Tesla’s Q1 2026 earnings beat looks impressive on the surface — 21.1% gross margin, 136% operating income growth, $0.41 non-GAAP EPS. But dig into the shareholders’ letter and a pattern emerges: Tesla pulled every accounting and financial lever available to make a stagnant quarter look like a turnaround. One-time warranty reserve releases, tariff refund windfalls, stretched supplier payments, and