{ "ticker": "TSLA", "cik": "0001318605", "company": "Tesla, Inc.", "business_type": "industrial", "schema_template": "standard industrial/manufacturer, extended with Tesla's two reportable segments (automotive, and energy generation and storage), a revenue split that separates automotive regulatory credits, and an automotive gross margin measured with and without those credits", "schema_rationale": "Tesla manufactures and sells vehicles and energy storage products, so the standard revenue / cost of revenue / gross profit / operating income / free cash flow frame fits. Two additions matter for reading the business honestly. First, the company reports two segments with very different economics, so segment revenue, cost and gross profit are carried for every period. Second, automotive regulatory credits are sales of tradable emissions credits that carry essentially no cost of revenue, so they flow almost entirely into gross profit; the automotive gross margin is therefore shown both as the filing states it and recomputed with credits removed from both revenue and gross profit.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions)", "units_notes_seen": { "FY2025 10-K consolidated balance sheets": "(in millions, except per share data)", "FY2025 10-K consolidated statements of operations": "(in millions, except per share data)", "FY2025 10-K consolidated statements of comprehensive income": "(in millions)", "FY2025 10-K consolidated statements of redeemable noncontrolling interests and equity": "(in millions, except per share data); share columns are in millions", "FY2025 10-K consolidated statements of cash flows": "(in millions)", "FY2025 10-K Note 9 - Debt": "'a summary of our debt and finance leases as of December 31, 2025 (in millions)'", "FY2025 10-K Note 16 - Segment Reporting": "'revenues, cost of revenues and gross profit by reportable segment (in millions)'", "FY2025 10-K Item 7 MD&A results of operations tables": "(Dollars in millions)", "Q2 FY2026 10-Q consolidated balance sheets": "(in millions, except per share data) (unaudited)", "Q2 FY2026 10-Q consolidated statements of operations": "(in millions, except per share data) (unaudited)", "Q2 FY2026 10-Q consolidated statements of cash flows": "(in millions) (unaudited)", "Q2 FY2026 10-Q Note 8 - Debt": "'a summary of our debt and finance leases as of June 30, 2026 (in millions)'", "Q2 FY2026 10-Q Note 14 - Segment Reporting": "'revenues, cost of revenues and gross profit by reportable segment (in millions)'", "Q2 FY2026 10-Q Item 2 MD&A results of operations tables": "(Dollars in millions)" }, "adjustments": { "splits_applied": [], "splits_note": "Tesla's last two stock splits were a 5-for-1 in August 2020 and a 3-for-1 in August 2022. Both fall before the earliest period reported here (fiscal 2023), so every per-share figure and share count in this file is already on the current, post-split basis as the filings present it. No further adjustment was applied.", "adr_ratio": null, "fx": "None applied. Tesla reports in U.S. dollars, so no currency conversion was needed." }, "annual": [ { "fiscal_year": 2025, "period_end": "2025-12-31", "source_accession": "0001628280-26-003952", "source_form": "10-K for the fiscal year ended December 31, 2025", "income_statement": { "revenue": { "automotive_sales": 65821000000, "automotive_regulatory_credits": 1993000000, "automotive_leasing": 1712000000, "total_automotive_revenues": 69526000000, "energy_generation_and_storage": 12771000000, "services_and_other": 12530000000, "total_revenues": 94827000000 }, "cost_of_revenues": { "automotive_sales": 56267000000, "automotive_leasing": 898000000, "total_automotive": 57165000000, "energy_generation_and_storage": 8969000000, "services_and_other": 11599000000, "total_cost_of_revenues": 77733000000 }, "gross_profit": 17094000000, "gross_margin_pct": 18.0, "operating_expenses": { "research_and_development": 6411000000, "selling_general_and_administrative": 5834000000, "restructuring_and_other": 494000000, 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"operating_cash_flow": 8634000000, "capital_expenditures": -8282000000, "free_cash_flow": 352000000, "investing_cash_flow": -10951000000, "financing_cash_flow": 1209000000, "proceeds_from_issuances_of_debt": 4679000000, "repayments_of_debt": -3922000000, "principal_payments_on_finance_leases": -37000000, "proceeds_from_stock_option_exercises_and_other_stock_issuances": 468000000, "distributions_paid_to_noncontrolling_interests": -91000000, "dividends_paid_to_common_stockholders": 0, "cash_and_restricted_cash_end_of_period": 16425000000, "property_and_equipment_acquisitions_included_in_liabilities_non_cash": 2633000000, "purchase_of_spacex_equity_investment": -2002000000, "spacex_equity_investment_unrealized_gain_non_cash": -1005000000 } }, { "period_label": "First half FY2025 (six months ended June 30, 2025) - prior-year comparative", "period_start": "2025-01-01", "period_end": "2025-06-30", "months": 6, "source_accession": "0001628280-26-049270", "source_form": "10-Q for the quarterly 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4099000000, "gross_margin_excluding_regulatory_credits_pct": 13.9 }, "revenue_by_geography": { "united_states": 22142000000, "china": 8608000000, "other_international": 11081000000 } }, "cash_flow": { "net_income_including_noncontrolling_interests": 1610000000, "depreciation_amortization_and_impairment": 2880000000, "stock_based_compensation": 1208000000, "inventory_write_downs": 248000000, "deferred_income_taxes": 9000000, "operating_cash_flow": 4696000000, "capital_expenditures": -3886000000, "free_cash_flow": 810000000, "investing_cash_flow": -4595000000, "financing_cash_flow": -554000000, "proceeds_from_issuances_of_debt": 3050000000, "repayments_of_debt": -4129000000, "principal_payments_on_finance_leases": -67000000, "proceeds_from_stock_option_exercises_and_other_stock_issuances": 528000000, "distributions_paid_to_noncontrolling_interests": -36000000, "dividends_paid_to_common_stockholders": 0, "cash_and_restricted_cash_end_of_period": 16735000000, "property_and_equipment_acquisitions_included_in_liabilities_non_cash": 1639000000 } }, { "period_label": "Trailing twelve months ended June 30, 2026 (derived)", "period_start": "2025-07-01", "period_end": "2026-06-30", "months": 12, "source_accession": "0001628280-26-003952; 0001628280-26-049270", "derivation": "Fiscal year 2025 as reported in the FY2025 10-K, less the six months ended June 30, 2025 and plus the six months ended June 30, 2026, both as reported in the June 30, 2026 10-Q. No single filing presents this period.", "income_statement": { "total_revenues": 103619000000, "total_automotive_revenues": 75648000000, "automotive_regulatory_credits": 1485000000, "energy_generation_and_storage": 12799000000, "services_and_other": 15172000000, "gross_profit": 19534000000, "gross_margin_pct": 18.9, "research_and_development": 7730000000, "selling_general_and_administrative": 7032000000, "operating_income": 4372000000, "operating_margin_pct": 4.2, "net_income_including_noncontrolling_interests": 3864000000, "net_income_attributable_to_common_stockholders": 3804000000, "net_margin_pct": 3.7, "eps_diluted": 1.08, "weighted_average_shares_diluted_latest_quarter": 3540000000, "dividends_per_share": 0.0 }, "cash_flow": { "operating_cash_flow": 18685000000, "capital_expenditures": -12923000000, "free_cash_flow": 5762000000, "stock_based_compensation": 3798000000, "depreciation_amortization_and_impairment": 6477000000, "dividends_paid_to_common_stockholders": 0 } } ], "notes": [ "All figures in this file are stated in actual dollars. The filings present their statements in millions (and share counts in millions), so every amount read off a statement was multiplied by one million.", "Annual figures come from the face of the consolidated statements in Tesla's FY2025 10-K (accession 0001628280-26-003952), filed January 29, 2026. The income statement and cash flow statement each present three years (2025, 2024, 2023); the balance sheet presents only December 31, 2025 and December 31, 2024, which is why the fiscal 2023 balance sheet block carries only the equity figures the statement of equity provides for that date, and no assets or liabilities.", "Quarterly figures come from the 10-Q for the quarterly period ended June 30, 2026 (accession 0001628280-26-049270), filed July 23, 2026. That filing presents three-month and six-month columns for 2026 and 2025 on the income statement, a June 30, 2026 balance sheet, and six-month-only cash flow statements. Tesla does not publish a stand-alone three-month cash flow statement, so no quarterly-only operating cash flow, capital expenditure or free cash flow is reported here.", "The trailing-twelve-months block is a derivation, not a reported period: fiscal 2025 less the six months ended June 30, 2025 plus the six months ended June 30, 2026. Its diluted EPS is the same arithmetic applied to reported per-share amounts and is therefore approximate, because the share count changes between periods.", "Revenue detail: Tesla splits automotive revenue into vehicle sales, regulatory credits and leasing, and reports energy generation and storage and services and other separately. Automotive regulatory credits are sales of tradable emissions credits to other manufacturers and carry essentially no cost of revenue. They fell from $2.763 billion in 2024 to $1.993 billion in 2025, and from $439 million in the June 2025 quarter to $146 million in the June 2026 quarter. Because they drop almost entirely to gross profit, this file also reports an automotive gross margin computed with credits stripped out of both automotive revenue and automotive gross profit; that measure is a calculation from the filings' own figures, not a line Tesla states.", "Segment presentation follows the filings: Tesla's automotive segment includes services and other as well as regulatory credits, so segment automotive revenue ($82.056 billion in 2025) is larger than the 'total automotive revenues' line on the income statement ($69.526 billion in 2025), which excludes services and other. Both are carried here so the difference is visible.", "'Gross profit total automotive' and 'gross margin total automotive' are figures Tesla states in its MD&A and cover vehicle sales, credits and leasing only, excluding services and other.", "Capital expenditure is the cash flow statement line 'Purchases of property and equipment excluding finance leases, net of sales.' Free cash flow here is operating cash flow less that line. Note that the six months ended June 30, 2026 also included a separate $2.002 billion purchase of a SpaceX equity investment, which is an investing outflow but is not treated as capital expenditure.", "Debt: the balance sheet combines debt and finance leases into single current and non-current lines. The debt note separates them, so this file reports both a total debt figure excluding finance leases ($9.061 billion at June 30, 2026) and the balance sheet total including them ($9.342 billion). Against $43.524 billion of cash and short-term investments, Tesla holds a large net cash position in every period reported. Neither figure includes operating lease liabilities.", "Tesla pays no dividend. No dividend was declared or paid in any period in this file, so dividends per share and dividends paid are recorded as zero rather than left blank.", "Share count: the shares issued and outstanding on the balance sheet rose from 3,216 million at December 31, 2024 to 3,751 million at December 31, 2025 and 3,949 million at June 30, 2026. The two increases have different causes. The FY2025 10-K attributes the 535 million share rise during 2025 to issuances of common stock for equity incentive awards, which include 96.0 million shares of restricted stock granted to the CEO in August 2025 (the 2025 CEO Interim Award) and approximately 423.7 million shares of performance-based restricted stock granted in September 2025 and approved by shareholders in November 2025 (the 2025 CEO Performance Award). The further 198 million share rise in the six months ended June 30, 2026 principally reflects the CEO's exercise, during the June 2026 quarter, of approximately 304.0 million stock options under the 2018 CEO Performance Award, net settled for the exercise price with approximately 17.5 million shares - partly offset by the forfeiture of the 96.0 million interim-award shares described below. Those 96.0 million shares are therefore no longer in the June 30, 2026 count. Because the performance-award shares remain unvested or unearned, weighted average diluted shares used for earnings per share are far lower than shares outstanding - 3,528 million for fiscal 2025 and 3,540 million for the June 2026 quarter. Both measures are reported here and should not be used interchangeably.", "The FY2025 10-K discloses that as of December 31, 2025 no stock-based compensation expense had been recorded for the 2025 CEO Interim Award, whose grant date fair value was $26.06 billion, because vesting was not deemed probable. That expense was never recognized and never will be: the June 30, 2026 10-Q reports that the Delaware Supreme Court reversed the rescission of the 2018 CEO Performance Award and the Delaware Court of Chancery entered a final order implementing that reinstatement on March 18, 2026, that on April 21, 2026 the Board determined this constituted a Tornetta Decision Event under the interim award's 'no double dip' terms, and that the 96.0 million interim-award shares were immediately forfeited with no stock-based compensation expense recognized prior to forfeiture. Separately, the FY2025 10-K discloses unrecognized stock-based compensation expense on the 2025 CEO Performance Award of $10.23 billion for the milestone considered probable of achievement, plus $105.82 billion to $120.37 billion for milestones not considered probable. None of that potential future expense is in any figure in this file.", "Fiscal 2023 net income of $14.974 billion is not comparable to later years: it includes a $5.001 billion income tax benefit, driven mainly by a $6.349 billion deferred tax movement, from the release of a valuation allowance on deferred tax assets. Pre-tax income that year was $9.973 billion.", "Restructuring charges appear in operating expenses: $494 million in 2025 (including $390 million tied to convergence of AI chip design efforts) and $684 million in 2024 (including $583 million of employee termination costs). Fiscal 2023 had none.", "The June 2026 quarter's other income, net of $590 million is stated after a $1.00 billion net gain on Tesla's SpaceX equity investment, which the 10-Q quantifies for the three months ended June 30, 2026 in its fair value note. That implies the other components of the line - marks on bitcoin digital assets and foreign currency movements on intercompany balances, which the filing names as the other drivers - were together a net drag of roughly $410 million in the quarter. For the six months ended June 30, 2026 the cash flow statement shows $1.005 billion of non-cash unrealized gain on the investment. The 10-Q states Tesla invested $2.00 billion in SpaceX common stock in March 2026, representing an ownership interest of less than 1 percent, accounted for under the equity method with a fair value election, and carried at $3.007 billion at June 30, 2026 after a $238 million discount for lack of marketability.", "Digital assets fell from $1.008 billion at December 31, 2025 to $674 million at June 30, 2026, with a $334 million unrealized loss recorded in the six months ended June 30, 2026.", "Operating volumes for the first half of 2026 (approximately 860 thousand consumer vehicles produced, 838 thousand delivered, and 22.3 GWh of energy storage deployed) are the year-to-date figures stated in the 10-Q's overview. The filing does not break these out for the second quarter alone." ], "uncertainties": [ "The automotive gross margin excluding regulatory credits is a calculation, not a figure Tesla reports. It removes credit revenue from both automotive revenue and automotive gross profit, which assumes credits carry no cost of revenue. The filings describe credits as sales of credits Tesla earns in the operation of its automotive business but do not state a cost attached to them, so this is a reasonable but not an exact treatment. The margins Tesla itself states are reported alongside it.", "No stand-alone second-quarter cash flow figures exist. Tesla's 10-Q presents cash flows only for the six months ended June 30. Any quarterly operating cash flow, capital expenditure or free cash flow would have to be inferred by subtracting a first-quarter figure that neither of the two filings used here contains, so none is reported.", "The trailing-twelve-months diluted earnings per share of $1.08 is the sum of reported per-share figures (fiscal 2025 less the first half of 2025 plus the first half of 2026) rather than a recomputation from trailing net income over a trailing share count. Dividing trailing net income attributable to common stockholders of $3.804 billion by roughly 3.53 billion diluted shares gives approximately $1.08 as well, so the two approaches agree to the cent here, but the figure remains a derivation.", "Fiscal 2023 has no balance sheet in this file beyond equity. The FY2025 10-K's balance sheet shows only two year-ends, and only the latest 10-K and 10-Q were used, so December 31, 2023 assets, liabilities, cash and debt are simply not available from these sources.", "Total debt excludes operating lease liabilities, which Tesla reports within other long-term liabilities and accrued liabilities rather than as debt. A reader who capitalizes leases would arrive at a larger debt figure than the one stated here.", "The energy generation and storage segment's second-quarter gross margin fell sharply, from 30.3 percent in the June 2025 quarter to 20.4 percent in the June 2026 quarter, while first-half margin was 28.7 percent versus 29.6 percent. The 10-Q states the drivers: cost of energy generation and storage revenue rose 29 percent in the quarter, primarily due to deployment fluctuations, together with an increase in average cost per MWh driven mainly by sales mix and unfavorable warranty adjustments. What the filing does not do is quantify how much of the 9.9 point margin decline each of those drivers accounts for, so their relative weight cannot be determined from this disclosure.", "The June 2026 quarter's reported pre-tax income of $1.329 billion rests materially on a non-operating, non-cash item: the $1.00 billion net gain on the SpaceX equity investment that the 10-Q discloses for the quarter. Operating income was only $398 million. The gain is a mark to fair value on a holding of less than 1 percent of a private company and can reverse in later periods, so quarterly earnings on this basis are not a guide to operating performance. The judgment a reader has to make is how much weight to give it, not whether it can be measured." ], "company_details": { "Name": "Tesla, Inc.", "Ticker": "TSLA", "CIK": "0001318605", "Exchange": "Nasdaq", "State": "Texas", "Incorporation": "Texas", "SIC": "3711", "Office": "Manufacturing", "Industry": "Motor Vehicles & Passenger Car Bodies" }, "next_filing": { "predicted_date": "2026-08-03", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "form": "10-Q", "accession": "0001628280-26-049270", "fiscal_year_end": "1231", "source": "facts" } }