Tesla, Inc.
TSLA.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q2
Tesla accelerated its AI and robotics investment in Q2, generating a $1.1 billion negative free‑cash‑flow as capital expenditures more than doubled sequentially to $5.8 billion and prompting the company to secure a new debt facility with up to $30 billion of capacity. The quarter also saw record vehicle deliveries of 480,126 units, a 25% YoY increase, and the largest order backlog since 2023, while automotive gross margin (ex‑credits) slipped to 16.3%. Services margin reached an all‑time high of 14.1% and the Robotaxi program logged over 380,000 unsupervised miles across seven U.S. markets.
Total Vehicle Deliveries
480,126
+25% YoY
Free Cash Flow (GAAP)
($1.09B)
vs. $1.44B in Q1
Automotive Gross Margin (ex-credits)
16.3%
-290 bps QoQ
Capital Expenditures
$5.79B
+132% QoQ
Active FSD Subscriptions (Paid)
1.48M
+56% YoY
What We're Watching
Strategic / Risk
Debt Facility Utilization & Capital Strategy Shift
📅
Ongoing
What to Monitor
The amount and timing of drawdowns from the newly secured $30B debt facilities, and the corresponding impact on the company's net cash position and leverage ratios.
Why It Matters
This marks a fundamental shift from a self-funded model to a leveraged growth strategy to fund massive CapEx. The pace of borrowing will be a key indicator of the company's cash burn rate and its confidence in future cash flows to service the increased debt.
Operational
Robotaxi Unsupervised Miles Growth Rate
📅
Ongoing
What to Monitor
The sustainability of the reported "double-digit" weekly growth rate in unsupervised miles driven, and the continuation of the "impeccable safety record" (zero notable incidents) as the fleet expands to new cities.
Why It Matters
This is the primary KPI management is using to measure progress. Sustaining this exponential growth while maintaining a perfect safety record is critical for validating the AI approach, securing regulatory trust, and achieving the scale necessary for the business model.
Risk
Optimus Production S-Curve Initiation
📅
Q3-Q4 2026
What to Monitor
Any initial production numbers from the new Fremont line and management commentary on specific supply chain or manufacturing bottlenecks encountered in the "flat and long" part of the S-curve.
Why It Matters
Described as the "hardest product to scale" ever attempted by the company, the initial ramp will be a crucial test of Tesla's ability to create a new manufacturing paradigm from scratch. Early progress is a key de-risking event for the long-term thesis.
Opportunity
Energy Storage for AI Data Centers
📅
Ongoing
What to Monitor
Specific orders or commentary linking Megapack deployments to AI data center customers beyond SpaceX, and any resulting impact on the Energy segment's order backlog and margin profile.
Why It Matters
This positions the Energy business as a critical enabler for the entire AI industry, a much larger and potentially higher-margin market than traditional grid stabilization. It represents a major new growth catalyst for a core business segment.
Strategic
Tesla-SpaceX Collaboration & Corporate Structure
📅
Ongoing
What to Monitor
Any new joint projects announced (building on Terafab and Digital Optimus) and any formal steps or discussions regarding changes to the corporate structure or the handling of complex inter-company transactions.
Why It Matters
The two companies are becoming strategically inseparable, raising significant corporate governance questions that are now being directly probed by analysts. The deepening operational and financial ties could foreshadow a major structural change in the future.
