tsla-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number: 001-34756

Tesla, Inc.

(Exact name of registrant as specified in its charter)


Texas						91-2197729
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1 Tesla Road Austin, Texas						78725
(Address of principal executive offices)						(Zip Code)

(512) 516-8177

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	TSLA	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 16, 2026, there were 3,755,723,871 shares of the registrant’s common stock outstanding.

TESLA, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

INDEX


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Consolidated Balance Sheets	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Comprehensive Income	6
	Consolidated Statements of Redeemable Noncontrolling Interests and Equity	7
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	36
Item 4.	Controls and Procedures	36

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	39

Signatures		40

Table of Contents

Forward-Looking Statements

The discussions in this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future and management’s current expectations, involve certain risks and uncertainties and are not guarantees. These forward-looking statements include, but are not limited to, statements concerning supply chain constraints, our strategy, competition, future operations and production capacity, future financial position, future revenues, projected costs, profitability, expected cost reductions, capital adequacy, expectations regarding demand and acceptance for our technologies, growth opportunities and trends in the markets in which we operate, prospects and plans and objectives of management. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Future results may differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part I, Item 1A, “Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and that are otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). The discussion of such risks is not an indication that any such risks have occurred at the time of this filing. We do not assume any obligation to update any forward-looking statements.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Tesla, Inc.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)


	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	16,603	$	16,513
Short-term investments	28,140		27,546
Accounts receivable, net	3,959		4,576
Inventory	14,434		12,392
Prepaid expenses and other current assets	6,612		7,615
Total current assets	69,748		68,642
Operating lease vehicles, net	4,530		4,912
Energy generation and storage systems, net	4,565		4,604
Property, plant and equipment, net	43,213		40,643
Operating lease right-of-use assets	6,332		6,027
Digital assets	786		1,008


Deferred tax assets	7,060		6,925
Other non-current assets	7,490		5,045
Total assets	$	143,724	$	137,806
Liabilities
Current liabilities
Accounts payable	$	14,696	$	13,371
Accrued liabilities and other	14,554		13,279
Deferred revenue	3,441		3,424
Current portion of debt and finance leases	1,447		1,640
Total current liabilities	34,138		31,714
Debt and finance leases, net of current portion	7,782		6,736
Deferred revenue, net of current portion	3,847		3,631
Other long-term liabilities	13,155		12,860
Total liabilities	58,922		54,941
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests in subsidiaries	57		58
Equity
Stockholders’ equity
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding	—		—
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	3		3
Additional paid-in capital	44,299		42,770
Accumulated other comprehensive income	334		361
Retained earnings	39,480		39,003
Total stockholders’ equity	84,116		82,137
Noncontrolling interests in subsidiaries	629		670
Total liabilities and equity	$	143,724	$	137,806

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Tesla, Inc.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues
Automotive sales	$	15,473	$	12,925
Automotive regulatory credits	380		595
Automotive leasing	381		447
Total automotive revenues	16,234		13,967
Energy generation and storage	2,408		2,730
Services and other	3,745		2,638
Total revenues	22,387		19,335
Cost of revenues
Automotive sales	12,616		11,461
Automotive leasing	196		239
Total automotive cost of revenues	12,812		11,700
Energy generation and storage	1,456		1,945
Services and other	3,399		2,537
Total cost of revenues	17,667		16,182
Gross profit	4,720		3,153
Operating expenses
Research and development	1,946		1,409
Selling, general and administrative	1,833		1,251
Restructuring and other	—		94
Total operating expenses	3,779

SEC Form 10-Q filed by Tesla Inc.