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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2010
- Debt to Equity since 2010
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Tesla Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- 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.