationandstoragesystemsandallpriorperiodshavebeenadjusted.

(2)Asaresultoftheadoptionofthenewcryptoassetsstandard,thepreviouslyreportedquarterlyperiodsin2024havebeenrecast.

(3)BeginninginQ1'25,AdjustedEBITDA(non-GAAP)ispresentednetofdigitalassetsgainsandlossesandallpriorperiodshavebeenadjusted.

T

24(2)Asaresultoftheadoptionofthenewcryptoassetsstandard,thepreviouslyreportedquarterlyperiodsin2024havebeenrecast.