Tesla has released its Q2 2026 financial results. We break down the most interesting numbers.
Tesla’s bitcoin (BTC) portfolio remains unchanged at 11,509 coins. The company reported an unrealized loss of $112 million from digital asset revaluation.
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The loss is tied to bitcoin’s market price decline and new FASB accounting rules requiring digital assets to be marked to market at the end of each reporting period.
At the end of June, digital assets were valued at $674 million, down from $786 million in March. Tesla’s quarterly revenue came in at $28.24 billion, beating consensus estimates of $26.32 billion. However, adjusted earnings per share of $0.33 missed expectations of $0.51.
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Record Deliveries and Margin Decline: What Tesla’s Report Showed
Revenue rose 26% year-over-year, driven by record EV deliveries of 480,126 vehicles–up 25% from a year ago and the best Q2 in company history. Gross margin fell to 16.8%, operating margin to 1.4%. Net income was $1.11 billion, with $1.01 billion coming from unrealized gains on its SpaceX stake.
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Operating expenses rose 47% year-over-year, tied to AI infrastructure investments, Optimus robots, and the Cybercab robotaxi. Capital spending jumped 142% to $5.79 billion. Tesla said it plans to deploy its first Optimus robots by the end of 2026. Cortex 1 is now running above 90 megawatts, Cortex 2 above 115 megawatts.
Market Reaction and What’s Next
Tesla shares fell more than 4% in pre-market trading to $364.42. Despite the revenue beat, the market reacted negatively to margin compression and earnings below expectations. Investors are watching Elon Musk’s robot and robotaxi plans, along with bitcoin’s price, which will affect Tesla’s crypto reserve valuation each quarter.
Tesla’s bitcoin portfolio has remained unchanged since 2022, aside from a small adjustment in January 2025.
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