Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

Common-Size Income Statement 
Quarterly Data

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

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Automotive sales 72.46 70.18 66.85 72.58 74.78 72.67 77.27 81.97 79.58 81.92 80.92 83.23 82.90 80.73 82.71 84.80 82.82 79.61 78.80 84.08 83.75 81.36 81.75
Automotive regulatory credits 1.48 1.95 3.08 2.69 2.93 3.49 2.08 1.72 2.37 1.13 2.23 1.92 1.33 2.03 3.62 1.77 2.03 2.96 4.99 0.00 0.00 0.00 0.00
Automotive leasing 1.53 1.93 2.31 1.74 1.77 1.80 2.23 1.99 2.09 2.27 2.42 2.46 2.89 3.47 3.56 3.54 2.80 2.78 2.86 2.61 3.02 4.44 3.99
Automotive revenues 75.48% 74.06% 72.24% 77.01% 79.49% 77.95% 81.58% 85.68% 84.05% 85.32% 85.57% 87.62% 87.13% 86.23% 89.90% 90.11% 87.64% 85.35% 86.65% 86.69% 86.77% 85.80% 85.75%
Energy generation and storage 12.16 12.40 14.12 11.91 9.44 11.82 7.68 5.71 6.68 6.05 6.55 5.39 5.21 5.11 3.28 3.88 5.86 6.70 4.76 7.00 6.60 6.13 4.90
Services and other 12.37 13.54 13.64 11.08 11.08 10.23 10.74 8.61 9.28 8.63 7.87 6.99 7.67 8.66 6.82 6.00 6.50 7.95 8.60 6.31 6.62 8.07 9.36
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Automotive sales -61.81 -60.31 -59.28 -63.28 -62.52 -62.60 -65.24 -68.35 -67.05 -67.56 -66.11 -63.46 -61.06 -59.96 -58.19 -60.33 -59.24 -59.53 -62.15 -64.43 -61.12 -61.53 -61.80
Automotive leasing -0.80 -1.01 -1.24 -0.94 -0.98 -0.96 -1.26 -1.18 -1.29 -1.36 -1.43 -1.45 -1.78 -2.17 -2.18 -2.23 -1.70 -1.57 -1.54 -1.38 -1.65 -2.45 -2.04
Automotive cost of revenues -62.61% -61.32% -60.51% -64.22% -63.50% -63.56% -66.50% -69.53% -68.34% -68.92% -67.53% -64.91% -62.83% -62.13% -60.36% -62.56% -60.94% -61.11% -63.69% -65.80% -62.78% -63.98% -63.84%
Energy generation and storage -8.34 -8.64 -10.06 -8.90 -6.56 -8.92 -5.78 -4.47 -5.04 -4.94 -5.83 -4.73 -4.72 -4.54 -3.67 -4.17 -5.84 -6.53 -5.73 -7.33 -6.36 -5.78 -4.71
Services and other -11.07 -12.80 -13.12 -10.62 -10.10 -9.57 -10.36 -8.37 -8.72 -7.96 -7.30 -6.60 -7.36 -8.33 -6.86 -5.91 -6.61 -8.25 -9.26 -7.64 -7.34 -9.24 -10.83
Cost of revenues -82.01% -82.76% -83.69% -83.74% -80.16% -82.05% -82.65% -82.37% -82.11% -81.81% -80.66% -76.24% -74.91% -75.00% -70.89% -72.65% -73.40% -75.88% -78.68% -80.77% -76.48% -79.01% -79.38%
Gross profit 17.99% 17.24% 16.31% 16.26% 19.84% 17.95% 17.35% 17.63% 17.89% 18.19% 19.34% 23.76% 25.09% 25.00% 29.11% 27.35% 26.60% 24.12% 21.32% 19.23% 23.52% 20.99% 20.62%
Research and development -5.80 -7.06 -7.29 -4.96 -4.13 -4.21 -5.40 -4.35 -4.97 -3.78 -3.30 -3.33 -3.42 -3.94 -4.61 -4.18 -4.44 -4.82 -6.41 -4.86 -4.17 -4.62 -5.41
Selling, general and administrative -5.56 -6.07 -6.47 -5.11 -4.71 -5.01 -6.45 -5.09 -5.37 -4.78 -4.61 -4.24 -4.48 -5.67 -5.29 -8.43 -7.23 -8.14 -10.16 -9.02 -10.12 -10.95 -10.48
Restructuring and other -0.85 0.00 -0.49 -0.03 -0.22 -2.44 0.00 0.00 0.00 0.00 0.00 -0.14 0.00 -0.84 0.00 0.00 -0.37 -0.19 0.97 0.00 0.00 0.00 0.00
Operating expenses -12.21% -13.14% -14.24% -10.10% -9.05% -11.66% -11.85% -9.43% -10.34% -8.56% -7.92% -7.71% -7.90% -10.45% -9.90% -12.61% -12.04% -13.15% -15.60% -13.88% -14.30% -15.57% -15.89%
Income from operations 5.78% 4.10% 2.06% 6.16% 10.79% 6.29% 5.50% 8.20% 7.55% 9.62% 11.42% 16.04% 17.19% 14.55% 19.21% 14.75% 14.57% 10.97% 5.72% 5.35% 9.22% 5.42% 4.73%
Interest income 1.56 1.74 2.07 1.72 1.70 1.36 1.64 1.32 1.21 0.95 0.91 0.65 0.40 0.15 0.15 0.14 0.07 0.09 0.10 0.06 0.07 0.13 0.17
Interest expense -0.27 -0.38 -0.47 -0.37 -0.37 -0.34 -0.36 -0.24 -0.16 -0.11 -0.12 -0.14 -0.25 -0.26 -0.33 -0.40 -0.92 -0.63 -0.95 -2.29 -1.86 -2.82 -2.82
Other income (expense), net -0.10 1.42 -0.62 2.31 -1.04 -0.31 2.08 -0.58 0.16 1.32 -0.21 -0.17 -0.40 0.17 0.30 0.38 -0.04 0.38 0.27 0.41 -1.11 -0.25 -0.90
Income before income taxes 6.97% 6.89% 3.05% 9.82% 11.08% 7.01% 8.86% 8.71% 8.76% 11.78% 12.00% 16.38% 16.95% 14.61% 19.33% 14.87% 13.68% 10.81% 5.13% 3.53% 6.33% 2.49% 1.17%
(Provision for) benefit from income taxes -2.03 -1.60 -0.87 -1.48 -2.39 -1.45 -2.27 22.86 -0.72 -1.30 -1.12 -1.13 -1.42 -1.21 -1.84 -1.65 -1.62 -0.96 -0.66 -0.77 -2.12 -0.35 -0.03
Net income 4.94% 5.29% 2.17% 8.34% 8.69% 5.55% 6.60% 31.56% 8.04% 10.49% 10.88% 15.24% 15.53% 13.40% 17.49% 13.22% 12.06% 9.85% 4.47% 2.76% 4.21% 2.14% 1.14%
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries -0.06 -0.08 -0.06 -0.06 -0.06 -0.06 -0.07 -0.06 -0.11 0.36 -0.11 -0.08 -0.18 -0.06 0.20 -0.12 -0.30 -0.30 -0.25 -0.24 -0.43 -0.41 -0.87
Net income attributable to common stockholders 4.89% 5.21% 2.12% 8.28% 8.63% 5.49% 6.53% 31.50% 7.94% 10.84% 10.77% 15.16% 15.34% 13.34% 17.69% 13.10% 11.76% 9.55% 4.22% 2.51% 3.77% 1.72% 0.27%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Automotive Revenue Composition
Automotive sales as a percentage of total revenues show a general downward trend from early 2020 to mid-2025, decreasing from around 81-84% in 2020 to approximately 66-72% by 2025. This indicates a gradual reduction in the share of automotive sales within the overall revenue mix.
Automotive regulatory credits, which were not reported before 2021, contribute a fluctuating but modest portion of revenues, mostly ranging between 1% and 4%. These credits appear as a secondary but variable source of revenue.
Automotive leasing revenues also declined slightly over the period, moving from a range above 3% in early 2020 to closer to 1.5-2.5% by 2025, suggesting a reduced reliance or scale of leasing activities relative to total revenues.
Overall, automotive-related revenues (sales, regulatory credits, and leasing combined) show a decrease from nearly 87% in 2020 to roughly 72% by 2025, confirming a shift in the composition of revenue sources over time.
Energy Generation and Storage
This segment’s contribution to total revenues increased notably from about 5% in early 2020 to a range between 11% and 14% towards 2024 and 2025. This reflects growing importance and expansion of the energy generation and storage business sector relative to other revenue streams.
Services and Other Revenues
Revenues from services and other activities also increased gradually, from around 6-9% of total revenues in 2020 to over 12-13% by 2025. This indicates the growing role of non-automotive services within the revenue structure.
Cost of Revenues
The automotive cost of revenues as a percentage of total revenues declined slightly early on but increased after 2021, moving from around 60% to approximately 66-68% by 2025. This suggests rising costs or declining margins in the automotive segment.
The energy generation and storage cost percentage tracked below its revenue contribution proportion, fluctuating but increasing in absolute terms over time to about 8-10%, possibly indicating challenges in cost efficiency as the segment grows.
Services and other costs also grew proportionally, increasing from approximately 6% to over 11-13% by 2025, consistent with the increase in related revenues.
The total cost of revenues started near 79-80% but climbed above 82% in recent periods, suggesting a marginal compression in aggregate gross margins.
Gross Profit and Operating Expenses
Gross profit margins peaked near 27-29% around late 2020 and early 2021 but declined to roughly 17-18% by 2025. The decline reflects increasing costs of sales and potentially pricing pressures or operational challenges.
Research and development expenses relative to revenues fluctuated between roughly 3-7%, showing a tendency toward increase in some later periods, signaling sustained or growing investment in innovation despite margin pressures.
Selling, general, and administrative expenses decreased significantly in proportion from around 10% to roughly 4-6% over the period, indicating improved operational efficiencies or cost controls in these areas.
Restructuring and other expenses were sporadic but generally minor, not materially impacting overall expense trends.
Overall operating expenses decreased from about 16% of revenues to a range between 9% and 14%, showing some control of non-cost-of-sales expenses but variability over time.
Income from Operations and Net Income
Operating income as a percentage of revenues showed an overall improvement early on, reaching up to around 19% in 2021 but declined thereafter to values closer to 5-8% in recent years, reflecting margin challenges.
Interest income steadily increased, indicating better returns on invested capital or increased cash balances, rising from under 0.2% to above 1.5% of revenues.
Interest expenses declined markedly from near 3% to under 0.5%, reflecting reduced debt costs or improved financing terms.
Net income margins followed a somewhat similar pattern to operating income, with a peak near 15-17% in 2021 and subsequently declining to around 5-10%. Exceptional spikes such as a 31.5% net income margin in one quarter suggest one-time effects or accounting adjustments.
Income tax provisions remained relatively stable, ranging mostly between -1% and -2%, except for some quarters with unusually large tax benefits or provisions, indicating volatility in tax expenses.
Overall net income attributable to common stockholders reflects growing profitability until 2021, with some volatility and margin compression afterward, pointing to potential challenges in sustaining earlier growth levels or profitability.
Summary Insights
The data reveals a diversification of revenue streams away from a heavy reliance on automotive sales toward increased contributions from energy generation, storage, and services.
Profitability metrics peaked in 2021 but declined thereafter, driven by increasing costs and possibly competitive pressures, though improvements in certain operating expenses and reduced interest costs somewhat mitigate this trend.
Investment in research and development remains significant, which may support future innovation and longer-term growth, despite short-term margin pressures.
Overall, the trends suggest a transition phase with shifts in business segment contributions and ongoing efforts to manage costs and sustain profitability amid evolving market conditions.