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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dan Levy | Barclays | 10 (0%) |
| Colin Langan | Wells Fargo | 7 (57%) |
| Adam Jonas | Morgan Stanley | 6 (17%) |
| Emmanuel Rosner | Wolfe Research | 6 (17%) |
| Will Stein | Truist Securities | 5 (0%) |
| Pierre Ferragu | New Street Research | 5 (20%) |
| Mark Delaney | Goldman Sachs | 4 (0%) |
| Walter Piecyk | LightShed Partners | 4 (0%) |
| Andrew Percoco | Morgan Stanley | 3 (0%) |
| George Gianarikas | Canaccord Genuity | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 10 (0%) |
| Morgan Stanley | 2 | 9 (11%) |
| Wells Fargo | 1 | 7 (57%) |
| Wolfe Research | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $25.71B | +2.1% | $0.66 | -71.0% | 16.3% | 6.2% | 9.0% | $2.03B |
| FY2025 Q1 | $19.34B | -9.2% | $0.12 | -71.7% | 16.3% | 2.1% | 2.1% | $664M |
| FY2025 Q2 | $22.50B | -11.8% | $0.33 |
| 6 (17%) |
| New Street Research | 1 | 5 (20%) |
| Truist Securities | 1 | 5 (0%) |
| Goldman Sachs | 1 | 4 (0%) |
| LightShed Partners | 1 | 4 (0%) |
Vehicle revenue growth recovered with some countries showing over 150% quarter-over-quarter delivery growth, as FSD adoption accelerated globally reaching nearly 1.3 million paid customers. Auto margins improved sequentially while a massive capital investment cycle continued with CAPEX expectations raised to over $25 billion for 2026. Battery pack capacity constraints emerged as a limiting factor for energy storage growth while robotaxi expansion continued with zero incidents reported.
Innovation & R&D | Product Launch | Capex Investment | Cloud & AI | Competitive Dynamics | Regulation Policy | Capital Allocation | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | 1 |
| 2025Q1 | 2 | 3 | 2 | 3 | 1 | |||
| 2025Q2 | 3 | 4 | 1 | 1 | 1 | 2 | 1 | |
| 2025Q3 | 3 | 3 | 1 | 1 | 1 | 1 | 1 | |
| 2025Q4 | 2 | 1 | 2 | 1 | 2 | |||
| 2026Q1 | 5 | 1 | 3 | 1 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 3 | 2 | 3 | 3 | 2 | 5 |
| Product Launch | 2 | 3 | 4 | 3 | 1 | 1 |
| Capex Investment | 2 | 1 | 1 | 2 | 3 | |
| Cloud & AI | 1 | 2 | 1 | 1 | 1 | 1 |
| Competitive Dynamics | 1 | 3 | 2 | |||
| Regulation Policy | 2 | 1 | 1 | 2 | ||
| Capital Allocation | 1 | 2 | 1 | 2 | ||
| Demand | 1 | 1 | 1 | 1 |
| -16.8% |
| 17.2% |
| 4.1% |
| 5.2% |
| $146M |
| FY2025 Q3 | $28.09B | +11.6% | $0.39 | -37.1% | 18.0% | 5.8% | 4.9% | $3.99B |
| FY2025 Q4 | $24.90B | -3.1% | $0.24 | -63.5% | 20.1% | 5.7% | 3.4% | $1.42B |
| FY2026 Q1 | $22.39B | +15.8% | $0.13 | +11.9% | 21.1% | 4.2% | 2.2% | $1.44B |
| FY2026 Q2 | $28.24B | +25.5% | $0.32 | -3.9% | 16.8% | 1.4% | 3.9% | $-1.09B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What TSLA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Robotaxi rides are growing exponentially with commercial fleets from Waymo, Tesla, Uber, WeRide and Zoox, and many others are expected to scale from thousands of vehicles in 2025 to millions over the next decade, creating a market poised to generate hundreds of billions of dollars of revenue.”
Tesla named among robotaxi fleets scaling exponentially, part of a market NVIDIA expects to demand far more compute.
“We recently announced our partnership with SpaceX, xAI and Tesla to support Terafab.”
Tesla is named as a partner in Intel's Terafab initiative to refactor silicon process technology; positive read-through on Tesla's chip-supply ambitions.
“companies like Tesla mentioning that they don't have enough silicon because of physical AI.”
Cadence cites Tesla's silicon shortfall as evidence that physical AI is driving additional chip design demand, a demand-side read-through.
“we might have a lower average revenue per unit than, say, Tesla does, but we already have significantly higher volumes deferred revenue, more realized revenue.”
GM benchmarks its digital/software-services monetization against Tesla, conceding Tesla has higher ARPU but arguing GM's larger installed base drives more total software revenue.
“partnering with Tesla to price per mile and per version of the AI that's driving”
Lemonade partners with Tesla to price auto insurance per mile and by the autonomous-driving software version in use, tying its differentiated car product to Tesla vehicles.
“If Tesla chooses to go with TOPCon, my assessment would be given what I see in the market unless Tesla tries to redesign the product such that they would not infringe our IP.”
First Solar's CEO says Tesla entering US module manufacturing with TOPCon would likely infringe First Solar's intellectual property, framing Tesla as a potential competitor and IP licensee.
“And then I think Tesla has taken a few orders for the semi.”
An analyst notes Tesla has taken some Semi orders, framing electric-truck demand context against which Cummins' powertrain demand is discussed.
“SpaceX is going to take care of like the initial phase of the scaled up Terafab.”
SpaceX will fund/build the initial phase of the scaled-up Terafab chip fab, an intercompany arrangement tying SpaceX into Tesla's semiconductor buildout.
“So I think you need kind of an orchestration AI, which Grok would be good for orchestration. And then for Optimus' voice, having a low-latency intelligent voice AI, Grok is actually very good for that.”
Tesla intends to use xAI's Grok for Optimus orchestration and low-latency voice, indicating a cross-company software partnership feeding xAI demand from Tesla's robot program.
“Samsung is doing the modifications for us. So it sort of depends on when they're able to finish that -- finish those modifications and bring it to production.”
Samsung is producing the modifications for Tesla's AI4+ chip upgrade (newer-generation RAM), making Samsung a supplier gating the AI4.1 production timeline.
“So Intel is excited to partner with us on some of the core manufacturing technologies. So we plan to use Intel's 14A process, which is state-of-the-art and in fact, not yet totally complete.”
Tesla plans to use Intel's state-of-the-art 14A process for its Terafab chip initiative, a manufacturing-technology partnership that positions Intel Foundry as a partner for Tesla's future AI silicon.