Tesla Q2 revenue up 26% to $28.2B, but operating income down 57% to $398M; free cash flow negative $1.1B

Tesla, Inc.

Revenue $28.2B (+26% YoY); GAAP EPS $0.32 (-3% YoY); non-GAAP EPS $0.33 (-18% YoY).
Operating income $398M (-57% YoY); operating margin 1.4% (down from 4.1%).
Free cash flow -$1.1B (vs +$146M YoY) on capex $5.8B (+142% YoY).
Record Q2 deliveries 480,126 (+25% YoY); Energy storage 13.5 GWh (+41% YoY).
Cybercab production started; Robotaxi unsupervised in 7 metros; FSD subscriptions 1.48M (+56% YoY).

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