TSLA · 10-Q · 2026Q1 · Full report
Capital Expenditures and Guidance
Tesla, Inc. · 2026-04-23 · Importance 90 · Surprise 100 · In source text
Capital expenditures were $2.49 billion in Q1 2026 compared to $1.49 billion in Q1 2025, an increase of $1.00 billion, driven mainly by global AI and operational infrastructure and factory expansion. Management currently expects capital expenditures to be in excess of $25 billion for full-year 2026, driven by AI initiatives (compute infrastructure and data centers), manufacturing and R&D line expansion, and growth of company-operated AI-enabled assets and retail/service/charging footprint. The company notes that capital spending is project-driven and may be adjusted if near-term manufacturing operations scale differently than expected.
Key facts
- Capital expenditures were $2,490 million for the three months ended March 31, 2026 and $1,490 million for the three months ended March 31, 2025, an increase of $1,000 million. source
- Tesla currently expects its capital expenditures to be in excess of $25 billion in 2026, driven by AI initiatives, compute infrastructure and data centers, expansion and ramp of manufacturing and R&D lines, and growth in company-operated AI-enabled assets and retail, service and charging footprint. source
- Net cash used in investing activities was $(5,023) million for the three months ended March 31, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -0.7% | Capital expenditures were $2,490 million for the three months ended March 31, 2026 and $1,490 million for the three months ended March 31,… |
| assets | positive | realized | +0.7% | Capital expenditures were $2,490 million for the three months ended March 31, 2026 and $1,490 million for the three months ended March 31,… |
| cash | negative | committed | — | Tesla currently expects its capital expenditures to be in excess of $25 billion in 2026, driven by AI initiatives, compute infrastructure… |
| assets | positive | committed | — | Tesla currently expects its capital expenditures to be in excess of $25 billion in 2026, driven by AI initiatives, compute infrastructure… |
| cash | negative | realized | — | Net cash used in investing activities was $(5,023) million for the three months ended March 31, 2026. |