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Tesla Q2'26 Earnings: Revenue Beats at $28.24B, but EPS and Margins Miss as Cybercab Production Begins特斯拉Q2'26财报：营收282.4亿美元超预期，但每股收益与利润率不及预期，Cybercab同步投产
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R1-money-or-metal
- Q2'26 revenue reached $28.24B (Est. $26.32B; +26% YoY), with Automotive Revenue at $20.52B (Est. $20.05B; +23% YoY), Energy Revenue at $3.14B (Est. $3.77B; +13% YoY), Services and Other Revenue at $4.58B (+50% YoY), and Automotive Regulatory Credits at $146M.
- Adjusted EPS fell to $0.33 (Est. $0.51; -18% YoY) as Gross Margin dropped to 16.8% (Est. 19.4%; -41 bps YoY), Auto Margin ex-Credits fell to 16.3% (Est. 18.1%; -310 bps), and Operating Margin slid to 1.4% (Est. 5.4%; -269 bps YoY), though Free Cash Flow of -$1.09B beat the -$3.25B estimate.
- Cybercab production began at Gigafactory Texas, Robotaxi is now operating across seven major U.S. metros, and first-generation Optimus production lines are being installed with production expected in 2026.
- Q2'26营收达282.4亿美元（预期263.2亿美元，同比+26%），其中汽车业务收入205.2亿美元（预期200.5亿美元，同比+23%）、能源业务收入31.4亿美元（预期37.7亿美元，同比+13%）、服务及其他收入45.8亿美元（同比+50%），汽车监管信用收入1.46亿美元。
- 调整后每股收益降至0.33美元（预期0.51美元，同比-18%），毛利率降至16.8%（预期19.4%，同比降41个基点），扣除信用后汽车毛利率降至16.3%（预期18.1%，降310个基点），营业利润率降至1.4%（预期5.4%，同比降269个基点），但自由现金流为-10.9亿美元，优于预期的-32.5亿美元。
- Cybercab已在德州超级工厂启动生产，Robotaxi已在美国七个主要都市圈运营，第一代Optimus生产线正在安装，预计2026年投产。