Tesla Inc. (TSLA) Q1 2026 (USD): Adj. EPS 0.41 (exp. 0.36), Revenue 22.39bln (exp. 22.28bln)

• Free cash flow: 1.444bln (prev. 1.42bln Q/Q, 664mln Y/Y).
• Adj. EBITDA 3.67bln (exp. 3.29bln).
• Automotive revenue 16.2bln (prev. 17.69bln Q/Q, 13.967bln Y/Y).
• Gross margin 21.1%
• Capex 2.493bln.

Commentary

Automotive

• We continued the launch of Model 3 and Model Y trims globally, including the roll-out of the Model YL in markets outside of China and more affordable trims of both models. We also began deliveries of Cybertruck in the UAE

Robotaxi

• In Q1, paid Robotaxi miles nearly doubled sequentially. Once in production, we expect that Cybercab will begin to replace the existing Model Y fleet and will be the largest volume vehicle in the fleet over time.