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Tesla (TSLA) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Tesla (TSLA) reported revenue of $22.4B for the first quarter 2026 (Q1 2026), +16% from a year earlier and -10% from the quarter before. Operating margin was 4.2%, net earnings $491M (2.2% of revenue).
Tesla, Q1 2026: revenue $22.4B (+16% year over year), operating margin 4.2%, net earnings $491M, operating cash flow $3.9B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.4B | -10% | +16% |
| Gross profit | $4.7B | -6% | +50% |
| Operating profit | $941M | -33% | +136% |
| Net earnings | $491M | -43% | +17% |
| Operating cash flow | $3.9B | +3% | +83% |
| Free cash flow | $1.4B | +2% | +117% |
What changed
Revenue was $22.4B in Q1 2026, up 16% year over year and down 10% from the previous quarter. Automotive sales was the largest line at 69% of revenue. Automotive sales added $2.5B year over year (up 20%), 83% of the total change. Automotive regulatory credits declined 36%.
Gross margin was 21.1%, up 4.8 points from Q1 2025. Operating profit was $0.94B, a 4.2% margin (up 2.1 points year over year). Of the extra revenue versus Q1 2025, 18% reached operating profit, above the 2% margin then. Operating expenses grew 37% against revenue growth of 16%. The fastest-growing cost line was SG&A (+47%). Net earnings were $0.48B, up 17% year over year. The effective tax rate was 34.4%.
Operating cash flow was $3.9B (up 83% year over year), 802% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and $1.0B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $2.5B left free cash flow of $1.4B.
Questions
What was Tesla's revenue in the first quarter 2026?
Tesla (TSLA) reported revenue of $22.4B for the first quarter 2026 (Q1 2026), +16% from a year earlier and -10% from the quarter before.
Was Tesla profitable in the first quarter 2026?
Operating profit was $941M (4.2% of revenue) and net earnings $491M.
Source: Tesla 10-Q on SEC EDGAR.