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Tesla

TSLA Nasdaq Automobile Manufacturers Financials FY2016–FY2025

Tesla's revenue fell 2.9% to $94.8 billion in fiscal 2025. Its operating margin was 4.6%, down from 7.2% a year earlier. Free cash flow was $6.2 billion, up 73.7%. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$372.22

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$94.8B
2.9% vs prior year
Operating margin Operating income as a share of revenue.
4.6%
2.7 pts
Net income Profit after all expenses, interest and tax.
$3.8B
46.5%
Free cash flow Cash from operations minus capital spending.
$6.2B
73.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.2%
6.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.32T
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—
On $0.91 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Share counts and per-share figures for earlier years are restated for stock splits (3-for-1 and 5-for-1), so every year is on today's share basis.

What Tesla does

Tesla designs, builds, sells and leases electric vehicles: the Model 3, Model Y, Model S, Model X and Cybertruck, plus the Tesla Semi truck for businesses. It mostly sells straight to buyers through its website and its own stores rather than through dealers. It also makes home and utility-scale batteries (Powerwall and Megapack) and solar panels, and runs Robotaxi, a self-driving ride-hailing service it launched in June 2025.

Tesla reports two segments. Automotive covers new and used car sales, leases, sales of regulatory credits to other carmakers, paid Supercharger sessions, insurance, parts and service. Energy generation and storage covers its batteries, solar products and related services. Tesla says it now focuses on bringing artificial intelligence into the real world, through its Full Self-Driving (Supervised) driver-assistance software, Robotaxi and Optimus, a humanoid robot in development.

In 2025 Tesla delivered about 1.64 million consumer vehicles and deployed 46.7 GWh of energy storage. It has factories in California, Nevada, New York, Texas, China and Germany, and at the end of 2025 it had 134,785 employees worldwide.

Legal name
Tesla, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Jan 29, 2026
Accession · CIK
0001628280-26-003952
0001318605

Revenue and margins

Tesla had $94.8B of revenue in fiscal 2025, down 2.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $6.2B in fiscal 2025, 6.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tesla returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tesla yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $37.3B and divides by 3,528.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers — · sector 17.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tesla can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $17.7B$22.2B$29.1B$36.6B$44.1B
Debt incl. finance leases $5.7B$2.1B$3.3B$5.9B$6.8B
Net debt / EBITDA −1.4x−1.3x−2.1x−2.7x−4.0x
Debt / equity 0.2x0.1x0.1x0.1x0.1x
Interest coverage 17.6x71.5x57.0x20.2x12.9x
Current ratio 1.4x1.5x1.7x2.0x2.2x
Quick ratio 1.1x1.1x1.3x1.6x1.8x
Total assets $62.1B$82.3B$106.6B$122.1B$137.8B
Total liabilities $30.5B$36.4B$43.0B$48.4B$54.9B
Shareholders' equity $30.2B$44.7B$62.6B$72.9B$82.1B
Net debt (− = net cash) −$12.0B−$20.1B−$25.8B−$30.7B−$37.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$87.7M

4 insiders

Of sales under plans

66%

$58.0M

DateInsiderTradeSharesPriceValueFiling
Sep 8, 2026 Vaibhav TanejaChief Financial Officer Sold 2,606 $360.13 $0.9M Form 4
Jun 8, 2026 Vaibhav TanejaChief Financial Officer Sold 2,606 $402.20 $1.0M Form 4
May 13, 2026 Vaibhav TanejaChief Financial Officer Sold plan 3,000 $450.00 $1.4M Form 4
Apr 30, 2026 Kathleen Wilson-ThompsonDirector Sold plan 26,409 $378.11 $10.0M Form 4
Mar 30, 2026 Kathleen Wilson-ThompsonDirector Sold plan 25,809 $359.33 $9.3M Form 4
Mar 6, 2026 Vaibhav TanejaChief Financial Officer Sold 2,264 $397.03 $0.9M Form 4
Feb 25, 2026 Kathleen Wilson-ThompsonDirector Sold plan 25,731 $415.56 $10.7M Form 4
Jan 2, 2026 James R MurdochDirector Sold plan 60,000 $445.40 $26.7M Form 4
Dec 9, 2025 Kimbal MuskDirector Sold 56,820 $450.66 $25.6M Form 4
Dec 8, 2025 Vaibhav TanejaChief Financial Officer Sold 2,637 $443.93 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 3 / 94 / 95 / 9
Accruals ratio 1.8%−6.9%−8.4%
Altman Z'' 4.244.514.48

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tesla TSLA $1.32T −2.9% 4.6% 6.6% 7.2% — 5
General Motors GM $67.3B −1.3% 1.6% 9.5% 1.5% 16.5x 6 Compare →
Ford F $47.2B 1.2% −4.9% 6.7% — — — Compare →

Stories about Tesla

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.0B $11.8B $21.5B $24.6B $31.5B $53.8B $81.5B $96.8B $97.7B $94.8B
Gross profit $1.6B $2.2B $4.0B $4.1B $6.6B $13.6B $20.9B $17.7B $17.5B $17.1B
Research and development $834M $1.4B $1.5B $1.3B $1.5B $2.6B $3.1B $4.0B $4.5B $6.4B
Operating income −$667M −$1.6B −$388M −$69.0M $2.0B $6.5B $13.7B $8.9B $7.1B $4.4B
Interest expense $199M $471M $663M $685M $748M $371M $191M $156M $350M $338M
Pretax income −$746M −$2.2B −$1.0B −$665M $1.2B $6.3B $13.7B $10.0B $9.0B $5.3B
Income tax $26.7M $32.0M $58.0M $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
Diluted EPS −$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 3.49B 3.50B 3.53B
Cash flow
Cash from operations −$124M −$61.0M $2.1B $2.4B $5.9B $11.5B $14.7B $13.3B $14.9B $14.7B
Capital expenditure $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 −$3.0M $1.1B $2.8B $5.0B $7.6B $4.4B $3.6B $6.2B
Depreciation and amortization $477M $769M $1.2B $1.4B $1.6B $2.0B $2.4B $3.3B $4.1B $5.0B
Stock-based compensation $334M $467M $749M $898M $1.7B $2.1B $1.6B $1.8B $2.0B $2.8B
Acquisitions $343M $115M $18.0M $45.0M $13.0M $0.0M $0.0M $64.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
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
Total debt $7.0B $10.2B $11.6B $10.4B $8.5B $4.3B $1.0B $2.7B $5.5B $6.6B
Finance lease liabilities $0.0M $0.0M $0.0M $1.6B $1.5B $1.5B $1.1B $573M $335M $223M
Current assets $6.3B $6.6B $8.3B $12.1B $26.7B $27.1B $40.9B $49.6B $58.4B $68.6B
Current liabilities $5.8B $7.7B $10.0B $10.7B $14.2B $19.7B $26.7B $28.7B $28.8B $31.7B
Inventory $2.1B $2.3B $3.1B $3.6B $4.1B $5.8B $12.8B $13.6B $12.0B $12.4B
Property and equipment, net $6.0B $10.0B $11.3B $10.4B $12.7B $18.9B $23.5B $29.7B $35.8B $40.6B
Total assets $22.7B $28.7B $29.7B $34.3B $52.1B $62.1B $82.3B $106.6B $122.1B $137.8B
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
Margins
Gross margin 22.9% 18.9% 18.8% 16.6% 21.0% 25.3% 25.6% 18.3% 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%
EBITDA margin −2.7% −7.3% 3.7% 5.5% 11.5% 15.8% 19.7% 12.6% 11.5% 9.9%
Net margin −9.6% −16.7% −4.6% −3.5% 2.3% 10.3% 15.4% 15.5% 7.3% 4.0%
FCF margin −20.1% −29.6% −0.0% 4.4% 8.8% 9.3% 9.3% 4.5% 3.7% 6.6%
Returns
Return on capital −9.1% −12.2% −2.4% −0.4% 11.1% 35.5% 56.4% 28.3% 14.0% 7.2%
Return on capital employed −6.0% −8.6% −1.9% −0.3% 6.5% 16.2% 27.9% 13.3% 8.3% 4.4%
Return on equity −23.1% −43.7% −21.3% −14.9% 5.0% 21.1% 33.5% 27.9% 10.5% 4.9%
Return on assets −4.4% −7.7% −3.3% −2.7% 1.7% 9.7% 17.4% 15.9% 6.2% 2.9%
Growth
Revenue growth 73.0% 68.0% 82.5% 14.5% 28.3% 70.7% 51.4% 18.8% 1.0% −2.9%
Net income growth — — — — — 665.5% 127.5% 19.4% −52.7% −46.5%
EPS growth — — — — — 676.2% 122.1% 18.8% −52.6% −47.1%
FCF growth — — — — 158.4% 80.0% 50.9% −42.4% −17.8% 73.7%
Share count change 12.5% 15.1% 2.8% 4.0% 22.1% 4.2% 2.6% 0.3% 0.4% 0.9%
Financial health
Net debt / EBITDA — — 10.1x 4.3x −2.6x −1.4x −1.3x −2.1x −2.7x −4.0x
Debt / equity 1.5x 2.4x 2.4x 1.8x 0.5x 0.2x 0.1x 0.1x 0.1x 0.1x
Interest coverage −3.4x −3.5x −0.6x −0.1x 2.7x 17.6x 71.5x 57.0x 20.2x 12.9x
Current ratio 1.1x 0.9x 0.8x 1.1x 1.9x 1.4x 1.5x 1.7x 2.0x 2.2x
Quick ratio 0.7x 0.6x 0.5x 0.8x 1.6x 1.1x 1.1x 1.3x 1.6x 1.8x
Capital allocation
Capex / revenue 18.3% 29.0% 9.8% 5.4% 10.0% 12.0% 8.8% 9.2% 11.6% 9.0%
Stock comp / revenue 4.8% 4.0% 3.5% 3.7% 5.5% 3.9% 1.9% 1.9% 2.1% 3.0%
Payouts / FCF — — — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 5.0 2.0 5.0 6.0 8.0 7.0 8.0 3.0 4.0 5.0
Altman Z'' −0.2 −1.0 −0.8 −0.0 2.3 2.6 4.1 4.2 4.5 4.5
Accruals ratio −3.6% −7.4% −10.5% −10.2% −12.1% −10.5% −3.0% 1.8% −6.9% −8.4%

Source: SEC EDGAR XBRL filings (CIK 0001318605). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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