# Tesla's $1.1bn Q2 profit: $1.0bn of it is a mark-up on its SpaceX stake

![Tesla's $1.1bn Q2 profit: $1.0bn of it is a mark-up on its SpaceX stake](https://aiswingx.com/static/covers/tsla-2026q2_cover.jpg?v=1790010390)

**Q2 10-Q: operating income $398m (1.4% of revenue), regulatory-credit revenue down 67%. The item that held net income in place is not on the face of the income statement but in Notes 2 and 13**

Tesla's (TSLA) second-quarter 2026 revenue rose 26% to $28.2bn, but operating income fell to $398m, less than half of a year earlier. Net income, however, was almost unchanged at $1,114m. Note 2 of the 10-Q filed July 23 identifies the item that filled the gap.

- 종목: TSLA (Tesla)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 15:24 UTC · 업데이트: 2026-09-21 17:05 UTC
- 원문: https://aiswingx.com/p/tsla-2026q2

## 숫자 하나
Q2 2026 net income $1,114m includes a $1,005m unrealized gain on the SpaceX equity investment (Note 2). Operating income $398m, operating margin 1.4% (4.1% a year earlier).

## 비유 하나
(구독자 전용)

## 출처 하나
Tesla Form 10-Q for Q2 2026 (filed 2026-07-23): statement of operations, Note 2 'Fair Value of Financial Instruments', Note 3 'Acquisition', Note 13 'Related Party Transactions', MD&A 'Other Income, Net'

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Tesla (TSLA) is the most widely held U.S. stock among Korean retail investors. Its 10-Q for the second quarter of 2026, filed July 23, shows revenue of **$28,236m**, up 26% from a year earlier. Operating income, however, was **$398m**, less than half the $923m of a year earlier — an operating margin of **1.4%**.

Net income moved differently. Net income attributable to common stockholders was **$1,114m**, close to the $1,172m of a year earlier. Operating income fell by $525m, yet net income barely moved, because of **$590m** of "Other income, net" and $422m of interest income. The footnote to Note 2 says what is inside other income: **"For the three months ended June 30, 2026, we recorded a $1.00 billion net gain on our SpaceX equity investment."** The cash flow statement puts the unrealized gain at $1,005m.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## 수정 이력
- 2026-09-21 15:39 UTC — Reworked the free preview — lead and subhead now stop at the event and the key figure; interpretive paragraphs, the analogy and watch-next lines and interpretive FAQ answers moved to the subscriber section. No figures or sources changed.

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## FAQ

**Q. Where is the SpaceX gain disclosed?**

Note 2, the fair-value table and its footnote (1): 'For the three months ended June 30, 2026, we recorded a $1.00 billion net gain on our SpaceX equity investment.' It sits inside Other income, net ($590m) on the statement of operations; the MD&A attributes the change to the SpaceX gain, bitcoin adjustments and currency moves.

**Q. Why did operating income fall?**

The 10-Q statement of operations shows each line's change. Which items mattered and by how much is set out in the subscriber section of this article.

**Q. Is the gain cash?**

No. Nothing was sold, so no cash came in. Tesla discloses that regulatory sale restrictions lift in September 2026; until then the stake is only re-marked each quarter.

**Q. Where can I verify these numbers?**

On SEC EDGAR: Tesla's Q2 2026 Form 10-Q (accession 0001628280-26-049270), statement of operations, Notes 2, 3 and 13, and the MD&A section 'Other Income, Net'.