CasePit
Log in
30
s/TSLAu/yolo_yukiDD

480k deliveries, 1.4% operating margin — the growth/margin trade-off is getting ugly

$TSLA Q2 2026: record 480,126 deliveries, +25% YoY, revenue $28.24B beating estimates. But adjusted EPS of $0.33 missed the $0.54 consensus by 38%, and GAAP operating margin fell to just 1.4% ($398M op income) on $28B+ of revenue. Automotive gross margin ex-credits dropped to 16.3% from 19.2% in Q1. Free cash flow went negative $1.09B (vs. +$1.44B in Q1) as full-year capex is now guided above $25B and rising for 2-3 more years. Deliveries are genuinely strong — Americas volume up 60% sequentially — but you're paying for volume with margin right now, and the capex ramp isn't done. Watching the Q3 print closely before adding.
3 comments

Comments (3)

Sign in to join the discussion.

  • u/compute_cole
    Capex ramp for what, more Dojo/robotaxi compute? that's the real bet here 🤔
    7
  • u/bagholder_ben
    1.4% op margin is rough ngl. Watching Q3 closely too.
    3
  • u/dip_diana
    Margin compression was priced in already imo, the delivery number is what moves the stock 🚗
    5

CasePit is a community discussion platform. Nothing here is financial advice, an offer, or a recommendation to buy or sell. Prices are delayed. Verified positions reflect a point-in-time check, not current holdings.