Tesla 8-K
PositiveEarnings
One-time warranty and tariff benefits helped lift operating profit, alongside services growth and lower vehicle material costs.
Filed 2026-04-22 16:10 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results. Revenue rose 16% Y/Y and operating income rose 136%, while operating margin increased to 4.2%. Growth reflected higher vehicle deliveries, services revenue and average selling prices; lower energy revenue and regulatory credits partly offset it. Tesla’s outlook gives product and capacity milestones but no quantified financial guidance.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $22.4B | $19.3B | 16% |
| Operating income | $941M | $399M | 136% |
| Operating margin | 4.2% | 2.1% | +214 bp |
| Net income attributable to common stockholders (GAAP) | $477M | $409M | 17% |
| Net income attributable to common stockholders (non-GAAP) | $1.45B | $934M | 56% |
| Diluted EPS attributable to common stockholders (GAAP) | $0.13 | $0.12 | 8% |
| Diluted EPS attributable to common stockholders (non-GAAP) | $0.41 | $0.27 | 52% |
| Net cash provided by operating activities (GAAP) | $3.94B | $2.16B | 83% |
| Free cash flow (non-GAAP) | $1.44B | $664M | 117% |
| Total vehicle deliveries | 358,023 | 336,681 | 6% |
- Revenue growth was supported by higher vehicle deliveries, services and other revenue, higher average selling prices and a $0.9B positive foreign exchange impact; lower energy generation and storage revenue and regulatory credits were offsets.
- Operating income benefited from one-time warranty and tariff benefits, services growth and lower vehicle material costs; higher expenses, including AI and other R&D, stock-based compensation and selling, general and administrative expense, and lower regulatory credit revenue were offsets.
- Cash, cash equivalents and short-term investments ended the quarter at $44.7B, up $0.7B sequentially. Free cash flow of $1.4B and $1.2B of financing cash inflow were partly offset by a $2.0B SpaceX equity investment.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch whether Cybercab, Tesla Semi and Megapack 3 reach volume production in 2026 as scheduled, and whether production ramps translate into vehicle deliveries and energy deployments.
- Robotaxi expansion is another execution marker: paid Robotaxi miles nearly doubled sequentially in Q1, and unsupervised rides began in Dallas and Houston in April.
The summary is written by an AI model reading the filing.
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