Table of Contents
a. Key Points
Tesla's auto business returned to Y/Y growth.
The company plans to spend $25B in 2026 CapEx to support several areas of expansion.
Optimus is still on track to begin production this year.
b. Demand
Missed revenue estimate by 1.3%. This is based on the consensus number from Bloomberg as of this afternoon. Tikr and other sources had the revenue estimate at $22.3B, which would have made this a slight beat.
Beat auto revenue estimate by 2.5%.
Beat services revenue estimate by 17.8%.
Missed energy revenue estimate by 35%. This segment is lumpy on a quarterly basis. Tesla reiterated expectations for positive Y/Y segment growth.
c. Profits & Margins
Beat 18% GAAP GPM estimate by 310 basis points (bps; 1 basis point = 0.01%)
Beat 15.3% auto GPM ex-credits estimate by 390 bps. Excluding $230M in one-time help, this margin would have been 17.7% instead of 19.2%.
Beat GAAP EBIT estimate by 26%.
OpEx rose due to a full quarter of stock comp from their 2025 CEO compensation plan and more AI-related spending.
Beat $0.38 EPS estimate by $0.04.
Beat -$1.9B FCF estimate by $3.3B.
d. Balance Sheet
$9.3B debt.
$44.7B cash & equivalents.
Inventory +4.4% Y/Y.
0.5% Y/Y share count dilution.
e. Valuation
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