Tesla reported $28.2 billion in revenue for the second quarter of 2026, beating analyst estimates by nearly $2 billion. The company also notched record vehicle deliveries and said it's ramping production of its Semi truck. Buried in the earnings release: Tesla still holds 11,509 Bitcoin — the same number it's held for several quarters now.
The Bitcoin stash stays put
Tesla first bought Bitcoin in early 2021, then sold a chunk in 2022. Since then, the position has been static. The 11,509 BTC on the balance sheet as of Q2 2026 is unchanged from the prior quarter. No buys, no sells. That's notable given the crypto market's rally this year — Bitcoin is up roughly 60% year-to-date. Tesla's digital asset holdings are now worth around $800 million at current prices, though the company doesn't mark them to market in its earnings.
Record deliveries and the Semi ramp
The automaker delivered a record number of vehicles in Q2, though it didn't break out the exact figure in the preliminary release. Production lines are running at full tilt, and the company confirmed it's increasing output of the long-awaited Semi truck. The Semi has been in pilot production for a while, but a real ramp could open a new revenue stream — and a new use case for Tesla's battery supply chain.
Revenue beat and market reaction
The $2 billion revenue beat came as a surprise to many on the Street, who had expected a tighter quarter amid broader EV price wars. Tesla's operating margins held up better than feared, partly thanks to cost cuts and higher-margin regulatory credit sales. Shares moved higher in after-hours trading. The company didn't provide formal Q3 guidance, but the tone of the shareholder deck was optimistic.
Tesla hasn't said whether it plans to buy or sell Bitcoin going forward. The company's policy allows it to transact in digital assets, but it's been quiet on that front since 2022. With a cash pile of over $20 billion and a stock that's up sharply this year, Musk has the flexibility to make a move — or not. Investors will be watching the next 10-Q for any change in the digital asset footnote.
