Name: Tesla Inc. (NASDAQ:TSLA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2026	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	20,094)	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	113)	146)	380)	542)	417)	439)	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)
Automotive leasing	353)	364)	381)	401)	429)	435)	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)
Automotive revenues	20,560)	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	2,881)	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	4,605)	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	28,046)	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	(16,570)	(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	(184)	(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	(16,754)	(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	(1,927)	(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	(3,871)	(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	(22,552)	(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	5,494)	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	(2,761)	(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	(2,015)	(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	(4,776)	(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	718)	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	445)	422)	434)	449)	439)	392)	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)
Interest expense	(90)	(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	(117)	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	956)	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	(152)	(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	804)	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	(17)	(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	787)	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)

Total revenues exhibit a general upward trajectory from early 2021 through late 2026, characterized by significant volatility and a shifting composition of income streams. While automotive revenues remain the primary contributor, there is a clear strategic shift toward diversification, with energy generation and services becoming increasingly substantial components of the total revenue mix.

Revenue Stream Diversification: Automotive sales peaked in late 2022 and 2023, reaching approximately 20 billion USD per quarter, but displayed increased instability in 2025 and 2026. In contrast, Energy generation and storage revenues grew from 494 million USD in March 2021 to a peak of 3.837 billion USD in December 2025, representing a substantial expansion of this business segment. Services and other revenues demonstrated the most consistent growth, rising from 893 million USD in March 2021 to 4.605 billion USD by September 2026.
Cost Structure and Operating Expenses: Cost of revenues has scaled alongside growth, though automotive costs showed signs of stabilization in later periods. Operating expenses, however, have increased significantly. Research and development (R&D) expenditures grew from 666 million USD in March 2021 to 2.761 billion USD in September 2026, indicating a heavy investment in future technology. Selling, general and administrative (SG&A) expenses also trended upward, nearly doubling from 1.056 billion USD to 2.015 billion USD over the analyzed period.
Operating Profitability: Income from operations peaked in December 2022 at 3.901 billion USD. Following this peak, a general downward trend is observed, with operating income falling to 398 million USD by June 2026. This compression is attributed to the combined effect of rising operating expenses and fluctuations in gross profit, which saw a decline from late 2022 highs of 5.777 billion USD to lower levels in 2024 and 2025, before a slight recovery in September 2026.
Net Income and Non-Operating Factors: Net income shows extreme volatility, most notably in December 2023, where a spike to 7.943 billion USD occurred, driven primarily by a substantial tax benefit of 5.752 billion USD. Outside of this anomaly, net income attributable to common stockholders has trended lower from its 2022 peak of 3.687 billion USD. A positive trend is noted in interest income, which rose from 10 million USD in March 2021 to 445 million USD in September 2026, suggesting an increase in cash reserves or short-term investments.

Overall, the financial data indicates a transition from a period of rapid automotive-led growth to a phase characterized by higher operating costs and a strategic push into energy and services. The decline in operating income despite growing total revenues suggests a contraction in operating margins and an increase in the cost of maintaining and expanding the business infrastructure.

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Tesla Inc. (NASDAQ:TSLA)

Income StatementQuarterly Data

Income Statement
Quarterly Data