Tesla Profit Misses Forecast As R&D And Capex Surge On Robotaxi Push
Tesla reported Q2 net income of $1.11 billion, missing profit forecasts as research-and-development and capital spending surged amid its robotaxi push on July 22, 2026.[1]
Revenue rose 26 percent year over year to $28.24 billion, topping analyst expectations of $26.42 billion.[1] Adjusted earnings per share were $0.33, below analysts' $0.53 forecast.[1] Research and development spending jumped about 49 percent to $2.37 billion, the highest in at least four quarters.[1] Tesla said it has nearly 1.5 million global subscribers to its Full Self-Driving (Supervised) feature and that its robotaxi service now operates in seven major U.S. metro areas.[1]
Tesla delivered 480,216 vehicles in the quarter, up 25 percent from a year earlier, showing demand remains strong.[1] CFO Vaibhav Taneja said capital expenditures will rise in the second half of 2026, pushing full-year capex above $25 billion and keeping spending higher for the next two to three years as the company scales robotaxi and commercial vehicle production.[1]
Tesla said Cybercab production has begun at its Texas factory and that Tesla Semi production is on track to start this year at its Nevada factory.[1] Shares fell about 4.1 percent in after-hours trading and were down just under 17 percent year to date, reflecting investor concern that heavy R&D and capex will weigh on near-term profitability despite robust revenue and deliveries.[1]
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📌 Key Facts
- On Wednesday, July 22, 2026, Tesla reported Q2 net income of $1.11 billion, or 32 cents per share, with adjusted EPS of 33 cents versus a 53-cent analyst forecast.
- Quarterly revenue rose 26 percent year-over-year to $28.24 billion, exceeding analyst expectations of $26.42 billion.
- Research and development spending increased about 49 percent from a year earlier to $2.37 billion, the highest in at least four quarters.
- CFO Vaibhav Taneja said capital expenditures will rise in the second half of 2026, taking full-year capex above $25 billion and continuing to grow for the next two to three years.
- Tesla delivered 480,216 vehicles in Q2 2026, up 25 percent from a year earlier and beating analyst expectations.
- The company reported nearly 1.5 million global subscribers to its Full Self-Driving (Supervised) feature and said its robotaxi service now operates in seven major U.S. metro areas.
- Tesla said Cybercab production has begun at its Texas factory and Tesla Semi production is on track to start this year at its Nevada factory.
- Tesla shares fell about 4.1 percent in after-hours trading following the earnings release and are down just under 17 percent year-to-date.
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