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2Q-2023
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1Q-2026
Vehicle Deliveries Operating Cash Flow ($B) Net Income ($B) (2)
(millions of units) Free Cash Flow ($B) (1) Adjusted EBITDA ($B) (2) (3)
(1) Beginning in Q1'25, Capital expenditures is presented inclusive of purchases of energy generation and storage systems and all prior periods have been adjusted.
(2) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
22 (3) Beginning in Q1'25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
K E Y MET RICS YEAR–OVER–YEAR FINANCIAL SUMMARY
Revenue Total quarterly revenue increased 16% YoY to $22.4B. YoY, revenue was impacted by the following items (1):
+ increase in vehicle deliveries
+ growth in Services and Other
+ positive FX impact of $0.9B1
+ higher vehicle average selling price (ASP) (excl. FX impact 1), inclusive of mix impact
+ higher automotive ancillary sales, primarily driven by an increase in FSD sales and subscriptions
- lower Energy Generation and Storage revenue
- lower regulatory credit revenue
Profitability Our quarterly operating income increased 136% YoY to $0.9B, resulting in a 4.2% operating margin. YoY, operating income was primarily
impacted by the following items(1):
+ increase in automotive one-time benefits related to warranty and tariffs
+ growth in Services and Other gross profit
+ higher vehicle average selling price (ASP) (excl. FX impact 1), inclusive of mix impact
+ increase in energy one-time benefits related to tariffs
+ positive FX impact of $0.2B1
+ higher automotive ancillary sales, primarily driven by an increase in FSD sales and subscriptions
+ lower average cost per vehicle due to lower material costs
+ increase in vehicle deliveries
- increase in operating expenses driven by AI and other R&D projects, 2025 CEO award SBC and SG&A
- lower regulatory credit revenue
Cash Quarter-end cash, cash equivalents and short-term investments was $44.7B. The sequential increase of $0.7B was primarily the result of $1.4B
free cash flow and $1.2B financing cash inflow, partly offset by $2.0B for the SpaceX equity investment.
23 (1) Impact is calculated on a constant currency basis. Actuals are compared against current results converted into USD using average exchange rates from Q1’25.
FINANCIAL STATEMENTS
STA TEMENT O F OPERATI ONS
(Unaudited)
In millions of USD or shares as applicable, except per share data