News Summary
NegativeTesla delivered record Q2 2026 revenue of $28.2B (+26% YoY) and 480,126 vehicle deliveries, but profit collapsed with non-GAAP EPS of $0.33 missing consensus by 38%, driven by expiration of federal EV tax credits and loss of regulatory credit revenue. Operating margin plummeted to 1.4% from 4.1% YoY, free cash flow turned negative at -$1.1B, and the company is burning cash on AI/robotics R&D and capex ($5.8B, up 100%), triggering a 12%+ stock decline and analyst downgrades.
Red flags
- •EPS miss of 38% ($0.33 vs $0.53 consensus)
- •Operating margin collapsed 67% to 1.4%
- •First negative free cash flow since early 2024 (-$1.1B)
- •Regulatory credit revenue collapsed due to federal policy changes
- •Operating expenses surged 47% driven by stock-based compensation and R&D with unclear ROI
- •Stock selloff of 12% wiping $140B+ in market value
- •CEO making unsubstantiated robotaxi/Optimus promises repeated for years without delivery
- •Capex doubled to $5.8B with no clear near-term revenue catalysts
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| D1 Capital | Dan Sundheim | 402K | +402K | $169M | 0.5% | — | NEW |
| Soros Fund Management | Soros Family Office | 87K | +34K | $37M | 0.5% | +64% | Existing |
| Coatue Management | Philippe Laffont | 60K | +1K | $25M | <0.1% | +2% | Existing |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where TSLA ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #32 of this fund's book
- 29COMPASS INC$188M
- 30COUPANG INC$179M
- 31LINDE PLC$177M
- 32TESLA INC$169M
- 33LATTICE SEMICONDUCTOR CORP$166M
- 34SEA LTD$161M
- 35AFFIRM HLDGS INC$156M
Values are quarter-end position sizes. Shown only for funds where TSLA ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Elon R. Musk | SC 13G/A | 699.6M | 19.9% | 2026-06-17 | ↗ |
| Vanguard Capital Management | SC 13G | 210.8M | 5.6% | 2026-04-30 | ↗ |
| Elon R. Musk | SC 13G/A | 717.1M | 20.3% | 2026-04-23 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Alan Armstrong | senate | — | BUY | $1,001 - $15,000 | 2026-03-30 | 2026-07-21 | ↗ |
| Alan Armstrong | senate | — | BUY | $15,001 - $50,000 | 2026-03-27 | 2026-07-21 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.