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Tesla cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q3 2026 · $3.3B over twelve months

Operating cash flow$6.3B
Capital spending−$4.7B
Free cash flow+$1.5B
Cash / net income7.8×
Cash conversion cycle5 days

Analysis

In Q3 2026, Tesla generated $6.3B of operating cash flow and spent $4.7B on capital projects, leaving free cash flow of $1.5B. That is $2.5B less than in Q3 2025 ($4.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $18.7B; the largest uses were capital spending ($15.4B), other investing ($6.0B), partners ($148M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.4B), shares issued ($928M); the cash balance fell by $578M.

Operating cash flow was $6.3B against net income of $804M — 7.8× profit, cash ran ahead of reported earnings. The largest differences: payables +$4.0B, prepaid and other assets −$1.8B, depreciation & amortization +$1.6B.

Its cash conversion cycle was 5 days (receivables 14 + inventory 57 − payables 66).

Free cash flow

Tesla: free cash flow by quarterTesla: free cash flow by quarter$2.0BQ4 2024$664MQ1 2025$146MQ2 2025$4.0BQ3 2025$1.4BQ4 2025$1.4BQ1 2026−$1.1BQ2 2026$1.5BQ3 2026
Operating cash flow less capital spending.
Tesla: operating cash flow against capital spendingTesla: operating cash flow against capital spendingOperating cash flowCapital spending$4.8B$2.8BQ4 2024$2.2B$1.5BQ1 2025$2.5B$2.4BQ2 2025$6.2B$2.2BQ3 2025$3.8B$2.4BQ4 2025$3.9B$2.5BQ1 2026$4.7B$5.8BQ2 2026$6.3B$4.7BQ3 2026
Latest (Q3 2026): Operating cash flow $6.3B, Capital spending $4.7B.

Capital allocation, year by year

Tesla: where the cash came from (up) and went (down), by fiscal yearTesla: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $11.5BFY2021: Net borrowing −$5.7BFY2021: Shares issued $707MFY2021: Capital spending −$6.5B$12.2BFY2021FY2022: Operating cash flow $14.7BFY2022: Net borrowing −$3.9BFY2022: Shares issued $541MFY2022: Capital spending −$7.2B$15.3BFY2022FY2023: Operating cash flow $13.3BFY2023: Net borrowing $2.1BFY2023: Shares issued $700MFY2023: Capital spending −$8.9BFY2023: Acquisitions −$64.0M$16.1BFY2023FY2024: Operating cash flow $14.9BFY2024: Net borrowing $2.9BFY2024: Shares issued $1.2BFY2024: Capital spending −$11.3B$19.0BFY2024FY2025: Operating cash flow $14.7BFY2025: Net borrowing −$64.0MFY2025: Shares issued $1.2BFY2025: Capital spending −$8.5B$15.9BFY2025
Over these 5 years operating cash flow totalled $69.1B; the largest uses were capital spending ($42.4B) and net borrowing ($9.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$45.4B
Debt$8.0B
Net cash$37.5B
Due within a year$1.6B

Tesla funds itself: free cash flow was $3.3B over the last twelve months, and $45.4B of cash and investments stands against $8.0B of debt ($1.6B due within a year, 28.8× covered by cash).

Tesla: debt maturities by year (FY2025)Tesla: debt maturities by year (FY2025)$1.6BYear 1$1.2BYear 2$649MYear 3$4.4BYear 4$89.0MYear 5$244MAfter year 5
Principal due in each year as disclosed in the annual report, against $45.4B of cash and investments now.

Where the cash came from and went

Tesla: sources (+) and uses (−) of cash, Q3 2026Tesla: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$6.3BCapital spending−$4.7BCash drawn (+) / kept (−)−$2.6BOther investing$755MShares issued$314MNet borrowing (+) / repaid (−)$97.0MOther financing−$49.0MPartners−$35.0MExchange rates−$32.0M
Tesla: sources (+) and uses (−) of cash, TTM to Q3 2026Tesla: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$18.7BCapital spending−$15.4BOther investing−$6.0BNet borrowing (+) / repaid (−)$1.4BShares issued$928MCash drawn (+) / kept (−)$578MPartners−$148MExchange rates−$78.0MOther financing$62.0M

From profit to cash

Tesla: net income to operating cash flow, Q3 2026Tesla: net income to operating cash flow, Q3 2026Net income$804MDepreciation & amortization$1.6BStock-based pay$1.2BDeferred taxes−$357MReceivables−$565MInventory−$313MPayables$4.0BDeferred revenue$1.3BPrepaid and other assets−$1.8BOperating cash flow$6.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261457665
Q2 20261355589
Q1 202617687114
Q4 202517576114
Q3 202514545216
Q2 202515696519
Q1 202519727218
Q4 202414575813

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$6.3B−$4.7B$97.0M$314M−$2.6B$1.5B
Q2 2026$4.7B−$5.8B−$63.0M$107M$1.2B−$1.1B
Q1 2026$3.9B−$2.5B$783M$361M−$39.0M$1.4B
Q4 2025$3.8B−$2.4B$587M$146M$2.0B$1.4B
Q3 2025$6.2B−$2.2B$495M$512M−$2.8B$4.0B
Q2 2025$2.5B−$2.4B−$422M$215M$515M$146M
Q1 2025$2.2B−$1.5B−$724M$313M−$213M$664M
Q4 2024$4.8B−$2.8B$577M$453M$1.9B$2.0B

Tesla: income statement and cash flow

Tesla, Q3 2026: revenue $28.0B (-0.2% year over year), operating margin 2.6%. The chart follows the revenue to costs, profit and cash.

Tesla: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.