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: 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
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: 2026-06-30), 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).

Financial performance across the analyzed period demonstrates a transition from rapid automotive-led growth to a more diversified revenue base, characterized by significant expansion in energy and services, alongside increasing operational costs.

Revenue Stream Evolution
Total revenues grew from 10.39 billion USD in March 2021 to a peak of 28.24 billion USD in June 2026. While automotive sales remain the primary revenue driver, a notable shift in composition is observed. Automotive revenues peaked in late 2022 and early 2023 before exhibiting increased volatility, including a significant contraction to 13.97 billion USD in March 2025. Conversely, energy generation and storage revenues grew from 494 million USD in March 2021 to 3.14 billion USD by June 2026. Services and other revenues followed a consistent upward trajectory, rising from 893 million USD to 4.58 billion USD over the same period.
Gross Profit and Margin Trends
Gross profit reached a peak of 5.78 billion USD in December 2022. Subsequently, a general trend of margin compression is evident, with gross profit fluctuating between 3.15 billion USD and 5.05 billion USD in more recent quarters. The cost of revenues has scaled alongside total revenue, but the growth in automotive production costs has largely offset the gains from diversified revenue streams.
Operating Expense Analysis
Operating expenses have expanded significantly, driven primarily by research and development (R&D). R&D spending increased from 666 million USD in March 2021 to 2.37 billion USD in June 2026, reflecting a heavy investment in technology and product development. Selling, general, and administrative (SG&A) expenses also trended upward, moving from 1.06 billion USD to 1.98 billion USD. This rise in operational spending has placed downward pressure on operating income, which declined from a peak of 3.90 billion USD in December 2022 to 398 million USD by June 2026.
Net Income and Tax Volatility
Net income attributable to common stockholders shows high volatility. A significant anomaly occurred in December 2023, where net income spiked to 7.93 billion USD, primarily due to a 5.75 billion USD benefit from income taxes. Excluding this outlier, net income has generally trended downward from the 3.69 billion USD peak in December 2022 to 1.11 billion USD in June 2026. This decline correlates with the reduction in operating income and the increase in R&D expenditures.
Non-Operating Items
Interest income has shown steady growth, rising from 10 million USD in early 2021 to 422 million USD by June 2026, suggesting an increase in cash reserves and higher yield environments. Interest expenses have remained relatively stable, fluctuating between 33 million USD and 99 million USD, indicating a conservative approach to debt servicing relative to overall revenue scale.