New Delhi, July 23 -- AUSTIN - TSLA fell roughly 4 percent in after-hours trading Tuesday even as Tesla reported second-quarter revenue of $28.2 billion, a record. Investors were not trading on the top line. They were trading on a 1.4 percent operating margin and free cash flow that turned negative by more than $3 billion.

what does a dollar of revenue actually produce now that the company is simultaneously funding three capital-intensive bets on its future shape.

The full-year capital expenditure guidance stands at $25 billion, up roughly 142 percent from 2025 levels. Free cash flow turned negative by $3.3 billion, a gap that reflects what Tesla is spending to build out Optimus robot production, expand Supercharger infrastructure, deve...