Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Tesla Inc., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the quarterly financial ratios reveals several noteworthy trends over the observed periods.
- Gross Profit Margin
- The gross profit margin showed an overall declining trend after peaking around early 2022. Initially increasing from approximately 21.18% in the first quarter of 2021 to about 27.1% by the first half of 2022, it then gradually decreased to around 17.01% by the third quarter of 2025. This indicates rising cost pressures or changes in pricing strategies affecting gross profitability over time.
- Operating Profit Margin
- The operating profit margin followed a similar pattern to the gross profit margin with an increase from 6.41% in the first quarter of 2021 to a peak of approximately 16.76% by the end of 2022. Following this peak, the margin steadily declined to 4.74% by the third quarter of 2025. This declining trend suggests increasing operating expenses or diminishing operating efficiency in more recent quarters.
- Net Profit Margin
- The net profit margin showed a growth trajectory initially, rising from 3.18% in early 2021 to 15.5% at the end of 2023. After reaching this high, there was a notable decrease to 5.31% by the third quarter of 2025. This pattern reflects variability in overall profitability potentially due to fluctuations in operating income, interest costs, taxes, or one-time items.
- Return on Equity (ROE)
- ROE exhibited strong growth in the initial periods, moving from 4.97% in early 2021 to a high of 28.09% at the end of 2022. Despite some recovery periods, there was a subsequent decline to 6.35% by the third quarter of 2025. This diminishing return indicates reduced efficiency in generating shareholder value over the later periods.
- Return on Assets (ROA)
- ROA also increased from 2.16% in the first quarter of 2021 to about 15.25% by the end of 2021 and early 2022, followed by a decrease to 3.8% by the third quarter of 2025. This trend suggests a reduction in asset utilization efficiency or profitability generated from the asset base in recent quarters.
In summary, the financial ratios point to a period of increasing profitability and efficiency during 2021 through early 2022, followed by a sustained decline across all key profitability and return metrics through mid-2025. The continuous decrease in margins and returns may indicate rising costs, competitive pressures, or operational challenges impacting financial performance and efficiency over the later periods.
Return on Sales
Return on Investment
Gross Profit Margin
Tesla Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 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% | 25.28% | 23.11% | 22.04% | 21.18% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 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% | 9.20% | 7.13% | 7.30% | 5.61% | ||||||
| General Motors Co. | 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% | 11.49% | 12.00% | 12.88% | 11.66% | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (5,054 + 3,878 + 3,153 + 4,179)
÷ (28,095 + 22,496 + 19,335 + 25,707)
= 17.01%
2 Click competitor name to see calculations.
The financial analysis over the quarterly periods reveals several notable trends in the company's gross profit, revenues, and gross profit margin.
- Gross Profit
-
The gross profit exhibited a generally increasing trend from March 2021 through December 2021, rising from $2,215 million to $4,847 million, indicating a strong growth phase. Following this peak, the gross profit fluctuated, with some quarters showing declines, such as June 2022 and December 2024, compared to prior quarters. Despite these fluctuations, the general level of gross profit remained within a range roughly between $3,000 million and $5,000 million from 2022 onwards. The most recent quarters show a modest recovery trend after dips, particularly with an increase to $5,054 million by September 2025.
- Revenues
-
Revenues increased steadily during 2021, reaching the highest quarter value of $24,318 million in December 2021. Some volatility is apparent afterward, with a drop in March 2022 and June 2022, followed by a recovery and new highs in the subsequent quarters. In the years 2023 and 2024, revenues consistently remained above $19,000 million, peaking again at $25,707 million by December 2024. Although there was a decrease to $19,335 million in March 2025, the overall trend resumed upward culminating at $28,095 million in September 2025, suggesting solid revenue growth over the period.
- Gross Profit Margin
-
The gross profit margin showed a rising trend in 2021, peaking at 27.1% in the first half of 2022. After this peak, a consistent downward pressure is noted throughout subsequent quarters, declining steadily to 17.01% by September 2025. This indicates that while revenues and gross profits grew or fluctuated, the efficiency or cost advantages relative to sales were diminishing over time, suggesting increasing cost pressures or pricing challenges impacting profitability.
In summary, while total revenues and gross profit displayed growth and recovery phases, the gross profit margin showed a clear decline from early 2022 onward. This pattern suggests that although the company succeeded in increasing sales volumes or revenue generation, it faced challenges in maintaining or improving profitability ratios, potentially reflecting higher cost inputs or changes in product mix affecting margins.
Operating Profit Margin
Tesla Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 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% | 12.12% | 9.57% | 7.86% | 6.41% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 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% | 3.58% | 1.08% | 1.87% | -0.33% | ||||||
| General Motors Co. | 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% | 8.21% | 9.01% | 10.60% | 8.52% | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (1,624 + 923 + 399 + 1,583)
÷ (28,095 + 22,496 + 19,335 + 25,707)
= 4.74%
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in both the income from operations and revenues, as well as the operating profit margin over the analyzed periods.
- Income from Operations
- Income from operations exhibited a general upward trajectory from early 2021 through late 2022, peaking around the December 2022 quarter. During this period, income rose from approximately $594 million to a high near $3.9 billion, indicating substantial operational growth. However, starting from early 2023, income from operations showed significant volatility and an overall decline with intermittently low values, reaching as low as $399 million by the third quarter of 2025. This downward trend suggests challenges in maintaining operational profitability or increased expenses impacting operational income in recent periods.
- Revenues
- Revenues demonstrated strong growth throughout 2021 and 2022, increasing from approximately $10.4 billion to over $24 billion by year-end 2022. The revenue growth appeared somewhat more variable beginning in 2023, with slight decreases and fluctuations quarter-over-quarter but maintaining levels generally above $19 billion. Noteworthy is the rebound in revenue by the final quarter of 2025, reaching nearly $28.1 billion, which could indicate renewed sales momentum despite the operational income fluctuations.
- Operating Profit Margin
- The operating profit margin showed a positive trend through 2021 and into 2022, rising from about 6.4% to a peak near 16.8% around the end of 2022. This increase aligns with both revenue growth and higher income from operations during this time frame. However, starting in 2023, the margin declined steadily, reaching roughly 4.7% by the third quarter of 2025. The diminishing margin implies decreasing profitability relative to revenue, which may be reflective of rising costs, pricing pressures, or shifts in the cost structure that reduce operational efficiency.
In summary, the earlier periods reflected strong growth in both revenues and operational profitability, while recent quarters exhibit challenges with declining income from operations and contracting operating profit margins despite revenues maintaining a generally high level. This combination suggests that while top-line performance remains robust, cost management or other operational factors may be adversely affecting profitability.
Net Profit Margin
Tesla Inc., net profit margin calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 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% | 10.25% | 7.40% | 5.21% | 3.18% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 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% | 14.21% | 2.31% | 2.72% | 3.37% | ||||||
| General Motors Co. | 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% | 8.82% | 9.48% | 10.12% | 8.43% | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (1,373 + 1,172 + 409 + 2,128)
÷ (28,095 + 22,496 + 19,335 + 25,707)
= 5.31%
2 Click competitor name to see calculations.
- Net Income Attributable to Common Stockholders
- The net income shows substantial volatility over the observed periods. Starting at $438 million in Q1 2021, it generally trended upwards, peaking multiple times, notably at $3,687 million in Q4 2021 and a significant peak of $7,928 million in Q4 2023. However, intermittent declines are evident, such as the notable drop from $3,687 million in Q4 2021 to $2,513 million in Q1 2023, and further fluctuations thereafter. The data indicates an uneven pattern with intermittent periods of strong profitability followed by contractions, suggesting variability in earnings performance quarter to quarter.
- Revenues
- Revenues demonstrate an overall increasing trend with some periodic declines. Beginning at approximately $10,389 million in Q1 2021, revenues peak multiple times beyond $25,000 million, particularly in the later periods such as Q4 2023 and Q4 2024. Despite this growth, certain quarters show a decline compared to the prior quarter, for instance, Q2 2022 versus Q1 2022 and Q1 2025 compared to Q4 2024. The upward trend indicates expanding sales or operations over time, albeit with fluctuations likely influenced by market conditions or operational factors.
- Net Profit Margin
- The net profit margin reflects fluctuating profitability efficiency, beginning relatively low at 3.18% in Q1 2021 and increasing steadily to peak around 15.5% in Q4 2023. The margin maintains high levels above 10% for the majority of the periods after 2021, signaling improved cost control or pricing power. However, after Q4 2023, there is a noticeable decline in profit margin percentages, falling to just above 5% by Q3 2025, indicating a reduction in profitability relative to revenues in recent quarters. This decline could point to increasing costs or pricing pressures affecting net profitability.
- Overall Financial Trends
- The financial data reflects growth in both revenues and net income over the long term, with significant quarterly variability. Profit margins improved considerably until late 2023, after which a reversal trend is apparent. This pattern suggests that while the company has been able to expand its top-line sales and grow earnings, recent periods show challenges in maintaining profitability margins at previous highs. The variability in net income despite revenue growth highlights potential volatility in costs, market conditions, or other operational factors impacting net results.
Return on Equity (ROE)
Tesla Inc., ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Stockholders’ equity | 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) | 30,189) | 27,053) | 24,804) | 23,017) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 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% | 18.28% | 12.82% | 8.79% | 4.97% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 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% | 36.97% | 7.83% | 9.87% | 11.75% | ||||||
| General Motors Co. | 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% | 16.77% | 20.54% | 24.67% | 18.94% | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
ROE = 100
× (Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024)
÷ Stockholders’ equity
= 100 × (1,373 + 1,172 + 409 + 2,128)
÷ 79,970 = 6.35%
2 Click competitor name to see calculations.
The company's financial performance over the periods demonstrates notable fluctuations in profitability alongside a consistent growth in equity.
- Net Income Attributable to Common Stockholders
- This metric exhibited a strong upward trend from March 2021 to December 2021, rising from 438 million USD to 2,321 million USD, before continuing growth into early 2022. A peak was observed at 3,687 million USD by December 2022. However, beginning in 2023, net income showed volatility, with values oscillating significantly, including a notable peak of 7,928 million USD in December 2023, followed by lower values in subsequent quarters. The latest periods show some recovery from a low in Q1 2025, yet remain below the earlier peak levels.
- Stockholders’ Equity
- Stockholders’ equity steadily increased over the entire timeframe, starting at 23,017 million USD and reaching nearly 80,000 million USD by September 2025. This consistent increase reflects ongoing capital growth and retention of earnings despite fluctuations in net income.
- Return on Equity (ROE)
- ROE improved significantly during 2021 and peaked around the end of 2022, reaching approximately 28%. This indicates enhanced efficiency in generating profit from equity during that period. However, beginning in 2023, ROE declined steadily, dropping to a low near 6% by the third quarter of 2025. This suggests that despite the increase in net income and equity in earlier periods, profitability relative to equity diminished sharply in the most recent years.
Overall, the data reveals a phase of strong growth and profitability followed by increased volatility in net income and falling efficiency in return on equity. The continuous rise in equity indicates solid capital accumulation, but the declining ROE may warrant attention to operational or market factors affecting profitability going forward.
Return on Assets (ROA)
Tesla Inc., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Total assets | 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) | 62,131) | 57,834) | 55,146) | 52,972) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 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% | 8.88% | 6.00% | 3.95% | 2.16% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 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% | 6.98% | 1.13% | 1.38% | 1.52% | ||||||
| General Motors Co. | 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% | 4.09% | 4.66% | 5.27% | 3.84% | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
ROA = 100
× (Net income attributable to common stockholdersQ3 2025
+ Net income attributable to common stockholdersQ2 2025
+ Net income attributable to common stockholdersQ1 2025
+ Net income attributable to common stockholdersQ4 2024)
÷ Total assets
= 100 × (1,373 + 1,172 + 409 + 2,128)
÷ 133,735 = 3.80%
2 Click competitor name to see calculations.
- Net Income Attributable to Common Stockholders
- The net income shows a general upward trend from March 2021 through December 2021, peaking at 2,321 million US dollars. There is a significant increase in the first quarter of 2022, reaching 3,318 million US dollars, followed by fluctuating values through 2022 and 2023. The highest value is observed in December 2023 at 7,928 million US dollars, indicating a substantial spike. After this peak, net income declines sharply in early 2024 but generally maintains moderate values, with some variability and lower peaks towards the end of the period, ending at 1,373 million US dollars by September 2025.
- Total Assets
- Total assets consistently increase throughout the entire period, exhibiting a steady growth path from 52,972 million US dollars in March 2021 to 133,735 million US dollars in September 2025. This steady asset growth suggests ongoing expansion and accumulation of resources, with no periods of decline or stagnation.
- Return on Assets (ROA)
- ROA shows a rising trend from March 2021, starting at 2.16%, and reaching a peak in December 2021 at 8.88%. The ratio continues to improve significantly through 2022, peaking at 15.25% in December 2022. Subsequently, ROA declines steadily over 2023 and beyond, with a notable drop after December 2023. By the end of the data range in September 2025, ROA falls to 3.8%, indicating reduced efficiency in generating earnings relative to asset base compared to the earlier peak periods.