TSLANasdaqMotor Vehicles & Passenger Car BodiesUS GAAP · USD

Tesla, Inc.

Tesla, Inc. designs, manufactures, sells, and leases battery electric vehicles, energy generation systems, and energy storage products. The company also develops software-enabled mobility and automation products, including Full Self-Driving (Supervised), Robotaxi, and Optimus, and sells directly to customers through its own retail, service, and charging network.

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Revenue94.8bn USD
−2.9 %y/y
Operating profit (EBIT)4,355m USD
−38.5 %y/y
EBIT margin4.6%
−2.7 ppy/y
Net income3,794m USD
−46.5 %y/y
Free cash flow6,220m USD
+73.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080100bn USD2020: 31.5 bn USD2020: EBIT 2.0 bn USD20202021: 53.8 bn USD2021: EBIT 6.5 bn USD20212022: 81.5 bn USD2022: EBIT 13.7 bn USD20222023: 96.8 bn USD2023: EBIT 8.9 bn USD20232024: 97.7 bn USD2024: EBIT 7.1 bn USD20242025: 94.8 bn USD2025: EBIT 4.4 bn USD202594.84.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Automotive78 %

Design, manufacture, sale, lease, and service of electric vehicles and related software/features.

Services and Other12 %

Used vehicles, Supercharging, maintenance, insurance, parts, and merchandise.

Energy Generation and Storage10 %

Sales, leasing, financing, and installation of solar and storage products.

Products

Reported · share of revenue
69.4%13.2%12.9%FY2025100 %
  • Automotive Sales69.4 %
  • Services and Other13.2 %
  • Energy Generation and Storage Sales12.9 %
  • Automotive Regulatory Credits2.1 %
  • Automotive Leasing1.8 %
  • Energy Generation and Storage Leasing0.5 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Tesla sells primarily to individual consumers and fleet-like users buying electric vehicles, software features, and charging access through a direct-sales model. It also serves residential, commercial, industrial, and utility customers for energy storage and solar products, plus third parties that use or host Superchargers. The customer base is tied to adoption of EVs, home charging, clean energy systems, and software-enabled vehicle features.

Retail vehicle buyers

Consumers purchasing Tesla vehicles directly for personal transportation and software-enabled features

Lease and financing customers

Customers using Tesla lease or financing programs to acquire vehicles

Energy storage and solar customers

Residential, commercial, industrial, and utility buyers of Powerwall, Megapack, and solar systems

Charging and services users

Owners and non-owners using Superchargers, maintenance, insurance, parts, and merchandise

Fleet and mobility partners

Businesses and partners that may use Tesla vehicles, charging, or future autonomy services

Strategy

Tesla’s strategy centers on combining electric vehicles, energy storage, and AI-enabled software into a vertically integrated platform. The company is investing in autonomy, robotics, next-generation vehicle platforms, battery cell manufacturing, and charging infrastructure to expand the addressable market beyond traditional auto sales.

Autonomy and AI commercializationMedium term

Software and fleet-based services can extend Tesla beyond vehicle sales into recurring and platform-based revenue

Next-generation vehicle and battery platformsMedium term

New platforms and in-house cells are intended to improve cost, range, and manufacturing scalability

Energy storage expansionMedium term

Megapack and Powerwall broaden Tesla’s exposure to grid and residential electrification demand

Charging and service network growthShort term

A larger network supports vehicle adoption, customer retention, and future mobility services

Geography

Q1/2026

Tesla operates globally, with manufacturing, sales, service, and charging infrastructure spread across multiple continents. The company localizes vehicle designs and production for particular markets and relies on a worldwide retail and Supercharger footprint to support adoption. Geography matters because demand, regulation, trade policy, labor availability, and supply-chain access all affect factory ramp, delivery logistics, and product mix.

United States48 %
Other countries (US filing)34 %
China19 %

Share of the revenue the company reports by geography.

Risks

Tesla faces execution risk in launching and scaling new products, factories, and software features, because its model depends on complex manufacturing ramps and rapid technology development. The company is also exposed to regulatory, trade, cyber, and key-person risks, while EV demand, charging adoption, and energy project timing can be cyclical and uneven.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Product launch and production ramp delays1Manufacturing cost and factory execution risk2Dependence on Elon Musk3Cybersecurity and data security incidents4Regulatory and policy changes5Demand cyclicality and competition6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Product launch and production ramp delaysImpact: HighLikelihood: Medium

    Tesla develops new technologies, manufacturing processes, and vehicle platforms that may not scale on schedule

    ExposureVehiclesBattery cellsAutonomy productsEnergy products
  2. Manufacturing cost and factory execution riskImpact: HighLikelihood: Medium

    The business depends on efficient high-volume production across multiple factories and new lines

    ExposureGigafactoriesNext-generation platformBattery cell ramp
  3. Dependence on Elon MuskImpact: HighLikelihood: Medium

    The company states it is highly dependent on his services and attention, despite other commitments

    ExposureStrategyProduct directionInvestor confidence
  4. Cybersecurity and data security incidentsImpact: HighLikelihood: Medium

    Vehicles, software, charging, and service systems rely on connected IT infrastructure

    ExposureFSDAppCustomer dataService systems
  5. Regulatory and policy changesImpact: MediumLikelihood: High

    EV incentives, emissions credits, charging rules, and trade policy can change demand and economics

    ExposureRegulatory creditsTariffsNACS adoptionVehicle incentives
  6. Demand cyclicality and competitionImpact: MediumLikelihood: Medium

    Vehicle sales are cyclical and Tesla competes in a crowded EV and energy market

    ExposureAutomotive demandPricingMarket share

Accounting

Judgemental items
Revenue recognition across multiple streams

Tesla sells vehicles, leases, software features, charging, services, and energy products with different timing rules

Impact: Affects quarterly revenue mix and comparability

Lease accounting

Automotive leasing includes direct operating leases and sales-type leases with different recognition patterns

Impact: Affects automotive revenue timing and asset balances

Warranty and service reserves

Vehicle and energy products require estimates for future warranty and repair obligations

Impact: Affects cost of revenues and liabilities

Regulatory credits

Credit revenue depends on regulation and third-party demand and can fluctuate sharply

Impact: Affects automotive revenue and gross margin

Energy project and incentive accounting

Megapack, Powerwall, solar, and incentive-related arrangements may involve judgment on timing and measurement

Impact: Affects energy segment revenue and margins

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Last updated: 24/09/2026

Tesla, Inc. (TSLA) Revenue, Earnings & Financials 2025 – Clarifo