Common-Size Income Statement
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Tesla Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The common-size income statement reveals significant shifts in revenue composition and profitability over the observed period. Automotive sales consistently represent the largest portion of revenue, though its relative contribution has generally decreased from 78.80% in March 2021 to 67.27% in December 2025. Energy generation and storage, and services and other revenues have shown increased percentages of total revenue over the period, indicating diversification of the revenue stream. Gross profit as a percentage of revenue fluctuated, peaking in 2021 and 2022 before declining, and then showing some recovery towards the end of the period. Operating expenses as a percentage of revenue also exhibited variability, with a notable increase in 2024 and 2025. Net income as a percentage of revenue demonstrates considerable volatility, particularly with a substantial increase in December 2023, followed by a decline in subsequent periods.
- Automotive Revenue Composition
- The proportion of automotive sales within total revenues generally decreased over the period, from 86.65% in March 2021 to 72.24% in December 2024, and 71.05% in December 2025. While still dominant, this suggests a growing reliance on other revenue sources. Regulatory credits initially contributed a notable percentage of automotive revenue, declining from 4.99% to 1.33% by September 2022, before showing some fluctuation. Automotive leasing remained relatively stable, around 2-3%, before decreasing towards the end of the period.
- Cost of Revenues
- Cost of revenues as a percentage of revenue generally increased over the period, moving from 78.68% in March 2021 to 83.74% in December 2024, and 79.88% in December 2025. This suggests increasing production costs relative to revenue, potentially impacting profitability. The automotive cost of revenues followed a similar trend, increasing from 63.69% to 64.22% and then to 63.28% in December 2024, before decreasing to 56.54% in December 2025. Energy generation and storage cost of revenues also increased, particularly in the later periods.
- Profitability Trends
- Gross profit as a percentage of revenue peaked at 29.11% in March 2022, then declined to 16.26% in December 2022, and showed some recovery to 20.12% in December 2025. Income from operations as a percentage of revenue also followed a similar pattern, peaking at 19.21% in March 2022, declining to 6.16% in December 2022, and recovering to 5.66% in December 2025. Net income as a percentage of revenue experienced significant volatility, with a peak of 31.56% in December 2023, followed by a substantial decrease to 3.44% in December 2025.
- Operating Expenses
- Operating expenses, encompassing research and development, selling, general, and administrative costs, and restructuring charges, increased as a percentage of revenue over the period. Research and development expenses increased significantly in the later periods, reaching 7.29% in September 2025. Selling, general, and administrative expenses also increased, particularly in 2023 and 2024. Restructuring and other expenses were relatively small, but notable negative impacts were observed in June 2024 and September 2025.
- Other Income and Expenses
- Interest income as a percentage of revenue increased over the period, while interest expense remained relatively stable. Other income (expense), net, fluctuated considerably, with both positive and negative impacts observed. The provision for income taxes also exhibited variability, with a significant benefit recorded in December 2023, contributing to the unusually high net income for that period.