Tesla (TSLA) financial statements
Tesla reported revenue of $94.8B in fiscal 2025, up 33.6% a year over 9 years.
Net income was $3.8B and the operating margin 4.6%, against -9.5% in 2016.
Free cash flow was $6.2B.
The diluted share count rose 63% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tesla's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.0B | $11.8B | $21.5B | $24.6B | $31.5B | $53.8B | $81.5B | $96.8B | $97.7B | $94.8B |
| Cost of revenue | $5.4B | $9.5B | $17.4B | $20.5B | $24.9B | $40.2B | $60.6B | $79.1B | $80.2B | $77.7B |
| Gross profit | $1.6B | $2.2B | $4.0B | $4.1B | $6.6B | $13.6B | $20.9B | $17.7B | $17.4B | $17.1B |
| Research and development | $834M | $1.4B | $1.5B | $1.3B | $1.5B | $2.6B | $3.1B | $4.0B | $4.5B | $6.4B |
| Selling, general and admin | $1.4B | $2.5B | $2.8B | $2.6B | $3.1B | $4.5B | $3.9B | $4.8B | $5.2B | $5.8B |
| Operating income | -$667M | -$1.6B | -$388M | -$69M | $2.0B | $6.5B | $13.7B | $8.9B | $7.1B | $4.4B |
| Interest expense | $199M | $471M | $663M | $685M | $748M | $371M | $191M | $156M | $350M | $338M |
| Pre-tax income | -$746M | -$2.2B | -$1.0B | -$665M | $1.2B | $6.3B | $13.7B | $10.0B | $9.0B | $5.3B |
| Income tax | $27M | $32M | $58M | $110M | $292M | $699M | $1.1B | -$5.0B | $1.8B | $1.4B |
| Net income | -$675M | -$2.0B | -$976M | -$862M | $721M | $5.5B | $12.6B | $15.0B | $7.1B | $3.8B |
| EPS (diluted) | -$0.31 | -$0.79 | -$0.38 | -$0.33 | $0.21 | $1.63 | $3.62 | $4.30 | $2.04 | $1.08 |
| Diluted shares | 2.16B | 2.49B | 2.56B | 2.66B | 3.25B | 3.39B | 3.48B | 3.48B | 3.50B | 3.53B |
| Gross margin | 22.8% | 18.9% | 18.8% | 16.6% | 21.0% | 25.3% | 25.6% | 18.2% | 17.9% | 18.0% |
| Operating margin | -9.5% | -13.9% | -1.8% | -0.3% | 6.3% | 12.1% | 16.8% | 9.2% | 7.2% | 4.6% |
| Net margin | -9.6% | -16.7% | -4.5% | -3.5% | 2.3% | 10.3% | 15.4% | 15.5% | 7.3% | 4.0% |
Balance sheet
Fiscal years, from Tesla's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.4B | $3.4B | $3.7B | $6.3B | $19.4B | $17.7B | $22.2B | $29.1B | $36.6B | $44.1B |
| Receivables | $499M | $515M | $949M | $1.3B | $1.9B | $1.9B | $3.0B | $3.5B | $4.4B | $4.6B |
| Inventory | $2.1B | $2.3B | $3.1B | $3.6B | $4.1B | $5.8B | $12.8B | $13.6B | $12.0B | $12.4B |
| Total current assets | $6.3B | $6.6B | $8.3B | $12.1B | $26.7B | $27.1B | $40.9B | $49.6B | $58.4B | $68.6B |
| Property, plant and equipment | $6.0B | $10.0B | $11.3B | $10.4B | $12.7B | $18.9B | $23.5B | $29.7B | $35.8B | $40.6B |
| Goodwill | — | $60M | $68M | $198M | $207M | $200M | $194M | $253M | $244M | $257M |
| Total assets | $22.7B | $28.7B | $29.7B | $34.3B | $52.1B | $62.1B | $82.3B | $106.6B | $122.1B | $137.8B |
| Total current liabilities | $5.8B | $7.7B | $10.0B | $10.7B | $14.2B | $19.7B | $26.7B | $28.7B | $28.8B | $31.7B |
| Long-term debt | $5.9B | $9.4B | $9.4B | — | — | — | — | — | — | — |
| Total liabilities | $16.8B | $23.0B | $23.4B | $26.2B | $28.4B | $30.5B | $36.4B | $43.0B | $48.4B | $54.9B |
| Shareholders' equity | $4.8B | $4.2B | $4.9B | $6.6B | $22.2B | $30.2B | $44.7B | $62.6B | $72.9B | $82.1B |
| Net debt | $3.6B | $6.9B | $7.9B | -$4.9B | -$17.6B | -$16.5B | -$15.2B | -$14.4B | -$13.8B | -$14.9B |
Cash flow
Fiscal years, from Tesla's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$124M | -$61M | $2.1B | $2.4B | $5.9B | $11.5B | $14.7B | $13.3B | $14.9B | $14.7B |
| Capital spending | $1.3B | $3.4B | $2.1B | $1.3B | $3.2B | $6.5B | $7.2B | $8.9B | $11.3B | $8.5B |
| Free cash flow | -$1.4B | -$3.5B | -$3M | $1.1B | $2.8B | $5.0B | $7.6B | $4.4B | $3.6B | $6.2B |
| Stock-based compensation | $334M | $467M | $749M | $898M | $1.7B | $2.1B | $1.6B | $1.8B | $2.0B | $2.8B |
| Net borrowing | — | — | — | — | $9.7B | -$5.3B | -$3.4B | $2.6B | $5.7B | $5.6B |
| Free cash flow margin | -20.1% | -29.6% | -0.0% | 4.4% | 8.8% | 9.3% | 9.3% | 4.5% | 3.7% | 6.6% |
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Open TSLA in InvestinglyQuestions
What was Tesla's revenue in 2025?
$94.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tesla generate?
$6.2B in fiscal 2025 (operating cash flow minus capital spending).
From Tesla's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.