Tesla vs Travelers: Revenue, Profit and Business Model
Tesla reported $94.8B of revenue in FY2025 and $3.8B of net income. Travelers reported $48.8B of revenue in FY2025 and $6.3B of net income.
Latest financial snapshot
Financial summary
Tesla
Tesla's revenue peaked at $97.69 billion in 2024 and slipped 2.9% to $94.83 billion in FY2025, while net income fell from $7.09 billion to $3.79 billion as vehicle prices and regulatory-credit income declined. The second quarter of 2026 reversed the top-line trend: revenue rose 26% to a record $28.24 billion, with automotive up 23% to $20.52 billion, services and other up 50% to $4.58 billion, and energy up 13% to $3.14 billion. Profit did not follow. GAAP net income fell 5% to $1.11 billion and adjusted EPS of $0.33 missed estimates because of higher R&D and AI infrastructure spending.
Travelers
Travelers reported $48.828 billion in total revenues and $6.288 billion in net income for 2025, up from $46.423 billion and $4.999 billion in 2024. Core income was about $6.3 billion, or $27.59 per diluted share, for a core return on equity of 19.4%, and net written premiums reached a record $44.4 billion. Results kept improving in 2026: second-quarter net income was $2.208 billion ($10.26 per diluted share) versus $1.509 billion a year earlier, with an 83.6% combined ratio, $518 million of catastrophe losses and $883 million of after-tax net investment income. The company returned $1.577 billion to shareholders in that quarter alone.
Revenue and profit by year
Tesla
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.8B | $3.8B | 4.0% | -2.9% | Source |
| FY2024 | $97.7B | $7.1B | 7.3% | +0.9% | Source |
| FY2023 | $96.8B | $15B | 15.5% | +18.8% | Source |
| FY2022 | $81.5B | $12.6B | 15.4% | +51.4% | Source |
| FY2021 | $53.8B | $5.5B | 10.3% | +70.7% | Source |
| FY2020 | $31.5B | $721M | 2.3% | +28.3% | Source |
| FY2019 | $24.6B | -$862M | -3.5% | +14.5% | Source |
| FY2018 | $21.5B | -$976M | -4.5% | +82.5% | Source |
| FY2017 | $11.8B | -$2B | -16.7% | +68.0% | Source |
| FY2016 | $7B | -$674.9M | -9.6% | — | Source |
Travelers
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.8B | $6.3B | 12.9% | +5.2% | Source |
| FY2024 | $46.4B | $5B | 10.8% | +12.2% | Source |
| FY2023 | $41.4B | $3B | 7.2% | +12.1% | Source |
| FY2022 | $36.9B | $2.8B | 7.7% | +5.9% | Source |
| FY2021 | $34.8B | $3.7B | 10.5% | +8.9% | Source |
| FY2020 | $32B | $2.7B | 8.4% | +1.3% | Source |
| FY2019 | $31.6B | $2.6B | 8.3% | +4.3% | Source |
| FY2018 | $30.3B | $2.5B | 8.3% | +4.8% | Source |
| FY2017 | $28.9B | $2.1B | 7.1% | +4.6% | Source |
| FY2016 | $27.6B | $3B | 10.9% | — | Source |
Where the revenue comes from
Tesla
- Automotive sales and leasing~73%
Model 3, Model Y, Cybertruck and remaining other models, plus regulatory credits. $20.52B in Q2 2026.
- Services and other~16%
Supercharging, FSD and connectivity software, service, used cars, insurance and parts. $4.58B in Q2 2026, up 50%.
- Energy generation and storage~11%
Megapack, Powerwall and solar. $3.14B in Q2 2026, up 13%.
Travelers
- Net earned premiums~88%
Premiums from Business Insurance, Bond & Specialty Insurance and Personal Insurance policies. Travelers wrote a record $44.4 billion of net premiums in 2025.
- Net investment income~9%
Income from the high-grade, mostly fixed-income portfolio funded by policyholder float and shareholder capital.
- Fee income and other revenues~3%
Fees from servicing workers' compensation residual-market pools and national accounts, plus other revenues such as Simply Business brokerage commissions.
Business model and strategy
Tesla
How it makes money
Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. The company generates revenue across four primary pillars: First, Automotive Sales and Leasing, selling mass-market electric vehicles (Model Y, Model 3) and premium models (Model S, Model X, Cybertruck) directly to consumers without franchised dealers.
Growth strategy
Tesla's growth plan rests on four bets. First, regain vehicle volume: deliveries fell 8.6% to 1.64 million in 2025, then rebounded to a record 480,126 in Q2 2026, up 25% year over year. Second, autonomy: Tesla runs a paid robotaxi service in several U.S. cities and is building the steering-wheel-free Cybercab, though the Q2 2026 shareholder letter dropped the target of volume production in 2026.
Competitive advantage
Tesla's advantage comes from brand strength, direct sales, software updates, charging infrastructure, battery and powertrain know-how, manufacturing scale, data, and energy-storage growth.
Travelers
How it makes money
The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model. The company generates revenue through two complementary engines: insurance premium collection across Business Insurance, Bond & Specialty Insurance, and Personal Insurance, and net investment income generated by its large, high-grade fixed-income float portfolio exceeding $100 billion.
Growth strategy
Travelers' growth strategy is built around its dual 'Perform and Transform' framework. Under 'Perform', the company emphasizes underwriting discipline, granular risk pricing, aggressive claims management, and investment yield optimization across its three core divisions: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
Competitive advantage
Travelers has brand trust, deep agent and broker relationships, underwriting data, claim infrastructure, financial strength, and specialty capabilities such as surety. Its independent-agent reach gives it broad commercial distribution without building a purely direct-to-consumer marketing machine.
Questions about Tesla vs Travelers
Which company has higher revenue — Tesla, Inc. or The Travelers Companies, Inc.?
Tesla, Inc. reported $94.8B (FY2025), while The Travelers Companies, Inc. reported $48.8B (FY2025). By last reported revenue, Tesla, Inc. is the larger business, with The Travelers Companies, Inc. reporting a smaller revenue base.
What is the market cap of Tesla, Inc. vs The Travelers Companies, Inc.?
Tesla, Inc.'s market capitalisation stands at $1.49T, while The Travelers Companies, Inc.'s is $77.0B. Tesla, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Travelers Companies, Inc..
Which is more financially efficient — Tesla, Inc. or The Travelers Companies, Inc.?
Tesla, Inc. generates $704k / employee in revenue per employee, while The Travelers Companies, Inc. generates $1.50M / employee. The Travelers Companies, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Tesla, Inc. and The Travelers Companies, Inc. make money?
Tesla, Inc. and The Travelers Companies, Inc. generate revenue in fundamentally different ways. Tesla, Inc.: Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. The Travelers Companies, Inc.: The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model.
Which company is valued higher relative to revenue — Tesla, Inc. or The Travelers Companies, Inc.?
On a price-to-sales (P/S) basis, Tesla, Inc. trades at 15.7x P/S and The Travelers Companies, Inc. at 1.6x P/S. Tesla, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Travelers Companies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Tesla, Inc. bigger than The Travelers Companies, Inc.?
By last reported revenue, Tesla, Inc. ($94.8B (FY2025)) is the larger company compared to The Travelers Companies, Inc. ($48.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Tesla vs Travelers overview