Tesla, Inc.

Cash-flow signal (nine months ended September 2026): Tesla reported $14,897M of operating cash flow, including a $7,332M positive movement in accounts payable, accrued and other liabilities (49.2% of reported OCF), compared with $2,979M in the first nine months of 2025. Excluding the 2026 movement mechanically leaves $7,565M; this is an illustrative sensitivity, not a Tesla-reported adjusted OCF measure. Balance-sheet signal (Q3 year on year): Accounts payable stood at $17,239M, versus $12,819M in Q3 2025, up 34.5%, while three-month cost of goods sold declined from $23,041M to $22,552M (down 2.1%). These are different measures, and the divergence alone does not establish extended payment terms. Accrued-purchases signal (Note 6): Purchases accrued for goods and services received but not yet invoiced reached $4,369M at 30 September 2026 from $2,417M at 31 December 2025, up $1,952M or 80.8%. Tesla explains that, when invoices are received, these accruals decrease and accounts payable increases. This is a normal accounting mechanism and means the balances represent stages in the procurement-to-payment cycle, not necessarily independent exposures. The $4,369M balance must not be added to the $7,332M cash-flow movement. Likewise, the $7,332M cash-flow line includes liabilities beyond trade payables and cannot be attributed to supplier financing without further disclosure. Taken together, the disclosures identify the need for a detailed reconciliation of procurement timing, invoicing, accrued liabilities and cash payments as capital expenditure accelerates. They do not, by themselves, establish improper accounting, misstated operating cash flow or undisclosed supplier financing.

Sources: Tesla Q3 2026 Form 10-Q, consolidated cash-flow statement, balance sheet and Note 6 (Accrued Liabilities and Other); Q3 2025 comparative results for accounts payable and COGS. The chart divides the $14.897B of reported nine-month operating cash flow into the $7.332B positive liability movement and the $7.565B residual. It illustrates the contribution; the residual is not a Tesla-reported adjusted cash-flow measure.

Nine-month stock-based compensation was $3,346M versus $1,871M in the comparable 2025 period. That represents 22.5% of $14,897M nine-month operating cash flow, but is a noncash expense added back in the operating cash flow reconciliation. The separate CEO performance award and routine grants require a transparent expense bridge; an increase in SBC does not by itself prove weak cash collection. Q3 operating income of $718M compared with $1,624M a year earlier, as research and development reached $2,761M, up 69.4%. Q3 interest income of $445M was 46.5% of $956M pretax income. These are earnings-composition questions, not evidence of improper accounting.

Source: Tesla Q3 2026 Form 10-Q and the Q3 earnings-call transcript; interpretations and gaps are separated from management's disclosures.

Energy generation and storage revenue was $2,881M in the quarter. The CFO said energy gross margin increased to 33.1% from 20.4% sequentially, primarily because of tariff refunds recognised in the period and warranty true-downs arising from reimbursements agreed with a cell supplier. Those explanations are important and disclosed, but the magnitude of each adjustment is not given in the supplied call. As a result, the underlying repeatable gross margin cannot be calculated from the disclosed explanation alone. Automotive gross margin excluding regulatory credits was 18.1% for Q3, consistent with management's disclosed figure.

Source: Tesla Q3 2026 Form 10-Q and the Q3 earnings-call transcript; interpretations and gaps are separated from management's disclosures.