Tesla released its 2026 first-quarter financial earnings today, providing another look at the progress of Elon Musk’s $1 trillion bet to transform his company into a leader of AI and robotics.

Tesla's stock has underperformed all of its megacap peers so far this year as global competition ramps up in the electric vehicle market.

Four years ago, in the first quarter of 2022, Tesla reported profit of more than $3 billion. The trend since then has been downward, reflecting the decision by Elon Musk, Tesla’s chief executive, to devote resources to self-driving taxis and humanoid robots that have yet to bring in much revenue.

Revenue increased by 16 percent year over year to $22.4 billion. Automotive revenue grew by the same percentage to $16.2 billion, and Tesla saw a 42 percent increase in services (like Supercharger fees) and other revenue. But its energy storage business shrank in Q1, and revenues from this division fell by 12 percent to $2.4 billion.

Tesla released its Q1 2026 financial results after market close. Wall Street expected $22.3 billion in revenue and $0.37 EPS.

Tesla's profits were up from this time last year. But the company warned investors to prepare for expensive investments in next-generation technology like humanoid robots and AI.

Live Updates Elon Musk Answers How Tesla, SpaceX, and Intel Will Coordinate on Terafab on Tonight's Conference Call 7 minutes ago Elong Musk just gave more details on how Terafab is going to be funded and the involvement of Intel in the project: William Finkelstein Stein Truist Securities,

April 22 (Reuters) - Tesla's plans to use Intel's advanced 14A manufacturing process to make chips at its Terafab project, CEO Elon Musk said on Wednesday, making the company Intel's first major customer for the technology.