Tesla, Inc. TSLA
We are focused on bringing artificial intelligence ("AI") into the real world, through products and services like Full Self-Driving ("FSD") (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots ("Bots") (including Optimus). We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced software and services to our customers, to achieve that objective. We generally sell our products directly to customers, and continue to grow our global retail, service and charging footprint to accelerate the widespread adoption of our products. We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety. We also strive to lower the cost of ownership for our customers through continuous efforts to reduce manufacturing costs and by offering financial and other services tailored to our products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.83B | $97.69B | $96.77B | $81.46B | $53.82B | $31.54B | $24.58B | $21.46B | $11.76B | $7.00B |
| Cost of revenue | $77.73B | $80.24B | $79.11B | $60.61B | $40.22B | $24.91B | $20.51B | $17.42B | $9.54B | $5.40B |
| Gross profit | $17.09B | $17.45B | $17.66B | $20.85B | $13.61B | $6.63B | $4.07B | $4.04B | $2.22B | $1.60B |
| R&D | $6.41B | $4.54B | $3.97B | $3.08B | $2.59B | $1.49B | $1.34B | $1.46B | $1.38B | $834.4M |
| SG&A | $5.83B | $5.15B | $4.80B | $3.95B | $4.52B | $3.15B | $2.65B | $2.83B | $2.48B | $1.43B |
| Total operating expenses | $12.74B | $10.37B | $8.77B | $7.20B | $7.08B | $4.64B | $4.14B | $4.43B | $3.85B | $2.27B |
| Operating income | $4.36B | $7.08B | $8.89B | $13.66B | $6.52B | $1.99B | -$69.0M | -$388.0M | -$1.63B | -$667.3M |
| Interest expense | $338.0M | $350.0M | $156.0M | $191.0M | $371.0M | $748.0M | $685.0M | $663.0M | $471.0M | $198.8M |
| Pre-tax income | $5.28B | $8.99B | $9.97B | $13.72B | $6.34B | $1.15B | -$665.0M | -$1.00B | -$2.21B | -$746.3M |
| Income tax | $1.42B | $1.84B | $5.00B | $1.13B | $699.0M | $292.0M | $110.0M | $58.0M | $32.0M | $26.7M |
| Net income | $3.79B | $7.09B | $15.00B | $12.56B | $5.52B | $721.0M | -$862.0M | -$976.0M | -$1.96B | -$674.9M |
| EPS, basic | 1.18 | 2.23 | 4.73 | 4.02 | 1.87 | 0.25 | -0.98 | -1.14 | -11.83 | -4.68 |
| EPS, diluted | 1.08 | 2.04 | 4.30 | 3.62 | 1.63 | 0.21 | -0.98 | -1.14 | -11.83 | -4.68 |
| Shares, diluted (wtd. avg.) | $3.53B | $3.50B | $3.48B | $3.48B | $3.39B | $3.25B | $887.0M | $853.0M | $166.0M | $144.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.51B | $16.14B | $16.40B | $16.25B | $17.58B | $19.38B | $6.27B | $3.69B | $3.37B | $3.39B |
| Short-term investments | $27.55B | $20.42B | $12.70B | $5.93B | $131.0M | — | — | — | — | — |
| Receivables | $4.58B | $4.42B | $3.51B | $2.95B | $1.91B | $1.89B | $1.32B | $949.0M | $515.4M | $499.1M |
| Inventory | $12.39B | $12.02B | $13.63B | $12.84B | $5.76B | $4.10B | $3.55B | $3.11B | $2.26B | $2.07B |
| Total current assets | $68.64B | $58.36B | $49.62B | $40.92B | $27.10B | $26.72B | $12.10B | $8.31B | $6.57B | $6.26B |
| Property, plant and equipment | — | $35.84B | $29.73B | $23.55B | $18.88B | $12.75B | $10.40B | $11.33B | $10.03B | $5.98B |
| Goodwill | $257.0M | $244.0M | $253.0M | $194.0M | $200.0M | $207.0M | $198.0M | $68.0M | $60.2M | — |
| Other intangibles | $124.0M | $150.0M | $178.0M | $215.0M | $257.0M | $313.0M | $339.0M | $282.0M | $361.5M | $376.1M |
| Total assets | $137.81B | $122.07B | $106.62B | $82.34B | $62.13B | $52.15B | $34.31B | $29.74B | $28.66B | $22.66B |
| Accounts payable | $13.37B | $12.47B | $14.43B | $15.26B | $10.03B | $6.05B | $3.77B | $3.40B | $2.39B | $1.86B |
| Short-term debt | $1.57B | $2.34B | $1.98B | $1.02B | $1.09B | $1.76B | $1.40B | $2.22B | $799.8M | $1.11B |
| Total current liabilities | $31.71B | $28.82B | $28.75B | $26.71B | $19.70B | $14.25B | $10.67B | $9.99B | $7.67B | $5.83B |
| Long-term debt | $6.58B | $5.54B | $2.68B | $1.03B | $4.25B | $8.46B | $10.40B | $8.41B | $8.83B | $5.89B |
| Total liabilities | $54.94B | $48.39B | $43.01B | $36.44B | $30.55B | $28.42B | $26.20B | $23.43B | $23.02B | $16.75B |
| Retained earnings | $39.00B | $35.21B | $28.12B | $12.88B | $329.0M | -$5.40B | -$6.08B | -$5.32B | -$4.97B | -$3.00B |
| Total equity | $82.14B | $72.91B | $63.37B | $45.49B | $31.02B | $23.07B | $7.47B | $5.76B | $5.23B | $5.54B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $14.75B | $14.92B | $13.26B | $14.72B | $11.50B | $5.94B | $2.40B | $2.10B | -$61.0M | -$123.8M |
| Depreciation and amortisation | $5.03B | $4.12B | $3.33B | $2.42B | $1.91B | $1.57B | $1.37B | $1.11B | $769.0M | $477.3M |
| Stock-based compensation | $2.83B | $2.00B | $1.81B | $1.56B | $2.12B | $1.73B | $898.0M | $749.0M | $467.0M | $334.2M |
| Capital expenditure | $8.53B | $11.34B | $8.90B | $7.16B | $6.48B | $3.16B | $1.33B | $2.10B | $3.42B | $1.28B |
| Investing cash flow | -$15.48B | -$18.79B | -$15.58B | -$11.97B | -$7.87B | -$3.13B | -$1.44B | -$2.34B | -$4.20B | -$1.08B |
| Financing cash flow | $1.14B | $3.85B | $2.59B | -$3.53B | -$5.20B | $9.97B | $1.53B | $574.0M | $4.42B | $3.74B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053166.
Others in SIC 3711
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GM | General Motors Co | $77.01B | 26.8x | -2.1% |
| PCAR | PACCAR INC | $65.64B | 27.6x | -15.5% |
| F | FORD MOTOR CO | $58.35B | — | 1.2% |
| RIVN | Rivian Automotive, Inc. / DE | $20.86B | — | 8.4% |
| OSK | OSHKOSH CORP | $9.79B | — | -2.9% |
| FSS | FEDERAL SIGNAL CORP /DE/ | $7.28B | 29.7x | 17.1% |
| LCID | Lucid Group, Inc. | $1.84B | — | 67.6% |
| SEV | Aptera Motors Corp | $65.7M | — | — |