Tesla Q2 preview: Could this be the one that helps turn things around?

Electric vehicle giant Tesla Inc TSLA could highlight its progress in robotaxis, FSD and humanoid robots when the company reports second-quarter financial results Wednesday after market close.

Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch.

Tesla Q2 Earnings Estimates

Analysts expect Tesla to report second-quarter revenue of $25.24 billion, up from $22.50 billion in last year’s second quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for revenue in four straight quarters and in five of the last 10 quarters overall.

Analysts expect Tesla to report second-quarter earnings per share of 44 cents, up from 40 cents per share in last year’s second quarter.

The company has beaten analyst estimates for earnings per share in two straight quarters and in four of the last 10 quarters overall.

What Experts Are Saying

Tesla investors are looking for second-quarter results to show signs of improvement with the stock one of the worst performing Magnificent Seven stocks in 2026, Freedom Capital Markets Chief Market Strategist Jay Woods said in a weekly newsletter.

"Shareholders are hopeful this quarter will be the one that helps turn things around. Shares have traded lower after three of the last four reports with an average loss of -5% over that time," Woods said.

The market expert says AI will be the top thing on the mind of Tesla investors for the earnings report.

"Will there be updates surrounding robotaxis, Full Self-Driving, Cybercab production, and the Optimus robot as Telsa continues its transition from an automaker to an AI and robotics story?"

For the automotive part of the business, Woods said investors should watch margins closely to see if they stabilize after pricing pressure in recent quarters and to see if the core segment can help produce the cash needed to fund growth initiatives.

Woods said one negative reaction to the earnings report could send the stock back to April lows around $340. If investors react positively, a nice pop could take shares to the resistance at the 200-day moving average around $417, Woods added.

"A strong rebound may hit major resistance near $420. Seeing it is one of Elon Musk’s favorite numbers, it may need to eclipse this mark before the strongest bullish case can be made to own shares."

Deepwater Management Managing Partner Gene Munster says investors will be watching for higher capex, automotive gross margins, an update on the robotaxi rollout and an update on the Cybercab production ramp.

"The bottom line is the long-term growth story is intact," Munster said in a blog post.

The market expert doesn’t expect any big updates on robotaxis, Cybercab, FSD or Optimus. Munster said he expects one minor update to be that Cybercab production ramp to shift from late 2026 to the first half of 2027.

"I believe Elon will reiterate that everything is moving in the right direction."

Here are recent analyst ratings on Tesla stock and their price targets:

• GLJ Research: Reiterated Sell rating, price target $24.86
• Morgan Stanley: Maintained Equal-Weight rating, raised price target from $415 to $417
• Barclays: Maintained Equal-Weight rating, raised price target from $360 to $370
• Wells Fargo: Maintained Underweight rating, raised price target from $125 to $130

Key Items to Watch

Tesla already reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year. The total beat a Street estimate of 406,000.

Munster previously attributed some of the outperformance to higher gas prices and increased demand for electric vehicles. Investors and analysts will be watching to see if management says this was the case and if it bodes well for future quarters with ongoing Middle East tension.

Munster’s guess that the Cybercab production ramp could be pushed back is an item to watch, as it could spook investors. Tesla previously said it was on track for "this year" for both Cybercab and Tesla Semi.

Investors also want an update on Optimus, which is said to be one of the company’s biggest catalysts ever and the reason why Tesla stopped selling several vehicle models to get factories ready for production.

Tesla Stock Price Action

Tesla stock was up 2.5% to $378.93 on Tuesday versus a 52-week trading range of $297.82 to $498.82. Tesla stock is down 13.3% year-to-date in 2026, with shares near a three-month low.

Photo: TY Lim / Shutterstock

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This article Tesla Q2 Preview: Could This Be ‘The One That Helps Turn Things Around’? originally appeared on Benzinga.com.