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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of key profitability and efficiency ratios over the periods reveals several notable trends in the company's financial performance.
- Gross Profit Margin
-
The gross profit margin showed an initial upward trend from 21.02% in the first quarter of 2020 to a peak of 27.1% in both the first and second quarters of 2022. Following this peak, the margin gradually declined over subsequent quarters, falling to approximately 17.01% by the third quarter of 2025. This pattern indicates that while the company initially improved its cost efficiency or pricing power, challenges in maintaining these margins emerged in later periods.
- Operating Profit Margin
-
The operating profit margin experienced steady growth from 6.32% in early 2020, reaching a high point of 16.76% in the last quarter of 2022. Afterward, it progressively diminished, declining to 4.74% by the third quarter of 2025. This trend mirrors the gross margin movements but suggests additional operational cost pressures or increased expenses impacting overall operational efficiency in recent periods.
- Net Profit Margin
-
Net profit margin started at 2.29% in early 2020 and increased consistently to 15.41% by the fourth quarter of 2022, highlighting strong bottom-line growth and effective management of non-operational expenses or taxes. However, it exhibited a decline afterwards, dipping to around 5.31% in late 2025, indicating rising costs, reduced revenues, or other challenges affecting net profitability.
- Return on Equity (ROE)
-
ROE showed substantial improvement over the observed periods, rising from 3.24% in early 2020 to a peak slightly above 28% in the last quarter of 2022. This significant increase reflects effective use of shareholder equity to generate profits. Nevertheless, post-2022 data illustrate a downturn in ROE, reducing to 6.35% by the third quarter of 2025, aligning with the observed declines in profitability margins.
- Return on Assets (ROA)
-
ROA increased from a modest 1.38% in early 2020 to 15.25% by the fourth quarter of 2022, indicating enhanced efficiency in using assets to produce earnings. Subsequent quarters reveal a decreasing trend, with ROA falling to 3.8% in the third quarter of 2025, suggesting that asset utilization became less effective recently, potentially due to asset base expansion or reduced asset productivity.
In summary, the data indicate a period of sustained improvement in profitability and return measures through 2022, followed by a notable tapering off beginning in 2023 and continuing through 2025. This shift reflects emerging challenges that have influenced margins and returns, including possibly higher costs, pricing pressures, or operational inefficiencies. Monitoring these trends and identifying underlying causes will be critical for strategic and operational adjustments moving forward.
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 2,066) | 2,063) | 1,267) | 1,234) | |||||||
| 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) | 10,744) | 8,771) | 6,036) | 5,985) | |||||||
| 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% | 21.02% | — | — | — | |||||||
| 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% | 2.75% | — | — | — | |||||||
| 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% | 10.25% | — | — | — | |||||||
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
- Revenue Trends
- Revenues exhibited a generally upward trajectory from 2020 through the end of 2022, increasing from approximately $5.985 billion in Q1 2020 to a peak near $24.3 billion in Q4 2022. This growth reflects substantial business expansion during this period. However, starting in 2023, the revenue pattern became more volatile with some quarters showing declines, such as Q1 2025 with approximately $19.3 billion, before rebounding notably by Q4 2025 to around $28.1 billion. This indicates fluctuations in sales or delivery volumes in more recent quarters.
- Gross Profit Movements
- Gross profit followed a pattern broadly consistent with revenues, rising significantly from $1.234 billion in Q1 2020 to a high of nearly $5.8 billion in Q4 2022. Subsequently, gross profit declined through most of 2023 and into early 2024, reaching lows near $3.7 billion, before showing a recovery trend toward the end of 2024 and into 2025 with figures surpassing $5 billion again by Q4 2025. This pattern suggests pressures on cost efficiency or product mix during the mid-term, with an improving cost base or operational performance later on.
- Gross Profit Margin Analysis
- Gross profit margin data is available starting from Q4 2020 and reveals a peak margin of 27.1% reached in Q2 and Q3 2022, indicating strong profitability on sales during that period. Following this peak, margins steadily declined through 2023 and into 2024, falling to around 17% by the end of 2024. This contraction implies rising costs relative to revenues or pricing pressures. The consistent decrease in margin despite fluctuating absolute gross profits highlights potential challenges in cost control or input cost inflation later in the analyzed timeframe.
- Overall Insights
- The company's financial trajectory shows significant growth in both revenues and gross profit through late 2022, aligning with a strengthening margin profile. The subsequent period experienced margin compression and revenue volatility, reflecting possible market headwinds or operational adjustments. However, the latter quarters towards the end of 2024 and into 2025 indicate a recovery in both gross profit and revenues, suggesting adaptive measures or market conditions improving profit generation capabilities.
Operating Profit Margin
Tesla Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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) | 575) | 809) | 327) | 283) | |||||||
| 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) | 10,744) | 8,771) | 6,036) | 5,985) | |||||||
| 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% | 6.32% | — | — | — | |||||||
| 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% | -3.80% | — | — | — | |||||||
| 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% | 6.10% | — | — | — | |||||||
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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 financial data reveals several notable trends in the company's operational performance and revenue generation over the reported quarters.
- Income from Operations
- There is a general upward trajectory in income from operations from the beginning of the period through late 2022, peaking notably in the fourth quarter of 2021 and the fourth quarter of 2022. Initial values start at $283 million and fluctuate with significant increases observed around mid-2021 to late 2022. However, beginning in 2023, income from operations shows a marked decline with substantial volatility, reaching lower points in several quarters through to late 2025.
- Revenues
- Revenues display consistent growth over the observed period, with some fluctuations. Starting around $6 billion in the first quarter of 2020, revenues generally rise through to the end of 2022, reaching and exceeding $24 billion in certain quarters. The growth trend is broadly maintained, although there are periods of softness, particularly in early 2025, before picking up again towards the end of the period under review.
- Operating Profit Margin
- Operating profit margin data, available from the first quarter of 2021 onwards, shows a clear improvement trend during the initial quarters of the period, increasing from just above 6% to a peak exceeding 16% around the fourth quarter of 2022. Post-peak, there is a gradual decline in operating margins throughout 2023 and into 2024, with margins falling to below 5% by the end of 2025. This indicates a contraction in operational efficiency or increased costs relative to revenues during the later periods.
In summary, the company's revenues have grown steadily throughout the years, signifying expanding sales or business scale. Income from operations mirrored this growth up to late 2022 but then declined and became more volatile, suggesting challenges in cost management or profitability despite robust revenues. The operating profit margin improved significantly in the early years, pointing to enhanced operational efficiency or favorable market conditions, but subsequently deteriorated, highlighting pressures on profitability in recent quarters.
Net Profit Margin
Tesla Inc., net profit margin calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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) | 270) | 331) | 104) | 16) | |||||||
| 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) | 10,744) | 8,771) | 6,036) | 5,985) | |||||||
| 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% | 2.29% | — | — | — | |||||||
| 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% | -1.10% | — | — | — | |||||||
| 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% | 5.91% | — | — | — | |||||||
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
- Revenue Trends
- Revenue exhibited an overall upward trajectory from the first quarter of 2020 through the last quarter of 2025, with some fluctuations. Starting at approximately 5,985 million USD in March 2020, revenues increased significantly, peaking several times above 25,000 million USD in various quarters starting in early 2024. This indicates robust growth in the company’s top-line over the reported periods, although there were notable dips, such as in mid-2022 and mid-2025, suggesting some cyclical or market-related variations.
- Net Income Attributable to Common Stockholders
- Net income showed considerable volatility across quarters but maintained a general increasing pattern until late 2023, reaching a peak of 7,928 million USD in December 2023. After this peak, net income declined sharply, stabilizing at lower levels in mid-2024 and mid-2025, where values ranged mostly between 400 and 2,200 million USD. This suggests episodes of significant profitability followed by reduction in earnings, potentially linked to operational or market challenges.
- Net Profit Margin
- The net profit margin, available from late 2020 onward, exhibited a rising trend initially, increasing from approximately 2.29% in late 2020 to a peak around 15.5% in December 2023. This demonstrates enhanced profitability relative to revenues during the growth phase. However, post this peak, the margin declined steadily, declining to around 5.31% by the end of 2025. The decline in margins despite relatively high revenues may indicate rising costs, pricing pressures, or other factors affecting profitability.
- Correlation Between Revenue, Net Income, and Margin
- The data suggests that while revenues generally increased over the period, net income and margins experienced more pronounced fluctuations. This divergence highlights that increased sales did not always translate proportionally into higher profitability. The sharp increase in net income and margins up to late 2023 followed by declines indicates potential episodic factors driving exceptional earnings which were not fully sustainable. The decreased profitability in the latter periods despite high revenues warrants further investigation into cost structures and expense management.
- Summary
- The company experienced strong revenue growth over several years, reflecting expanding business activities. Profitability improved significantly until the end of 2023, reflecting operational efficiency or favorable market conditions during that time. Subsequently, net income and net profit margins declined notably, indicating emerging challenges despite maintained or even increased revenue levels. Overall, the company’s financial profile suggests a period of aggressive growth and profitability enhancement followed by a correction or stabilization phase with tighter margins and earnings.
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 270) | 331) | 104) | 16) | |||||||
| 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) | 22,225) | 16,031) | 9,855) | 9,173) | |||||||
| 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% | 3.24% | — | — | — | |||||||
| 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% | -4.17% | — | — | — | |||||||
| 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% | 14.27% | — | — | — | |||||||
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
- Net Income Attributable to Common Stockholders
- The net income demonstrates a general upward trend from March 31, 2020, through December 31, 2023, with intermittent fluctuations. Starting at $16 million, it increased significantly to a peak of $7,928 million by December 31, 2023. After this high point, net income declined sharply to lower levels around $409 million to $1,373 million in the subsequent quarters through September 30, 2025. This pattern suggests periods of strong profitability followed by notable decreases, indicating volatility or changes in business conditions impacting earnings.
- Stockholders’ Equity
- Stockholders’ equity has shown a consistent and steady increase throughout the entire timeline. Beginning at $9,173 million in March 31, 2020, it rose each quarter without any apparent decline, reaching $79,970 million by September 30, 2025. This persistent growth illustrates a continuous accumulation of retained earnings and/or capital contributions, resulting in a stronger equity base over time.
- Return on Equity (ROE)
- ROE data is available starting only from September 30, 2020, and displays a general upward trend until December 31, 2023. It begins near zero and climbs to a high of 28.09% toward the end of 2022, slightly decreasing thereafter but remaining elevated around the 20–24% range through December 2023. Post-2023, ROE experiences a marked decline, dropping to single digits by mid-2025, reaching as low as 6.35% by September 30, 2025. The initial growth in ROE aligns with the rising net income and equity, indicating improving profitability relative to equity, while the subsequent decline suggests reduced effectiveness in generating returns from equity, potentially linked to the sharp drop in net income noted earlier.
- Overall Analysis
- Over the observed periods, the financial data reflect significant expansion and profitability improvements up to late 2023, supported by increasing equity levels. The peak performance in net income and ROE during this period indicates a phase of strong operational success. However, the sharp decline in net income and ROE beyond this peak highlights emerging challenges or external factors adversely affecting profitability. Despite these earnings fluctuations, the steady increase in stockholders’ equity suggests a solid capital foundation, possibly providing resilience during periods of lower returns.
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | 270) | 331) | 104) | 16) | |||||||
| 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) | 52,148) | 45,691) | 38,135) | 37,250) | |||||||
| 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% | 1.38% | — | — | — | |||||||
| 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% | -0.48% | — | — | — | |||||||
| 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% | 2.73% | — | — | — | |||||||
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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
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.
The financial data reveals distinct trends in profitability and asset growth over the examined period. Total assets show a steady increase, reflecting consistent expansion. Starting at $37.25 billion in March 2020, the total assets rose to approximately $133.7 billion by September 2025, indicating substantial asset accumulation and business scaling over the years.
Net income attributable to common stockholders fluctuates considerably through the quarters, showing both strong growth phases and periods of decline. For instance, net income increased sharply from $16 million in March 2020 to a peak of $7.928 billion in December 2023. However, following this peak, net income exhibits a downward trend with some volatility, declining to around $1.373 billion by September 2025. This pattern suggests episodic earnings performance possibly influenced by operational or market factors.
The Return on Assets (ROA) percentages, available from late 2020 onwards, illustrate the profitability efficiency relative to asset base. Initially, ROA was relatively low, starting at approximately 1.38% in September 2020. It then climbed significantly, reaching a maximum of around 15.25% in December 2022. Subsequently, a gradual decrease in ROA is observed, declining to roughly 3.8% by December 2024. This decrease towards the later periods may reflect reduced profitability relative to the increased asset base, or changing operational dynamics.
- Total Assets
- Consistently increased over time, rising from $37.25 billion in early 2020 to $133.7 billion by late 2025, indicating ongoing expansion.
- Net Income
- Exhibited high variability, starting low, surging to a peak in late 2023, then trending downward with fluctuations, suggesting episodic earnings performance.
- Return on Assets (ROA)
- Improved steadily through 2020-2022, peaking above 15%, before decreasing gradually post-2022 to under 4%, indicating a reduction in profitability relative to asset growth.
In summary, the data presents a company with aggressive asset growth and volatile profitability. Peak periods of net income and ROA indicate strong operational efficiency and profitability in the middle of the timeframe. However, more recent quarters show a decline in both net income and asset returns, which may merit further investigation into the causes, such as market conditions, investment strategies, or cost structures.