Tesla Q2 earnings released: BTC holdings unchanged, revenue of $28.2 billion beats expectations

July 23 news, according to Tesla’s 2026 Q2 earnings report, the company’s held 11,509 bitcoins were not adjusted in any way. Since it sold most of its holdings in 2022, its bitcoin inventory has gone nearly four years without any buying or selling operations.

In the second quarter, Bitcoin fell from about $83,000 to $58,000. Although the market later rebounded to around $65,840, the rebound still failed to offset this quarter’s combined after-tax impairment loss of $112 million on digital assets.

So far, Tesla remains one of the largest publicly listed corporate Bitcoin holders, but its position size is far lower than that of companies such as Strategy (MSTR), which have continued to actively accumulate.

If Tesla’s current Bitcoin holdings are valued at the latest price of around $65,840, the overall position is still in a paper profit range. After the second quarter, Bitcoin has rebounded more than 13% from the lows, and there should be no additional impairment pressure for Tesla going forward.

From the overall earnings performance, although adjusted earnings per share of $0.33 missed the expected $0.55, Tesla’s quarterly revenue of $28.2 billion exceeded expectations of $27.6 billion;

Tesla’s gross margin was 16.8%. Net profit under U.S. GAAP reached $1.11 billion, but free cash flow for the quarter was negative $1.1 billion. This data reflects that the company still faces some pressure in operating capital management.

In summary, Tesla’s Q2 earnings show revenue beating expectations, but under the dual pressure of EPS missing expectations and negative free cash flow, highlighting that the company still needs to seek a better balance between business growth and capital management.

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