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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Automotive sales	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)	9,034)	7,346)	4,911)	4,893)
Automotive regulatory credits	417)	439)	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)	—)	—)	—)	—)
Automotive leasing	429)	435)	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)	280)	265)	268)	239)
Automotive revenues	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)	9,314)	7,611)	5,179)	5,132)
Energy generation and storage	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)	752)	579)	370)	293)
Services and other	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)	678)	581)	487)	560)
Revenues	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)	10,744)	8,771)	6,036)	5,985)
Automotive sales	(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)	(6,922)	(5,361)	(3,714)	(3,699)
Automotive leasing	(225)	(228)	(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	(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)	(7,070)	(5,506)	(3,862)	(3,821)
Energy generation and storage	(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)	(787)	(558)	(349)	(282)
Services and other	(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)	(821)	(644)	(558)	(648)
Cost of revenues	(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)	(8,678)	(6,708)	(4,769)	(4,751)
Gross profit	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)	2,066)	2,063)	1,267)	1,234)
Research and development	(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)	(522)	(366)	(279)	(324)
Selling, general and administrative	(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)	(969)	(888)	(661)	(627)
Restructuring and other	(238)	—)	(94)	(7)	(55)	(622)	—)	—)	—)	—)	—)	(34)	—)	(142)	—)	—)	(51)	(23)	101)	—)	—)	—)	—)
Operating expenses	(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)	(1,491)	(1,254)	(940)	(951)
Income from operations	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)	575)	809)	327)	283)
Interest income	439)	392)	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)	6)	6)	8)	10)
Interest expense	(76)	(86)	(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	(28)	320)	(119)	595)	(263)	(80)	443)	(145)	37)	328)	(48)	(42)	(85)	28)	56)	68)	(6)	45)	28)	44)	(97)	(15)	(54)
Income before income taxes	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)	379)	555)	150)	70)
(Provision for) benefit from income taxes	(570)	(359)	(169)	(381)	(602)	(371)	(483)	5,752)	(167)	(323)	(261)	(276)	(305)	(205)	(346)	(292)	(223)	(115)	(69)	(83)	(186)	(21)	(2)
Net income	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)	296)	369)	129)	68)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	(16)	(18)	(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	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)	270)	331)	104)	16)

Revenue Trends: Automotive sales showed a rising trend from early 2020 through the end of 2021, peaking in the fourth quarter of 2021. Following that peak, the sales figures displayed volatility with fluctuations through 2025, including notable decreases and recoveries. Automotive regulatory credits contributed intermittently, with a significant increase observed from 2023 onward, reaching higher values in late 2024 and 2025. Automotive leasing revenues remained relatively stable, with slight declines observed in the later part of the period. Energy generation and storage revenue exhibited growth overall, especially from 2023, with rapid increases through mid-2024 and sustained high levels into 2025. Services and other revenues consistently increased throughout the period, indicating steady expansion in this segment. Total revenues followed a similar upward trajectory, increasing consistently until late 2021, with fluctuations thereafter but maintaining higher levels compared to 2020.
Cost of Revenues and Gross Profit: Automotive cost of revenues mirrored the revenue pattern, rising until the end of 2021 and fluctuating thereafter with some declines in the mid-2022 to 2023 period but increasing again toward 2025. Costs related to energy generation and storage, and services and other segments, increased commensurately, especially in the latter years. Total cost of revenues increased steadily until late 2021, followed by fluctuations with an overall increasing trend into 2025. Gross profit increased sharply from 2020 to 2021, peaking at the end of 2021. Post-2021, gross profit showed variability, with declines and recoveries but remained above early 2020 levels.
Operating Expenses: Research and development expenses generally increased over the period, showing pronounced jumps especially after 2022 and continuing upward through 2025. Selling, general, and administrative expenses increased progressively, with some acceleration around 2021 and remaining elevated through 2025. Restructuring and other expenses appeared irregular with occasional spikes, notably in late 2022 and 2024. Overall operating expenses rose steadily, displaying marked increases from 2021, indicating expanding investment and operational costs.
Profitability: Income from operations grew substantially from early 2020 to late 2021, reaching a high point in early 2022. Following this, it experienced fluctuations with periods of decline and partial recovery, but remained positive throughout. Interest income showed a clear increasing trend, with significant growth after 2021. Interest expense generally declined over time, contributing positively to net income. Other income (expense), net, was volatile with substantial swings, including large nonrecurring items in 2023 and 2024. Income before income taxes increased sharply through 2021 and 2022 with fluctuations afterward, maintaining a positive and robust level compared to early years. The provision for income taxes fluctuated, showing periods of benefit and expense, with a notably large income tax benefit in Q1 2023 skewing net figures. Net income followed an upward trajectory through 2021 and 2022, reaching several peaks, with volatility afterward. Net income attributable to common stockholders displayed similar trends, peaking in early 2023 and displaying variable but generally solid profitability figures through mid-2025.

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Tesla Inc. (NASDAQ:TSLA)

Income Statement Quarterly Data

Income Statement
Quarterly Data