Tesla reports higher Q1 revenue, profit

U.S. electric vehicle maker Tesla on Wednesday reported financial results for the first quarter of 2026, with total revenue rising 16 percent year on year to 22.4 billion U.S. dollars.

The company's total gross profit stood at 4.72 billion dollars in the quarter, up 50 percent from a year earlier, while its generally accepted accounting principles (GAAP) net income attributable to common stockholders increased 17 percent year on year to 477 million dollars. Diluted GAAP earnings per share rose to 13 cents from 12 cents a year ago.

Tesla said its income from operations reached 941 million dollars in the January-March period, compared with 399 million dollars in the same period last year. Its operating margin improved to 4.2 percent from 2.1 percent a year earlier.

The company reported net cash provided by operating activities of 3.94 billion dollars in the first quarter, up 83 percent year on year. Free cash flow stood at 1.44 billion dollars. Cash, cash equivalents and short-term investments totaled 44.74 billion dollars at the end of the quarter.

A total of 408,386 vehicles were produced and 358,023 vehicles were delivered globally in the first quarter, up 13 percent and 6 percent year on year, respectively, Tesla said. Among them, it produced 394,611 Model 3/Y vehicles and delivered 341,893 units, while production and deliveries of its other models were 13,775 and 16,130, respectively.

Tesla said it continued to make progress in building out infrastructure and artificial intelligence (AI) software supporting its Robotaxi and future robotics businesses. The company said it had commenced ramping up additional AI compute, new battery and battery materials factories, and further prepared lines for the start of production of Megapack 3, Cybercab and the Tesla Semi.

The company also said demand for its vehicles continued to grow in markets in Asia-Pacific and South America, while demand rebounded in Europe, the Middle East and Africa, as well as in North America.

In addition, Tesla said it received approval for Full Self-Driving (Supervised) in the Netherlands in April and launched unsupervised Robotaxi rides in Dallas and Houston in the same month.