Q2 2026 Earnings Miss & Stock Crash

Tesla reported Q2 2026 EPS of $0.33 (miss vs $0.51), revenue beat $28.24B, but operating margin collapsed to 1.4%, free cash flow turned negative -$1.1B, and capex surged 142% to $5.79B. Stock fell 14-18%, wiping out $214B in market cap. The market is punishing the margin pressure and heavy spending without clear near-term ROI.