Tesla reported record deliveries of 480,126 vehicles in Q2 2026, with revenue up 25.52% year-over-year to $28.24 billion. However, operating income plunged 56.88% to $398 million, and free cash flow turned negative at $1.09 billion due to a doubling of CapEx. The company's EPS of $0.33 missed consensus by 38.51%. Following the report, Tesla's stock is down 30.8% year-to-date, while BYD's stock (BYDDF) is down only 2.04% over the same period. CEO Elon Musk emphasized Tesla's shift towards being a software and robotics company, with FSD attach rates reaching 55% of new North American deliveries and 1.48 million active subscribers.