The company designs, manufactures, and sells fully electric vehicles and related products, and also produces energy generation and storage systems. It operates through two segments: automotive, which includes vehicle sales and leasing, used vehicle sales, paid charging, regulatory credit sales, and financial and insurance services; and energy generation and storage, which includes sales, leasing, and financing of battery storage and solar products. Customers include individual consumers who purchase or lease vehicles and energy products, as well as commercial, industrial, and utility customers for energy storage and generation systems.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 94,827 | 97,690 | 96,773 | 3 |
| · Automotive sales | 65,821 | 72,480 | 78,509 | |
| · Services and other | 12,530 | 10,534 | 8,319 | |
| · Energy generation and storage sales | 12,270 | 9,564 | 5,515 | |
| · Automotive regulatory credits | 1,993 | 2,763 | 1,790 | |
| · Automotive leasing | 1,712 | 1,827 | 2,120 | |
| · Energy generation and storage leasing | 501 | 522 | 520 | |
| Cost of revenue | 77,733 | 80,240 | 79,113 | |
| Gross profit | 17,094 | 17,450 | 17,660 | |
| Research and development | 6,411 | 4,540 | 3,969 | 1 |
| Selling, general and administrative | 5,834 | 5,150 | 4,800 | |
| Total operating expenses | 12,739 | 10,374 | 8,769 | |
| Operating income | 4,355 | 7,076 | 8,891 | |
| Interest expense | — | — | 156 | |
| Other income (expense), net | (419) | 695 | 172 | |
| Income before income taxes | 5,278 | 8,990 | 9,973 | 1 |
| Income tax provision | 1,423 | 1,837 | (5,001) | 2 |
| — of which current | 1,300 | 1,360 | 1,348 | 1 |
| Net income incl. noncontrolling interests | 3,855 | 7,153 | 14,974 | |
| Less: noncontrolling interests | 61 | 62 | (23) | |
| Net income attributable to common | 3,794 | 7,130 | 14,999 | 3 |
| Diluted earnings per share | $1.08 | $2.04 | $4.30 | |
| Weighted-average diluted shares | 3,528 | 3,498 | 3,485 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 3,855 | 7,153 | 14,974 | |
| Share-based compensation | 2,825 | 1,999 | 1,812 | |
| Deferred income taxes | 123 | 477 | (6,349) | |
| Change in receivables | 261 | 1,083 | 586 | |
| Change in inventories | 630 | (937) | 1,195 | |
| Change in payables | 4,376 | 3,588 | 2,605 | |
| Net cash provided by operating activities | 14,747 | 14,923 | 13,256 | 4 |
| Capital expenditure | 8,527 | 11,342 | 8,899 | 2 |
| Acquisitions, net of cash | 0 | 0 | 64 | |
| Net cash used in investing activities | (15,478) | (18,787) | (15,584) | |
| Debt issued | 5,586 | 5,744 | 3,931 | |
| Debt repaid | — | — | 1,351 | |
| Net cash used in financing activities | 1,139 | 3,853 | 2,589 | |
| Cash and equivalents at end of period | 17,616 | 17,037 | 17,189 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 16,513 | 16,139 | 1 |
| Short-term investments | 27,546 | 20,424 | 1 |
| Receivables, net | 4,576 | 4,418 | 1 |
| Inventories | 12,392 | 12,017 | 1 |
| Total current assets | 68,642 | 58,360 | |
| Property, plant and equipment, net | — | 35,836 | |
| Goodwill | 257 | 244 | 1 |
| Intangible assets, net | 124 | 150 | |
| Total assets | 137,806 | 122,070 | 1 |
| Accounts payable | 13,371 | 12,474 | |
| Current debt | 1,569 | 2,343 | |
| Total current liabilities | 31,714 | 28,821 | |
| Long-term debt | 6,584 | 5,535 | |
| Total liabilities | 54,941 | 48,390 | |
| Redeemable interests (temporary equity) | 58 | 63 | |
| Stockholders' equity | 82,137 | 72,913 | |
| Noncontrolling interests | 670 | 704 | |
| Total equity | 82,807 | 73,617 |
| Segments · as filed in the segment note · $ millions | Automotive | Energy generation and storage | Consolidated |
|---|---|---|---|
| Net sales | 82,056 | 12,771 | 94,827 |
| Cost of sales | 68,764 | 8,969 | 77,733 |
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Automotive sales | 65,821 | 69.4% |
| Services and other | 12,530 | 13.2% |
| Energy generation and storage sales | 12,270 | 12.9% |
| Automotive regulatory credits | 1,993 | 2.1% |
| Automotive leasing | 1,712 | 1.8% |
| Energy generation and storage leasing | 501 | 0.5% |
| Total revenues, as filed | 94,827 | 100.0% |
Product lines sum to the filed total.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 47,627 | 50.2% |
| Other international | 26,238 | 27.7% |
| China | 20,962 | 22.1% |
| Total revenues, as filed | 94,827 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 137,806 | 122,070 | +15,736 | +12.9% | — |
| Total current assets · BS | 68,642 | 58,360 | +10,282 | +17.6% | — |
| Stockholders' equity · BS | 82,137 | 72,913 | +9,224 | +12.7% | — |
| Total equity · BS | 82,807 | 73,617 | +9,190 | +12.5% | — |
| Short-term investments · BS | 27,546 | 20,424 | +7,122 | +34.9% | — |
| · Automotive sales · IS | 65,821 | 72,480 | −6,659 | -9.2% | — |
| Total liabilities · BS | 54,941 | 48,390 | +6,551 | +13.5% | — |
| Income before income taxes · IS | 5,278 | 8,990 | −3,712 | -41.3% | — |
| Net income attributable to common · IS | 3,794 | 7,130 | −3,336 | -46.8% | — |
| Net cash used in investing activities · CF | (15,478) | (18,787) | +3,309 | +17.6% | — |
| Net income incl. noncontrolling interests · IS | 3,855 | 7,153 | −3,298 | -46.1% | — |
| Net income incl. noncontrolling interests · CF | 3,855 | 7,153 | −3,298 | -46.1% | — |
| Total current liabilities · BS | 31,714 | 28,821 | +2,893 | +10.0% | — |
| Total revenues · IS | 94,827 | 97,690 | −2,863 | -2.9% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 4.9% sector median 19.8% | weak |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +16.6% sector median -2.5% | diluting |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.10 sector median 0.26 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 5.6% sector median 11.7% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 19,335 | 22,496 | 28,095 | 22,387 | 28,236 |
| Cost of revenue | 16,182 | 18,618 | 23,041 | 17,667 | 23,485 |
| Gross profit | 3,153 | 3,878 | 5,054 | 4,720 | 4,751 |
| Research and development | 1,409 | 1,589 | 1,630 | 1,946 | 2,371 |
| Selling, general and administrative | 1,251 | 1,366 | 1,562 | 1,833 | 1,982 |
| Total operating expenses | 2,754 | 2,955 | 3,430 | 3,779 | 4,353 |
| Operating income | 399 | 923 | 1,624 | 941 | 398 |
| Interest expense | 91 | 86 | 76 | 92 | 81 |
| Other income (expense), net | (119) | 320 | (28) | (535) | 590 |
| Income before income taxes | 589 | 1,549 | 1,959 | 748 | 1,329 |
| Income tax provision | 169 | 359 | 570 | 257 | 201 |
| Net income incl. noncontrolling interests | 420 | 1,190 | 1,389 | 491 | 1,128 |
| Less: noncontrolling interests | 11 | 18 | 16 | 14 | 14 |
| Net income attributable to common | 409 | 1,172 | 1,373 | — | 1,116 |
| Diluted earnings per share | $0.12 | $0.33 | $0.39 | $0.13 | $0.32 |
| Weighted-average diluted shares | 3,521 | 3,519 | 3,526 | 3,538 | 3,540 |
| Net cash provided by operating activities | 2,156 | — | — | 3,937 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 22,387 | 28,236 | +5,849 | +26.1% |
| Cost of revenue | 17,667 | 23,485 | +5,818 | +32.9% |
| Net cash provided by operating activities | 2,156 | 3,937 | +1,781 | +82.6% |
| Other income (expense), net | (535) | 590 | +1,125 | +210.3% |
| Net income incl. noncontrolling interests | 491 | 1,128 | +637 | +129.7% |
| Income before income taxes | 748 | 1,329 | +581 | +77.7% |
| Total operating expenses | 3,779 | 4,353 | +574 | +15.2% |
| Operating income | 941 | 398 | −543 | -57.7% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $892,930M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 2 filings · 0 buys / 1 sells | net selling · −$938,419 |
| · Taneja Vaibhav | SELL $938,419 | Form 4 filed 2026-09-09 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Vaibhav Taneja, Chief Financial Officer | November 17, 2025 · 84,000 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Kathleen Wilson-Thompson, one of our directors | November 26, 2025 · 120,948 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Tesla, Inc.'s Form 10-K for FY2025 (accession 0001628280-26-003952), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. TSLA is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.