Tesla reported Q1 2026 revenue of $22.38 billion, a 16 percent increase from the $19.3 billion recorded in the same quarter last year. Deliveries totaled 358,023 vehicles, down quarter over quarter from Q4 2025 but up 6 percent from Q1 2025. The gap between volume and revenue growth reflects higher average vehicle prices and a growing contribution from Tesla's services segment.
Gross profit rose to $4.72 billion from $3.15 billion in Q1 2025, a sharp year-over-year recovery. It also trails the $5.05 billion from Q3 2025 and $5.00 billion from Q4 2025. Improved versus a year ago; not yet improved past itself.
Free cash flow turned positive at $1.44 billion. Automotive revenue climbed from $13.96 billion to $16.2 billion. Tesla's financial report cited an unspecified "increase in automotive one-time benefits related to warranty and tariffs," which fueled speculation about early tariff refunds from the US government. CFO Vaibhav Taneja explicitly denied that the company received any benefit tied to the Supreme Court's recent ruling striking down portions of the Trump tariff program.
Tesla counts 1.28 million Full Self-Driving subscribers, a figure that combines paid upfront purchases and monthly subscriptions accumulated over multiple years of deliveries, not a Q1 addition.
The Cybercab and Semi are both confirmed for volume production starts in 2026, currently in pilot production. Construction of a facility near the Texas Gigafactory to produce the Optimus humanoid robot is underway. The second-generation Roadster received a single line in the quarterly update: it "remains in design development."