Tesla, Inc. — 2026Q3 財報
公布於 2026-07-22
每股盈餘 $0.33，預期 $0.54 — 不如預期
次一交易日 -14.5%（收盤 2026-07-22 → 2026-07-23）
來源
8-K 文件 ↗綜述
Record deliveries pushed trailing-twelve-month revenue past $100 billion for the first time, with quarterly revenue up 26% to $28.2 billion, but heavy AI and infrastructure investment crushed profitability: operating income fell 57% to $0.4 billion (a 1.4% margin) on AI/R&D spending and CEO-award stock compensation, and free cash flow turned negative at $1.1 billion as capex jumped $3.3 billion sequentially — with Services and Other the bright spot at a record $648 million of gross profit. The call centered on the autonomy scale-up: more than 380,000 unsupervised robotaxi miles across six cities with zero notable incidents, with Musk stressing a deliberately cautious rollout pace because a single injury would trigger a regulatory clampdown. CFO Taneja noted the record deliveries were broad-based, with sequential growth across all three regions.
法說會
評述
引文為原始文件中的英文原文，未經翻譯；其下一行是 TradingPilot 對它的解讀。
來自財報
A record-delivery quarter that crossed $100B in trailing-twelve-month revenue for the first time, but heavy AI and infrastructure investment compressed profitability: operating income fell 57% YoY to $0.4B and free cash flow went negative as capex nearly doubled sequentially, while Services and Other posted record gross profit and Cybercab entered production.
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“Tesla generated over $100B in revenue on a trailing twelve-month basis for the first time.”
Tesla crossed $100B in trailing-twelve-month revenue for the first time, powered by record second-quarter vehicle deliveries.
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“Total quarterly revenue increased 26% YoY to $28.2B.”
Quarterly revenue grew 26% YoY to $28.2B, driven by higher deliveries, Services growth and FSD subscriptions.
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“Our quarterly operating income decreased 57% YoY to $0.4B, resulting in a 1.4% operating margin.”
Profitability compressed sharply: operating income fell 57% YoY to $0.4B, a 1.4% operating margin, as AI/R&D spending and CEO-award stock compensation drove operating expenses up.
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“Quarter-end cash, cash equivalents and short-term investments was $43.5B. The sequential decrease of $1.2B was a result of negative free cash flow of $1.1B, driven by a sequential increase in capex of $3.3B.”
Free cash flow turned negative at $1.1B as capex jumped $3.3B sequentially for the infrastructure buildout, leaving quarter-end cash and investments at $43.5B (down $1.2B).
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“Services and Other gross profit grew $302M sequentially to a record $648M, achieving a 14% gross margin, with growth driven by all major segments.”
Services and Other hit record profitability: gross profit rose $302M sequentially to a record $648M at a 14% gross margin.
來源 ↗
來自法說會
Management centered the call on the autonomy scale-up — 380,000+ unsupervised robotaxi miles across six cities with zero notable incidents — with Musk stressing a deliberately cautious rollout pace because a single injury would trigger regulatory clampdown, while CFO Taneja tied the record Q2 deliveries to sequential growth across all three regions.
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“If we injure even one person, it will be worldwide headline news and regulators will immediately clamp down on our activities.”
Elon Musk framed the measured robotaxi rollout as risk management, arguing a single injury would be global news and bring regulators down on the program.
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“We achieved record Q2 deliveries globally with sequential growth across the Americas, APAC and EMEA of 60%, 27% and 12%, respectively.”
CFO Vaibhav Taneja said record Q2 deliveries were broad-based, with sequential growth of 60% in the Americas, 27% in APAC and 12% in EMEA.
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“We have driven more than 380,000 miles of unsupervised robotaxi now across six cities in two different states. We have had zero notable incidents.”
VP of AI Ashok Elluswamy quantified the robotaxi safety record: more than 380,000 unsupervised miles across six cities in two states with zero notable incidents.
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截至 2026-08-10