Tesla Inc. (NASDAQ:TSLA)

The financial data over the five-year period indicates significant growth in total revenues, rising from approximately $31.5 billion in 2020 to nearly $97.7 billion in 2023, followed by a slight increase to about $97.7 billion in 2024. Automotive sales, the largest revenue contributor, showed strong growth through 2023, peaking at approximately $78.5 billion before declining to around $72.5 billion in 2024. Regulatory credits related to automotive operations increased notably, especially in 2024, reaching $2.8 billion. Automotive leasing revenues rose steadily until 2022 but then decreased in subsequent years. Energy generation and storage revenues exhibited a robust upward trend, more than quintupling from 2020 to 2024. Services and other revenues also grew consistently throughout the period.

Cost of revenues escalated in line with revenue growth, reaching $80.2 billion in 2024. The automotive segment’s cost of revenues increased rapidly, mirroring the sales volume, with a peak at nearly $66.3 billion in 2023 before declining to approximately $62.9 billion in 2024. The energy generation and storage cost showed a steep increase, aligning with the expanding business segment, while costs related to services and other activities also rose significantly. Despite this rise in costs, gross profit showed substantial growth from $6.6 billion in 2020 to a peak of $20.9 billion in 2022, though it declined to $17.5 billion by 2024.

Operating expenses increased during the period, owing primarily to rising research and development (R&D) expenses and selling, general, and administrative (SG&A) costs. R&D expenditures more than tripled from 2020 to 2024, reflecting significant investment in innovation. SG&A expenses showed a notable rise in 2021 but then fluctuated, ending higher in 2024 compared to the base year. Operating expenses as a whole expanded steadily, reaching over $10 billion by 2024.

Income from operations experienced marked growth, increasing from just under $2 billion in 2020 to a peak of approximately $13.7 billion in 2022, before declining to around $7.1 billion in 2024. This decline in later years suggests rising costs impacting operational profitability. Interest income showed a rising trend, particularly accelerating after 2021, while interest expenses declined substantially after 2020 but rose slightly again in 2024. Other income (expense), net, demonstrated volatility but ultimately improved to a positive balance by 2024.

Income before income taxes increased significantly, peaking in 2022 at about $13.7 billion before retreating steadily to $9 billion in 2024. Income tax provision varied widely, with a notable tax benefit recorded in 2023, which contributed to fluctuations in net income figures. Net income followed an upward trend, growing from $862 million in 2020 to a high of $14.97 billion in 2023 before declining to approximately $7.15 billion in 2024. Net income attributable to common stockholders mirrored this pattern.

Overall, the financial data reflects rapid expansion in revenues, particularly driven by automotive sales and energy generation and storage segments, accompanied by increasing costs and operating expenses. Profitability peaked in 2022-2023 but faced challenges resulting in a decline in 2024. Continued substantial investment in R&D underscores a focus on innovation and growth, while the fluctuations in leasing revenues and regulatory credits indicate varying contributions from these areas over time.