Research Report
The three core conclusions of this research are that Tesla's revenue reaccelerated to $92.31B on +15.8% year-over-year growth yet operating leverage remains thin, that free cash flow has nearly evaporated to $18.0M even as operating cash flow reached $8.85B, and that the company's strategic identity has shifted unmistakably toward AI — FSD, Robotaxi, and Optimus — while the core automotive business still supplies virtually all of the cash that funds that bet.
Source Map
Every figure in this research traces to the sources below.
Claim → filing traceability (12 figures)
Every headline figure traces to its SEC source — derivation, fiscal period, accession number, and a direct link to the filing on EDGAR.
| Metric | Value | Derivation | Period | Accession | Source |
|---|---|---|---|---|---|
| Revenue | $92.31B | cf.RevenueFromContractWithCustomerExcludingAssessedTax | 2026-03-31 | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Net income | $3.43B | cf.NetIncomeLoss | 2026-03-31 | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| EPS | $0.13 | cf.EarningsPerShareDiluted | 2026-03-31 | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Gross margin | 18.2% | gross_profit/revenue | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Operating margin | 4.2% | op_income/revenue | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Net margin | 3.7% | net_income/revenue | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Revenue growth (YoY) | +15.8% YoY | cf.revenue timeseries | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| P/E | 424.2x | market_cap/net_income_ttm | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| P/S | 15.8x | market_cap/revenue_ttm | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| EV/EBITDA | 162.3x | ev/ebitda | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Net debt | Net cash $14.63B | liabilities-cash | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
| Current ratio | 2.04 | assets_cur/liab_cur | TTM | 0001628280-26-026673 | 10-Q · 2026-04-23 ↗ |
TTM = trailing twelve months (last four quarters). Each accession links to the source filing on SEC EDGAR.