Tesla will announce its second-quarter earnings on Wednesday. While investors will look at the financial results, most of the attention will probably be on what CEO Elon Musk says about the company’s future.
According to FactSet, Wall Street expects Tesla to report earnings of about 54 cents per share on $27.4 billion in sales. That’s up from 40 cents per share and $22.5 billion in sales a year ago. The growth comes from higher vehicle sales, with Tesla delivering around 480,000 vehicles this quarter, a 25% increase from last year. Higher oil prices, buyer incentives, and less competition from traditional automakers after the federal EV tax credit ended in September also helped boost results.
Still, vehicle sales growth is not the main thing moving Tesla’s stock right now. In a preview report, Morgan Stanley said that strong auto and energy delivery numbers help the company’s short-term outlook. However, the firm believes that Robotaxi and Optimus are the main factors for the stock’s future. They expect positive updates on both, but do not see a big change in the stock’s value yet.
Tesla started its AI-powered robotaxi service in Austin in June 2025, and investors want to know how fast Musk plans to grow it. People are also interested in the next version of Tesla’s humanoid robot, Optimus, which Musk has called one of the company’s most important products.
Neither of these projects is making a big impact on earnings yet. Tesla’s Full Self Driving software has about 1.3 million subscribers, and investors will watch to see if that number keeps rising.
Tesla shares went up 1.3% before trading started on Tuesday, but they are still down 18% for the year as of Monday’s close.
Wall Street’s view on Tesla’s stock has been mixed. RBC said that Tesla’s second-quarter deliveries were much higher than expected, and energy storage sales, which reached 13.5 gigawatt-hours, bounced back after a slow first quarter. RBC expects gross margins to be better than predicted, but says the stock’s value still depends more on progress with robotaxi and robotics than on car sales. The firm recently raised its outlook to reflect the chance of a closer partnership with SpaceX.
Musk probably will not talk directly about a possible SpaceX merger during Tesla’s earnings call, but some analysts think it could happen. Like Tesla, SpaceX is investing heavily in artificial intelligence. The rocket company merged with xAI in February and plans to launch AI data centers in space. Both companies, led by Musk, are also working together on making semiconductors and developing AI tools that use the unused computing power in Tesla vehicles.
