Demand
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TSLA
FY2026 Q2
Улучшается
Отчётный звонок Tesla, Inc.
Вывод Buzzberg
Record Q2 deliveries globally
Tesla reported record Q2 deliveries and a resurgence in demand, with FSD take rates surging. Management is heavily investing in CapEx (more than $25B FY2026) across Optimus, Robotaxi, energy, and semiconductor fabs. Key supply chain disclosures include dedicated fab investments by Samsung/TSMC and memory allocation by Micron, while automotive margins (ex-credits) fell to 16.3% and energy margins dropped to 20.4% due to warranty true-ups and tariff normalization. Record Q2 deliveries with order backlog largest since 2023; FSD attached to 55% of North American deliveries.
Вывод Buzzberg Record Q2 deliveries globally Tesla reported record Q2 deliveries and a resurgence in demand, with FSD take rates surging. Management is heavily investing in CapEx (more than $25B FY2026) across Optimus, Robotaxi, energy, and semiconductor fabs. Key supply chain disclosures include dedicated fab investments by Samsung/TSMC and memory allocation by Micron, while automotive margins (ex-credits) fell to 16.3% and energy margins dropped to 20.4% due to warranty true-ups and tariff normalization. Record Q2 deliveries with order backlog largest since 2023; FSD attached to 55% of North American deliveries. Читать полный анализСвернуть анализ
Tesla reported record Q2 deliveries and a resurgence in demand, with FSD take rates surging. Management is heavily investing in CapEx (more than $25B FY2026) across Optimus, Robotaxi, energy, and semiconductor fabs. Key supply chain disclosures include dedicated fab investments by Samsung/TSMC and memory allocation by Micron, while automotive margins (ex-credits) fell to 16.3% and energy margins dropped to 20.4% due to warranty true-ups and tariff normalization. Record Q2 deliveries with order backlog largest since 2023; FSD attached to 55% of North American deliveries.
- Automotive gross margins (ex-credits) fell to 16.3% from 19.2% QoQ, with energy margins dropping to 20.4% from 39.5% due to non-recurring benefits.
- CapEx guidance of >$25B for FY2026; debt facility capacity of up to $30B to accelerate investments.
- Robotaxi fleet operating unsupervised across 6 US cities with exponential weekly mile growth; CyberCab production aligned.
Выручка$28.236B+26% к/к
EPS$0.33-20% к/к
AUTOMOTIVE_EXCLUDING_CRE Валовая маржа16.3%Факт
ENERGY Валовая маржа20.4%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Capex
CapEx guidance: >$25 billion in 2026
Demand
55% of deliveries had FSD subscription enabled
Показать ещё 3 тезиса
AI
380k unsupervised Robotaxi miles with zero incidents
Supply chain
Optimus supply chain must be built from scratch
Margins
Energy margin hit by $240M warranty charge
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $28.236B | +26% к/к |
| EPS | $0.33 | -20% к/к |
| AUTOMOTIVE_EXCLUDING_CRE Валовая маржа | 16.3% | Факт |
| ENERGY Валовая маржа | 20.4% | Факт |
| Валовая маржа | 16.83% | Факт |
| Операционная маржа | 1.41% | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $25B | $25B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
upbeat
Management expressed strong confidence and excitement about record deliveries, exponential Robotaxi growth, and the scale of investment, though they tempered optimism with realistic cautions about the difficulty of scaling Optimus and the need for safety in Robotaxi.
Оценка AI от менеджмента
Management discussed scaling AI compute for Optimus and Robotaxi via a megapod design combining Tesla AI-4 and X86 computers for distributed inference, and a development fab in Austin for rapid iterative AI chip design. They emphasized that AI compute capacity is a key constraint for scaling Optimus and that the same Tesla AI technology used for self-driving will power both physical and digital Op
Инвестиции и мощности
CapEx is expected to be more than $25 billion in 2026 and will continue growing over the next two to three years, directed primarily toward Robotaxi fleet expansion, Optimus production scale, a semiconductor fab, solar manufacturing, and AI compute infrastructure. Management noted they are being opportunistic in securing up to $30 billion in debt facilities to accelerate these investments and that
все упомянутые компании ниже: 3
Компаниис момента звонка
Поставщики
Поставщики
Elon Musk
Samsung and TSMC are building multi-billion dollar fabs specifically for Tesla's AI compute needs, indicating Tesla's influence on semiconductor capex. — These dedicated investments signal long-term demand for AI chips from Tesla, driving revenue for these foundries and potentially diverting capacity from other customers.
Доказательства
“Samsung and TSMC in particular are building fabs, TSMC in Arizona and Samsung in Texas, and putting in Tens of billions of dollars to build AI compute for Optimus and Robotaxi.”
Поставщики
Elon Musk
Panasonic is investing billions in battery cell production, underscoring continued vertical integration and scaling of battery supply for Tesla's energy and automotive businesses. — Battery cell supply remains a critical constraint; Panasonic's investment supports Tesla's ramp in vehicle production and energy storage deployments.
Доказательства
“Panasonic has also invested many billions in increasing battery cell production.”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Micron allocated memory to Tesla on reasonable terms despite insane memory pricing, indicating Tesla's priority access to scarce memory chips.
Доказательства
“I'd also like to thank Micron for giving us memory allocation... making room for Tesla... on reasonable terms, given the pretty insane pricing of memory these days.”
Samsung and TSMC are building multi-billion dollar fabs specifically for Tesla's AI compute needs, indicating Tesla's influence on semiconductor capex.
Panasonic is investing billions in battery cell production, underscoring continued vertical integration and scaling of battery supply for Tesla's energy and automotive businesses.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 3. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.