Tesla, Inc.
Electric vehicles and energyFounded 2003- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Tesla, Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$94.8B
Market Cap
$1.44T
Net Income
$3.8B
Employees
121,000
Tesla's revenue peaked at $97.69 billion in fiscal 2024, then fell to $94.8 billion in fiscal 2025 — a $2.9 billion decline that accompanied a global round of price cuts intended to defend market share against Chinese EV manufacturers whose cost structures have improved faster than most Western analysts expected. The margin compression from those price cuts compressed net income to $3.79 billion, down significantly from the $12.6 billion Tesla earned in fiscal 2022 when pricing power was at its peak. The revenue trajectory tells a specific story: $81.5 billion in fiscal 2022, $96.8 billion in fiscal 2023, $97.7 billion in 2024, and $94.8 billion in 2025. The plateau and decline reflect simultaneous pressure from both directions — more competition reducing pricing power, and the delay of lower-cost vehicle models that were supposed to expand the addressable market. The Model Y price cuts necessary to maintain volume came at the cost of the margin structure that justified the premium valuation. Energy generation and storage has become a meaningful offset. Megapack deployments for grid-scale applications generate revenue and margins that are structurally different from vehicle sales — fewer units, larger transactions, and customers who care about total cost of ownership over a multi-decade asset life rather than monthly payment comparisons. That segment has been growing at a rate that vehicle segment growth no longer matches. The $1.44 trillion market capitalization prices Tesla at approximately 380 times its fiscal 2025 net income. That ratio requires either a dramatic expansion of earnings — driven by Full Self-Driving software revenue, robotaxi operations, Optimus robot sales, or some combination of all three — or a significant multiple compression as the market recalibrates expectations. Both outcomes are possible. The timeline for which arrives first is genuinely uncertain.
Revenue Trend Analysis
YoY Change
-2.9%
6-Year CAGR
+25.2%
Peak Year
2024
Trend
Consistent Growth
Tesla, Inc. has reported revenue across 7 fiscal years, compounding at +25.2% annually over 6 years. The most recent year saw a 2.9% decline versus the prior year. Revenue peaked in 2024 at $97.7B. Out of 6 reported periods, 5 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $94.8B | $3.8B | -2.9% |
| FY2024 | $97.7B | $7.1B | +0.9% |
| FY2023 | $96.8B | $15.0B | +18.8% |
| FY2022 | $81.5B | $12.6B | +51.4% |
| FY2021 | $53.8B | $5.5B | +70.7% |
| FY2020 | $31.5B | $721M | +28.3% |
| FY2019 | $24.6B | N/A | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Tesla reported revenue of approximately $96.77 billion in 2023 and around $97.7 billion in 2024, after rising from $24.6 billion in 2019 through the Model 3 and Model Y ramp. Revenue growth has decelerated sharply from the 50 percent annual rates of 2020 and 2021 to roughly flat in 2024, reflecting a combination of pricing pressure, slowing EV demand growth, increasing competition particularly in China, and the maturity of the Model 3 and Model Y product cycles. Automotive revenue accounted for approximately $82.4 billion in 2023, with regulatory credit sales of roughly $1.79 billion. Energy generation and storage revenue exceeded $6 billion and continues to grow as Megapack production scales. Services and other revenue was approximately $8.3 billion. Gross margin on automotive excluding regulatory credits declined from peaks above 30 percent in 2022 to the high teens in 2024 as Tesla cut prices to defend share and stimulate demand. Operating income compressed materially even as absolute revenue stayed near record levels. Free cash flow remained positive but well below the 2022 peak.
Tesla, Inc. trades on the Nasdaq Stock Market under the ticker TSLA and is among the largest constituents of the Nasdaq 100 and S&P 500 indexes by market capitalization. Market capitalization has been extraordinarily volatile, ranging from below $1 billion in the early 2010s to peaks above $1.2 trillion in late 2021 and roughly $1.4 trillion in late 2024 following the post-election rally, with significant drawdowns at various points. The IPO occurred on June 29, 2010 at $17 per share, raising approximately $226 million, and the stock has split twice, a 5-for-1 split in August 2020 and a 3-for-1 split in August 2022. Tesla joined the S&P 500 in December 2020 in one of the largest single index additions in history. The shareholder base is dominated by retail investors, who hold an unusually high share of the float compared with other mega-cap stocks, alongside major institutional investors. Elon Musk personally owns a substantial direct stake plus options awarded under a 2018 compensation plan that has been the subject of significant Delaware litigation. The company does not pay dividends and has not historically conducted share repurchases at scale.
Tesla's profitability has varied significantly across cycles. The company reported its first full-year GAAP profit in 2020 of approximately $721 million on $31.5 billion in revenue, marking the inflection from cash-burning startup to scaled profitable automaker. Profits expanded sharply through 2022, when net income reached approximately $12.6 billion on $81.5 billion in revenue and automotive gross margin excluding regulatory credits peaked above 30 percent. In 2023 net income was approximately $14.99 billion, although that included a substantial deferred-tax benefit. In 2024 GAAP net income was approximately $7.13 billion, reflecting price cuts, factory ramp costs at Berlin and Texas, lower Cybertruck contribution than planned, and substantial R&D and capex on FSD, AI, and Optimus. The key margin drivers include vehicle ASP, manufacturing cost per vehicle, regulatory credit revenue, FSD recognition, energy gross margin, and fixed-cost absorption at gigafactories. Manufacturing innovations such as the structural pack, mega castings, and improved unboxed manufacturing have offered cost reduction levers, although their benefit has been offset by competitive pricing in 2023 and 2024.
Tesla has invested heavily in capital expenditure and research and development to support both vehicle ramp and longer-term autonomy and AI bets. Capital expenditure was approximately $7.16 billion in 2022 and around $8.9 billion in 2023, funding Gigafactory Texas, Berlin, Shanghai expansions, Lathrop Megapack capacity, the Cybertruck production line, and Supercharger network expansion. R&D expenses have grown from roughly $1.5 billion in 2019 to approximately $4 billion in 2023, funding vehicle engineering, the FSD computer chip and Dojo training supercomputer, Optimus humanoid robotics, battery cell development including the 4680 cell, and Megapack engineering. Tesla has emphasized vertical integration in cell manufacturing, motor and inverter design, software, and increasingly in raw-material processing for lithium hydroxide refining at the Corpus Christi facility. The Mexico Gigafactory near Monterrey was announced in 2023 with planned capex but was paused in 2024 amid policy and macroeconomic uncertainty. The Dojo AI training compute investment is separately disclosed at various points. Combined capex and R&D continue to be among the highest in absolute terms among global automakers, despite ongoing pressure to demonstrate near-term return on these investments.
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CorpDigest. "Tesla, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/tesla/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Tesla, Inc. reported $95B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/tesla/financials" target="_blank" rel="noopener">CorpDigest — Tesla, Inc. financials</a></div>