Tesla, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tesla, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,000	11,759	21,461	24,578	31,536	53,823	81,462	96,773	97,690	94,827
Cost of revenue	5,401	9,536	17,419	20,509	24,906	40,217	60,609	79,113	80,240	77,733
Gross profit	1,599	2,223	4,042	4,069	6,630	13,606	20,853	17,660	17,450	17,094
Research and development	834	1,378	1,460	1,343	1,491	2,593	3,075	3,969	4,540	6,411
Selling, general and administrative	1,432	2,477	2,835	2,646	3,145	4,517	3,946	4,800	5,150	5,834
Operating expenses	2,267	3,855	4,430	4,138	4,636	7,083	7,197	8,769	10,374	12,739
Operating income	-667	-1,632	-388	-69	1,994	6,523	13,656	8,891	7,076	4,355
Interest expense	199	471	663	685	748	371	191	156	350	338
Interest income	8.53	19	24	44	30	56	297	1,066	1,569	1,680
Other non-operating income	111	-125	22	45	-122	135	-43	172	695	-419
Pre-tax income	-746	-2,209	-1,005	-665	1,154	6,343	13,719	9,973	8,990	5,278
Income tax	26.7	32	58	110	292	699	1,132	-5,001	1,837	1,423
Net income to minority interests	-98.1	-279	-87	87	141	125	31	-23	62	61
Net income	-675	-1,962	-976	-862	721	5,519	12,556	14,997	7,091	3,794
EBITDA	-190	-863	722	1,301	3,564	8,433	16,076	12,221	11,196	9,385
EPS, basic	-0.31	-0.77	-0.37	-0.32	0.25	1.87	4.02	4.73	2.23	1.18
EPS, diluted	-0.31	-0.77	-0.37	-0.32	0.21	1.63	3.62	4.30	2.04	1.08
Shares, basic (weighted)	2,205	2,538	2,600	2,703	2,798	2,959	3,130	3,174	3,197	3,225
Shares, diluted (weighted)	2,205	2,538	2,600	2,703	3,249	3,386	3,475	3,485	3,498	3,528

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,393	3,368	3,686	6,268	19,384	17,576	16,253	16,398	16,139	16,513
Short-term investments						131	5,932	12,696	20,424	27,546
Receivables	499	515	949	1,324	1,886	1,913	2,952	3,508	4,418	4,576
Inventory	2,067	2,264	3,113	3,552	4,101	5,757	12,839	13,626	12,017	12,392
Other current assets	194	268	366	959	1,346	1,723	2,941	3,388	5,362	7,615
Total current assets	6,260	6,571	8,307	12,103	26,717	27,100	40,917	49,616	58,360	68,642
Property, plant and equipment	5,983	10,028	11,330	10,396	12,747	18,884	23,548	29,725	35,836	40,643
Lease right-of-use assets				1,218	1,558	2,016	2,563	4,180	5,160	6,027
Goodwill		60.2	68	198	207	200	194	253	244	257
Intangible assets	376	362	282	339	313	257	215	178	150	124
Other non-current assets	217	273	572	1,470	1,536	2,138	3,865	4,531	4,609	5,045
Total assets	22,664	28,655	29,740	34,309	52,148	62,131	82,338	106,618	122,070	137,806
Accounts payable	1,860	2,390	3,405	3,771	6,051	10,025	15,255	14,431	12,474	13,371
Accrued liabilities	1,210	1,731	2,094	466	654	906	1,026	1,325	1,532	1,907
Deferred revenue	763	1,015	630	1,163	1,458	1,447	1,747	2,864	3,168	3,424
Short-term debt	1,115	800	2,222	1,399	1,758	1,088	1,016	1,975	2,343	1,569
Total current liabilities	5,827	7,675	9,993	10,667	14,248	19,705	26,709	28,748	28,821	31,714
Long-term debt	5,860	9,418	9,404
Lease liabilities				956	1,254	1,671	2,164	3,671	4,603	5,389
Other non-current liabilities	1,891	2,443	2,710	2,691	3,330	3,546	5,330	8,153	10,495	12,860
Total liabilities	16,750	23,023	23,427	26,199	28,418	30,548	36,440	43,009	48,390	54,941
Total debt	5,892	8,829	8,411	10,402	8,462	4,254	1,029	2,682	5,535	6,584
Paid-in capital	7,774	9,178	10,249	12,736	27,260	29,803	32,177	34,892	38,371	42,770
Retained earnings	-2,997	-4,974	-5,318	-6,083	-5,399	329	12,885	27,882	35,209	39,003
Other comprehensive income	-23.7	33.3	-8	-36	363	54	-361	-143	-670	361
Shareholders' equity	4,753	4,237	4,923	6,618	22,225	30,189	44,704	62,634	72,913	82,137
Minority interests	785	997	834	849	850	826	785	733	704	670
Total equity	5,538	5,234	5,757	7,467	23,075	31,015	45,489	63,367	73,617	82,807
Total liabilities and equity	22,664	28,655	29,740	34,309	52,148	62,131	82,338	106,618	122,070	137,806
Shares outstanding	2,471	2,581	527	2,758	960	3,100	3,164	3,185	3,216	3,751

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-773	-2,241	-1,063	-775	862	5,644	12,587	14,974	7,153	3,855
Depreciation and amortization	477	769	1,110	1,370	1,570	1,910	2,420	3,330	4,120	5,030
Stock-based compensation	334	467	749	898	1,734	2,121	1,560	1,812	1,999	2,825
Deferred income tax	-27.8	-3	32	19	40	-149	-196	-6,349	477	123
Change in receivables	-217	-25	-497	-367	-652	-130	-1,124	-586	-1,083	-261
Change in inventory	-633	-179	-1,023	-429	-422	-1,709	-6,465	-1,195	937	-630
Change in payables	751	388	1,797	646	2,102	5,367	8,029	2,605	3,588	4,376
Cash from operations	-124	-61	2,098	2,405	5,943	11,497	14,724	13,256	14,923	14,747
Capital expenditures	-1,281	-3,415	-2,101	-1,327	-3,157	-6,482	-7,158	-8,899	-11,342	-8,527
Acquisitions	343	-115	-18	-45	-13	0	0	-64	0	0
Purchases of investments				0	0	-132	-5,835	-19,112	-35,955	-37,109
Sales and maturities of investments	16.7				0	0	22	12,353	28,310	30,158
Cash from investing	-1,081	-4,196	-2,337	-1,436	-3,132	-7,868	-11,973	-15,584	-18,787	-15,478
Debt issued					9,713	8,883	0	3,931	5,744	5,586
Debt repaid						-14,167	-3,364	-1,351
Stock issued	1,702	400		848	12,269	0	0
Cash from financing	3,744	4,415	574	1,529	9,973	-5,203	-3,527	2,589	3,853	1,139
Exchange rate effect	-7.41	39.5
Net change in cash	2,533	198	312	2,506	13,118	-1,757	-1,220	265	-152	579
Free cash flow	-1,405	-3,476	-3	1,078	2,786	5,015	7,566	4,357	3,581	6,220
Interest paid	38.7	183	381	455	444	266	152	126	277	292
Income taxes paid	16.4	66	35	54	115	561	1,203	1,120	1,330	1,232

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $372.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.9%	Gross profit / revenue.
Operating margin	4.2%	Operating income / revenue.
EBITDA margin	9.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.0%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
FCF margin	5.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.0%	Cash from operations / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	4.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.5%	Research and development expense / revenue.
SG&A / revenue	6.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.5%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-38.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-31.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-16.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-46.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-32.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	39.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-47.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-33.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	38.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	73.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-6.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	29.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	1.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.2%	Total debt / total assets.
Liabilities / assets	41.1%	Total liabilities / total assets.
Net debt	-$35.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.1x	Operating income / interest expense.
Working capital	$33.33B	Current assets - current liabilities.
Tangible book value	$86.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	2.19x	Revenue / average property, plant and equipment.
Inventory turnover	6.11x	Cost of revenue / average inventory.
Days inventory	60 days	365 x average inventory / cost of revenue.
Receivables turnover	25.4x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	151.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	69.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.27	Revenue / diluted weighted shares.
FCF per share	$1.63	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.28	Cash from operations / diluted weighted shares.
Book value per share	$21.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.99	Tangible book value / shares outstanding.
Cash per share	$11.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.47T	Share price x shares outstanding.
Enterprise value	$1.43T	Market cap + total debt - cash - short-term investments.
P/E	386x	Market cap / net income. Only when net income is positive.
P/S	14.2x	Market cap / revenue.
P/B	16.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	16.9x	Market cap / tangible book value, when positive.
P/FCF	255x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	78.7x	Market cap / cash from operations, when positive.
EV/Sales	13.8x	Enterprise value / revenue.
EV/EBIT	328x	Enterprise value / operating income, when both are positive.
EV/EBITDA	146x	Enterprise value / EBITDA, when both are positive.
EV/FCF	249x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	0.3%	Net income / market cap (the inverse of P/E).

What was Tesla, Inc.'s revenue in fiscal 2025?

Tesla, Inc. reported revenue of $94.83B for fiscal 2025, 2.9% lower than the year before.

Was Tesla, Inc. profitable in fiscal 2025?

Yes. Net income was $3.79B, a net margin of 4%.

How much free cash flow did Tesla, Inc. generate in fiscal 2025?

Cash from operations of $14.75B minus capital expenditures of $8.53B left free cash flow of $6.22B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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