Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

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Common-Size Income Statement
Quarterly Data

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Tesla Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Automotive sales
Automotive regulatory credits
Automotive leasing
Automotive revenues
Energy generation and storage
Services and other
Revenues
Automotive sales
Automotive leasing
Automotive cost of revenues
Energy generation and storage
Services and other
Cost of revenues
Gross profit
Research and development
Selling, general and administrative
Restructuring and other
Operating expenses
Income from operations
Interest income
Interest expense
Other income (expense), net
Income before income taxes
(Provision for) benefit from income taxes
Net income
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
Net income attributable to common stockholders

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

A strategic shift in revenue composition is evident, characterized by a gradual reduction in the reliance on automotive sales and a corresponding increase in non-automotive streams. Automotive sales, which peaked at 84.80% of total revenues in December 2021, trended downward to 69.12% by March 2026. Conversely, the energy generation and storage segment experienced substantial growth, rising from 4.76% in March 2021 to a peak of 15.41% in December 2025. Services and other revenues also exhibited a strong upward trajectory, increasing from 8.60% at the start of the period to 16.73% by March 2026, indicating a successful diversification of the income base.

Gross Profitability Trends
Gross profit margins reached a peak of 29.11% in March 2022 before entering a period of compression. Margins declined to a low of 16.26% in December 2024. While a recovery is observed in the final quarters, with margins returning to 21.08% by March 2026, the long-term trend suggests increased pressure on the cost of revenues, which fluctuated between 70% and 83% over the analysis period.
Operating Expense Dynamics
Operating expenses showed significant volatility. Research and development expenses as a percentage of revenue remained relatively stable between 3% and 5% for several years but climbed sharply to 8.69% by March 2026. Selling, general, and administrative expenses decreased from early highs of 10.16% to a trough of 4.24% in December 2022, before rising again to 8.19% by March 2026. Total operating expenses ended the period at 16.88% of revenue, marking a notable increase compared to the efficiency gains seen in 2022.
Operating and Net Income Performance
Income from operations peaked at 19.21% in March 2022 but underwent a steady decline, reaching a low of 2.06% in March 2023. Although periodic recoveries occurred, the operating margin remained suppressed, ending at 4.20% in March 2026. Net income margins mirrored this trend, with a significant outlier in December 2023 where net income spiked to 31.56% due to a substantial tax benefit of 22.86%. Excluding this anomaly, net income attributable to common stockholders showed a contraction from 17.69% in March 2022 to 2.13% in March 2026.
Non-Operating Income and Financial Position
A consistent upward trend is observed in interest income, which grew from 0.10% of revenues in March 2021 to 1.94% by March 2026. This suggests an increase in cash reserves or more favorable investment yields. Interest expenses remained relatively low and stable, generally fluctuating between 0.11% and 0.95% of revenues, indicating a manageable debt service burden relative to total revenue.