Common-Size Income Statement
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Tesla Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The common-size income statement reveals significant shifts in the company’s revenue and cost structure between 2021 and 2025. Automotive revenues, while still dominant, demonstrate a decreasing percentage of total revenues, while contributions from Energy generation and storage, and Services and other increase over the period. A corresponding increase in the cost of revenues, coupled with rising operating expenses, has impacted profitability, particularly in later years.
- Revenue Composition
- Automotive sales decreased from 81.98% of revenues in 2021 to 69.41% in 2025, indicating a diversification of revenue streams. Energy generation and storage grew substantially, increasing from 5.18% to 13.47% over the same period. Services and other also experienced growth, rising from 7.06% to 13.21%. These shifts suggest a strategic move beyond core automotive business.
- Cost of Revenues
- The cost of revenues as a percentage of revenues increased consistently from 74.72% in 2021 to 81.97% in 2025. This increase is observed across all major revenue categories – automotive, energy, and services – suggesting potential inflationary pressures or inefficiencies in production and service delivery. The automotive cost of revenues experienced the most significant increase, moving from -60.23% to -60.28%.
- Gross Profit
- As a result of the rising cost of revenues, the gross profit margin declined from 25.28% in 2021 to 18.03% in 2025. While there was a slight increase in 2022 (25.60%), the overall trend is downward, reflecting the pressure on profitability from increasing costs.
- Operating Expenses
- Operating expenses, encompassing research and development, selling, general, and administrative costs, and restructuring, increased significantly as a percentage of revenues, from 13.16% in 2021 to 13.43% in 2025. Notably, research and development expenses increased from -4.82% to -6.76%, indicating increased investment in innovation. Selling, general and administrative expenses also rose, from -8.39% to -6.15%.
- Profitability
- Income from operations decreased substantially, falling from 12.12% of revenues in 2021 to 4.59% in 2025. Net income attributable to common stockholders followed a similar pattern, declining from 10.25% to 4.00%. The impact of increased costs and expenses significantly eroded profitability over the five-year period. Interest income increased, but was offset by interest expense and other fluctuations.
- Tax Rate
- The provision for income taxes exhibited volatility. It transitioned from a negative value in 2021 and 2022, indicating a benefit, to a positive value in 2023, then back to a negative value in 2024 and 2025. This suggests changes in taxable income and/or the utilization of tax credits or loss carryforwards.
In summary, the company experienced a shift in its revenue mix, with decreasing reliance on automotive sales and increasing contributions from energy and services. However, this diversification was accompanied by rising costs and expenses, leading to a significant decline in overall profitability.