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Tesla stock nears its second-quarter earnings report with vehicle deliveries recovering but spending rising across artificial intelligence and robotics. Shares gained about 3% on Tuesday after four sessions of losses, although the stock remains about 13% lower in 2026.
Tesla will report after the market closes on Wednesday, July 22. Investors will compare stronger sales with lower expected margins, heavy capital spending, and weaker free cash flow.
Tesla delivered 480,126 vehicles during the second quarter, up about 25% from a year earlier. The company also produced 451,758 vehicles and deployed 13.5 gigawatt-hours of energy storage products. Model 3 and Model Y deliveries reached 467,762 units.
Tesla’s company-compiled consensus points to about $27.58 billion in quarterly revenue. Analysts expect adjusted earnings of approximately $0.55 per share, compared with $0.40 one year earlier. Other market forecasts place revenue between $26.2 billion and $27.7 billion.
The delivery rebound may support automotive revenue after weaker periods. Still, deliveries alone do not show quarterly profit. Tesla said prices, production costs, foreign exchange rates, and product mix also affect its financial results.
Wall Street expects Tesla’s automotive gross margin, excluding regulatory credits, to fall to about 18.1%. The measure stood at 19.2% during the previous quarter. Financing offers, vehicle incentives, and higher input costs could affect the final figure.
Free cash flow may receive closer attention. LSEG data points to negative free cash flow of about $3.3 billion for the quarter. That would mark Tesla’s first quarterly cash burn in more than two years.
Gene Munster of Deepwater Asset Management expects automotive margins to slightly exceed the Street’s estimate. He also projects about $6.7 billion in second-quarter capital spending. Munster wrote, “I expect good news,” but questioned how investors would treat higher 2027 spending.
Tesla also raised its 2026 capital expenditure plan above $25 billion in April. The spending covers data centers, vehicle plants, robotaxis, and the Optimus humanoid robot program. Investors will watch whether operating cash can finance those projects without reducing Tesla’s cash position sharply.
Gary Black of The Future Fund said repeated missed Robotaxi targets have weakened confidence in Tesla’s public timelines. He pointed to Elon Musk’s earlier forecast that the service would cover half of the United States population by the end of 2025.
Furthermore, Tesla expanded Robotaxi coverage to Orlando and Tampa before earnings. However, the service remains limited compared with earlier nationwide goals. The company has started Cybercab production, but those vehicles have not entered its commercial network.
Investor questions also cover the Optimus production schedule and barriers slowing Robotaxi expansion. Nine of the ten most-supported questions on Tesla’s investor platform concern artificial intelligence projects, Full Self-Driving, Robotaxi, or Optimus.
Shareholders have also asked about market talk of a possible Tesla-SpaceX merger. Neither company has announced such a transaction. Tesla’s earnings call will therefore center on reported figures, spending plans, and management’s timelines for products that do not yet provide large revenue.
Tesla shares traded near $379 early Wednesday, placing its market value above $1.3 trillion. The earnings call starts at 5:30 p.m. Eastern Time that day.
Also Read: Tesla Investors Eye 7% Swing as Q2 Earnings Put Long-Term AI Plans in Focus
