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Earnings Callsⓘ
Q2 2026August 5, 2026
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Q2 results beat expectations, with strong FSD demand driving record deliveries.
Key data: Record deliveries, with the Americas/Asia-Pacific/Europe up 60%/27%/12% QoQ; FSD paying users approaching 1.5 million; energy storage deployments of 13.5 GWh, up 53% QoQ.
Business progress: Robotaxi has accumulated 380,000 miles of unsupervised driving with zero major incidents, growing over 10% weekly and expanding to 7 cities; Cybercab is already in production, with Optimus/Semi production lines advancing.
Guidance: Full-year CapEx is expected to exceed $25 billion, with backlog at its highest since 2023; management says next year will be better, but production is constrained by the supply chain.
Signals: The highlights are Robotaxi's safety record and strong FSD demand; the risks are energy gross margin falling to 20.4% and surging investment turning free cash flow negative.