Tesla Q1 2026 Update — reading text

7,238 6,953 7,458 8,150 9,017 Recourse debt 6 3 3 3 2 Days sales outstanding 19 15 14 17 17 Days payable outstanding 72 65 52 61 71 26 (2) Beginning in Q4'25, other non-current assets is presented inclusive of goodwill and intangible assets, net and all prior periods have been adjusted  STA TEMENT OF CAS H FL OWS (Unaudited) In millions of USD Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 CASH FLOWS FROM OPERATING ACTIVITIES Net income 420 1,190 1,389 856 491 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,447 1,433 1,625 1,643 1,590 Stock-based compensation 573 635 663 954 1,030 Inventory and purchase commitments write-downs 112 136 65 49 77 Foreign currency transaction loss, net 30 24 106 292 287 Deferred income taxes (43) 52 225 (111) (136) Non-cash interest and other operating activities 46 27 162 37 1 Digital assets loss (gain), net 125 (284) (80) 307 222 Changes in operating assets and liabilities Accounts receivable 630 (29) (907) 45 561 Inventory (1,704) (703) 1,991 (214) (2,255) Operating lease vehicles (76) 141 (11) (79) 174 Prepaid expenses and other assets (419) (718) (1,143) (901) 231 Accounts payable, accrued and other liabilities 706 627 1,646 1,397 1,401 Deferred revenue 309 9 507 (462) 263 Net cash provided by operating activities 2,156 2,540 6,238 3,813 3,937 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,492) (2,394) (2,248) (2,393) (2,493) Purchase of SpaceX equity investment — — — — (2,002) Purchases of short-term investments (6,015) (7,485) (11,402) (12,207) (8,318) Proceeds from maturities of short-term investments 5,856 6,935 9,295 8,072 7,790 Net cash used in investing activities (1,651) (2,944) (4,355) (6,528) (5,023) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuances of debt 625 2,425 1,182 1,354 4,331 Repayments of debt (1,301) (2,828) (669) (748) (3,530) Debt issuance costs — (1) (4) (1) — Proceeds from exercises of stock options and other stock issuances 313 215 512 146 361 Principal payments on finance leases (48) (19) (18) (19) (18) Proceeds received from directors in shareholder settlement 277 — — — — (Payment) recovery of legal fees associated with shareholder settlement (176) — — — 98 Distributions paid to noncontrolling interests in subsidiaries (22) (14) (20) (22) (70) Net cash (used in) provided by financing activities (332) (222) 983 710 1,172 Effect of exchange rate changes on cash and cash equivalents and restricted cash 40 111 (17) 37 (47) Net increase (decrease) in cash and cash equivalents and restricted cash 213 (515) 2,849 (1,968) 39 Cash and cash equivalents and restricted cash at beginning of period 17,037 17,250 16,735 19,584 17,616 Cash and cash equivalents and restricted cash at end of period 17,250 16,735 19,584 17,616 17,655 27  RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD or shares as applicable, except per share data Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Net income attributable to common stockholders (GAAP) 409 1,172 1,373 840 477 Stock-based compensation expense, net of tax 428 443 459 682 803 Digital assets loss (gain), net of tax 97 (222) (62) 239 173 Net income attributable to common stockholders (non-GAAP) 934 1,393 1,770 1,761 1,453 EPS attributable to common stockholders, diluted (GAAP) 0.12 0.33 0.39 0.24 0.13 Stock-based compensation expense, net of tax, per share 0.12 0.13 0.13 0.19 0.23 Digital assets loss (gain), net of tax, per share 0.03 (0.06) (0.02) 0.07 0.05 EPS attributable to common stockholders, diluted (non-GAAP) 0.27 0.40 0.50 0.50 0.41 Shares used in EPS calculation, diluted (GAAP and non-GAAP) 3,521 3,519 3,526 3,539 3,538 Net income attributable to common stockholders (GAAP) 409 1,172 1,373 840 477 Interest expense 91 86 76 85 92 Provision for income taxes 169 359 570 325 257 Depreciation, amortization and impairment 1,447 1,433 1,625 1,643 1,590 Stock-based compensation expense 573 635 663 954 1,030 Digital assets loss (gain), net 125 (284) (80) 307 222 Adjusted EBITDA (non-GAAP) 2,814 3,401 4,227 4,154 3,668 Total revenues 19,335 22,496 28,095 24,901 22,387 Adjusted EBITDA margin (non-GAAP) 14.6% 15.1% 15.0% 16.7% 16.4% Automotive gross margin (GAAP) 16.2% 17.2% 17.0% 20.4% 21.1% Less: Total regulatory credit revenue recognized 3.7% 2.2% 1.6% 2.5% 1.9% Automotive gross margin excluding regulatory credit sales (non-GAAP) 12.5% 15.0% 15.4% 17.9% 19.2% 28  RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2026 Net cash provided by operating activities (GAAP) 5,100 3,278 2,513 3,065 3,308 4,370 242 3,612 6,255 4,814 2,156 2,540 6,238 3,813 3,937 Capital expenditures (1) (1,803) (1,858) (2,073) (2,060) (2,459) (2,307) (2,777) (2,272) (3,513) (2,780) (1,492) (2,394) (2,248) (2,393) (2,493) Free cash flow (non-GAAP) (1) 3,297 1,420 440 1,005 849 2,063 (2,535) 1,340 2,742 2,034 664 146 3,990 1,420 1,444 In millions of USD 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2026 Net income attributable to common stockholders (GAAP) (2) 3,292 3,687 2,513 2,703 1,853 7,928 1,390 1,400 2,173 2,128 409 1,172 1,373 840 477 Interest expense 53 33 29 28 38 61 76 86 92 96 91 86 76 85 92 Provision for (benefit from) income taxes (2) 305 276 261 323 167 (5,752) 483 371 602 381 169 359 570 325 257 Depreciation, amortization and impairment 956 989 1,046 1,154 1,235 1,232 1,246 1,278 1,348 1,496 1,447 1,433 1,625 1,643 1,590 Stock-based compensation expense 362 419 418 445 465 484 524 439 457 579 573 635 663 954 1,030 Digital assets loss (gain), net (2) — 34 — — — — (335) 100 (7) (347) 125 (284) (80) 307 222 Adjusted EBITDA (non-GAAP) (2) (3) 4,968 5,438 4,267 4,653 3,758 3,953 3,384 3,674 4,665 4,333 2,814 3,401 4,227 4,154 3,668 In millions of USD 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2026 Net cash provided by operating activities – TTM (GAAP) 13,956 12,164 13,256 10,985 11,532 14,479 14,923 16,837 15,765 15,748 14,747 16,528 Capital expenditures – TTM (1)