Revenue growth remains volatile, fluctuating from a 15.8% year-over-year increase in 2026Q1 to double-digit declines in mid-2025, while gross margins have struggled to recover from a 16.3% low in early 2025.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 97.88B | 94.83B | 97.69B | 96.77B | 81.46B | 53.82B | 31.54B | 24.58B | 21.46B | 11.76B | 7B | 4.05B | 3.2B | 2.01B | 413.26M | 204.24M | 116.74M | 111.94M | 14.74M | 73K |
| Revenue Growth % | 2.25% | -2.93% | 0.95% | 18.8% | 51.35% | 70.67% | 28.31% | 14.52% | 82.51% | 67.98% | 73.01% | 26.5% | 58.85% | 387.23% | 102.34% | 74.95% | 4.29% | 659.35% | 20094.52% | - |
| Cost of Goods Sold | 79.22B | 77.73B | 80.24B | 79.11B | 60.61B | 40.22B | 24.91B | 20.51B | 17.42B | 9.54B | 5.4B | 3.12B | 2.32B | 1.56B | 383.19M | 142.65M | 86.01M | 102.41M | 15.88M | 9K |
| COGS % of Revenue | - | 81.97% | 82.14% | 81.75% | 74.4% | 74.72% | 78.98% | 83.44% | 81.17% | 81.1% | 77.15% | 77.18% | 72.43% | 77.34% | 92.72% | 69.84% | 73.68% | 91.48% | 107.74% | 12.33% |
| Gross Profit | 18.66B | 17.09B | 17.45B | 17.66B | 20.85B | 13.61B | 6.63B | 4.07B | 4.04B | 2.22B | 1.6B | 923.5M | 881.67M | 456.26M | 30.07M | 61.59M | 30.73M | 9.54M | -1.14M | 64K |
| Gross Margin % | 19.07% | 18.03% | 17.86% | 18.25% | 25.6% | 25.28% | 21.02% | 16.56% | 18.83% | 18.9% | 22.85% | 22.82% | 27.57% | 22.66% | 7.28% | 30.16% | 26.32% | 8.52% | -7.74% | 87.67% |
| Gross Profit Growth % | - | -2.04% | -1.19% | -15.31% | 53.26% | 105.22% | 62.94% | 0.67% | 81.83% | 39% | 73.17% | 4.74% | 93.24% | 1417.48% | -51.19% | 100.43% | 222.3% | 935.67% | -1882.81% | - |
| Operating Expenses | 13.76B | 12.74B | 10.37B | 8.77B | 7.2B | 7.11B | 4.64B | 4B | 4.43B | 3.85B | 2.27B | 1.64B | 1.07B | 517.54M | 424.35M | 313.08M | 177.57M | 61.43M | 77.36M | 80M |
| OpEx % of Revenue | - | 13.43% | 10.62% | 9.06% | 8.83% | 13.21% | 14.7% | 16.27% | 20.64% | 32.78% | 32.38% | 40.54% | 33.4% | 25.7% | 102.68% | 153.29% | 152.1% | 54.88% | 524.78% | 109584.93% |
| Selling, General & Admin | 6.42B | 5.83B | 5.15B | 4.8B | 3.95B | 4.52B | 3.15B | 2.65B | 2.83B | 2.48B | 1.43B | 922.23M | 603.66M | 285.57M | 150.37M | 104.1M | 84.57M | 42.15M | 23.65M | 17.24M |
| SG&A % of Revenue | - | 6.15% | 5.27% | 4.96% | 4.84% | 8.39% | 9.97% | 10.77% | 13.21% | 21.06% | 20.46% | 22.79% | 18.87% | 14.18% | 36.39% | 50.97% | 72.44% | 37.65% | 160.42% | 23621.92% |
| Research & Development | 6.95B | 6.41B | 4.54B | 3.97B | 3.08B | 2.59B | 1.49B | 1.34B | 1.46B | 1.38B | 834.41M | 717.9M | 464.7M | 231.98M | 273.98M | 208.98M | 93M | 19.28M | 53.71M | 62.75M |
| R&D % of Revenue | - | 6.76% | 4.65% | 4.1% | 3.77% | 4.82% | 4.73% | 5.46% | 6.8% | 11.72% | 11.92% | 17.74% | 14.53% | 11.52% | 66.3% | 102.32% | 79.66% | 17.22% | 364.36% | 85963.01% |
| Other Operating Expenses | 2M | 494M | 684M | 0 | 176M | 0 | 0 | 11M | 134.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.9B | 4.36B | 7.08B | 8.89B | 13.66B | 6.52B | 1.99B | -69M | -388M | -1.63B | -667.34M | -716.63M | -186.69M | -61.28M | -394.28M | -251.49M | -146.84M | -51.9M | -78.5M | -79.93M |
| Operating Margin % | 5% | 4.59% | 7.24% | 9.19% | 16.76% | 12.12% | 6.32% | -0.28% | -1.81% | -13.88% | -9.53% | -17.71% | -5.84% | -3.04% | -95.41% | -123.13% | -125.78% | -46.36% | -532.52% | -109497.26% |
| Operating Income Growth % | - | -38.45% | -20.41% | -34.89% | 109.35% | 227.13% | 2989.86% | 82.22% | 76.23% | -144.55% | 6.88% | -283.86% | -204.63% | 84.46% | -56.78% | -71.27% | -182.94% | 33.89% | 1.79% | - |
| EBITDA | 9.5B | 10.5B | 12.44B | 13.56B | 17.4B | 9.43B | 4.32B | 2.08B | 1.51B | 4M | 279.76M | -294.04M | 45.24M | 44.8M | -365.46M | -234.57M | -136.22M | -44.96M | -74.35M | -77.04M |
| EBITDA Margin % | 9.7% | 11.08% | 12.74% | 14.01% | 21.36% | 17.53% | 13.69% | 8.48% | 7.05% | 0.03% | 4% | -7.27% | 1.41% | 2.23% | -88.43% | -114.85% | -116.68% | -40.16% | -504.32% | -105531.51% |
| EBITDA Growth % | -20.01% | -15.6% | -8.22% | -22.09% | 84.47% | 118.58% | 107% | 37.81% | 37725% | -98.57% | 195.14% | -749.92% | 0.99% | 112.26% | -55.8% | -72.2% | -202.99% | 39.53% | 3.49% | - |
| D&A (Non-Cash Add-back) | 4.7B | 6.15B | 5.37B | 4.67B | 3.75B | 2.91B | 2.32B | 2.15B | 1.9B | 1.64B | 947.1M | 422.59M | 231.93M | 106.08M | 28.82M | 16.92M | 10.62M | 6.94M | 4.16M | 2.9M |
| EBIT | 5.78B | 5.62B | 9.34B | 10.13B | 13.91B | 6.71B | 1.9B | 20M | -342M | -1.74B | -547.54M | -756.77M | -183.75M | -38.49M | -395.82M | -253.88M | -153.16M | -53.18M | -78.94M | -78.05M |
| Net Interest Income | 1.38B | 1.34B | 1.22B | 910M | 106M | -315M | -718M | -641M | -639M | -452M | -190.28M | -117.34M | -99.76M | -32.74M | 34K | 212K | -734K | -2.37M | -3.22M | 1.75M |
| Interest Income | 1.71B | 1.68B | 1.57B | 1.07B | 297M | 56M | 30M | 44M | 24M | 19M | 8.53M | 1.51M | 1.13M | 189K | 288K | 255K | 258K | 159K | 529K | 1.75M |
| Interest Expense | 339M | 338M | 350M | 156M | 191M | 371M | 748M | 685M | 663M | 471M | 198.81M | 118.85M | 100.89M | 32.93M | 254K | 43K | 992K | 2.53M | 3.75M | 0 |
| Other Income/Expense | 540M | 923M | 1.91B | 1.08B | 63M | -180M | -840M | -596M | -617M | -577M | -79.01M | -159M | -97.95M | -10.14M | -1.79M | -2.43M | -7.32M | -3.82M | -4.18M | 1.89M |
| Pretax Income | 5.44B | 5.28B | 8.99B | 9.97B | 13.72B | 6.34B | 1.15B | -665M | -1B | -2.21B | -746.35M | -875.62M | -284.64M | -71.43M | -396.08M | -253.92M | -154.16M | -55.71M | -82.69M | -78.05M |
| Pretax Margin % | 5.55% | 5.57% | 9.2% | 10.31% | 16.84% | 11.78% | 3.66% | -2.71% | -4.68% | -18.79% | -10.66% | -21.64% | -8.9% | -3.55% | -95.84% | -124.32% | -132.05% | -49.77% | -560.88% | -106913.7% |
| Income Tax | 1.51B | 1.42B | 1.84B | -5B | 1.13B | 699M | 292M | 110M | 58M | 32M | 26.7M | 13.04M | 9.4M | 2.59M | 136K | 489K | 173K | 26K | 97K | 110K |
| Effective Tax Rate % | 27.79% | 26.96% | 20.43% | -50.15% | 8.25% | 11.02% | 25.3% | -16.54% | -5.77% | -1.45% | -3.58% | -1.49% | -3.3% | -3.62% | -0.03% | -0.19% | -0.11% | -0.05% | -0.12% | -0.14% |
| Net Income | 3.88B | 3.79B | 7.13B | 15B | 12.58B | 5.52B | 721M | -862M | -976M | -1.96B | -674.91M | -888.66M | -294.04M | -74.01M | -396.21M | -254.41M | -154.33M | -55.74M | -82.78M | -78.16M |
| Net Margin % | 3.96% | 4% | 7.3% | 15.5% | 15.45% | 10.26% | 2.29% | -3.51% | -4.55% | -16.69% | -9.64% | -21.96% | -9.19% | -3.68% | -95.88% | -124.56% | -132.19% | -49.79% | -561.54% | -107064.38% |
| Net Income Growth % | -38.38% | -46.79% | -52.46% | 19.2% | 127.79% | 666.16% | 183.64% | 11.68% | 50.25% | -190.7% | 24.05% | -202.23% | -297.28% | 81.32% | -55.74% | -64.85% | -176.87% | 32.67% | -5.92% | - |
| Net Income (Continuing) | 3.93B | 3.85B | 7.15B | 14.97B | 12.59B | 5.64B | 862M | -775M | -1.06B | -2.24B | -773.05M | -888.66M | -294.04M | -74.01M | -396.21M | -254.41M | -154.33M | -55.74M | -82.78M | -78.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 629M | 728M | 767M | 975M | 1.19B | 1.39B | 1.45B | 1.49B | 1.39B | 1.4B | 1.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.10 | 1.08 | 2.04 | 4.31 | 3.62 | 1.63 | 0.21 | -0.33 | -0.38 | -0.79 | -0.31 | -0.46 | -0.16 | -0.04 | -0.25 | -0.17 | -0.20 | -0.03 | -0.04 | -0.04 |
| EPS Growth % | -39.08% | -47.01% | -52.71% | 19.06% | 122.09% | 676.19% | 163.64% | 13.16% | 51.9% | -154.84% | 32.61% | -187.5% | -287.41% | 83.48% | -47.06% | 15% | -632.6% | 32.59% | -6.02% | - |
| EPS (Basic) | - | 1.18 | 2.23 | 4.73 | 4.02 | 1.87 | 0.25 | -0.33 | -0.38 | -0.79 | -0.31 | -0.46 | -0.16 | -0.04 | -0.25 | -0.17 | -0.20 | -0.03 | -0.04 | -0.04 |
| Diluted Shares Outstanding | 3.54B | 3.53B | 3.5B | 3.48B | 3.48B | 3.39B | 3.25B | 2.65B | 2.56B | 2.49B | 2.16B | 1.92B | 1.87B | 1.79B | 1.61B | 1.51B | 760.77M | 2.04B | 2.04B | 2.04B |
| Basic Shares Outstanding | 3.23B | 3.23B | 3.2B | 3.17B | 3.13B | 2.96B | 2.8B | 2.65B | 2.56B | 2.49B | 2.16B | 1.92B | 1.87B | 1.79B | 1.61B | 1.51B | 760.77M | 2.04B | 2.04B | 2.04B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Automotive margin compression
As reported in recent financial statements, Tesla's revenue growth has fluctuated significantly, moving from a 15.8% year-over-year increase in 2026Q1 to double-digit declines in mid-2025, suggesting that the company's top-line trajectory remains highly sensitive to pricing adjustments and broader macroeconomic demand cycles for electric vehicles.
The inconsistency in revenue growth highlights the difficulty of maintaining volume in a saturated market without aggressive price cuts. Investors should monitor whether the recent return to growth in 2026Q1 represents a sustainable recovery or merely a temporary response to pricing incentives.
Based on reported figures, gross margins have struggled to maintain historical levels, hovering near 21.1% in 2026Q1 after dipping as low as 16.3% in early 2025, which indicates that the company's pricing power is currently constrained by intense competition and a high-fixed-cost manufacturing base.
The compression of gross margins suggests that the company is sacrificing profitability to protect market share. This trend warrants further investigation into whether manufacturing innovations, such as large-scale casting, can eventually offset the persistent downward pressure on vehicle pricing.
According to SEC filings, the company's operating margin has compressed to 4.2% as of 2026Q1, down from a peak of 10.8% in 2024Q3, implying that operating expenses are not scaling efficiently relative to the volatility observed in gross profit generation across recent quarterly periods.
The inability to maintain operating margins during periods of revenue fluctuation suggests that the company's high fixed-cost structure creates significant earnings sensitivity. This may indicate that the firm requires higher capacity utilization to achieve the operating leverage necessary to satisfy current valuation expectations.
Financial data reveals that stock-based compensation has reached $1.0B in 2026Q1, a substantial figure that consistently dilutes the quality of reported net income and complicates the assessment of true operational profitability when compared to the company's core automotive manufacturing performance metrics.
The magnitude of stock-based compensation relative to net income suggests that reported earnings may overstate the cash-generative capacity of the business. Analysts should normalize for these non-cash expenses to better understand the underlying profitability of the firm's core operations.
As indicated by the income statement, R&D spending has trended upward to $1.9B in 2026Q1, reflecting a strategic pivot toward autonomous platforms and software, while SG&A expenses have remained relatively disciplined, suggesting a management focus on protecting core margins despite heavy investment in future technologies.
The rising R&D expenditure appears to be a deliberate trade-off to secure long-term competitive advantages in software-defined vehicles. However, the effectiveness of this spending remains unproven, and investors should monitor whether these investments translate into tangible margin expansion in future periods.
Quick answers to the most common questions about buying TSLA stock.
For fiscal year 2025, Tesla, Inc. (TSLA) reported total revenue of $94.83B. This represents a 129899900.0% increase compared to $0.1M in 2007.
Tesla, Inc. (TSLA) is profitable, generating $3.79B in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Tesla, Inc. (TSLA) reported an operating income of $4.36B, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Tesla, Inc. (TSLA) generated $17.09B in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.