TSLA Q2 Detail — $28.4B Rev (+24%), Auto GM 15%, FCF TTM -$6.4B
Published · Updated · By Investus editorial desk (SUNRYU Partners)
Charlie Bilello's compilation of Tesla Q2: record revenue $28.4B (+24% YoY), auto revenue $22.7B, Auto GM ex-credits 15%. But CAPEX +141% YoY drove FCF TTM to -$6.4B. Growth and margin pressure emerge together.
Print Detail
Charlie Bilello compiles Tesla Q2 2026 detail. Revenue $28.4B, a record and +24% YoY. Auto revenue $22.7B — the bulk of the top line. Auto GM ex-credits at 15%, similar profile to recent quarters.
CAPEX Dragged FCF
CAPEX up +141% YoY — the stand-out. This reflects parallel investment across Robotaxi/Cybercab pilots, Optimus Gen 3 lines, and data-center training compute expansion. FCF TTM swung to -$6.4B. Record revenue with negative FCF is an unusual pairing.
Why the Combo Matters
Record revenue with squeezed FCF sends the market two opposing signals: growth continues, but it hasn't reached earnings yet. CAPEX surge = preparation for Robotaxi/Optimus commercialization, so the debate is: when does it pay back? Today's analyst downgrade wave is the market reading of this frame.
Sources & further reading
See the body and ticker IR links for sources on this note.
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Disclaimer
This article is editorial research for informational purposes only. It is not investment advice, a recommendation, or a solicitation to buy or sell any security, and does not guarantee any return. Markets carry risk of loss. Verify figures against the primary sources before making decisions.