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Tesla · Q1 2026 update · Advent format
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Restyled reproduction of selected pages from Tesla's Q1 2026 shareholder update: table of contents, financial summary, and supporting infrastructure
Eleven sections across business performance, hardware and infrastructure, AI and software, services, outlook, and supporting financial detail
Revenue, profitability, and cash metrics for the five quarters ending 31 March 2026, with year-over-year change vs. Q1 2025. All figures in millions of US dollars except percentages and per-share data.
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Total automotive revenues | 13,967 | 16,661 | 21,205 | 17,693 | 16,234 | +16% |
| Energy generation and storage | 2,730 | 2,789 | 3,415 | 3,837 | 2,408 | −12% |
| Services and other | 2,638 | 3,046 | 3,475 | 3,371 | 3,745 | +42% |
| Total revenues | 19,335 | 22,496 | 28,095 | 24,901 | 22,387 | +16% |
| Profitability | ||||||
| Total gross profit | 3,153 | 3,878 | 5,054 | 5,009 | 4,720 | +50% |
| Total GAAP gross margin | 16.3% | 17.2% | 18.0% | 20.1% | 21.1% | +478 bp |
| Operating expenses | 2,754 | 2,955 | 3,430 | 3,600 | 3,779 | +37% |
| Income from operations | 399 | 923 | 1,624 | 1,409 | 941 | +136% |
| Operating margin | 2.1% | 4.1% | 5.8% | 5.7% | 4.2% | +214 bp |
| Adjusted EBITDA | 2,814 | 3,401 | 4,227 | 4,154 | 3,668 | +30% |
| Adjusted EBITDA margin | 14.6% | 15.1% | 15.0% | 16.7% | 16.4% | +183 bp |
| Earnings | ||||||
| Net income to common (GAAP) | 409 | 1,172 | 1,373 | 840 | 477 | +17% |
| Net income to common (non-GAAP)1 | 934 | 1,393 | 1,770 | 1,761 | 1,453 | +56% |
| Diluted EPS (GAAP) | $0.12 | $0.33 | $0.39 | $0.24 | $0.13 | +8% |
| Diluted EPS (non-GAAP)1 | $0.27 | $0.40 | $0.50 | $0.50 | $0.41 | +52% |
| Cash | ||||||
| Operating cash flow | 2,156 | 2,540 | 6,238 | 3,813 | 3,937 | +83% |
| Capital expenditures | (1,492) | (2,394) | (2,248) | (2,393) | (2,493) | +67% |
| Free cash flow2 | 664 | 146 | 3,990 | 1,420 | 1,444 | +117% |
| Cash, equivalents & short-term investments3 | 36,996 | 36,782 | 41,647 | 44,059 | 44,743 | +21% |
| Region | Product | Capacity | Status |
|---|---|---|---|
| AI training compute | |||
| Texas | Cortex 1 | >100k H100e | Production |
| Texas | Cortex 2 | >130k H100e | Early ramp |
| Battery manufacturing | |||
| Nevada | LFP | 7 GWh | Early ramp |
| Texas | 4680 | 40 GWh | Production |
| Texas | Cathode materials | 10 GWh | Early ramp |
| Texas | Lithium refining | 30 GWh | Early ramp |
Cortex 2 is now online and running training workloads. Onsite training infrastructure continues to scale to support the AI product and services roadmap. Custom silicon development continues with Dojo 3, targeting a lower long-term cost of training.
Ramp has begun across the new battery and materials factories: LFP cells in Nevada and cathode materials and lithium refining in Texas. Battery pack capacity remains the binding constraint on vehicle production ramp; the team is working actively to expand it.
Gigafactory New York is now producing V4 Supercharging cabinets, which deliver roughly 3× the power density and 2× the stalls per cabinet versus V3. Public Megachargers are being deployed alongside the Tesla Semi ramp, with the first in Southern California. Over 2,200 net new Supercharging stalls were added in the quarter, growing the network 19% year over year. Japan service-center footprint is set to double this year, with broader Supercharger coverage in the world's third-largest vehicle market.