🚨 $TSLA Q2 Earnings Recap 🚨 Tesla beats top-line estimates on record deliveries and energy growth, but heavy AI spending and compressing margins drive an earnings miss. The Headline Numbers: • Revenue: $28.24B (+26% YoY) vs. $25.55B est. 🟢 • Adj. EPS: $0.33 vs. $0.49 est. (Miss) 🔴 • Free Cash Flow: -$1.1B (driven by a $5.8B Q2 CapEx surge) • Energy Storage: 13.5 GWh deployed (+53% QoQ) Key Highlights & Commentary: • Core Auto & Delivery: Record Q2 deliveries (480k+ units) drove auto revenue to $20.5B (+23% YoY), but promotional pricing and rising input costs squeezed operating margins down to 1.4%. • Heavy Investment Cycle: CapEx expected to top $25B+ in 2026 as Tesla builds out AI compute (Cortex supercluster), Optimus line prep, and Robotaxi fleet capacity. • Autonomy & AI Roadmap: Cybercab production has officially kicked off in Texas, and Robotaxi operations expanded to major Florida markets (Miami, Tampa, Orlando). Market Reaction: Stock traded down ~4% after hours to ~$359 as Wall Street grapples with the transition from traditional EV margins to a high-CapEx, long-term AI & robotics transition.