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:	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	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	439)	595)	692)	739)	890)	442)	433)	554)	282)	521)	467)	286)	344)	679)	314)	279)	354)	518)	—)	—)	—)	—)
Automotive leasing	435)	447)	447)	446)	458)	476)	500)	489)	567)	564)	599)	621)	588)	668)	628)	385)	332)	297)	280)	265)	268)	239)
Automotive revenues	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	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	3,046)	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	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	(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	(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	(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	(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	(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	(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	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	(1,589)	(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	(1,366)	(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	—)	(94)	(7)	(55)	(622)	—)	—)	—)	—)	—)	(34)	—)	(142)	—)	—)	(51)	(23)	101)	—)	—)	—)	—)
Operating expenses	(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	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	392)	400)	442)	429)	348)	350)	333)	282)	238)	213)	157)	86)	26)	28)	25)	10)	11)	10)	6)	6)	8)	10)
Interest expense	(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	320)	(119)	602)	(270)	(80)	443)	(145)	37)	328)	(48)	(42)	(85)	28)	56)	68)	(6)	45)	28)	44)	(97)	(15)	(54)
Income before income taxes	1,549)	589)	2,531)	2,784)	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	(359)	(169)	(382)	(601)	(371)	(483)	5,752)	(167)	(323)	(261)	(276)	(305)	(205)	(346)	(292)	(223)	(115)	(69)	(83)	(186)	(21)	(2)
Net income	1,190)	420)	2,149)	2,183)	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	(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	1,172)	409)	2,134)	2,167)	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 exhibit a generally increasing trend from March 2020 through December 2023, peaking in December 2023 at around $20.63 billion, followed by fluctuations with a notable decline by June 2025. Automotive regulatory credits remain relatively modest but show variability, with peaks around March 2024. Automotive leasing revenues grow steadily until December 2021, after which they show a gradual declining pattern. Overall automotive revenues, combining all segments, follow a growth trajectory until late 2023, then decline similarly to automotive sales. Energy generation and storage revenues show substantial growth starting in 2023, nearly doubling by June 2024, indicating expanding activity in this segment. Services and other revenues show a steady increase throughout the period, with a slight drop after early 2025. Total company revenues reflect these patterns, growing firmly until late 2023 before weakening significantly by mid-2025.
Cost of Revenues and Gross Profit: Automotive cost of revenues increase consistently with automotive sales, peaking in late 2023 and early 2024 before receding towards mid-2025. Energy generation and storage costs follow a similar pattern of growth into 2024 but remain proportionally lower than revenue growth. Services and other costs also trend upward, matching revenue increases. Total cost of revenues grow steadily, impacting gross profit. Despite rising costs, gross profit shows notable growth from early 2020 through 2022, peaking in late 2022. Post-2022, gross profit fluctuates but maintains generally positive values, reflecting an ability to sustain profitability amidst rising expenses. A decline is noted again approaching mid-2025.
Operating Expenses: Research and development expenses rise steadily, peaking towards the end of the period, indicating sustained investment in innovation. Selling, general and administrative expenses show an upward trend with some volatility, peaking in late 2023. Restructuring and other expenses are irregular and occasionally significant, notably with strong expenses in late 2024, which could indicate transitional costs or strategic shifts. Overall operating expenses increase over the timeframe, impacting operating income.
Profitability Metrics: Income from operations rises significantly from 2020 to the end of 2021, peaking in early 2023, then experiences fluctuations with a notable decline towards mid-2025. Interest income strongly increases after 2021, contributing positively to overall income. Interest expense remains relatively low and stable, resulting in limited impact on net income. Other income/expense displays high variability, with some quarters showing substantial gains, notably during 2023 and 2024, which suggests non-core gains or losses affecting profitability.
Net Income and Taxes: Income before income taxes follows a steady upward trend until 2023, with some volatility in subsequent periods. Tax provisions are mostly negative, consistent with tax expenses, but a remarkable benefit appears in March 2024, likely a one-time event affecting net income positively. Net income grows strongly through early 2023, with a peak in March 2024 likely boosted by the tax benefit. Following this peak, net income drops sharply and remains volatile. Net income attributable to common stockholders mirrors these trends, with substantial variation reflecting business performance and tax effects.
Summary of Observations: The overall financial trends indicate a company experiencing robust growth in revenues and gross profit through 2022 and early 2023, supported by increasing automotive sales and expanding energy generation and storage activity. Costs rise but remain controlled relative to revenues, allowing for improved operating income. Research and development and administrative expenses increase, consistent with growth and scaling. Notable fluctuations in other income/expense and tax provisions, especially the unusual tax benefit in early 2024, significantly influence net income variability. The post-2023 period shows increased volatility and a downward pressure on sales, profitability, and net income, suggesting potential market or operational challenges to be addressed.

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Tesla Inc. (NASDAQ:TSLA)

Income Statement Quarterly Data

Income Statement
Quarterly Data