Stock Analysis on Net
Stock Analysis on Net

Tesla Inc. (NASDAQ:TSLA)

$24.99

Operating Profit Margin
since 2010

Microsoft Excel

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Calculation

Tesla Inc., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Income (loss) from operations1 ÷ Revenues1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

1 US$ in millions

The operating profit margin exhibited significant volatility between 2010 and 2025. Initially, the company experienced substantial operating losses, resulting in negative operating profit margins for the period spanning 2010 to 2019. A clear upward trend in operating profit margin emerged from 2020, peaking in 2022, before experiencing a moderate decline in subsequent years.

Early Years (2010-2019)
From 2010 to 2013, the operating profit margin consistently remained negative, indicating operational losses. The margin improved somewhat between 2013 and 2019, but remained below zero for the majority of this period. The largest negative margin was observed in 2011 at -123.13%, followed by 2010 at -125.78%. The operating profit margin reached its most recent negative value in 2018 at -1.81% and 2019 at -0.28%, suggesting a gradual approach to profitability.
Transition to Profitability (2020-2022)
A substantial shift occurred beginning in 2020, with the operating profit margin turning positive and increasing significantly. The margin rose from 6.32% in 2020 to 12.12% in 2021, and further to 16.76% in 2022. This indicates a period of rapidly improving operational efficiency and profitability. Revenues also increased substantially during this period, supporting the margin expansion.
Recent Performance (2023-2025)
Following the peak in 2022, the operating profit margin experienced a decline, decreasing to 9.19% in 2023, 7.24% in 2024, and 4.59% in 2025. While remaining positive, this represents a moderation from the high levels achieved in 2022. Revenues also experienced a slight decline in 2024 and 2025, potentially contributing to the margin compression.
Overall Trend
The overall trend demonstrates a transformation from consistent operational losses to sustained profitability. The period from 2020 to 2022 represents a period of exceptional growth in operating profit margin, followed by a stabilization and slight decline in more recent years. The company’s ability to maintain positive margins, even with a recent decrease, suggests a strengthened operational foundation compared to the earlier period.

Comparison to Competitors

Tesla Inc., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Tesla Inc. Ford Motor Co. General Motors Co.
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Dec 31, 2015
Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
Dec 31, 2011
Dec 31, 2010

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).