Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Tesla Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2026	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	20,006)	15,473)	16,750)	20,359)	15,787)	12,925)	18,659)	18,831)	18,530)	16,460)	20,630)	18,582)	20,419)	18,878)	20,241)	17,785)	13,670)	15,514)	15,025)	11,393)	9,520)	8,187)
Automotive regulatory credits	146)	380)	542)	417)	439)	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)
Automotive leasing	364)	381)	401)	429)	435)	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)
Automotive revenues	20,516)	16,234)	17,693)	21,205)	16,661)	13,967)	19,798)	20,016)	19,878)	17,378)	21,563)	19,625)	21,268)	19,963)	21,307)	18,692)	14,602)	16,861)	15,967)	12,057)	10,206)	9,002)
Energy generation and storage	3,139)	2,408)	3,837)	3,415)	2,789)	2,730)	3,061)	2,376)	3,014)	1,635)	1,438)	1,559)	1,509)	1,529)	1,310)	1,117)	866)	616)	688)	806)	801)	494)
Services and other	4,581)	3,745)	3,371)	3,475)	3,046)	2,638)	2,848)	2,790)	2,608)	2,288)	2,166)	2,166)	2,150)	1,837)	1,701)	1,645)	1,466)	1,279)	1,064)	894)	951)	893)
Revenues	28,236)	22,387)	24,901)	28,095)	22,496)	19,335)	25,707)	25,182)	25,500)	21,301)	25,167)	23,350)	24,927)	23,329)	24,318)	21,454)	16,934)	18,756)	17,719)	13,757)	11,958)	10,389)
Automotive sales	(16,866)	(12,616)	(13,874)	(17,365)	(13,567)	(11,461)	(16,268)	(15,743)	(15,962)	(13,897)	(17,202)	(15,656)	(16,841)	(15,422)	(15,433)	(13,099)	(10,153)	(10,914)	(10,689)	(8,150)	(7,119)	(6,457)
Automotive leasing	(187)	(196)	(206)	(225)	(228)	(239)	(242)	(247)	(245)	(269)	(296)	(301)	(338)	(333)	(352)	(381)	(368)	(408)	(396)	(234)	(188)	(160)
Automotive cost of revenues	(17,053)	(12,812)	(14,080)	(17,590)	(13,795)	(11,700)	(16,510)	(15,990)	(16,207)	(14,166)	(17,498)	(15,957)	(17,179)	(15,755)	(15,785)	(13,480)	(10,521)	(11,322)	(11,085)	(8,384)	(7,307)	(6,617)
Energy generation and storage	(2,499)	(1,456)	(2,739)	(2,342)	(1,943)	(1,945)	(2,289)	(1,651)	(2,274)	(1,232)	(1,124)	(1,178)	(1,231)	(1,361)	(1,151)	(1,013)	(769)	(688)	(739)	(803)	(781)	(595)
Services and other	(3,933)	(3,399)	(3,073)	(3,109)	(2,880)	(2,537)	(2,729)	(2,544)	(2,441)	(2,207)	(2,107)	(2,037)	(1,984)	(1,702)	(1,605)	(1,579)	(1,410)	(1,286)	(1,048)	(910)	(986)	(962)
Cost of revenues	(23,485)	(17,667)	(19,892)	(23,041)	(18,618)	(16,182)	(21,528)	(20,185)	(20,922)	(17,605)	(20,729)	(19,172)	(20,394)	(18,818)	(18,541)	(16,072)	(12,700)	(13,296)	(12,872)	(10,097)	(9,074)	(8,174)
Gross profit	4,751)	4,720)	5,009)	5,054)	3,878)	3,153)	4,179)	4,997)	4,578)	3,696)	4,438)	4,178)	4,533)	4,511)	5,777)	5,382)	4,234)	5,460)	4,847)	3,660)	2,884)	2,215)
Research and development	(2,371)	(1,946)	(1,783)	(1,630)	(1,589)	(1,409)	(1,276)	(1,039)	(1,074)	(1,151)	(1,094)	(1,161)	(943)	(771)	(810)	(733)	(667)	(865)	(740)	(611)	(576)	(666)
Selling, general and administrative	(1,982)	(1,833)	(1,655)	(1,562)	(1,366)	(1,251)	(1,313)	(1,186)	(1,277)	(1,374)	(1,280)	(1,253)	(1,191)	(1,076)	(1,032)	(961)	(961)	(992)	(1,494)	(994)	(973)	(1,056)
Restructuring and other	—)	—)	(162)	(238)	—)	(94)	(7)	(55)	(622)	—)	—)	—)	—)	—)	(34)	—)	(142)	—)	—)	(51)	(23)	101)
Operating expenses	(4,353)	(3,779)	(3,600)	(3,430)	(2,955)	(2,754)	(2,596)	(2,280)	(2,973)	(2,525)	(2,374)	(2,414)	(2,134)	(1,847)	(1,876)	(1,694)	(1,770)	(1,857)	(2,234)	(1,656)	(1,572)	(1,621)
Income from operations	398)	941)	1,409)	1,624)	923)	399)	1,583)	2,717)	1,605)	1,171)	2,064)	1,764)	2,399)	2,664)	3,901)	3,688)	2,464)	3,603)	2,613)	2,004)	1,312)	594)
Interest income	422)	434)	449)	439)	392)	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)
Interest expense	(81)	(92)	(85)	(76)	(86)	(91)	(96)	(92)	(86)	(76)	(61)	(38)	(28)	(29)	(33)	(53)	(44)	(61)	(71)	(126)	(75)	(99)
Other income (expense), net	590)	(535)	(592)	(28)	320)	(119)	595)	(263)	(80)	443)	(145)	37)	328)	(48)	(42)	(85)	28)	56)	68)	(6)	45)	28)
Income before income taxes	1,329)	748)	1,181)	1,959)	1,549)	589)	2,524)	2,791)	1,787)	1,888)	2,191)	2,045)	2,937)	2,800)	3,983)	3,636)	2,474)	3,626)	2,635)	1,882)	1,293)	533)
(Provision for) benefit from income taxes	(201)	(257)	(325)	(570)	(359)	(169)	(381)	(602)	(371)	(483)	5,752)	(167)	(323)	(261)	(276)	(305)	(205)	(346)	(292)	(223)	(115)	(69)
Net income	1,128)	491)	856)	1,389)	1,190)	420)	2,143)	2,189)	1,416)	1,405)	7,943)	1,878)	2,614)	2,539)	3,707)	3,331)	2,269)	3,280)	2,343)	1,659)	1,178)	464)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(14)	(14)	(16)	(16)	(18)	(11)	(15)	(16)	(16)	(15)	(15)	(25)	89)	(26)	(20)	(39)	(10)	38)	(22)	(41)	(36)	(26)
Net income attributable to common stockholders	1,114)	477)	840)	1,373)	1,172)	409)	2,128)	2,173)	1,400)	1,390)	7,928)	1,853)	2,703)	2,513)	3,687)	3,292)	2,259)	3,318)	2,321)	1,618)	1,142)	438)

Financial performance across the analyzed period demonstrates a transition from rapid automotive-led growth to a more diversified revenue base, characterized by significant expansion in energy and services, alongside increasing operational costs.

Revenue Stream Evolution: Total revenues grew from 10.39 billion USD in March 2021 to a peak of 28.24 billion USD in June 2026. While automotive sales remain the primary revenue driver, a notable shift in composition is observed. Automotive revenues peaked in late 2022 and early 2023 before exhibiting increased volatility, including a significant contraction to 13.97 billion USD in March 2025. Conversely, energy generation and storage revenues grew from 494 million USD in March 2021 to 3.14 billion USD by June 2026. Services and other revenues followed a consistent upward trajectory, rising from 893 million USD to 4.58 billion USD over the same period.
Gross Profit and Margin Trends: Gross profit reached a peak of 5.78 billion USD in December 2022. Subsequently, a general trend of margin compression is evident, with gross profit fluctuating between 3.15 billion USD and 5.05 billion USD in more recent quarters. The cost of revenues has scaled alongside total revenue, but the growth in automotive production costs has largely offset the gains from diversified revenue streams.
Operating Expense Analysis: Operating expenses have expanded significantly, driven primarily by research and development (R&D). R&D spending increased from 666 million USD in March 2021 to 2.37 billion USD in June 2026, reflecting a heavy investment in technology and product development. Selling, general, and administrative (SG&A) expenses also trended upward, moving from 1.06 billion USD to 1.98 billion USD. This rise in operational spending has placed downward pressure on operating income, which declined from a peak of 3.90 billion USD in December 2022 to 398 million USD by June 2026.
Net Income and Tax Volatility: Net income attributable to common stockholders shows high volatility. A significant anomaly occurred in December 2023, where net income spiked to 7.93 billion USD, primarily due to a 5.75 billion USD benefit from income taxes. Excluding this outlier, net income has generally trended downward from the 3.69 billion USD peak in December 2022 to 1.11 billion USD in June 2026. This decline correlates with the reduction in operating income and the increase in R&D expenditures.
Non-Operating Items: Interest income has shown steady growth, rising from 10 million USD in early 2021 to 422 million USD by June 2026, suggesting an increase in cash reserves and higher yield environments. Interest expenses have remained relatively stable, fluctuating between 33 million USD and 99 million USD, indicating a conservative approach to debt servicing relative to overall revenue scale.

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Tesla Inc. (NASDAQ:TSLA)

Income Statement Quarterly Data

Income Statement
Quarterly Data