Tesla vs Visa: Revenue, Profit and Business Model
Tesla reported $94.8B of revenue in FY2025 and $3.8B of net income. Visa reported $40B of revenue in FY2025 and $20.1B 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.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | 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%.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
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.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Tesla vs Visa
Which company has higher revenue — Tesla, Inc. or Visa Inc.?
Tesla, Inc. reported $94.8B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Tesla, Inc. is the larger business, with Visa Inc. reporting a smaller revenue base.
What is the market cap of Tesla, Inc. vs Visa Inc.?
Tesla, Inc.'s market capitalisation stands at $1.49T, while Visa Inc.'s is $676.0B. Tesla, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Visa Inc..
Which is more financially efficient — Tesla, Inc. or Visa Inc.?
Tesla, Inc. generates $704k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa 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 Visa Inc. make money?
Tesla, Inc. and Visa Inc. generate revenue in fundamentally different ways. Tesla, Inc.: Tesla operates a vertically integrated electric vehicle, clean energy generation, and software ecosystem model. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Tesla, Inc. or Visa Inc.?
On a price-to-sales (P/S) basis, Tesla, Inc. trades at 15.7x P/S and Visa Inc. at 16.9x P/S. Visa Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tesla, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Tesla, Inc. bigger than Visa Inc.?
By last reported revenue, Tesla, Inc. ($94.8B (FY2025)) is the larger company compared to Visa Inc. ($40.0B (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 Visa overview