Tesla, Inc. — 2026Q4 财报
公布于 2026-10-21
财务桑基图
金额按报表列示；连带宽度在各节点内按比例缩放。负自由现金流表示资金缺口。
Segment capital expenditure breakdown is not disclosed in the parsed statements.
查看数据与来源
| 项目 | 金额 |
|---|---|
| 营业收入 | 280.46 |
| 营业利润 | 7.18 |
| 净利润 | 8.04 |
| 经营现金流 | 62.63 |
| 资本开支 | 47.32 |
| 自由现金流 | 15.31 |
| Automotive | 205.60 |
| Energy generation & storage | 28.81 |
| Services & other | 46.05 |
| Cost of revenue | 225.52 |
| Research & development | 27.61 |
| Selling & administration | 20.15 |
| Interest income | 4.45 |
| Interest expense | -0.90 |
| Other income / expense | -1.17 |
| Income tax benefit / expense | -1.52 |
| Depreciation, amortisation & impairment | 18.52 |
| Share-based compensation | 11.65 |
| Other adjustments | -1.48 |
| Working capital changes | 25.90 |
Amounts are read from the labelled quarter columns in the filing’s embedded slide text; cash flows are already quarter-only.
Net income is consolidated GAAP net income, before attribution to noncontrolling interests; it is not adjusted earnings or income attributable to common stockholders.
来源
8-K 文件 ↗综述
Tesla's cash generation recovered while operating profit remained under pressure from research spending, compensation and lower regulatory-credit revenue. Strong energy-storage demand supports expansion, but future AI, fleet and robotics projects must still convert into durable profit. The call added two qualifications: energy margins benefited from tariff and warranty adjustments, and Optimus production still faces design work. Cash conversion, sustainable margins and deployment discipline provide useful checks on the longer-term ambitions.
财报电话会
财报电话会网络直播 ↗点评
引文为原始文件中的英文原话，未作翻译；其下一行是 TradingPilot 对它的解读。
来自财报
Positive free cash flow improves near-term funding flexibility. Research spending, compensation costs and lower regulatory credits still weigh on operating profit, while future software and fleet profits remain an execution test.
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“positive free cash flow of $1.5B”
Positive free cash flow strengthened the cash position and near-term funding flexibility. It does not establish that the entire multi-year investment program can be financed without external capital.
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“increase in operating expenses driven by SI and other R&D projects, SBC (including 2025 CEO Performance Award) and SG&A”
Research projects and share-based compensation are among the stated pressures on operating income. Adjusted earnings should be assessed alongside these cost commitments.
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“Demand for our Energy Storage business remained strong in the quarter, with our highest- ever order rate and backlog.”
Record energy-storage orders and backlog support expansion. That demand still needs to translate into shipments and sustainable margins.
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“over time, we expect our hardware-related profits to be accompanied by an acceleration of SI, software and fleet-based profits.”
The outlook anticipates software and fleet profits supplementing hardware earnings over time. Those future profit streams should be treated as a business objective rather than established segment economics.
来源 ↗
来自电话会
Management emphasized funding investment from operations, while acknowledging temporary benefits to energy margins and unresolved design work in Optimus. Those caveats matter when judging durability and timing.
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“tariff refunds”
The CFO attributed part of the energy margin improvement to tariff refunds and warranty adjustments. The latest margin therefore needs a check for benefits that may not recur.
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“fund it primarily from our cash flows from operations”
The CFO said planned investment would primarily use operating cash flow. Sustaining cash conversion remains central to that funding approach.
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“parts of the design that are changing”
Musk cautioned that Optimus still has changing design requirements. Production ambitions remain execution targets rather than evidence of a completed manufacturing ramp.
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截至 2026-10-22