Tesla Posts First Cash-Burning Quarter Since 2024 as AI, Optimus and Robotaxi Capex Doubles to $5.8B

Tesla reported Q2 revenue of $28.24B but non-GAAP EPS of just $0.33, well below the ~$0.53 consensus, as capex more than doubled to $5.8B and free cash flow fell to negative $1.09B — the first cash-burning quarter since early 2024. Operating expenses jumped 47% to $4.35B on spending for AI infrastructure, the Optimus robot and the Austin/Bay Area robotaxi rollout. CFO Vaibhav Taneja said 2026 capex will exceed $25B as Musk warned of a 'massive capex' year ahead.