US Earnings Financial Results SEC Filings — January 28, 2026

Energy storage revenue +55% YoY to $12B (QoQ +18%), margins expanded 400 bps to 28%, guidance for 2026 deployments doubled to 100 GWh

Vehicle deliveries +22% YoY to 2M units, FSD adoption +40% YoY, $12B buyback authorized (up from $6B prior year)

Aviation orders backlog +12% YoY to $100B, segment revenue +18% YoY, CEO purchased $5M shares post-earnings

Operating margins +180 bps YoY to 12.5% (vs sector avg +50 bps), dividend increased 5% to $0.84/share, ROE +300 bps to 28%

Program backlog +7% YoY to $165B (QoQ +3%), F-35 deliveries +15% YoY to 160 units, 3 directors bought $15M shares

Free cash flow +10% YoY to $7.2B, dividend hiked 3% to $3.30/share (52-year streak), debt-to-equity down 0.2x to 1.8x

Regulatory credits revenue -25% YoY to $1.8B (QoQ -12%), auto gross margins -150 bps YoY to 17.5% amid price cuts

Power segment revenue -5% YoY (gas turbine delays), margins compressed 100 bps QoQ, supply chain costs +8% YoY

R&D expenses +12% YoY to $1.9B (classified programs), ROIC dipped 50 bps QoQ to 18.5%

Revenue growth +20% YoY outperforms auto sector avg +9%, but capex +30% YoY to $12B signals heavy reinvestment risk

Backlog growth +12% YoY (GE) outpaces LMT +7%, both with ROE >25% vs industrial avg 15%

China EV imports pressured auto volumes -8% QoQ in Q4, margins -150 bps YoY for 3rd straight period

Elon Musk sold $1.2B shares (10-B filing), holdings down 5% YoY to 13%, amid FSD regulatory delays

Turbine delivery delays pushed $2B revenue to 2026, inventory +15% YoY to $18B

Power margins -100 bps QoQ (3rd consecutive), cost inflation +9% YoY outpacing pricing

F-35 sustainment costs +20% YoY to $1.5B, TRR delays risk $500M penalties in H1 2026

Debt-to-equity stable at 1.8x but interest expense +10% YoY to $1.1B amid rate hikes

Capex surged 30% YoY to $12B (45% of rev), Cybertruck ramp risks further overruns

Airbus JV disputes noted, potential $300M exposure in 2026 per contingencies

Optimus/FSD guidance for Q2 2026 pilot (1M robotaxi miles), trading at 45x fwd P/E vs sector 30x

Storage attach rate +300 bps YoY to 25%, 2026 forecast 100 GWh (+100% YoY), undervalued at 10% of mkt cap

Engine shop visits +25% YoY, backlog supports 15% rev CAGR thru 2028, P/E 18x vs hist 22x

$8B buyback remaining (10% mkt cap), dividend yield 2.2% + growth, ROE 28% top quartile

$165B backlog yields 2.3x rev visibility, classified growth +15% YoY, dividend aristocrat

Director buys signal conviction pre-Q1 ramp, FCFF yield 4.5% vs peers 3%

Energy margins 28% >> auto 17.5%, spin-off potential unlocks $50B value by 2027

GE backlog-to-rev 1.25x >> TSLA 0.2x, lower vol for income portfolios

GE/LMT backlogs +12%/7% YoY (avg $132B), providing 2x rev visibility vs industrial avg 1.2x; implies resilient 2026 growth amid geo-tensions

Tesla energy +400 bps expansion offsets auto -150 bps (net flat), GE +180 bps aviation-led, LMT stable 13%; selective rotation to high-margin segments

All 3 boosted returns (GE/LMT div +5%/3%, TSLA buyback x2), avg yield 2.1% + buybacks 4% of mkt cap; favors income strategies over growth

Tesla +30% YoY (10% rev), GE/LMT +5-8% (sub-5% rev); signals EV innovation vs steady defense execution, watch for ROIC dilution

Tesla net selling ($1.2B), GE CEO buy $5M, LMT directors $15M; pattern flags mgmt caution in volatile EV vs industrials

Q4 guidance details on Cybertruck ramp/Optimus, Feb 5 2026; watch FSD regulatory updates post-medium risk filing

Monitor Elon 10b-5 sales post-$1.2B dump, next 45-day window Feb-Mar 2026 for conviction shift

Aviation backlog conversion, turbine delay resolution, Mar 15 2026; flag power margin guidance vs -100 bps QoQ trend

Dividend policy vote, record date Feb 28 2026; watch buyback acceleration amid $8B authorization

TRR milestone risks $500M penalties, Pentagon update Q2 2026; backlog supports but delays erode margins

Director buying pattern, monitor Form 4s thru Feb 2026 for further accumulation

Q2 2026 pilot launch per guidance, pre-earnings catalyst Apr 2026; alpha if volumes beat 1M miles