Began production of Cybercab and ramped new battery and material factories (cathode material, lithium refining in Texas) during H1 2026; AI-infrastructure property, plant, and equipment grew from $6.8B at Dec 31, 2025 to $10.8B at June 30, 2026; Megafactory ramps underway in Shanghai and Lathrop, California, with a new Megafactory under construction near Houston, Texas.
Acquired an AI hardware company in Q2 2026 in an asset acquisition for $1.95 billion in Tesla common stock and equity awards; $1.73 billion is contingent on service conditions and performance milestones tied to successful deployment of the target's technology, and $222 million was allocated to a patent and related developed-technology intangible asset.
Continued expanding and refining the Robotaxi service launched in June 2025; the 2025 CEO Performance Award (423.7 million shares across 12 tranches) includes operational milestones of 1 million Robotaxis in commercial operation, 1 million Optimus bots delivered, and 10 million active FSD subscriptions, and management determined the 20-million-vehicle delivery milestone is probable of achievement as of June 30, 2026.
H1 2026 operating metrics: produced approximately 860 thousand consumer vehicles and delivered approximately 838 thousand (six-month figures); deployed 22.3 GWh of energy storage; Q2 2026 total revenue of $28.2 billion (+26% YoY); full-year 2026 capital expenditures expected to exceed $25 billion, driven by AI compute infrastructure and data centers, manufacturing and R&D facility expansion, and growth of company-operated AI-enabled asset fleets.
Energy generation and storage Q2 revenue was $3.1 billion (+13% YoY) on increased Megapack deployments, partially offset by a lower average selling price per Megapack unit and decreased Powerwall deployments; segment gross margin fell from 30.3% to 20.4% year over year; issued $348 million in Energy Asset-backed Notes in Q2 2026; tariff and OBBBA-related battery-cell cost pressures noted as a near-term challenge to the energy business.
(Filed on April 23, 2026)
+15.8%
21.1%
$16.6B
Tesla produced approximately 408,000 consumer vehicles and delivered approximately 358,000 in Q1 2026 (roughly a 10% year-over-year increase in cash deliveries, partly reflecting the prior-year simultaneous factory changeover to the New Model Y). The company began pilot production of its purpose-built Robotaxi, Cybercab, during the quarter and initiated ramps at new battery and material facilities in Texas, including cathode material and lithium refining operations.
Energy storage deployments totaled 8.8 GWh in Q1 2026. Tesla is ramping its Megafactories in Shanghai and Lathrop, California, and is constructing a new Megafactory near Houston, Texas. Energy generation and storage segment gross margin rose to 39.5% from 28.8% a year earlier, driven by lower materials costs and one-time tariff benefits, though revenue declined 12% due to reduced Megapack and Powerwall deployment volumes.
Tesla continued scaling its Robotaxi service following the June 2025 launch, developing dedicated fleet infrastructure including vehicle cleaning, charging, security, teleoperations, and fleet management. The company is expanding its Cortex onsite AI training clusters at Gigafactory Texas and broadening manufacturing scope to include semiconductor fabrication. Preparations and investments for large-scale Optimus (humanoid robot) production are underway, though no production start date was specified.
In March 2026, Tesla invested $2.00 billion in SpaceX common stock (previously structured as a preferred share investment in xAI) for less than 1% ownership, accounted for under the fair value option. The company recognized $87 million in revenues and $65 million in cost of revenues from SpaceX for Megapack product purchases during the quarter. In April 2026 (a subsequent event), Tesla agreed to acquire an unnamed AI hardware company for up to $2.00 billion in stock and equity awards, with approximately $1.8 billion contingent on service conditions and successful technology deployment.
Tesla expects 2026 capital expenditures to exceed $25 billion, up from $1.49 billion spent in Q1 2025 and $2.49 billion in Q1 2026, driven by AI compute infrastructure, data centers, manufacturing and R&D facility expansion, and growth in company-operated AI-enabled vehicle fleets. Q1 2026 operating cash flow was $3.94 billion (vs. $2.16 billion in Q1 2025), and the company ended the quarter with $44.74 billion in cash and short-term investments.
In February 2026, the U.S. Supreme Court invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA); Tesla has not yet recognized a receivable for potential tariff refunds as recoverability and timing remain uncertain, and notes it may owe refunds to certain energy storage customers under contractual obligations. The filing also references provisions of the OBBBA (One Big Beautiful Bill Act), including the removal of federal tax credits for electric vehicles and potential tariff-driven increases in battery cell costs, as headwinds to consumer demand and the energy storage business.
(Filed on January 29, 2026)
-3.1%
20.1%
$16.5B
[Annual 2025 context] Tesla produced approximately 1.66 million and delivered approximately 1.64 million consumer vehicles, a roughly 8% decline in cash deliveries year-over-year. Energy storage deployments reached 46.7 GWh for the year. Tesla completed its vehicle lineup refresh with the new Model Y and additional Model 3 and Model Y variants, introduced Megapack 3 and Megablock (next-generation industrial storage product), and began manufacturing a new residential retrofit solar panel with initial customer deliveries in January 2026.
[Launched June 2025; expanding through year-end] Tesla launched its Robotaxi autonomous ride-hailing service in June 2025, currently operating with Model Y vehicles, and stated it will expand to include Cybercab, its purpose-built autonomous vehicle, in time. The company is developing dedicated Robotaxi infrastructure including vehicle cleaning and maintenance, charging, security, teleoperations, and fleet management. Optimus, a general-purpose autonomous humanoid robot, remains in development. In 2026, Tesla plans to ramp six new production lines across vehicle, Bots, energy storage, and battery manufacturing.
[Annual and forward-looking] Tesla expanded its Cortex AI training cluster at Gigafactory Texas and announced a collaboration with Samsung to manufacture advanced semiconductors for AI inference and training in the U.S. It is building Cortex 2 at Gigafactory Texas to further increase AI training compute capacity. Management expects 2026 capital expenditures to exceed $20 billion, driven by AI compute and data center investments, manufacturing and R&D production line expansion, and growth in its fleet of company-operated AI-enabled assets. An in-house lithium refinery in Texas began operations in January 2026.
[Q3 2025 initiation; expenses recognized in H2 2025] Tesla initiated restructuring actions to converge its AI chip design efforts, recording $390 million in charges within the automotive segment during the second half of 2025, related to supercomputer asset write-downs, contract terminations, and employee terminations. The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, repealed individual consumer EV and residential energy tax credits and restricted certain regulatory credit programs; residential solar and energy storage tax credits expired on December 31, 2025. Automotive regulatory credits revenue declined 28% to $1.99 billion for the full year, partly due to OBBBA restrictions.
[Annual 2025; investment agreed January 2026] Tesla recognized $430 million in revenue from xAI (an entity affiliated with CEO Elon Musk) for Megapack product purchases during 2025, a material related-party transaction. In January 2026, Tesla agreed to invest approximately $2 billion in xAI Series E preferred stock and entered a framework agreement with xAI to evaluate potential AI collaborations, subject to customary closing conditions and the company's related-party transaction policy.
[Q4 2025, December 19] The Delaware Supreme Court reversed the Chancery Court's January 2024 rescission order, reinstating Elon Musk's 2018 CEO Performance Award. Separately, the Board's 2025 CEO Performance Award (approximately 423.7 million performance-based restricted shares in 12 tranches, shareholder-approved November 6, 2025) establishes operational milestones including 20 million cumulative Tesla vehicle deliveries, 10 million active FSD subscriptions, 1 million bots delivered, 1 million Robotaxis in commercial operation, and Adjusted EBITDA targets escalating to $400 billion, all of which must be met alongside corresponding market-capitalization milestones for shares to vest.
(Filed on October 23, 2025)
+11.6%
18.0%
$18.3B
Q3 2025 operational launches and roadmap: Tesla introduced the Model YL, Model Y Performance, and Model 3/Y Standard variants across multiple geographies to increase factory utilization and expand addressable markets. The Robotaxi service, launched in June 2025, was being expanded and refined; Cybercab production remains in the construction phase at Gigafactory Texas, while the Tesla Semi and next-generation Roadster are in construction and development, respectively. Through Q3, the company produced approximately 1.22 million and delivered approximately 1.218 million consumer vehicles; the nine-month delivery figure was impacted by a simultaneous all-factory shutdown for the New Model Y changeover.
Energy generation and storage segment: Q3 revenue grew 44% year-over-year to $3.42 billion on increased Megapack and Powerwall deployments. Tesla launched Megapack 3 and Megablock (its next-generation industrial storage product) during the quarter and has deployed 32.5 GWh of energy storage through Q3 2025. The company is ramping Megafactories in Shanghai and Lathrop, California, and constructing a new Megafactory near Houston, Texas. Energy-segment gross margin rose to 31.4% from 30.5% a year earlier, aided by lower raw-material and manufacturing costs at the Shanghai facility, partially offset by higher tariffs. Management noted the current U.S. tariff regime will have a relatively larger impact on the energy segment than the automotive segment.
AI chip design restructuring: In Q3 2025 Tesla initiated cost-reduction actions to converge AI chip design efforts, recording $238 million in charges within the automotive segment for supercomputer asset impairments, contract terminations, and employee terminations. Total R&D expense rose 57% year-over-year to $1.63 billion in Q3 (6% of revenue, up from 4%), driven primarily by expanded AI and autonomy programs.
Regulatory credit and legislative impact: The OBBBA, enacted July 4, 2025, repealed or restricted certain regulatory-credit programs tied to Tesla products. Remaining performance obligations for automotive regulatory credits declined by $1.41 billion versus December 31, 2024, and Q3 regulatory-credit revenue fell 44% year-over-year to $417 million. Management stated it will continue evaluating the OBBBA's impact on future regulatory-credit sales and product costs, and flagged that removal of EV tax credits under the act may affect consumer demand.
CEO compensation structure: The Board granted Elon Musk a 2025 CEO Interim Award of 96 million restricted shares in August 2025 (grant-date fair value $26.06 billion; purchase price $23.34/share; two-year vesting with a five-year hold) and approved a 2025 CEO Performance Award of approximately 423.7 million shares in September 2025, pending shareholder vote at the 2025 Annual Meeting. No stock-based compensation expense has been recorded for either award as of September 30, 2025, because vesting has not become probable. The Interim Award includes a 'no double-dip' provision tied to the pending Delaware Supreme Court appeal in the 2018 CEO Performance Award litigation (oral argument held October 15, 2025).
