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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Automotive sales	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)	9,034)	7,346)	4,911)	4,893)
Automotive regulatory credits	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)	—)	—)	—)	—)
Automotive leasing	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)	280)	265)	268)	239)
Automotive revenues	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)	9,314)	7,611)	5,179)	5,132)
Energy generation and storage	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)	752)	579)	370)	293)
Services and other	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)	678)	581)	487)	560)
Revenues	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)	10,744)	8,771)	6,036)	5,985)
Automotive sales	(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)	(6,922)	(5,361)	(3,714)	(3,699)
Automotive leasing	(239)	(242)	(247)	(245)	(269)	(296)	(301)	(338)	(333)	(352)	(381)	(368)	(408)	(396)	(234)	(188)	(160)	(148)	(145)	(148)	(122)
Automotive cost of revenues	(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)	(7,070)	(5,506)	(3,862)	(3,821)
Energy generation and storage	(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)	(787)	(558)	(349)	(282)
Services and other	(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)	(821)	(644)	(558)	(648)
Cost of revenues	(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)	(8,678)	(6,708)	(4,769)	(4,751)
Gross profit	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)	2,066)	2,063)	1,267)	1,234)
Research and development	(1,409)	(1,276)	(1,039)	(1,074)	(1,151)	(1,094)	(1,161)	(943)	(771)	(810)	(733)	(667)	(865)	(740)	(611)	(576)	(666)	(522)	(366)	(279)	(324)
Selling, general and administrative	(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)	(969)	(888)	(661)	(627)
Restructuring and other	(94)	(7)	(55)	(622)	—)	—)	—)	—)	—)	(34)	—)	(142)	—)	—)	(51)	(23)	101)	—)	—)	—)	—)
Operating expenses	(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)	(1,491)	(1,254)	(940)	(951)
Income from operations	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)	575)	809)	327)	283)
Interest income	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)	6)	6)	8)	10)
Interest expense	(91)	(96)	(92)	(86)	(76)	(61)	(38)	(28)	(29)	(33)	(53)	(44)	(61)	(71)	(126)	(75)	(99)	(246)	(163)	(170)	(169)
Other income (expense), net	(119)	837)	(270)	20)	108)	(145)	37)	328)	(48)	(42)	(85)	28)	56)	68)	(6)	45)	28)	44)	(97)	(15)	(54)
Income before income taxes	589)	2,766)	2,784)	1,887)	1,553)	2,191)	2,045)	2,937)	2,800)	3,983)	3,636)	2,474)	3,626)	2,635)	1,882)	1,293)	533)	379)	555)	150)	70)
(Provision for) benefit from income taxes	(169)	(434)	(601)	(393)	(409)	5,752)	(167)	(323)	(261)	(276)	(305)	(205)	(346)	(292)	(223)	(115)	(69)	(83)	(186)	(21)	(2)
Net income	420)	2,332)	2,183)	1,494)	1,144)	7,943)	1,878)	2,614)	2,539)	3,707)	3,331)	2,269)	3,280)	2,343)	1,659)	1,178)	464)	296)	369)	129)	68)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(11)	(15)	(16)	(16)	(15)	(15)	(25)	89)	(26)	(20)	(39)	(10)	38)	(22)	(41)	(36)	(26)	(26)	(38)	(25)	(52)
Net income attributable to common stockholders	409)	2,317)	2,167)	1,478)	1,129)	7,928)	1,853)	2,703)	2,513)	3,687)	3,292)	2,259)	3,318)	2,321)	1,618)	1,142)	438)	270)	331)	104)	16)

Revenue Trends: Overall revenues display a strong upward trajectory from early 2020 through most of 2023, peaking at approximately $25,700 million in late 2024. Automotive sales constitute the largest revenue component, exhibiting significant growth from around $4,900 million in Q1 2020 to a peak near $20,600 million in Q4 2023. However, a decline is noted starting Q1 2025, with automotive sales dropping to approximately $12,925 million.; Automotive regulatory credits have shown fluctuations but generally increase from Q2 2021 onwards, reaching highs near $890 million in Q3 2024 before decreasing towards $595 million in Q1 2025.; Revenues from energy generation and storage exhibit considerable growth, especially from mid-2023 onward, doubling from around $1,600 million to over $3,000 million in several quarters of 2024, signaling an expanding segment. Services and other revenues steadily rise over the period, from about $560 million in early 2020 to a peak near $2,848 million by late 2024, followed by a fall to $2,638 million in Q1 2025.
Cost of Revenues and Gross Profit: Cost of revenues consistently increases alongside revenues, moving from about $4,750 million in early 2020 to a peak exceeding $21,500 million by end of 2024. Automotive cost components parallel automotive sales trends, rising until late 2024 then dropping noticeably in Q1 2025.; Gross profit shows initial strong growth, peaking around $5,460 million in early 2022, but thereafter experiences volatility and a general downtrend, declining to approximately $3,153 million by Q1 2025. This indicates margin pressures despite revenue increases in some segments.
Operating Expenses: Research and development expenses rose steadily over the period, from roughly $324 million in Q1 2020 to about $1,409 million in Q1 2025, reflecting sustained investment in innovation.; Selling, general and administrative expenses also increased, peaking around $1,313 million in Q3 2024 before slightly declining. Restructuring and other expenses were irregular, with significant charges in Q2 2024 at $-622 million, affecting operating expense totals during those quarters.; Combined operating expenses have doubled, limiting operating income growth.
Profitability and Income: Income from operations showed significant growth from $283 million in Q1 2020 to a peak exceeding $3,600 million in early 2022, followed by fluctuations and a declining trend reverting to about $399 million by Q1 2025.; Interest income steadily rose, suggesting higher cash or investment returns, while interest expense remained relatively stable and lower in magnitude.; Net income attributable to common stockholders generally increased from $16 million in Q1 2020 to a peak around $7,928 million in Q1 2024, driven in part by a large tax benefit recorded in that quarter. However, it sharply declined afterwards, falling below $500 million by Q1 2025, indicating reduced profitability.
Tax and Other Items: Income tax provisions remained mostly negative impairing net income, except for a striking $5,752 million tax benefit in Q1 2024, which temporarily boosted net income substantially. Other income/(expense), net, exhibited high volatility, including substantial positive and negative swings, impacting quarterly results unpredictably.
Summary Insights: The data reflects rapid growth in revenues through most of 2023 and early 2024, particularly in automotive sales and energy segments. Operating expenses and costs increased substantially, compressing margins and causing profit volatility.; Net income benefits from episodic tax gains and other irregular items, leading to uneven profitability. The significant decline in revenues and profits in early 2025 points to potential operational or market challenges after the strong growth period.

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Tesla Inc. (NASDAQ:TSLA)

Income StatementQuarterly Data

Income Statement
Quarterly Data