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Tesla, Inc. TSLA

Consumer Cyclical  —  Auto Manufacturers
353.71 0.87 0.25% as of 30 Sep
Market cap
$1.40T
P/E
299×
S&P 500 Member Nasdaq 100 Member
Indexes indicate stock being part of an index
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Tesla, Inc. (TSLA) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Tesla generated revenue of $94.8 billion in FY2025, compared with $97.7 billion in FY2024, and reported net income of $3.9 billion in FY2025, compared with $7.2 billion in FY2024. Diluted EPS was $1.08 in FY2025, versus $2.04 in FY2024.

In Q2 FY2026, revenue was $28.2 billion, gross profit was $4.8 billion, operating income was $398.0 million, and net income was $1.1 billion. Diluted EPS was $0.32 in Q2 FY2026, while free cash flow was −$1.1 billion in Q2 FY2026. Over the TTM to Q2 FY2026, revenue was $103.6 billion and net income was $3.9 billion.

Growth

Revenue was $94.8 billion in FY2025, and revenue growth was −2.93% in FY2025 against FY2024. Revenue compound annual growth was 5.19% in FY2022–FY2025 and 24.6% in FY2020–FY2025.

Diluted EPS was $1.08 in FY2025, with diluted EPS growth of −47.1% in FY2025 against FY2024. Diluted EPS compound annual growth was −33.2% in FY2022–FY2025 and 38.3% in FY2020–FY2025. Free cash flow was $6.2 billion in FY2025, with growth of 73.7% in FY2025 against FY2024. In Q2 FY2026, revenue rose 26.1% against Q1 FY2026, diluted EPS rose 146.2% against Q1 FY2026, and free cash flow changed −176.1% against Q1 FY2026.

Profitability

Gross margin was 18.0% in FY2025, compared with 17.9% in FY2024, a change of 0.2 percentage points in FY2024–FY2025. Gross margin changed −3.0 percentage points in FY2020–FY2025.

Operating margin was 4.59% in FY2025 and changed −2.7 percentage points in FY2024–FY2025, while operating margin changed −1.7 percentage points in FY2020–FY2025. Net margin was 4.07% in FY2025 and changed −3.3 percentage points in FY2024–FY2025. Return on equity was 4.85% in FY2025, return on assets was 2.92% in FY2025, and return on invested capital was 5.78% in FY2025. Industry-median comparisons are not reported.

Balance sheet

Cash and short-term investments were $44.1 billion in FY2025, compared with total debt of $8.4 billion in FY2025. Net debt was −$35.7 billion in FY2025, following −$30.8 billion in FY2024.

Shareholders’ equity was $82.8 billion in FY2025, compared with $73.6 billion in FY2024, and working capital was $36.9 billion in FY2025. In Q2 FY2026, net debt was −$35.6 billion, the current ratio was 1.9×, and debt to equity was 0.1×. Net debt changed −$86.0 million in Q2 FY2026 against Q1 FY2026. The balance-sheet figures do not report the composition or maturity profile of debt.

Cash flow & capital return

Operating cash flow was $14.7 billion in FY2025, compared with $14.9 billion in FY2024, while capital expenditure was $8.5 billion in FY2025, compared with $11.3 billion in FY2024. Free cash flow was $6.2 billion in FY2025, compared with $3.6 billion in FY2024, and represented 161.3% of net income in FY2025.

Over the TTM to Q2 FY2026, operating cash flow was $18.7 billion and free cash flow was $5.8 billion. Net share repurchases were −$1.2 billion in FY2025, and weighted average shares were 3.2 billion shares in FY2025. Dividend payments are not reported.

Valuation

Market capitalisation was $1.22 trillion as of September 24, 2026. P/E was 320× as of September 24, 2026, higher than the 181× five-year median as of September 24, 2026, over the five fiscal years to FY2025; the relative multiple was 1.8× as of September 24, 2026.

P/S was 11.8× as of September 24, 2026, lower than the 13.2× five-year median and higher than the 6.3× ten-year median as of September 24, 2026. P/B was 14.0× as of September 24, 2026, lower than the 17.5× five-year median and higher than the 11.3× ten-year median as of September 24, 2026. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue was $28.2 billion in Q2 FY2026, up 26.1% against Q1 FY2026 and up 25.5% against Q2 FY2025. Diluted EPS was $0.32 in Q2 FY2026, up 146.2% against Q1 FY2026 and down −3.03% against Q2 FY2025.

Gross margin was 16.8% in Q2 FY2026, changing −4.3 percentage points against Q1 FY2026 and −0.4 percentage points against Q2 FY2025. Operating margin was 1.41% in Q2 FY2026, changing −2.8 percentage points against Q1 FY2026 and −2.7 percentage points against Q2 FY2025. Free cash flow was −$1.1 billion in Q2 FY2026, changing −176.1% against Q1 FY2026 and −852.7% against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors explain the decline in operating margin in the latest quarter?
  • What drove the negative free cash flow in the latest quarter?
  • How is capital expenditure allocated across the business?
  • What are the terms and maturity schedule of total debt?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.