Tesla Q1 2026 Update — reading text

Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 REVENUES Automotive sales 12,925 15,787 20,359 16,750 15,473 Automotive regulatory credits 595 439 417 542 380 Automotive leasing 447 435 429 401 381 Total automotive revenues 13,967 16,661 21,205 17,693 16,234 Energy generation and storage 2,730 2,789 3,415 3,837 2,408 Services and other 2,638 3,046 3,475 3,371 3,745 Total revenues 19,335 22,496 28,095 24,901 22,387 COST OF REVENUES Automotive sales 11,461 13,567 17,365 13,874 12,616 Automotive leasing 239 228 225 206 196 Total automotive cost of revenues 11,700 13,795 17,590 14,080 12,812 Energy generation and storage 1,945 1,943 2,342 2,739 1,456 Services and other 2,537 2,880 3,109 3,073 3,399 Total cost of revenues 16,182 18,618 23,041 19,892 17,667 Gross profit 3,153 3,878 5,054 5,009 4,720 OPERATING EXPENSES Research and development 1,409 1,589 1,630 1,783 1,946 Selling, general and administrative 1,251 1,366 1,562 1,655 1,833 Restructuring and other 94 — 238 162 — Total operating expenses 2,754 2,955 3,430 3,600 3,779 INCOME FROM OPERATIONS 399 923 1,624 1,409 941 Interest income 400 392 439 449 434 Interest expense (91) (86) (76) (85) (92) Other (expense) income, net (119) 320 (28) (592) (535) INCOME BEFORE INCOME TAXES 589 1,549 1,959 1,181 748 Provision for income taxes 169 359 570 325 257 NET INCOME 420 1,190 1,389 856 491 Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 11 18 16 16 14 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 409 1,172 1,373 840 477 Net income per share of common stock attributable to common stockholders Basic $ 0.13 $ 0.36 $ 0.43 $ 0.26 $ 0.15 Diluted $ 0.12 $ 0.33 $ 0.39 $ 0.24 $ 0.13 Weighted average shares used in computing net income per share of common stock Basic 3,218 3,223 3,227 3,231 3,234 Diluted 3,521 3,519 3,526 3,539 3,538 25  BALANCE SHEET (Unaudited) In millions of USD` 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 ASSETS Current assets Cash, cash equivalents and short-term investments 36,996 36,782 41,647 44,059 44,743 Accounts receivable, net 3,782 3,838 4,703 4,576 3,959 Inventory 13,706 14,570 12,276 12,392 14,434 Prepaid expenses and other current assets 4,905 5,943 6,027 7,615 6,612 Total current assets 59,389 61,133 64,653 68,643 69,748 Operating lease vehicles, net 5,477 5,230 5,019 4,912 4,530 Energy generation and storage systems, net 4,855 4,788 4,673 4,604 4,565 Property, plant and equipment, net 37,088 38,574 39,407 40,643 43,213 Operating lease right-of-use assets 5,330 5,633 5,783 6,027 6,332 Digital assets 951 1,235 1,315 1,008 786 Deferred tax assets 6,687 6,721 6,637 6,925 7,060 Other non-current assets (2) 5,334 5,253 6,248 5,045 7,490 Total assets 125,111 128,567 133,735 137,806 143,724 LIABILITIES AND EQUITY Current liabilities Accounts payable 13,471 13,212 12,819 13,371 14,696 Accrued liabilities and other 10,802 11,519 12,791 13,279 14,554 Deferred revenue 3,243 3,237 3,756 3,424 3,441 Current portion of debt and finance leases (1) 2,237 2,040 1,924 1,640 1,447 Total current liabilities 29,753 30,008 31,290 31,713 34,138 Debt and finance leases, net of current portion (1) 5,292 5,180 5,778 6,736 7,782 Deferred revenue, net of current portion 3,610 3,764 3,746 3,631 3,847 Other long-term liabilities 11,038 11,543 12,205 12,860 13,155 Total liabilities 49,693 50,495 53,019 54,940 58,922 Redeemable noncontrolling interests in subsidiaries 62 61 59 58 57 Total stockholders' equity 74,653 77,314 79,970 82,139 84,116 Noncontrolling interests in subsidiaries 703 697 687 670 629 Total liabilities and equity 125,111 128,567 133,735 137,806 143,724 (1) Breakdown of our debt is as follows: Non-recourse debt