Tesla Inc. reported Q2 2026 deliveries of 480,126 vehicles on 2 July 2026, representing a 25% increase year-over-year and a 34% rise from Q1 2026 [Brief - 2026-07-02]. The result exceeded Wall Street consensus estimates as polled by StreetAccount. This delivery figure was the primary driver of elevated news coverage in the period. Additional macro developments included the US Supreme Court's reversal of Trump administration tariff policies, reported on 30 June 2026, which had broad implications for US equity markets during quarter-end trading [Brief - 2026-06-30]. The USMCA trilateral framework dissolution announced on 1 July 2026 primarily affected Canada- and Mexico-dependent automakers, with separate bilateral agreements to be negotiated [Brief - 2026-07-01].
As of the quarter ending 31 March 2026, Tesla reported trailing twelve-month revenue of $97.88 billion, up 15.78% year-over-year, with net income of $3.86 billion and a net margin of 3.95% [SEC 10-Q - TSLA - 2026-03-31]. Gross margin stood at 19.07% and operating margin at 5.00%. The company held $16.60 billion in cash against total debt of $9.02 billion. EPS grew 8.33% year-over-year on a TTM basis. Tesla's market capitalisation was recorded at approximately $1.477 trillion, with a P/E ratio of 360.96 [SEC 10-Q - TSLA - 2026-03-31].
Insider activity over the past 30 days recorded four transactions with a net selling direction, totalling approximately $1.05 million in net disposal value [SEC Form 4 - TSLA - 2026-07]. Institutional ownership showed divergent movement in the most recent 13F reporting period. Millennium Management added 69% to its position and AQR Capital added 6.2%, while Citadel reduced its position by 17%, Soros Fund Management reduced by 6.3%, and Coatue reduced its position by 96% [SEC 13F - Citadel - Q1 2026] [SEC 13F - Millennium - Q1 2026] [SEC 13F - AQR Capital - Q1 2026] [SEC 13F - Coatue - Q1 2026] [SEC 13F - Soros Fund Mgmt - Q1 2026]. The scale of Coatue's reduction represents a near-complete exit from the reported position.
The 10-year US Treasury yield stood at 4.48% and the 2-year at 4.17% as of the report date, reflecting a normal yield curve shape [FRED DGS10] [FRED DGS2]. This rate environment forms the broader context in which Tesla's elevated P/E ratio of 360.96 and its capital structure are observed. Geopolitical developments during the period, including Strait of Hormuz tensions and Iran-related military activity reported between 21 and 28 June 2026, contributed to broader market volatility [Brief - 2026-06-28].