P H O T O S & C H A R T S

Transcript

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   Highlights 03 Financial Summary 04 Operational Summary 05 Manufacturing & Hardware 06 Supporting Infrastructure 07 AI & Software 08 Services 09 Outlook 10 Photos & Charts 11 Key Metrics 23 Financial Statements 26 Additional Information 32 2

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   S U M M A R YH I G H L I G H T S (1) Refer to the Reconciliation of GAAP to Non–GAAP Financial Information slide (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and short-term investments; (4)Active driver supervision required; does not make the vehicle autonomous; (5) Bay Area operations use FSD (Supervised) pursuant to CA TCP permit # TCP0046782 – A; Note: all information herein refers to the current quarter unless otherwise noted. Profitability $0.4B GAAP operating income $1.1B GAAP net income $1.2B non-GAAP net income1 Q2 was a strong quarter for our core vehicle, energy and services businesses as well as our manufacturing, infrastructure and AI initiatives. Our focus remains on strengthening these core businesses and making the necessary investments that will deliver Amazing Abundance. Tesla generated over $100B in revenue on a trailing twelve-month basis for the first time. We achieved record second-quarter vehicle deliveries, with continued growth in new markets and strength in established markets. Our Energy Storage business returned to growth, achieving its second-best quarterly deployment number and record deployments on a trailin…

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   F I N A N C I A L S U M M A R Y (Unaudited) ($ in millions, except percentages and per share data) Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 YoY Total automotive revenues 16,661 21,205 17,693 16,234 20,516 23% Energy generation and storage revenue 2,789 3,415 3,837 2,408 3,139 13% Services and other revenue 3,046 3,475 3,371 3,745 4,581 50% Total revenues 22,496 28,095 24,901 22,387 28,236 26% Total gross profit 3,878 5,054 5,009 4,720 4,751 23% Total GAAP gross margin 17.2% 18.0% 20.1% 21.1% 16.8% -41 bp Operating expenses 2,955 3,430 3,600 3,779 4,353 47% Income from operations 923 1,624 1,409 941 398 -57% Operating margin 4.1% 5.8% 5.7% 4.2% 1.4% -269 bp Adjusted EBITDA 3,401 4,227 4,154 3,668 3,273 -4% Adjusted EBITDA margin 15.1% 15.0% 16.7% 16.4% 11.6% -353 bp Net income attributable to common stockholders (GAAP) 1,172 1,373 840 477 1,114 -5% Net income attributable to common stockholders (non-GAAP) 1,393 1,770 1,761 1,453 1,153 -17% EPS attributable to common stockholders, diluted (GAAP) 0.33 0.39 0.24 0.13 0.32 -3% EPS attributable to common stockholders, diluted (non-GAAP) 0.40 0.50 0.50 0.41 0.33 -18% Net cash provided by operating activities 2,540 6,238 3,813 3,937 4,697 …

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   Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 YoY Model 3/Y production 396,835 435,826 422,652 394,611 442,936 12% Other models production 13,409 11,624 11,706 13,775 8,822 -34% Total production 410,244 447,450 434,358 408,386 451,758 10% Model 3/Y deliveries 373,728 481,166 406,585 341,893 467,762 25% Other models deliveries 10,394 15,933 11,642 16,130 12,364 19% Total deliveries 384,122 497,099 418,227 358,023 480,126 25% of which subject to operating lease accounting 6,670 10,230 10,996 3,430 7,580 14% Cumulative deliveries(1) (all-time; mil) 8.0 8.5 8.9 9.2 9.7 21% Active FSD Subscriptions(2) (mil) 0.95 1.04 1.10 1.28 1.48 56% Total end of quarter operating lease (new vehicle) count(3) 172,882 167,163 163,075 151,991 141,876 -18% Global vehicle inventory (days of supply)(4) 24 10 15 27 15 -38% Storage deployed (GWh) 9.6 12.5 14.2 8.8 13.5 41% Supercharger stations 7,377 7,753 8,182 8,463 8,704 18% Supercharger connectors 70,228 73,817 77,682 79,918 82,357 17% O P E R A T I O N A L S U M M A R Y (Unaudited) 5 (1) In accordance with our 2025 CEO Performance Award, metric includes all new Tesla vehicles delivered to customers plus any unsupervised Robotaxis placed into commercial opera…

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   M A N U F A C T U R I N G & H A R D W A R E Installed Annual Manufacturing Capacity Region Product Capacity Status Automotive California Model 3 / Model Y >550,000 Production Shanghai Model 3 / Model Y >950,000 Production Berlin Model Y >375,000 Production Texas Model Y >250,000 Production Cybertruck >125,000 Production Cybercab >125,000 Production Nevada Tesla Semi - Commissioning TBD Roadster - Design development Energy Generation and Storage California Megapack 40 GWh Production Nevada Powerwall >6 GWh Production Shanghai Megapack 20 GWh Production Texas Megapack - Commissioning Robotics California Optimus - Construction Texas Optimus - Construction Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors. Construction includes factory and infrastructure buildout as well as tool installation. Automotive Our overall Q2 record deliveries were supported by record deliveries in several markets, including South Korea, Australia, Colombia, Japa…

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   S U P P O R T I N G I N F R A S T R U C T U R E Installed Annual Capacity Region Asset Capacity Status AI Training Compute Texas Cortex 1 >90 MW Production Cortex 2 >115 MW Production Battery Cell Manufacturing Nevada LFP 7 GWh Early Ramp Texas 4680 >40 GWh Production Cathode Materials 10 GWh Early Ramp Lithium Refining 30 GWh Early Ramp Berlin 4680 - Construction Installed capacity ≠ current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors. Early ramp capacity includes expected capacity. Construction includes factory and infrastructure buildout as well as tool installation. AI Training Compute We have more than doubled our onsite compute in Texas (in terms of MW of compute) during the first half of 2026. Cortex 2 supports the development of both vehicle and humanoid robot autonomy software and will ramp further over the rest of the year to ensure we have sufficient compute resources. Battery We continue to work on initiatives to increase battery pack capacity a…

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   Customer View of FSD (Supervised)1 Usage Stats A I & S O F T W A R E Cumulative Miles Driven with FSD (Supervised)1 (billions) AI Software We began delivering FSD v14 lite to customers in the U.S. and South Korea (the latter in July) with AI3 hardware. This software build distills the driving behavior from AI4’s v14 series into both the camera and compute configuration of AI3 and includes destination options (parking in a lot, on the street, in a driveway or at the curbside) and speed profiles. It also addresses challenging driving scenarios with improved proactive and reactive responsiveness including navigation handling, merges and forks, pedestrian interactions, traffic lights and vehicle cut-in. AI Inference Compute We continue to make progress on construction and equipment procurement for our semiconductor fab in Austin. While still in its early stages, this project is critical to building our own chipmaking capabilities to ensure reliable long-term supply of essential logic and memory chips for our products. Automotive and Other Software In July, we began rolling out our Summer Release, with additional functionality aimed at enhancing the customer experience and further prom…

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   S E R V I C E S Announced Robotaxi Coverage Cumulative Paid Robotaxi Miles 9 State Metro Status California SF Bay Area Safety Driver2 Texas Austin Ramping Unsupervised Dallas Ramping Unsupervised Houston Ramping Unsupervised Arizona Phoenix Preparations Underway Florida Miami Ramping Unsupervised Orlando Ramping Unsupervised Tampa Ramping Unsupervised Nevada Las Vegas Preparations Underway (1) Active driver supervision required; does not make the vehicle autonomous. (2) Pursuant to CA TCP permit # TCP0046782 - A Robotaxi We started production of Cybercab, our purpose-built autonomous EV designed to be the workhorse of our Robotaxi fleet. Engineering test drives of production Cybercabs on public roads also began during the quarter, and we began offering employee rides in Cybercabs on our Gigafactory Texas campus in July, both important precursors to Cybercab deployment in our Robotaxi fleets. We expanded the unsupervised operation area in Austin and launched unsupervised rides in Miami, Orlando and Tampa in July. Preparation for expansion of our Robotaxi service to additional U.S. metros continued, including testing, permitting and first responder training. FSD (Supervised)1 FSD ad…

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   O U T L O O K Volume We are focused on maximum capacity utilization at our factories. Deliveries and deployments will be impacted by aggregate demand for our products, supply chain readiness and allocation decisions between sale to customers or use for our owned and operated fleet. Cash We will manage the business such that we ensure a strong balance sheet, maintaining sufficient liquidity to fund our product roadmap, long-term capacity expansion plans – including further vertical integration – and other expenses. Profit While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware- related profits to be accompanied by an acceleration of AI, software and fleet-based profits. Product We continue to evolve and augment our product lineup with a focus on cost, scale and future monetization opportunities via se rvices powered by our AI software. We remain focused on growing our sales volumes through a differentiated and efficiently managed product portfolio, which includes leveraging and optimizing our existing production capacity before building new factories and production lines. Tesla Semi and Megapack 3 remain on s…

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    T H E T E S L A E C O S Y S T E M – B U I L D I N G A W O R L D O F A M A Z I N G A B U N D A N C E 12

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    M O D E L Y L – N O W A V A I L A B L E I N T H E U . S . 13

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    M O D E L Y L – F I R S T B U I L D S A T G I G A F A C T O R Y T E X A S 14

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    C Y B E R C A B – A U T O N O M O U S R I D E S F O R E M P L O Y E E S A T G I G A F A C T O R Y T E X A S 15

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    R O B O T A X I – R A M P I N G U N S U P E R V I S E D I N M I A M I 16

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    17 C Y B E R C A B – P R O D U C T I O N A T G I G A F A C T O R Y T E X A S

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    O P T I M U S – F I R S T G E N E R A T I O N P R O D U C T I O N L I N E I N F R E M O N T 18

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    19 O P T I M U S – F I R S T G E N E R A T I O N P R O D U C T I O N L I N E I N F R E M O N T

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    T E S L A S E M I F A C T O R Y – B U I L D I N G E X T E R I O R 20

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    T E S L A S E M I F A C T O R Y – E N D O F L I N E 21

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    T E S L A L I T H I U M D A Y – I N - H O U S E B A T T E R Y - G R A D E L I T H I U M P R O D U C T I O N R A M P I N T E X A S 22

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    Vehicle Deliveries (millions of units) K E Y M E T R I C S Q U A R T E R L Y (Unaudited) Operating Cash Flow ($B) Free Cash Flow ($B) (1) Net Income ($B) (2) Adjusted EBITDA ($B) (2) (3) 23 (1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted. (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. 0.0 0.1 0.2 0.3 0.4 0.5 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6 -3 -2 -1 0 1 2 3 4 5 6 7 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6 0 1 2 3 4 5 6 7 8 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6

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    Operating Cash Flow ($B) Free Cash Flow ($B) (1) K E Y M E T R I C S T R A I L I N G 1 2 M O N T H S ( T T M ) (Unaudited) Net Income ($B) (2) Adjusted EBITDA ($B) (2) (3) Vehicle Deliveries (millions of units) 24 (1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted. (2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast. (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6 0 2 4 6 8 10 12 14 16 18 20 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6 0 2 4 6 8 10 12 14 16 18 20 3Q -2 02 3 4Q -2 02 3 1Q -2 02 4 2Q -2 02 4 3Q -2 02 4 4Q -2 02 4 1Q -2 02 5 2Q -2 02 5 3Q -2 02 5 4Q -2 02 5 1Q -2 02 6 2Q -2 02 6

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    Revenue Total quarterly revenue increased 26% YoY to $28.2B. YoY, revenue was impacted by the following items (1): + increase in vehicle deliveries + growth in Services and Other + positive FX impact of $0.5B1 + growth in Energy Generation and Storage + higher automotive ancillary sales, primarily driven by an increase in FSD subscriptions - lower regulatory credit revenue - lower vehicle average selling price (ASP) (excl. FX impact1), inclusive of mix impact Profitability Our quarterly operating income decreased 57% YoY to $0.4B, resulting in a 1.4% operating margin. YoY, operating income was primarily impacted by the following items(1): + increase in vehicle deliveries + growth in Services and Other gross profit + lower average cost per vehicle primarily due to lower inbound duties + positive FX impact of $0.1B1 + higher automotive ancillary sales, primarily driven by an increase in FSD subscriptions - increase in operating expenses driven by AI and other R&D projects, SBC (including 2025 CEO Performance Award) and SG&A - lower regulatory credit revenue - lower vehicle average selling price (ASP) (excl. FX impact1), inclusive of mix impact - increase in energy warranty-related c…

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    In millions of USD or shares as applicable, except per share data Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 REVENUES Automotive sales 15,787 20,359 16,750 15,473 20,006 Automotive regulatory credits 439 417 542 380 146 Automotive leasing 435 429 401 381 364 Total automotive revenues 16,661 21,205 17,693 16,234 20,516 Energy generation and storage 2,789 3,415 3,837 2,408 3,139 Services and other 3,046 3,475 3,371 3,745 4,581 Total revenues 22,496 28,095 24,901 22,387 28,236 COST OF REVENUES Automotive sales 13,567 17,365 13,874 12,616 16,866 Automotive leasing 228 225 206 196 187 Total automotive cost of revenues 13,795 17,590 14,080 12,812 17,053 Energy generation and storage 1,943 2,342 2,739 1,456 2,499 Services and other 2,880 3,109 3,073 3,399 3,933 Total cost of revenues 18,618 23,041 19,892 17,667 23,485 Gross profit 3,878 5,054 5,009 4,720 4,751 OPERATING EXPENSES Research and development 1,589 1,630 1,783 1,946 2,371 Selling, general and administrative 1,366 1,562 1,655 1,833 1,982 Restructuring and other — 238 162 — — Total operating expenses 2,955 3,430 3,600 3,779 4,353 INCOME FROM OPERATIONS 923 1,624 1,409 941 398 Interest income 392 439 449 434 422 Interest expense (86…

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    B A L A N C E S H E E T (Unaudited) In millions of USD 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 ASSETS Current assets Cash, cash equivalents and short-term investments 36,782 41,647 44,059 44,743 43,524 Accounts receivable, net 3,838 4,703 4,576 3,959 4,087 Inventory 14,570 12,276 12,392 14,434 13,752 Prepaid expenses and other current assets 5,943 6,027 7,615 6,612 7,395 Total current assets 61,133 64,653 68,643 69,748 68,758 Operating lease vehicles, net 5,230 5,019 4,912 4,530 4,253 Energy generation and storage systems, net 4,788 4,673 4,604 4,565 4,510 Property, plant and equipment, net 38,574 39,407 40,643 43,213 47,255 Operating lease right-of-use assets 5,633 5,783 6,027 6,332 6,386 Digital assets 1,235 1,315 1,008 786 674 Deferred tax assets 6,721 6,637 6,925 7,060 7,235 Other non-current assets (2) 5,253 6,248 5,045 7,490 9,453 Total assets 128,567 133,735 137,806 143,724 148,524 LIABILITIES AND EQUITY Current liabilities Accounts payable 13,212 12,819 13,371 14,696 15,324 Accrued liabilities and other 11,519 12,791 13,279 14,554 15,256 Deferred revenue 3,237 3,756 3,424 3,441 3,427 Current portion of debt and finance leases (1) 2,040 1,924 1,640 1,447 1,418 Tot…

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    In millions of USD Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 CASH FLOWS FROM OPERATING ACTIVITIES Net income 1,190 1,389 856 491 1,128 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,433 1,625 1,643 1,590 1,619 Stock-based compensation 635 663 954 1,030 1,151 Inventory and purchase commitments write-downs 136 65 49 77 110 Foreign currency transaction loss, net 24 106 292 287 312 Deferred income taxes 52 225 (111) (136) (165) Non-cash interest and other operating activities 27 162 37 1 32 SpaceX equity investment unrealized gain — — — — (1,005) Digital assets unrealized (gain) loss (284) (80) 307 222 112 Changes in operating assets and liabilities Accounts receivable (29) (907) 45 561 (184) Inventory (703) 1,991 (214) (2,255) 592 Operating lease vehicles 141 (11) (79) 174 86 Prepaid expenses and other assets (718) (1,143) (901) 231 (1,259) Accounts payable, accrued and other liabilities 627 1,646 1,397 1,401 1,940 Deferred revenue 9 507 (462) 263 228 Net cash provided by operating activities 2,540 6,238 3,813 3,937 4,697 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (2,394) (2,248) (2,393) (2,49…

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    In millions of USD or shares as applicable, except per share data Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Net income attributable to common stockholders (GAAP) 1,172 1,373 840 477 1,114 Stock-based compensation expense, net of tax 443 459 682 803 989 Digital assets unrealized (gain) loss, net of tax (222) (62) 239 173 87 SpaceX equity investment unrealized gain, net of tax - - - - (763) Certain tax items (1) - - - - (274) Net income attributable to common stockholders (non-GAAP) 1,393 1,770 1,761 1,453 1,153 Less: Buy-out of noncontrolling interest - - - - (2) Net income used in computing diluted EPS attributable to common stockholders (non-GAAP) 1,393 1,770 1,761 1,453 1,155 EPS attributable to common stockholders, diluted (GAAP) 0.33 0.39 0.24 0.13 0.32 Stock-based compensation expense, net of tax, per share 0.13 0.13 0.19 0.23 0.29 Digital assets unrealized (gain) loss per share, net of tax (0.06) (0.02) 0.07 0.05 0.02 SpaceX equity investment unrealized gain per share, net of tax - - - - (0.22) Certain tax items, per share (1) - - - - (0.08) EPS attributable to common stockholders, diluted (non-GAAP) 0.40 0.50 0.50 0.41 0.33 Shares used in EPS calculation, diluted (GAAP and no…

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    R E C O N C I L I A T I O N O F G A A P T O N O N – G A A P F I N A N C I A L I N F O R M A T I O N (Unaudited) In millions of USD 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2026 2Q-2026 Net cash provided by operating activities – TTM (GAAP) 12,164 13,256 10,985 11,532 14,479 14,923 16,837 15,765 15,748 14,747 16,528 18,685 Capital expenditures – TTM (1) (8,450) (8,899) (9,603) (9,815) (10,869) (11,342) (10,057) (10,179) (8,914) (8,527) (9,528) (12,923) Free cash flow – TTM (non-GAAP) (1) 3,714 4,357 1,382 1,717 3,610 3,581 6,780 5,586 6,834 6,220 7,000 5,762 In millions of USD 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2026 2Q-2026 Net income attributable to common stockholders – TTM (GAAP) (2) 10,756 14,997 13,874 12,571 12,891 7,091 6,110 5,882 5,082 3,794 3,862 3,804 Interest expense – TTM 128 156 203 261 315 350 365 365 349 338 339 334 Provision for (benefit from) income taxes – TTM (2) 1,027 (5,001) (4,779) (4,731) (4,296) 1,837 1,523 1,511 1,479 1,423 1,511 1,353 Depreciation, amortization and impairment – TTM 4,424 4,667 4,867 4,991 5,104 5,368 5,569 5,724 6,001 6,148 6,291 6,477 Stock-based co…

29. #29is equal to

    Net income attributable to common stockholders (non-GAAP)