The Main Points
- Tesla reported adjusted earnings of 33 cents per share, well short of the 51 cents Wall Street expected, while revenue beat estimates at $28.24 billion versus $25.71 billion expected.
- Shares fell about 4% in extended trading following the report.
- Capital expenditures soared 142% year-over-year to $5.79 billion, and the company said 2026 capex would top $25 billion as it builds out AI compute, batteries, and semiconductor manufacturing.
- Automotive gross margin fell to 16.3% from 19.2%, and energy margins dropped sharply amid pricing pressure.
- Tesla did post a record for second-quarter vehicle deliveries, with deliveries up 25% year-over-year.