Common-Size Income Statement
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- Income Statement
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Net Profit Margin since 2010
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Tesla Inc., common-size consolidated income statement (quarterly data)
Based on: 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 Sales and Revenues
- Automotive sales as a percentage of total revenues have demonstrated a general declining trend from 81.75% in March 2020 to 66.85% in March 2025, indicating a decreasing reliance on this segment as a core revenue source. Automotive revenues, which include sales, regulatory credits, and leasing, also follow a similar decreasing pattern, dropping from 85.75% to 72.24% over the same period.
- Automotive Regulatory Credits
- Automotive regulatory credits first appeared in the data in March 2021, fluctuating between about 1.13% and 4.99% of revenues. They show a somewhat volatile but generally modest contribution to overall revenues, peaking near mid-2021 and late 2024, indicating occasional but not consistent income from this source.
- Automotive Leasing
- Automotive leasing as a revenue portion has been decreasing, moving from 3.99% in early 2020 to around 2.31% by late 2025. This consistent decline suggests reduced emphasis or demand in leasing operations relative to total revenues.
- Energy Generation and Storage
- This segment shows an increasing significance in revenue composition, growing from 4.9% in March 2020 to 14.12% in March 2025. The steady upward trend, with notable growth from 2023 onward, underscores an expanding focus and possibly improved performance in energy-related activities.
- Services and Other Revenues
- The services and other category experienced a slight decline initially but rebounded from mid-2021 onwards, increasing from about 9.36% to 13.64% by March 2025. This recovery and gradual growth suggest an enhanced contribution from after-sales services, software, and other ancillary activities.
- Costs of Revenues
- Cost of revenues as a percentage of total revenues exhibits variability but shows an increasing trend overall, rising from approximately 79.38% in March 2020 to 83.69% in March 2025. This indicates a marginal compression in gross margins over time, despite fluctuations.
- Gross Profit
- Gross profit margin has largely fluctuated between about 16% and 29%, experiencing a peak around late 2021 and early 2022, followed by a general decline to approximately 16.31% in early 2025. The declining gross profit highlights increased pressures on cost control or pricing power relative to revenue growth.
- Research and Development (R&D)
- R&D expenses as a fraction of revenues decreased substantially from -5.41% in March 2020 to a low around -3.3% by late 2021. However, toward early 2025, there is a marked increase to -7.29%, suggesting intensified investment in innovation or new technologies after a period of relative restraint.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses decreased from around -10.48% early 2020 to a low of near -4.24% by late 2022, indicating improved operational efficiency or cost management. Nonetheless, expenses increased again approaching early 2025, reaching -6.47%, which may correspond with scaling activities or inflationary effects.
- Operating Expenses
- Operating expenses (combining R&D and SG&A and other costs) have fluctuated, with a significant reduction observed in 2022 to under -8%, followed by variability and an increasing trend nearing -14.24% by early 2025. The recent rise signifies expanding operational costs relative to revenues.
- Income from Operations
- Income from operations improved considerably from 4.73% in early 2020 to a peak of 19.21% in early 2022, indicative of strong core profitability. However, it subsequently declined to 2.06% by the end of 2024, reflecting margin pressures or increased operating costs.
- Interest Income and Expense
- Interest income has shown a consistent increase, rising from 0.17% to 2.07% of revenues, reflecting growing investment income or cash balances. Conversely, interest expense has declined from -2.82% to around -0.47%, evidencing reduced debt levels or improved financing costs.
- Other Income (Expense), Net
- The net other income (expense) is volatile with occasional gains and losses, including a notable positive spike to 3.26% in Q4 2024 and a negative in Q1 2025, suggesting sporadic non-operating gains or losses affecting profitability.
- Income Before Income Taxes
- Income before taxes rose from 1.17% to highs around 19.33% in early 2022 and subsequently experienced a decline to 3.05% by early 2025. The volatility aligns with fluctuations in operating income and other factors impacting pre-tax profitability.
- Income Taxes
- Provision for income taxes generally ranged between -0.03% and -2.44%, with a sharp positive adjustment (22.86%) in Q1 2023, which is likely an accounting or tax-related anomaly. Other periods reflect normal tax rates on earnings.
- Net Income
- Net income as a percentage of revenues improved significantly from 1.14% in Q1 2020 to 17.49% in early 2022, indicating strong profitability improvements. Following this peak, net income decreased to 2.17% by early 2025, consistent with other margin pressures and expense increases documented in this period.
- Net Income Attributable to Common Stockholders
- Similar to overall net income, net income attributable to common stockholders mirrored the trend, rising from 0.27% in Q1 2020 to a peak near 17.69% in Q1 2022, before falling back to 2.12% by Q1 2025, signaling a compression in shareholder returns over the analyzed timeframe.