TSLA · 10-Q · 2026Q1 · Full report

Operating Cash Flow Trends

Tesla, Inc. · 2026-04-23 · Importance 69 · Surprise 64 · In source text

Net cash provided by operating activities was $3,937 million in Q1 2026 versus $2,156 million in Q1 2025, an increase of $1,781 million. The increase in operating cash flow was primarily due to favorable changes in net operating assets and liabilities of $929 million and an increase in net income excluding non-cash items of $852 million. Management states the business generally generates cash flows in excess of capital spend, aided by working capital improvements (shorter DSO than DPO) and sales growth.

Key facts

• Net cash provided by operating activities was $3,937 million for the three months ended March 31, 2026, compared to $2,156 million for the same period in 2025, an increase of $1,781 million. source
• Net cash provided by operating activities increased primarily due to favorable changes in net operating assets and liabilities of $929 million and an increase in net income excluding non-cash expenses, gains and losses of $852 million. source
• Tesla stated its business has generally generated cash flow from operations in excess of its level of capital spend with shorter days sales outstanding than days payable outstanding. source

Impact estimates