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Tesla shares fall 11% after mixed Q2 earnings report, Musk tempers Optimus expectations

Tesla shares fall 11% after mixed Q2 earnings report, Musk tempers Optimus expectations

Revenue beat Wall Street estimates by nearly $2 billion, but an adjusted EPS miss and ballooning AI spending spooked investors

by Editorial Team

2 min read

In Stocks

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Tesla posted $28.24 billion in Q2 revenue, a 26% jump year-over-year that handily topped consensus estimates of roughly $26.3 billion. Adjusted earnings per share came in at $0.33, well below the $0.50 Wall Street expected. Shares dropped approximately 11% in after-hours trading following the July 22 earnings release, with the selloff carrying into the next session.

The Optimus problem

A big chunk of the spending anxiety centers on Tesla’s Optimus humanoid robot program. CEO Elon Musk acknowledged that initial manufacturing would be “extremely slow at first.” The reason is straightforward: Optimus Gen 3 involves roughly 10,000 unique parts.

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Limited production is expected to start at Tesla’s Fremont facility in late July or August 2026. High-volume production targets have been pushed to 2027.

Bitcoin holdings stay frozen

Tesla’s position remained completely unchanged. The company still holds 11,509 BTC, valued between $755 million and $786 million as of the quarter’s end. That number has been static since January 2025. Tesla once held around 43,000 BTC before trimming its position in prior years.

What this means for investors

The EPS miss reflects the cost of pursuing multiple moonshot projects simultaneously. The Robotaxi program and Optimus development both require enormous capital expenditure. If those investments continue to compress margins without delivering near-term revenue, future quarters could see similar patterns: strong top-line growth paired with disappointing earnings.

Tesla Inc. (TSLA) price

Full chart and stats

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Market cap
$1.4T (shares as of 2026-10-15)
P/E (trailing)
393.6 (EPS to 2026-09-30)
Annual revenue
$94.8B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
−2.9% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
3,794,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
4.6% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Nov 6, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

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.

Traded on-chain

Explore tokenized products tracking Tesla Inc. Open a product to see its price, network and observed pools. Access depends on the venue and where you live.

TSLAxBacked · Solana$359.25
Token price
$359.25
Issuer
Backed
Network
Solana

Price from the pool with the highest reported reserves below. Token units may differ from one share.

Where to trade TSLAx

Pool liquidity

Source: GeckoTerminal. Retrieved Nov 7, 2026 00:52 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.

TSLAonOndo · BNB Chain$353.72
Token price
$353.72
Issuer
Ondo
Network
BNB Chain

Price from the pool with the highest reported reserves below. Token units may differ from one share.

Where to trade TSLAon

Pool liquidity

Source: GeckoTerminal. Retrieved Nov 7, 2026 00:15 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.

TSLAonOndo · Ethereum$349.11
Token price
$349.11
Issuer
Ondo
Network
Ethereum

Price from the pool with the highest reported reserves below. Token units may differ from one share.

Where to trade TSLAon

Pool liquidity

Source: GeckoTerminal. Retrieved Nov 7, 2026 01:15 UTC. Source and pools · Verify token contract Top three active pools by reported total reserves from the provider’s first 20 results. Each list covers this issuer, network and contract only. Products may have different share multipliers and rights. Pool reserves are not executable depth or guaranteed execution quality. Not a recommendation.

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

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