Tesla reported second-quarter revenue of $28.24 billion and record vehicle deliveries of 480,126, but higher costs tied to AI and stock compensation pushed operating income lower and left earnings below expectations. Non-GAAP earnings per share were $0.33, 38.51% below forecasts, and free cash flow was negative $1.0 billion. The results point to continued vehicle demand but ongoing pressure on margins and cash generation as Tesla continues to invest in technology and compensation.