# Tesla posted GAAP profits of $491 million in Q1.

*fintech · news · 2026-04-23 · Fortune*

## Key points

- Tesla's core business generated only $21 million in profits in Q1 2024.
- Almost all Q1 2024 profits came from carbon credits and Bitcoin sales, not core operations.
- Tesla plans to spend over $25 billion in CapEx in 2026, triple Q1's run rate.
- Tesla anticipates negative free cash flow for the rest of 2024 due to higher CapEx.
- The 'Musk Magic Premium' now accounts for 98% of Tesla's $1.4 trillion market cap.

**Companies:** Tesla
**Countries:** United States

[Read the full story on Fortune](https://fortune.com/2026/04/23/tesla-stock-price-earnings-call-outlook/)

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