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, 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	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	380)	542)	417)	439)	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)
Automotive leasing	381)	401)	429)	435)	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)
Automotive revenues	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	2,408)	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	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	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	(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	(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	(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	(1,456)	(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	(3,399)	(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	(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	4,720)	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	(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	(1,833)	(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	(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	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	434)	449)	439)	392)	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)
Interest expense	(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	(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	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	(257)	(325)	(570)	(359)	(169)	(381)	(602)	(371)	(483)	5,752)	(167)	(323)	(261)	(276)	(305)	(205)	(346)	(292)	(223)	(115)	(69)
Net income	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)	(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	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 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.

AI Ask an analyst for more

Download chart

Tesla Inc. (NASDAQ:TSLA)

Income StatementQuarterly Data

Income Statement
Quarterly Data