Company file · TSLA
Tesla
Tesla's net income fell for the second year in a row
Net income was $3.8B in 2025, down from $7.1B in 2024 and $15.0B in 2023. Revenue slipped 2.9% to $94.8B as automotive sales fell 9.2%, while energy and services revenue grew.
Key facts
Tesla (Nasdaq: TSLA) closed fiscal 2025 on Dec 31, 2025 with revenue of $94.8B, down 2.9% from a year before; net income came to $3.8B, down 46.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $28.0B, down 0.2% on the same stretch of the prior year, and net income of $787M. Broken down by type of revenue, Automotive sales led with 69% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 29, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).
Source: 10-K FY2025, filed Jan 29, 2026
Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026
How it makes money
Automotive sales were 69% of 2025 revenue, down from 81% in 2023. Energy generation and storage grew 26.6% to $12.8B, and services and other grew 18.9% to $12.5B.
Source: 10-K FY2025
By segment, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Source: 10-Q, quarter ended Sep 30, 2026, filed Oct 22, 2026
The bull case and the bear case
The bull case
- Energy generation and storage revenue grew 26.6% in 2025 to $12.8B. 10-K, FY2025
- Services and other revenue was $4.6B in the quarter ended Sep 30, 2026, up 32.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Operating cash flow was $14.9B in the first 9 months of 2026, up 36.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Cash and equivalents were $17.9B at Sep 30, 2026, against total debt of $8.0B. 10-Q, quarter ended Sep 30, 2026
The bear case
- Automotive sales fell 9.2% in 2025, after falling 7.7% the year before. 10-K, FY2025
- Net income was $787M in the quarter ended Sep 30, 2026, down 42.7% on a year earlier, on revenue of $28.0B. 10-Q, quarter ended Sep 30, 2026
- Regulatory credit revenue fell 72.9% in the quarter ended Sep 30, 2026. 10-Q, quarter ended Sep 30, 2026
- The 10-K says Tesla is highly dependent on Elon Musk and lists delays in launching and ramping new products among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Tesla makes electric vehicles, sells batteries and solar systems for homes and utilities, and earns money from services such as charging, insurance, repairs and used cars, plus regulatory credits sold to other carmakers.
The automotive segment designs, makes, sells and leases electric vehicles, sells regulatory credits to other carmakers, and provides services such as Supercharging, repairs, insurance and used vehicles. The energy generation and storage segment sells Powerwall and Megapack batteries and solar systems.
Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Tesla's latest 10-K. Read the original for the full list.
- New products and factoriesDelays in developing, launching and ramping new products, features and factories could hurt results.
- Suppliers and batteriesIt depends on suppliers delivering parts on time and needs ever more battery cells.
- Demand and autonomyGrowth depends on demand for electric vehicles and on adoption of its self-driving technology.
- RobotsIts Optimus humanoid robot is in a new industry that may not develop as hoped.
- CompetitionA growing list of established carmakers and new entrants compete with it.
- Key personIt is highly dependent on Elon Musk.
- Defects and recallsDefects, recalls, warranty and product-liability claims could be costly.
- Incentives and regulationChanges in government incentives for EVs and clean energy, and evolving regulation, could cut demand or raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $96.8B | $97.7B | $94.8B |
| Net income | $15.0B | $7.1B | $3.8B |
| Operating cash flow | $13.3B | $14.9B | $14.7B |
| Cash & equivalents (year end) | $16.4B | $16.1B | $16.5B |
| Total debt (year end) | $2.7B | $5.5B | $6.6B |
| Diluted shares | 3.48B | 3.50B | 3.53B |
- Revenue: Total revenue from vehicles, energy products, services and regulatory credits.
- Net income: Net income attributable to common stockholders.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term portions of debt, at carrying value. Excludes finance leases.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Total debt is the company's tagged total of its debt at carrying value (current and long-term portions); it excludes finance leases.
Recent filings
Latest filings
- Oct 214:41 PM ET
8-K
Tesla files an 8-K on quarterly results
Tesla filed a Form 8-K on Oct 21, 2026 at 4:41 PM ET under Item 2.02 (Results of Operations and Financial Condition).
- Oct 29:04 AM ET
8-K
Tesla files an 8-K on quarterly results
Tesla filed a Form 8-K on Oct 2, 2026 at 9:04 AM ET under Item 2.02 (Results of Operations and Financial Condition).
- Sep 294:38 PM ET
8-K
Tesla files an 8-K on a material agreement and a new financial obligation
Tesla filed a Form 8-K on Sep 29, 2026 at 4:38 PM ET under Item 1.01 (Entry into a Material Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement), Item 2.03 (Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant).
Common questions about Tesla
How does Tesla make money?
Fiscal 2025 revenue: $94.8B. Automotive sales were 69% of 2025 revenue, down from 81% in 2023. Energy generation and storage grew 26.6% to $12.8B, and services and other grew 18.9% to $12.5B. Source: 10-K for fiscal 2025, filed Jan 29, 2026.
What was Tesla's revenue in fiscal 2025?
$94.8B, down 2.9% from fiscal 2024 ($97.7B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $96.8B. Source: 10-K for fiscal 2025, filed Jan 29, 2026.
Is Tesla profitable?
Net income was $3.8B in fiscal 2025 (down 46.5%; fiscal 2024 was $7.1B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $787M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 29, 2026.
What did Tesla report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $28.0B (down 0.2% from $28.1B) and net income $787M (down 42.7% from $1.4B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.
How much cash and debt does Tesla have?
As of Sep 30, 2026: $17.9B of cash and cash equivalents, $8.0B of total debt. Total debt here is current and long-term portions of debt, at carrying value. Excludes finance leases. Source: 10-Q filed Oct 22, 2026.
What are the main risks Tesla lists?
The risk factors are in Item 1A of the 10-K filed Jan 29, 2026. This page sorts them into 8 groups (New products and factories; suppliers and batteries; demand and autonomy; robots; competition; key person; defects and recalls; incentives and regulation). The first group in plain English: Delays in developing, launching and ramping new products, features and factories could hurt results. Source: 10-K, Item 1A Risk Factors.
Where do these Tesla numbers come from?
The 10-K filed Jan 29, 2026 (fiscal 2025) and the 10-Q filed Oct 22, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in TSLA
- The editor holds shares of Tesla (TSLA) in a long-term retirement account. As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell TSLA from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold TSLA, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| TeslaTSLA | FY2025 | $94.8B | −2.9% | $3.8B |
| AppleAAPL | FY2025 | $416.2B | +6.4% | $112.0B |
| NvidiaNVDA | FY2026 | $215.9B | +65.5% | $120.1B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- MSFT Microsoft
- GOOGL Alphabet
- META Meta
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- JPM JPMorgan Chase
- LLY Eli Lilly
- MU Micron
- WMT Walmart
- AMD AMD
- V Visa
- XOM ExxonMobil
- JNJ Johnson & Johnson
- MA Mastercard
- ABBV AbbVie
- PLTR Palantir
- INTC Intel
- CVX Chevron
- COST Costco
- CSCO Cisco
- KO Coca-Cola
New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.