TSLA · Tesla, Inc.

Tesla's Q1 2026 results show continued revenue growth and profitability, with total revenues increasing 16% year-over-year to $22.387 billion. The revenue mix shifted significantly, with services and other revenue growing 42% year-over-year to $3.745 billion, while automotive revenue grew 16% to $16.234 billion and energy revenue declined 12% to $2.408 billion. Profitability metrics showed strong improvement, with GAAP operating income of $941 million (4.2% margin) compared to $399 million (2.1% margin) in Q1 2025, and GAAP net income of $477 million versus $409 million in the prior year period. Non-GAAP net income was $1.453 billion, representing 56% year-over-year growth. The company generated strong cash flow with $3.937 billion in operating cash flow and $1.444 billion in free cash flow, ending the quarter with $44.743 billion in cash and investments. Operationally, vehicle deliveries increased 6% year-over-year to 358,023 units, with Model 3/Y deliveries at 341,893 units. The company made significant progress on its future growth initiatives, including ramping AI compute infrastructure, beginning production ramp at new battery and materials factories, and preparing for volume production of Cybercab and Tesla Semi. FSD (Supervised) adoption continued to grow with 1.28 million active subscriptions (51% year-over-year increase), and the company received approval to deploy FSD in the Netherlands. Robotaxi expansion accelerated with unsupervised rides launched in Dallas and Houston in April, and paid Robotaxi miles nearly doubled sequentially. The company continues to invest heavily in regionalization and vertical integration of supply chains, with preparations underway for large-scale Optimus production and expansion of semiconductor fabrication capabilities through a partnership with SpaceX.