Tesla, Inc. (TSLA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.54	$0.33	-38.9%	—	$28.2B	—
Q1 26	$0.35	$0.41	+17.1%	—	$22.4B	—
Q4 25	$0.45	$0.5	+11.1%	—	$24.9B	—
Q3 25	$0.56	$0.5	-10.7%	—	$28.1B	—
Q2 25	$0.4	$0.4	0.0%	—	—	—
Q1 25	$0.41	$0.27	-34.1%	—	—	—
Q4 24	$0.77	$0.73	-5.2%	—	—	—
Q3 24	$0.6	$0.72	+20.0%	—	—	—
Q2 24	$0.62	$0.52	-16.1%	—	—	—
Q1 24	$0.49	$0.45	-8.2%	—	—	—
Q4 23	$0.74	$0.71	-4.1%	—	—	—
Q3 23	$0.72	$0.66	-8.3%	—	$23.4B	—
Q2 23	$0.82	$0.91	+11.0%	—	$24.9B	—
Q1 23	$0.85	$0.85	0.0%	—	$23.3B	—
Q4 22	$1.13	$1.19	+5.3%	—	$24.3B	—
Q3 22	$0.99	$1.05	+6.1%	—	$21.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.18	—	—	$94.8B	—
FY24	—	$2.23	—	—	$97.7B	—
FY23	—	$4.73	—	—	$96.8B	—
FY22	—	$4.02	—	—	$81.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7B	$11.8B	$21.5B	$24.6B	$31.5B	$53.8B	$81.5B	$96.8B	$97.7B	$94.8B
YoY change	+73%	+68%	+82.5%	+14.5%	+28.3%	+70.7%	+51.4%	+18.8%	+0.95%	-2.93%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7B	11.8B	21.5B	24.6B	31.5B	53.8B	81.5B	96.8B	97.7B	94.8B
Cost of revenue	5.4B	9.5B	17.4B	20.5B	24.9B	40.2B	60.6B	79.1B	80.2B	77.7B
Gross profit	1.6B	2.2B	4B	4.1B	6.6B	13.6B	20.9B	17.7B	17.4B	17.1B
Gross margin	22.8%	18.9%	18.8%	16.6%	21%	25.3%	25.6%	18.2%	17.9%	18%
Research & development	834.4M	1.4B	1.5B	1.3B	1.5B	2.6B	3.1B	4B	4.5B	6.4B
Selling, general & administrative	1.4B	2.5B	2.8B	2.6B	3.1B	4.5B	3.9B	4.8B	5.2B	5.8B
Operating expenses	2.3B	3.9B	4.3B	4B	4.6B	7.1B	7B	8.8B	9.7B	12.2B
Operating income	-667.3M	-1.6B	-253M	80M	2B	6.5B	13.8B	8.9B	7.8B	4.8B
Operating margin	-9.53%	-13.9%	-1.18%	0.33%	6.32%	12.1%	17%	9.19%	7.94%	5.11%
Non-operating income, net	111.3M	-125M	-113M	-104M	-122M	162M	-219M	172M	11M	-913M
Pretax income	-746.3M	-2.2B	-1B	-665M	1.2B	6.3B	13.7B	10B	9B	5.3B
Income tax	26.7M	32M	58M	110M	292M	699M	1.1B	-5B	1.8B	1.4B
Net income	-773M	-2.2B	-1.1B	-775M	862M	5.6B	12.6B	15B	7.2B	3.9B
Net margin	-11%	-19.1%	-4.95%	-3.15%	2.73%	10.5%	15.5%	15.5%	7.32%	4.07%
EBITDA	399.6M	-102M	1.7B	2.3B	4.2B	9.6B	17.8B	14.8B	15.4B	12.3B
EPS	-0.31	-0.79	-0.38	-0.33	0.25	1.87	4.02	4.73	2.23	1.18
Diluted EPS	-0.31	-0.79	-0.38	-0.33	0.21	1.63	3.62	4.31	2.04	1.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	23.4B	—	—	—	—	—	—	—	28.1B	24.9B	22.4B	28.2B
Cost of revenue	19.2B	—	—	—	—	—	—	—	23B	19.9B	17.7B	23.5B
Gross profit	4.2B	—	—	—	—	—	—	—	5.1B	5B	4.7B	4.8B
Gross margin	17.9%	—	—	—	—	—	—	—	18%	20.1%	21.1%	16.8%
Research & development	1.2B	—	—	—	—	—	—	—	1.6B	1.8B	1.9B	2.4B
Selling, general & administrative	1.3B	—	—	—	—	—	—	—	1.6B	1.7B	1.8B	2B
Operating expenses	2.4B	—	—	—	—	—	—	—	3.2B	3.4B	3.8B	4.4B
Operating income	1.8B	—	—	—	—	—	—	—	1.9B	1.6B	941M	398M
Operating margin	7.55%	—	—	—	—	—	—	—	6.63%	6.31%	4.2%	1.41%
Non-operating income, net	37M	—	—	—	—	—	—	—	-266M	-754M	-535M	590M
Pretax income	2B	—	—	—	—	—	—	—	2B	1.2B	748M	1.3B
Income tax	167M	—	—	—	—	—	—	—	570M	325M	257M	201M
Net income	1.9B	—	—	—	—	—	—	—	1.4B	856M	491M	1.1B
Net margin	8.04%	—	—	—	—	—	—	—	4.94%	3.44%	2.19%	3.99%
EBITDA	3.3B	—	—	—	—	—	—	—	3.9B	3.1B	2.4B	3B
EPS	0.58	2.49	0.37	0.46	0.68	0.72	0.13	0.36	0.43	0.26	0.15	0.34
Diluted EPS	0.53	2.27	0.34	0.42	0.62	0.66	0.12	0.33	0.39	0.24	0.13	0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	56.8B	74B	677.4B	1T	385.6B	788.6B	1.3T	1.5T	1.5T
Enterprise value	—	—	66.9B	82.4B	671.3B	1T	369.1B	769B	1.3T	1.4T	1.5T
Shares outstanding	2.2B	2.5B	2.6B	2.7B	2.9B	3B	3.1B	3.2B	3.2B	3.2B	3.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	785.9	184.7	30.6	52.7	181.6	376.2	354.4
P/S	—	—	2.64	3.01	21.5	19.4	4.73	8.15	13.3	15.3	14.6
P/B	—	—	8.99	9.13	28.6	33	8.4	12.4	17.6	17.5	17.4
EV/EBITDA	—	—	39.5	35.5	158.9	107.7	20.7	52	82.9	115.9	136.3
EV/Sales	—	—	3.12	3.35	21.3	19.2	4.53	7.95	13.1	15	14.1
Earnings yield	—	—	—	—	0.13%	0.54%	3.26%	1.9%	0.55%	0.27%	0.28%
FCF yield	—	—	-0.39%	1.31%	0.4%	0.33%	1.96%	0.55%	0.28%	0.43%	0.32%
PEG	—	—	—	—	—	—	—	—	—	—	-63.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.8%	18.9%	18.8%	16.6%	21%	25.3%	25.6%	18.2%	17.9%	18%	16.8%
Operating margin	-9.53%	-13.9%	-1.18%	0.33%	6.32%	12.1%	17%	9.19%	7.94%	5.11%	1.41%
Net margin	-11%	-19.1%	-4.95%	-3.15%	2.73%	10.5%	15.5%	15.5%	7.32%	4.07%	3.67%
ROE	-13.1%	-39.8%	-16.8%	-9.56%	3.64%	17.9%	27.4%	23.5%	9.71%	4.65%	4.67%
ROA	-3.41%	-7.82%	-3.57%	-2.26%	1.65%	9.08%	15.3%	14%	5.86%	2.8%	1.93%
ROIC	-6.01%	-11.3%	-1.54%	0.49%	8.48%	25.4%	43.1%	20.2%	12.2%	6.62%	5.88%
Return on tangible assets	-3.53%	-8.06%	-3.66%	-2.33%	1.69%	9.62%	15.5%	14.2%	6%	2.86%	2.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	0.86	0.83	1.13	1.88	1.38	1.53	1.73	2.02	2.16	1.94
Quick ratio	0.72	0.56	0.52	0.8	1.59	1.08	1.05	1.25	1.61	1.77	1.55
Debt / equity	1.45	2.15	2.19	1.8	0.56	0.28	0.13	0.15	0.18	0.18	0.18
Debt / assets	0.38	0.42	0.46	0.43	0.25	0.14	0.07	0.09	0.11	0.11	0.11
Net debt / EBITDA	13	-85.9	5.99	3.59	-1.45	-0.92	-0.92	-1.32	-1.49	-2.39	-2.21
Interest coverage	-2.75	-3.69	-0.52	0.03	2.54	18.1	72.8	64.9	26.7	16.6	16.6
Effective tax rate	0%	0%	0%	0%	25.3%	11%	8.25%	0%	20.4%	27%	25.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.24	4.73	8.39	9.26	10.9	18.2	26	30.5	30.4	29.4	32.1
EPS (basic)	-0.31	-0.79	-0.38	-0.33	0.25	1.87	4.02	4.73	2.23	1.18	1.18
EPS (diluted)	-0.31	-0.79	-0.38	-0.33	0.21	1.63	3.62	4.31	2.04	1.08	1.08
Book value per share	2.73	2.27	2.47	3.05	8.22	10.7	14.7	20	22.9	25.7	22
FCF per share	-0.72	-1.67	-0.09	0.36	0.94	1.18	2.41	1.37	1.11	1.93	1.63
Cash per share	1.57	1.35	1.44	2.36	6.73	5.98	7.09	9.17	11.4	13.7	11
Capex per share	0.67	1.64	0.91	0.54	1.12	2.2	2.29	2.8	3.53	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	20.6%	34.7%	10.8%	5.83%	10.2%	12.1%	8.79%	9.2%	11.6%	—	—
Capex / operating cash flow	-143.7%	-611.8%	1.7K%	75.3%	85.6%	48.4%	35.9%	57.1%	61.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$23.4B	—	—	—	—	—	—	—	$28.1B	$24.9B	$22.4B	$28.2B
YoY change	+8.84%	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.4B	3.4B	3.7B	6.3B	19.4B	17.7B	22.2B	29.1B	36.6B	44.1B
Receivables	499.1M	515.4M	949M	1.3B	1.9B	1.9B	3B	3.5B	4.4B	4.6B
Inventory	2.1B	2.3B	3.1B	3.6B	4.1B	5.8B	12.8B	13.6B	12B	12.4B
Total current assets	6.3B	6.6B	8.3B	12.1B	26.7B	27.1B	40.9B	49.6B	58.4B	68.6B
Property, plant & equipment	15B	20.5B	19.7B	20.2B	23.4B	31.2B	36.6B	45.1B	51.5B	56.2B
Goodwill & intangibles	752.3M	843.5M	700M	1.1B	1B	3.4B	1.2B	1.2B	2.9B	2.8B
Total assets	22.7B	28.7B	29.7B	34.3B	52.2B	62.1B	82.3B	106.6B	122.1B	137.8B
Accounts payable	1.9B	2.4B	3.4B	3.8B	6.1B	10B	15.3B	14.4B	12.5B	13.4B
Short-term debt	1.2B	978.8M	2.7B	2B	2.4B	2B	2B	3B	3.3B	2.6B
Total current liabilities	5.8B	7.7B	10B	10.7B	14.2B	19.7B	26.7B	28.7B	28.8B	31.7B
Long-term debt	7.4B	11.2B	11.1B	12.6B	10.9B	6.9B	3.8B	6.5B	10.4B	12.1B
Total liabilities	16.8B	23B	23.4B	26.2B	28.5B	30.5B	36.4B	43B	48.4B	54.9B
Shareholders' equity	5.9B	5.6B	6.3B	8.1B	23.7B	31.6B	45.9B	63.6B	73.7B	82.9B
Total debt	8.6B	12.1B	13.8B	14.6B	13.3B	8.9B	5.7B	9.6B	13.6B	14.7B
Net debt	5.2B	8.8B	10.1B	8.3B	-6.1B	-8.7B	-10.5B	-6.8B	-2.5B	-1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	26.1B	495M	418M	408M	4.3B	1.8B	1.5B	963M	41.6B	44.1B	44.7B	43.5B
Receivables	2.5B	—	—	—	—	—	—	—	4.7B	4.6B	4B	4.1B
Inventory	13.7B	—	—	—	—	—	—	—	12.3B	12.4B	14.4B	13.8B
Total current assets	45B	—	—	—	—	—	—	—	64.7B	68.6B	69.7B	68.8B
Property, plant & equipment	42.8B	—	—	—	—	—	—	—	54.9B	56.2B	58.6B	62.4B
Goodwill & intangibles	1.3B	—	—	—	—	—	—	—	776M	2.8B	1.6B	—
Total assets	93.9B	—	—	—	—	—	—	—	133.7B	137.8B	143.7B	148.5B
Accounts payable	13.9B	—	—	—	—	—	—	—	12.8B	13.4B	14.7B	15.3B
Short-term debt	2.6B	—	—	—	—	—	—	—	2.8B	2.6B	2.4B	2.4B
Total current liabilities	26.6B	—	—	—	—	—	—	—	31.3B	31.7B	34.1B	35.4B
Long-term debt	5.6B	—	—	—	—	—	—	—	10.9B	12.1B	13.5B	13.6B
Total liabilities	39.4B	—	—	—	—	—	—	—	53B	54.9B	58.9B	61B
Shareholders' equity	54.5B	—	—	—	—	—	—	—	80.7B	82.9B	84.8B	87.5B
Total debt	8.2B	—	—	—	—	—	—	—	13.8B	14.7B	15.9B	16.1B
Net debt	-7.7B	—	—	—	—	—	—	—	-4.5B	-1.8B	-713M	861M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-773M	-2.2B	-1.1B	-775M	862M	5.6B	12.6B	15B	7.2B	3.9B
Depreciation & amortization	947.1M	1.6B	1.9B	2.2B	2.3B	2.9B	3.7B	4.7B	5.4B	6.1B
Stock-based compensation	334.2M	467M	749M	898M	1.7B	2.1B	1.6B	1.8B	2B	2.8B
Change in working capital	-1.5B	-813M	-1.7B	-707M	-1.7B	2.7B	1.9B	404M	3.4B	3.8B
Operating cash flow	-1B	-667M	138M	1.9B	3.8B	13.5B	19.9B	15.6B	18.5B	14.7B
Capital expenditure	-1.4B	-4.1B	-2.3B	-1.4B	-3.2B	-6.5B	-7.2B	-8.9B	-11.3B	—
Investing cash flow	-1.3B	-4.4B	-2.3B	-1.4B	-3.1B	-6.6B	-12.9B	-15.6B	-18.8B	-7B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	3.6B	4.3B	278M	1.1B	9.6B	-5.9B	-4.1B	1.9B	2.6B	-47M
Net change in cash	1.3B	-753.1M	-1.9B	1.6B	10.2B	905M	3B	1.9B	2.3B	7.7B
Free cash flow	-1.6B	-4.1B	-221M	968M	2.7B	3.5B	7.6B	4.4B	3.6B	6.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.9B	7.9B	1.1B	1.2B	2B	2.3B	420M	1.2B	1.4B	856M	491M	1.1B
Depreciation & amortization	1.2B	1.2B	1.2B	1.3B	1.3B	1.5B	1.4B	1.4B	1.6B	1.6B	1.6B	1.6B
Stock-based compensation	465M	484M	524M	439M	457M	579M	573M	635M	663M	954M	1B	1.2B
Change in working capital	1.1B	3.2B	-2.9B	1.8B	328M	580M	-841M	-582M	1.6B	-710M	-1.3B	722M
Operating cash flow	4.6B	12.9B	-38M	4.9B	4.4B	5.1B	1.6B	2.8B	6.2B	3.8B	3.9B	4.7B
Capital expenditure	-2.5B	-2.3B	-2.8B	-2.3B	-3.5B	-2.8B	-1.5B	-2.4B	—	—	—	—
Investing cash flow	-4.8B	-4.8B	-5.1B	-3.2B	-2.9B	-7.6B	-1.7B	-2.9B	-2.1B	-4.1B	-2.5B	1.9B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	2B	735M	-55M	2.3B	-208M	532M	-645M	-437M	471M	564M	811M	-70M
Net change in cash	1.9B	8.8B	-5.2B	4B	1.3B	-1.9B	-694M	-626M	4.6B	242M	2.2B	6.5B
Free cash flow	849M	2.1B	-2.5B	1.3B	2.7B	2B	664M	146M	4B	1.4B	1.4B	-1.1B

Tesla, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement