Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

$24.99

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.

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Tesla Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Automotive regulatory credits
Automotive leasing
Automotive revenues
Energy generation and storage
Services and other
Revenues
Automotive sales
Automotive leasing
Automotive cost of revenues
Energy generation and storage
Services and other
Cost of revenues
Gross profit
Research and development
Selling, general and administrative
Restructuring and other
Operating expenses
Income from operations
Interest income
Interest expense
Other income (expense), net
Income before income taxes
(Provision for) benefit from income taxes
Net income
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
Net income attributable to common stockholders

Based on: 10-Q (reporting date: 2026-03-31), 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).

Total revenues exhibited a general upward trajectory from early 2021, peaking at 25.7 billion USD in December 2024 before experiencing increased volatility and a downward trend through March 2026. While automotive sales remain the primary revenue driver, there is a observable shift in the revenue mix, with energy generation, storage, and services showing consistent long-term growth.

Revenue Diversification
Automotive revenues grew from 9.0 billion USD in March 2021 to a peak of 21.5 billion USD in December 2023. However, a contraction is evident starting in 2025, with revenues dropping to 16.2 billion USD by March 2026. In contrast, Energy generation and storage revenue grew substantially from 494 million USD in March 2021 to a peak of 3.8 billion USD in December 2025. Services and other revenues also demonstrated steady expansion, rising from 893 million USD in March 2021 to 3.7 billion USD by March 2026.
Cost Structure and Gross Profitability
Gross profit peaked at 5.7 billion USD in December 2022 but trended lower in subsequent periods, reflecting pressures on automotive margins. Cost of revenues closely tracked automotive sales, but the proportion of costs relative to revenue increased in the later periods of the analysis. The gross profit margin experienced compression, particularly in the 2025-2026 period, coinciding with the decline in automotive sales.
Operating Expense Trends
Operating expenses showed a consistent increase over the analyzed period. Research and development expenses rose from 666 million USD in March 2021 to 1.9 billion USD by March 2026. Similarly, selling, general, and administrative expenses increased from 1.0 billion USD to 1.8 billion USD over the same timeframe. This growth in fixed and semi-variable costs contributed to the erosion of operating margins.
Operating Income and Net Profitability
Income from operations peaked at 3.9 billion USD in December 2022, followed by a significant decline to 399 million USD in March 2025, before a partial recovery. Net income was characterized by high volatility, most notably in December 2023, where a spike to 7.9 billion USD occurred. This anomaly was driven by a substantial income tax benefit of 5.7 billion USD rather than organic operating growth. Excluding this one-time event, net income attributable to common stockholders showed a downward trend from its 2022 peaks, ending at 477 million USD in March 2026.
Non-Operating Items
Interest income showed a marked increase, rising from 10 million USD in March 2021 to 434 million USD by March 2026, suggesting a significant accumulation of cash or cash equivalents. Interest expenses remained relatively stable, fluctuating between 33 million and 99 million USD, indicating a low reliance on interest-bearing debt relative to total assets.