Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Tesla Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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).
The financial trajectory from March 2022 through September 2026 is characterized by a sustained contraction in profitability and operational efficiency. After an initial period of stability and peak performance in late 2022, there is a systemic decline across all measured margin and return ratios, indicating significant pressure on the cost structure and a diminished ability to generate returns from assets and equity.
- Gross Profit Margin
- A consistent downward trend is observed from a high of 27.10% in early 2022, reaching a nadir of 17.01% by September 2025. Although a modest recovery is evident in the final three quarters, ending at 19.29% in September 2026, the margin remains substantially lower than the levels recorded at the start of the period.
- Operating Profit Margin
- The operating margin peaked at 16.76% in December 2022 before entering a prolonged period of erosion. This metric shows a more severe decline than the gross margin, falling to 3.35% by September 2026. This divergence suggests that operating expenses have not been reduced in proportion to the decline in gross profitability.
- Net Profit Margin
- Net profitability remained relatively resilient through December 2023, peaking at 15.50%. However, a precipitous decline followed, with the margin dropping to 3.11% by the end of the analyzed period. The sharp acceleration of this decline starting in 2024 indicates a significant reduction in the bottom-line conversion of revenue.
- Return on Equity (ROE)
- ROE exhibited a peak of 28.09% in December 2022, reflecting high efficiency in generating profits from shareholders' equity. This figure entered a steady decay over the subsequent years, ultimately falling to 3.60% by September 2026, marking a substantial loss in equity productivity.
- Return on Assets (ROA)
- The ROA followed a trajectory nearly identical to the ROE, peaking at 15.25% in December 2022. A continuous decline is observed thereafter, ending at 2.04% in September 2026. This trend underscores a decreasing capacity to utilize the total asset base effectively to generate net income.
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Gross Profit Margin
Tesla Inc., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 5,494) | 4,751) | 4,720) | 5,009) | 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) | ||||||
| Revenues | 28,046) | 28,236) | 22,387) | 24,901) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 19.29% | 18.85% | 19.07% | 18.03% | 17.01% | 17.48% | 17.66% | 17.86% | 18.23% | 17.72% | 17.78% | 18.25% | 19.81% | 21.49% | 23.13% | 25.60% | 26.61% | 27.10% | 27.10% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 1.12% | 1.02% | 1.02% | -0.27% | 6.99% | 6.65% | 7.69% | 8.26% | 7.60% | 8.11% | 8.61% | 9.25% | 10.30% | 10.07% | 10.22% | 9.85% | 9.58% | 10.10% | 8.41% | ||||||
| General Motors Co. | 6.26% | 4.74% | 5.07% | 5.26% | 8.63% | 10.60% | 11.61% | 11.97% | 11.38% | 11.02% | 10.70% | 10.36% | 11.96% | 12.32% | 12.19% | 11.87% | 10.92% | 10.43% | 10.71% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (5,494 + 4,751 + 4,720 + 5,009)
÷ (28,046 + 28,236 + 22,387 + 24,901)
= 19.29%
2 Click competitor name to see calculations.
The analysis of the gross profit margin reveals a distinct cyclical trajectory characterized by an initial period of stability, a significant contraction phase, and a subsequent period of gradual recovery.
- Margin Erosion Phase (2022–2024)
- A consistent downward trend in the gross profit margin is evident starting from the first quarter of 2022. The margin decreased from a peak of 27.10% in early 2022 to 17.78% by March 2024. This compression occurred despite a general increase in total revenues, indicating that the cost of goods sold grew at a faster rate than sales growth during this interval, leading to reduced profitability per unit of revenue.
- Stabilization and Trough (2024–2025)
- Following the steep decline, the gross profit margin entered a period of relative stagnation. Between June 2024 and September 2025, the ratio fluctuated within a narrow band, reaching its absolute lowest point of 17.01% in September 2025. During this timeframe, revenues exhibited significant volatility, notably dipping to 19,335 million US$ in March 2025, which coincided with a period of margin consolidation.
- Recovery Trend (2025–2026)
- A reversal of the downward trend is observed beginning in the final quarter of 2025. The gross profit margin improved from 17.01% in September 2025 to 19.29% by September 2026. This recovery is supported by a synchronized increase in both revenues and gross profit, with revenues scaling to 28,046 million US$ by the end of the period, suggesting a return to improved operational efficiency or a shift in pricing strategy.
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Operating Profit Margin
Tesla Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Income from operations | 718) | 398) | 941) | 1,409) | 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) | ||||||
| Revenues | 28,046) | 28,236) | 22,387) | 24,901) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 3.35% | 4.22% | 5.00% | 4.59% | 4.74% | 6.06% | 6.59% | 7.24% | 7.78% | 6.93% | 7.81% | 9.19% | 11.18% | 13.46% | 14.78% | 16.76% | 16.52% | 15.91% | 15.33% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -4.12% | -4.03% | -4.06% | -5.27% | 2.05% | 1.71% | 2.53% | 3.02% | 2.19% | 2.36% | 2.74% | 3.29% | 4.42% | 4.14% | 4.52% | 4.21% | 3.82% | 4.54% | 2.72% | ||||||
| General Motors Co. | 2.55% | 1.08% | 1.48% | 1.73% | 4.73% | 6.23% | 7.20% | 7.45% | 7.28% | 7.08% | 6.53% | 5.90% | 6.95% | 7.27% | 7.24% | 7.16% | 6.86% | 6.27% | 7.02% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (718 + 398 + 941 + 1,409)
÷ (28,046 + 28,236 + 22,387 + 24,901)
= 3.35%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a persistent and significant downward trajectory from the first quarter of 2022 through the third quarter of 2026. Although revenues generally expanded over the analyzed period, operating income failed to scale proportionally, resulting in substantial margin compression.
- Initial Growth and Peak Efficiency
- During the 2022 calendar year, operational efficiency improved steadily, with the operating profit margin rising from 15.33% in March to a peak of 16.76% by December. This period represents the highest level of profitability relative to revenue in the dataset.
- Phase of Rapid Compression
- A sharp reversal occurred starting in the first quarter of 2023, where the margin dropped to 14.78%. This decline accelerated throughout the remainder of 2023, falling below the 10% threshold by December 31, 2023, and closing the year at 9.19%.
- Marginal Stabilization and Further Decay
- Throughout 2024, the operating profit margin experienced a period of relative stabilization, fluctuating between a low of 6.93% and a high of 7.78%. However, this plateau was followed by a renewed downward trend beginning in 2025.
- Long-term Operational Decline
- The final stages of the analyzed period show a continued erosion of operating margins. The ratio declined to 4.59% by December 31, 2025, and reached a terminal low of 3.35% by September 30, 2026. This trend indicates that the increase in revenues has been offset by a disproportionate rise in operating expenses or a decrease in pricing power.
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Net Profit Margin
Tesla Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to common stockholders | 787) | 1,114) | 477) | 840) | 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) | ||||||
| Revenues | 28,046) | 28,236) | 22,387) | 24,901) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 3.11% | 3.67% | 3.95% | 4.00% | 5.31% | 6.34% | 6.38% | 7.26% | 13.27% | 13.19% | 14.64% | 15.50% | 11.21% | 12.97% | 13.66% | 15.41% | 14.95% | 14.17% | 13.51% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -4.50% | -4.24% | -3.46% | -4.70% | 2.67% | 1.83% | 2.95% | 3.40% | 2.06% | 2.27% | 2.35% | 2.62% | 3.75% | 2.58% | 1.85% | -1.33% | 6.32% | 8.42% | 9.26% | ||||||
| General Motors Co. | 2.33% | 1.16% | 1.52% | 1.61% | 1.79% | 2.79% | 3.37% | 3.50% | 6.62% | 6.80% | 6.69% | 6.42% | 6.33% | 6.56% | 6.35% | 6.90% | 7.20% | 7.37% | 8.47% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income attributable to common stockholdersQ3 2026
+ Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (787 + 1,114 + 477 + 840)
÷ (28,046 + 28,236 + 22,387 + 24,901)
= 3.11%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals a significant transition in profitability, characterized by an initial period of growth and stability followed by a sustained and severe contraction in net profit margins.
- Initial Growth and Peak Performance
- Between March 31, 2022, and December 31, 2022, a steady upward trajectory in the net profit margin is observed, rising from 13.51% to 15.41%. This period was supported by consistent growth in revenues, which increased from 18,756 million to 24,318 million.
- Mid-Term Volatility
- The fiscal year 2023 exhibited notable fluctuations. A decline to 11.21% was recorded by September 30, 2023, followed by a sharp recovery to a peak of 15.50% in December 2023. This peak was driven by a substantial increase in net income attributable to common stockholders, reaching 7,928 million for that quarter.
- Sustained Margin Contraction
- Starting in 2024, a persistent downward trend in profitability is evident. After a brief period of relative stability in early 2024, the net profit margin dropped sharply to 7.26% by December 31, 2024. This decline continued throughout 2025 and 2026, ultimately reaching a low of 3.11% by September 30, 2026.
- Revenue and Profitability Divergence
- A divergence is observed between revenue growth and net profitability in the latter half of the analyzed period. While revenues reached their highest levels between June 2025 and September 2026, fluctuating between 28,046 million and 28,236 million, net income failed to scale proportionally. This resulted in the net profit margin eroding from double-digit percentages to a range between 3% and 4%.
In summary, while the company successfully expanded its top-line revenue over the analyzed period, the efficiency of converting those revenues into net profit declined substantially, shifting from a high of 15.50% to a terminal value of 3.11%.
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Return on Equity (ROE)
Tesla Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to common stockholders | 787) | 1,114) | 477) | 840) | 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) | ||||||
| Stockholders’ equity | 89,289) | 86,858) | 84,116) | 82,137) | 79,970) | 77,314) | 74,653) | 72,913) | 69,931) | 66,468) | 64,378) | 62,634) | 53,466) | 51,130) | 48,054) | 44,704) | 39,851) | 36,376) | 34,085) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 3.60% | 4.38% | 4.59% | 4.62% | 6.35% | 7.61% | 8.18% | 9.73% | 18.43% | 18.91% | 21.55% | 23.94% | 20.12% | 23.85% | 24.45% | 28.09% | 28.08% | 26.16% | 24.64% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -21.11% | -20.71% | -16.30% | -22.76% | 9.93% | 6.99% | 11.24% | 13.11% | 7.96% | 8.80% | 9.15% | 10.16% | 13.92% | 9.47% | 6.81% | -4.58% | 21.39% | 26.42% | 25.71% | ||||||
| General Motors Co. | 6.30% | 3.15% | 4.05% | 4.41% | 4.59% | 7.19% | 9.03% | 9.53% | 15.61% | 16.14% | 16.08% | 15.75% | 13.46% | 14.32% | 13.44% | 14.65% | 14.83% | 13.75% | 16.00% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income attributable to common stockholdersQ3 2026
+ Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025)
÷ Stockholders’ equity
= 100 × (787 + 1,114 + 477 + 840)
÷ 89,289 = 3.60%
2 Click competitor name to see calculations.
The analysis of profitability metrics from March 31, 2022, through September 30, 2026, reveals a significant and sustained decline in the Return on Equity (ROE). While the period began with high capital efficiency, a diverging trend between net income and stockholders' equity has led to a substantial contraction in the company's ability to generate profit from its equity base.
- Net Income Trajectory
- Net income attributable to common stockholders exhibited high volatility over the analyzed period. After maintaining levels between 2,259 million and 3,687 million in 2022, a substantial outlier occurred in December 2023, where income spiked to 7,928 million. Following this peak, a downward trend emerged, with earnings frequently dropping below 1,500 million starting in 2024 and reaching lows of 409 million in March 2025 and 477 million in March 2026.
- Stockholders' Equity Expansion
- Stockholders' equity demonstrated consistent, linear growth throughout the entire timeframe. Equity increased from 34,085 million in March 2022 to 89,289 million by September 2026. This steady accumulation of equity has expanded the denominator used to calculate ROE, necessitating proportionally higher net income to maintain stable profitability ratios.
- Return on Equity (ROE) Performance
- ROE peaked at 28.09% in December 2022, representing the height of the company's capital efficiency during this period. A gradual decline followed, accelerating sharply after December 2023. The ratio fell from 23.94% at the end of 2023 to 9.73% by December 2024. The erosion continued through 2025 and 2026, concluding at a period low of 3.60% in September 2026.
- Correlation Analysis
- The decline in ROE is attributable to a negative correlation between the growing equity base and the declining net income. The consistent increase in stockholders' equity, coupled with a shrinking bottom line, has resulted in a compressed ROE. This indicates that each dollar of equity is generating progressively less net income over time.
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Return on Assets (ROA)
Tesla Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to common stockholders | 787) | 1,114) | 477) | 840) | 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) | ||||||
| Total assets | 157,517) | 148,524) | 143,724) | 137,806) | 133,735) | 128,567) | 125,111) | 122,070) | 119,852) | 112,832) | 109,226) | 106,618) | 93,941) | 90,591) | 86,833) | 82,338) | 74,426) | 68,513) | 66,038) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 2.04% | 2.56% | 2.69% | 2.75% | 3.80% | 4.58% | 4.88% | 5.81% | 10.76% | 11.14% | 12.70% | 14.07% | 11.45% | 13.46% | 13.53% | 15.25% | 15.04% | 13.89% | 12.72% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -2.66% | -2.59% | -2.16% | -2.83% | 1.56% | 1.08% | 1.76% | 2.06% | 1.23% | 1.39% | 1.43% | 1.59% | 2.30% | 1.55% | 1.12% | -0.77% | 3.65% | 4.75% | 4.57% | ||||||
| General Motors Co. | 1.37% | 0.69% | 0.90% | 0.96% | 1.06% | 1.65% | 2.06% | 2.15% | 3.83% | 3.92% | 3.87% | 3.71% | 3.56% | 3.72% | 3.52% | 3.76% | 3.71% | 3.47% | 3.95% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income attributable to common stockholdersQ3 2026
+ Net income attributable to common stockholdersQ2 2026
+ Net income attributable to common stockholdersQ1 2026
+ Net income attributable to common stockholdersQ4 2025)
÷ Total assets
= 100 × (787 + 1,114 + 477 + 840)
÷ 157,517 = 2.04%
2 Click competitor name to see calculations.
The analysis of the company's profitability indicates a significant deterioration in the efficiency of asset utilization over the period from March 2022 to September 2026. While the initial phase was characterized by stable or improving returns, a sustained downward trend emerged in 2024, leading to a substantial contraction in the Return on Assets (ROA).
- Asset Base Expansion
- A consistent and linear increase in total assets is observed, growing from 66,038 million US$ in March 2022 to 157,517 million US$ by September 2026. This continuous expansion indicates a significant increase in the company's capital investment and resource base throughout the observed timeframe.
- Net Income Volatility
- Net income attributable to common stockholders exhibited high volatility, with a notable peak of 7,928 million US$ in December 2023. However, a sharp decline is evident starting in March 2025, when net income dropped to 409 million US$ and remained significantly lower in subsequent quarters compared to the 2022-2023 levels.
- Return on Assets (ROA) Trajectory
- The ROA reached a peak of 15.25% in December 2022. Following this peak, a period of relative stability was followed by a precipitous drop beginning in late 2024. The ROA declined from 10.76% in September 2024 to 5.81% in December 2024, continuing a downward trajectory to reach 2.04% by September 2026. This trend demonstrates that the expansion of the asset base has significantly outpaced income generation, resulting in diminished profitability relative to the company's total resources.
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