Tesla posted $28.24 billion in Q2 2026 revenue, up 26% year-over-year and comfortably above the $26.4 billion Wall Street consensus. Deliveries hit a record 480,126 units, up 25% year-over-year and roughly 74,000 above analyst estimates, marking the company’s first year-over-year delivery growth in two years and pushing trailing-twelve-month revenue above $100 billion for the first time. None of that translated to the bottom line. Non-GAAP EPS came in at $0.33, missing the $0.51-$0.53 consensus by a wide margin and down 18% year-over-year. GAAP operating income fell 57% to $398 million. The headline is volume recovery. The real story is that Tesla converted a record quarter into its weakest operating margin in years, and the market priced the second number, not the first.