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Tesla posts record $28.2B revenue but shares fall after earnings miss

Tesla posts record $28.2B revenue but shares fall after earnings miss

Tesla reported record quarterly revenue and vehicle deliveries, but adjusted earnings, operating income, and margins fell below analyst estimates.

by Estefano Gomez

2 min read

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Tesla shares declined nearly 3% in after hours trading Wednesday after the company’s second quarter profit and margins missed analyst expectations despite record revenue and vehicle deliveries.

Tesla reported total revenue of $28.24 billion, up 26% from a year earlier and above the company compiled analyst consensus of $27.58 billion. Automotive revenue increased 23% to $20.52 billion, while energy revenue rose 13% to $3.14 billion.

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Adjusted earnings came in at $0.33 per share, below the $0.55 consensus estimate. GAAP earnings reached $0.32 per share, compared with expectations of $0.36.

Operating income fell 57% from a year earlier to $398 million, leaving Tesla with an operating margin of 1.4%. Analysts had expected operating income of about $1.5 billion and a margin of 5.4%. Gross margin declined to 16.8%, below the 19.5% consensus estimate.

Tesla generated $4.7 billion in operating cash flow but reported negative free cash flow of $1.09 billion as capital expenditures more than doubled to $5.79 billion. Cash and short term investments declined by $1.2 billion during the quarter to $43.52 billion.

The company delivered a record 480,126 vehicles during the quarter, up 25% from a year earlier, while production increased 10% to 451,758 vehicles. Energy storage deployments rose 41% to 13.5 gigawatt hours.

Tesla said Cybercab production began at Gigafactory Texas and that its robotaxi service is now operating across seven major US metropolitan areas. The company also began installing its first Optimus production lines at the Fremont factory after removing the Model S and Model X lines.

Tesla Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Tesla Inc. TSLA · Price dated Nov 6, 2026 · tokenized TSLAx $358$1.4T393.6Unavailable$94.8BFY ended 2025-12-31 · 10-K−2.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K3,794,000,000FY ended 2025-12-31, attributable to the company · 10-K4.6%FY ended 2025-12-31
General Motors Co GM · Price dated Nov 6, 2026 $86$72.7B18.9Unavailable$185.0BFY ended 2025-12-31 · 10-K−1.3%FY ended 2025-12-31 vs 2024-12-31 · 10-K2,697,000,000FY ended 2025-12-31, attributable to the company · 10-K1.6%FY ended 2025-12-31
Ford Motor Co F · Price dated Nov 5, 2026 $13$50.0BNot meaningfulLoss, diluted EPS −1.98
to 2026-09-30 · SEC filing		Unavailable$187.3BFY ended 2025-12-31 · 10-K+1.2%FY ended 2025-12-31 vs 2024-12-31 · 10-K−8,182,000,000FY ended 2025-12-31, available to common stockholders · 10-K−4.9%FY ended 2025-12-31
Rivian Automotive, Inc. RIVN · Price dated Nov 4, 2026 $14$20.5BNot meaningfulLoss, diluted EPS −2.26
to 2026-09-30 · SEC filing		Unavailable$5.4BFY ended 2025-12-31 · 10-K+8.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K−3,646,000,000FY ended 2025-12-31, attributable to the company · 10-K−66.5%FY ended 2025-12-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes, CoinGecko and Databento. Oldest record refresh: Nov 6, 2026, 2:36 AM EST. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

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