Tesla Inc. released its first-quarter 2026 financial results on April 22, 2026, reporting total revenue of $22.387 billion and non-GAAP earnings per share of $0.41. These figures surpassed Wall Street consensus estimates, which had projected revenue of $22.35 billion and an EPS of $0.36. The company’s GAAP net income attributable to common stockholders rose 17 percent year-over-year to $477 million, while total gross profit reached $4.72 billion.
Operational data for the quarter showed that Tesla produced 408,386 vehicles and delivered 358,023 units globally. This resulted in a production-to-delivery gap of 50,363 vehicles, the largest mismatch in recent years. The Model 3 and Model Y platforms accounted for the vast majority of activity, with 394,611 units produced and 341,893 delivered. Production and deliveries for other models, including the S, X, Cybertruck, and Semi, totaled 13,775 and 16,130, respectively. Management attributed the inventory build to logistics staging for international markets and the ramp-up of new production lines.
A central focus of the quarterly update was a significant increase in capital expenditure (CapEx) guidance. Tesla raised its 2026 CapEx forecast to approximately $25 billion, up from the previous guidance of over $20 billion. This capital is earmarked for the expansion of six new factories, the Cybercab production ramp, and a massive build-out of AI compute infrastructure. The company plans to increase its AI compute capacity from 120,000 NVIDIA H100-equivalent GPUs at the end of 2025 to approximately 280,000 units by June 2026. This infrastructure is designed to support Full Self-Driving (FSD) training and the Optimus humanoid robot program.
During the earnings call, executives discussed the "Terafab" project, a planned one-terawatt scale AI compute facility. While the $25 billion CapEx guidance covers immediate hardware and manufacturing needs, the company noted that the Terafab pilot facility, estimated to cost between $20 billion and $25 billion, is currently treated as a separate budgetary consideration. Tesla ended the quarter with $44.74 billion in cash, cash equivalents, and short-term investments, providing the liquidity required for these intensive technology investments.
In the energy sector, Tesla deployed 8.8 GWh of energy storage products in the first quarter, a 38 percent sequential decline from the record 14.2 GWh reported in the fourth quarter of 2025. Operating margins improved to 4.2 percent, up from 2.1 percent in the prior-year period. The company also highlighted the launch of FSD version 14.3, which includes a rewritten AI compiler and enhanced neural network vision encoders to reduce inference latency by up to 20 percent.