TSLA 8-K: Smart Summary

Tesla released its Q1 2026 financial results on April 22, 2026, reporting total revenues of $22.4B, up 16% YoY, with GAAP operating income of $0.9B (up 136% YoY) and GAAP net income of $0.5B. The quarter featured continued ramp of AI infrastructure, battery manufacturing, and early-stage production of Cybercab and Tesla Semi, alongside the April launches of unsupervised Robotaxi rides in Dallas and Houston.

• Total revenues: $22,387M in Q1-2026, up 16% YoY (from $19,335M in Q1-2025)
• Total GAAP gross profit: $4,720M, up 50% YoY; GAAP gross margin: 21.1%, up 478 bp YoY
• GAAP operating income: $941M, up 136% YoY; GAAP operating margin: 4.2%, up 214 bp YoY
• GAAP net income attributable to common stockholders: $477M, up 17% YoY
• Non-GAAP net income attributable to common stockholders: $1,453M, up 56% YoY
• GAAP diluted EPS: $0.13, up 8% YoY; Non-GAAP diluted EPS: $0.41, up 52% YoY
• Adjusted EBITDA: $3,668M, up 30% YoY; Adjusted EBITDA margin: 16.4%, up 183 bp YoY
• Net cash provided by operating activities: $3,937M, up 83% YoY
• Capital expenditures: $2,493M, up 67% YoY
• Free cash flow: $1,444M, up 117% YoY

• Total automotive revenues: $16,234M in Q1-2026, up 16% YoY; automotive gross margin (GAAP): 21.1%; automotive gross margin excluding regulatory credits (non-GAAP): 19.2%
• Automotive sales (excl. leasing and regulatory credits): $15,473M vs. $12,925M in Q1-2025
• Automotive regulatory credits: $380M vs. $595M in Q1-2025 (lower YoY)
• Energy generation and storage revenue: $2,408M, down 12% YoY (from $2,730M); storage deployed: 8.8 GWh, down 15% YoY
• Services and other revenue: $3,745M, up 42% YoY (from $2,638M)
• Total deliveries: 358,023 units, up 6% YoY; Model 3/Y deliveries: 341,893 (up 6% YoY); Other models deliveries: 16,130 (up 25% YoY)
• Active FSD Subscriptions: 1.28M, up 51% YoY

• Cash, cash equivalents and short-term investments at quarter-end: $44,743M, up 21% YoY (from $36,996M)
• Sequential increase in cash of $0.7B, primarily from $1.4B free cash flow and $1.2B financing cash inflow, partly offset by $2.0B for the SpaceX equity investment
• Total debt (non-recourse + recourse): Non-recourse debt $9,017M; recourse debt $2M as of March 31, 2026
• Proceeds from issuances of debt in Q1-2026: $4,331M; repayments of debt: $3,530M
• Total stockholders' equity: $84,116M as of March 31, 2026
• No dividends mentioned in the filing

• The filing does not contain direct attributed quotes from the CEO or CFO in the press release text; the shareholder letter states: 'We continued to make meaningful progress on the build out of the infrastructure and AI software that underpins our Robotaxi and future robotics businesses in Q1' (Tesla management, Q1 2026 Update)
• 'We are excited about Tesla's positioning in 2026 with tailwinds persisting for the autos business, our continued progress on FSD (Supervised), the ramp of Robotaxi, progress on Optimus ahead of mass production and the growth of our energy production capacity' (Tesla management, Q1 2026 Update)

• Volume: Focused on maximum capacity utilization at factories; deliveries and deployments will be impacted by aggregate demand, supply chain readiness and fleet allocation decisions
• Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026
• First-generation production lines for Optimus are being installed in anticipation of volume production
• Capacity build-out and ramp related to AI compute, solar, battery material and semiconductor manufacturing are underway
• Cash: Will manage businesses to ensure a strong balance sheet, maintaining sufficient liquidity to fund product roadmap and long-term capacity expansion plans
• Profit: Over time, expects hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits