Q2 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.
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
no
Units
actual dollars (not millions)
Annual
FY2025
FY2024
FY2023
Fiscal year
2025
2024
2023
Period end
2025-12-31
2024-12-31
2023-12-31
Source accession
0001628280-26-003952
0001628280-26-003952
0001628280-26-003952
Source form
10-K for the fiscal year ended December 31, 2025
10-K for the fiscal year ended December 31, 2025
10-K for the fiscal year ended December 31, 2025
Income statement
Revenue
Automotive sales
65,821,000,000
72,480,000,000
78,509,000,000
Automotive regulatory credits
1,993,000,000
2,763,000,000
1,790,000,000
Automotive leasing
1,712,000,000
1,827,000,000
2,120,000,000
Total automotive revenues
69,526,000,000
77,070,000,000
82,419,000,000
Energy generation and storage
12,771,000,000
10,086,000,000
6,035,000,000
Services and other
12,530,000,000
10,534,000,000
8,319,000,000
Total revenues
94,827,000,000
97,690,000,000
96,773,000,000
Cost of revenues
Automotive sales
56,267,000,000
61,870,000,000
65,121,000,000
Automotive leasing
898,000,000
1,003,000,000
1,268,000,000
Total automotive
57,165,000,000
62,873,000,000
66,389,000,000
Energy generation and storage
8,969,000,000
7,446,000,000
4,894,000,000
Services and other
11,599,000,000
9,921,000,000
7,830,000,000
Total cost of revenues
77,733,000,000
80,240,000,000
79,113,000,000
Gross profit
17,094,000,000
17,450,000,000
17,660,000,000
Gross margin %
18.0%
17.9%
18.2%
Operating expenses
Research and development
6,411,000,000
4,540,000,000
3,969,000,000
Selling general and administrative
5,834,000,000
5,150,000,000
4,800,000,000
Restructuring and other
494,000,000
684,000,000
0
Total operating expenses
12,739,000,000
10,374,000,000
8,769,000,000
Operating income
4,355,000,000
7,076,000,000
8,891,000,000
Operating margin %
4.6%
7.2%
9.2%
Interest income
1,680,000,000
1,569,000,000
1,066,000,000
Interest expense
-338,000,000
-350,000,000
-156,000,000
Other income expense net
-419,000,000
695,000,000
172,000,000
Income before income taxes
5,278,000,000
8,990,000,000
9,973,000,000
Provision for benefit from income taxes
1,423,000,000
1,837,000,000
-5,001,000,000
Net income including noncontrolling interests
3,855,000,000
7,153,000,000
14,974,000,000
Net income attributable to noncontrolling interests
61,000,000
62,000,000
-23,000,000
Net income attributable to common stockholders
3,794,000,000
7,091,000,000
14,997,000,000
Net margin %
4.0%
7.3%
15.5%
EPS basic
1.18
2.23
4.73
EPS diluted
1.08
2.04
4.3
Weighted average shares basic
3,225,000,000
3,197,000,000
3,174,000,000
Weighted average shares diluted
3,528,000,000
3,498,000,000
3,485,000,000
Dividends per share
0.0
0.0
0.0
Segment detail
Automotive segment
Revenues
82,056,000,000
87,604,000,000
90,738,000,000
Cost of revenues
68,764,000,000
72,794,000,000
74,219,000,000
Gross profit
13,292,000,000
14,810,000,000
16,519,000,000
Gross margin %
16.2%
16.9%
18.2%
Energy generation and storage segment
Revenues
12,771,000,000
10,086,000,000
6,035,000,000
Cost of revenues
8,969,000,000
7,446,000,000
4,894,000,000
Gross profit
3,802,000,000
2,640,000,000
1,141,000,000
Gross margin %
29.8%
26.2%
18.9%
Automotive vehicles only
Gross profit total automotive
12,361,000,000
14,197,000,000
16,030,000,000
Gross margin total automotive %
17.8%
18.4%
19.4%
Revenue excluding regulatory credits
67,533,000,000
74,307,000,000
80,629,000,000
Gross profit excluding regulatory credits
10,368,000,000
11,434,000,000
14,240,000,000
Gross margin excluding regulatory credits %
15.4%
15.4%
17.7%
Revenue by geography
United states
47,627,000,000
47,725,000,000
45,235,000,000
China
20,962,000,000
20,944,000,000
21,745,000,000
Other international
26,238,000,000
29,021,000,000
29,793,000,000
Balance sheet
Cash and cash equivalents
16,513,000,000
16,139,000,000
Short term investments
27,546,000,000
20,424,000,000
Cash and short term investments
44,059,000,000
36,563,000,000
Accounts receivable net
4,576,000,000
4,418,000,000
Inventory
12,392,000,000
12,017,000,000
Prepaid expenses and other current assets
7,615,000,000
5,362,000,000
Total current assets
68,642,000,000
58,360,000,000
Operating lease vehicles net
4,912,000,000
5,581,000,000
Energy generation and storage systems net
4,604,000,000
4,924,000,000
Property plant and equipment net
40,643,000,000
35,836,000,000
Operating lease right of use assets
6,027,000,000
5,160,000,000
Digital assets
1,008,000,000
1,076,000,000
Deferred tax assets
6,925,000,000
6,524,000,000
Other non current assets
5,045,000,000
4,609,000,000
Total assets
137,806,000,000
122,070,000,000
Accounts payable
13,371,000,000
12,474,000,000
Accrued liabilities and other
13,279,000,000
10,723,000,000
Deferred revenue current
3,424,000,000
3,168,000,000
Current portion of debt and finance leases
1,640,000,000
2,456,000,000
Total current liabilities
31,714,000,000
28,821,000,000
Debt and finance leases net of current portion
6,736,000,000
5,757,000,000
Deferred revenue net of current portion
3,631,000,000
3,317,000,000
Other long term liabilities
12,860,000,000
10,495,000,000
Total liabilities
54,941,000,000
48,390,000,000
Redeemable noncontrolling interests
58,000,000
63,000,000
242,000,000
Total stockholders equity
82,137,000,000
72,913,000,000
62,634,000,000
Noncontrolling interests in subsidiaries
670,000,000
704,000,000
733,000,000
Total equity including noncontrolling interests
82,807,000,000
73,617,000,000
63,367,000,000
Shares issued and outstanding
3,751,000,000
3,216,000,000
3,185,000,000
Total debt excluding finance leases
8,153,000,000
7,878,000,000
Total debt and finance leases
8,376,000,000
8,213,000,000
Net cash position cash and short term investments less total debt and finance leases
35,683,000,000
28,350,000,000
Note
The FY2025 10-K balance sheet presents only December 31, 2025 and December 31, 2024. The equity figures below for December 31, 2023 come from that same 10-K's consolidated statements of redeemable noncontrolling interests and equity.
Cash flow
Net income including noncontrolling interests
3,855,000,000
7,153,000,000
14,974,000,000
Depreciation amortization and impairment
6,148,000,000
5,368,000,000
4,667,000,000
Stock based compensation
2,825,000,000
1,999,000,000
1,812,000,000
Inventory and purchase commitment write downs
362,000,000
335,000,000
463,000,000
Deferred income taxes
123,000,000
477,000,000
-6,349,000,000
Operating cash flow
14,747,000,000
14,923,000,000
13,256,000,000
Capital expenditures
-8,527,000,000
-11,342,000,000
-8,899,000,000
Free cash flow
6,220,000,000
3,581,000,000
4,357,000,000
Investing cash flow
-15,478,000,000
-18,787,000,000
-15,584,000,000
Financing cash flow
1,139,000,000
3,853,000,000
2,589,000,000
Proceeds from issuances of debt
5,586,000,000
5,744,000,000
3,931,000,000
Repayments of debt
-5,546,000,000
-2,500,000,000
-1,351,000,000
Principal payments on finance leases
-104,000,000
-381,000,000
-464,000,000
Proceeds from stock option exercises and other stock issuances
1,186,000,000
1,241,000,000
700,000,000
Distributions paid to noncontrolling interests
-78,000,000
-104,000,000
-144,000,000
Dividends paid to common stockholders
0
0
0
Cash and restricted cash end of period
17,616,000,000
17,037,000,000
17,189,000,000
Property and equipment acquisitions included in liabilities non cash
First half FY2026 (six months ended June 30, 2026)
First half FY2025 (six months ended June 30, 2025) - prior-year comparative
Trailing twelve months ended June 30, 2026 (derived)
Period start
2026-04-01
2025-04-01
2026-01-01
2025-01-01
2025-07-01
Period end
2026-06-30
2025-06-30
2026-06-30
2025-06-30
2026-06-30
Months
3
3
6
6
12
Source accession
0001628280-26-049270
0001628280-26-049270
0001628280-26-049270
0001628280-26-049270
0001628280-26-003952; 0001628280-26-049270
Source form
10-Q for the quarterly period ended June 30, 2026
10-Q for the quarterly period ended June 30, 2026 (comparative column)
10-Q for the quarterly period ended June 30, 2026
10-Q for the quarterly period ended June 30, 2026 (comparative column)
Income statement
Revenue
Automotive sales
20,006,000,000
15,787,000,000
35,479,000,000
28,712,000,000
Automotive regulatory credits
146,000,000
439,000,000
526,000,000
1,034,000,000
Automotive leasing
364,000,000
435,000,000
745,000,000
882,000,000
Total automotive revenues
20,516,000,000
16,661,000,000
36,750,000,000
30,628,000,000
Energy generation and storage
3,139,000,000
2,789,000,000
5,547,000,000
5,519,000,000
Services and other
4,581,000,000
3,046,000,000
8,326,000,000
5,684,000,000
Total revenues
28,236,000,000
22,496,000,000
50,623,000,000
41,831,000,000
Cost of revenues
Automotive sales
16,866,000,000
13,567,000,000
29,482,000,000
25,028,000,000
Automotive leasing
187,000,000
228,000,000
383,000,000
467,000,000
Total automotive
17,053,000,000
13,795,000,000
29,865,000,000
25,495,000,000
Energy generation and storage
2,499,000,000
1,943,000,000
3,955,000,000
3,888,000,000
Services and other
3,933,000,000
2,880,000,000
7,332,000,000
5,417,000,000
Total cost of revenues
23,485,000,000
18,618,000,000
41,152,000,000
34,800,000,000
Gross profit
4,751,000,000
3,878,000,000
9,471,000,000
7,031,000,000
19,534,000,000
Gross margin %
16.8%
17.2%
18.7%
16.8%
18.9%
Operating expenses
Research and development
2,371,000,000
1,589,000,000
4,317,000,000
2,998,000,000
Selling general and administrative
1,982,000,000
1,366,000,000
3,815,000,000
2,617,000,000
Restructuring and other
0
0
0
94,000,000
Total operating expenses
4,353,000,000
2,955,000,000
8,132,000,000
5,709,000,000
Operating income
398,000,000
923,000,000
1,339,000,000
1,322,000,000
4,372,000,000
Operating margin %
1.4%
4.1%
2.6%
3.2%
4.2%
Interest income
422,000,000
392,000,000
856,000,000
792,000,000
Interest expense
-81,000,000
-86,000,000
-173,000,000
-177,000,000
Other income expense net
590,000,000
320,000,000
55,000,000
201,000,000
Income before income taxes
1,329,000,000
1,549,000,000
2,077,000,000
2,138,000,000
Provision for benefit from income taxes
201,000,000
359,000,000
458,000,000
528,000,000
Net income including noncontrolling interests
1,128,000,000
1,190,000,000
1,619,000,000
1,610,000,000
3,864,000,000
Net income attributable to noncontrolling interests
14,000,000
18,000,000
28,000,000
29,000,000
Net income attributable to common stockholders
1,114,000,000
1,172,000,000
1,591,000,000
1,581,000,000
3,804,000,000
Net margin %
3.9%
5.2%
3.1%
3.8%
3.7%
EPS basic
0.34
0.36
0.49
0.49
EPS diluted
0.32
0.33
0.45
0.45
1.08
Weighted average shares basic
3,237,000,000
3,223,000,000
3,235,000,000
3,220,000,000
Weighted average shares diluted
3,540,000,000
3,519,000,000
3,538,000,000
3,520,000,000
Dividends per share
0.0
0.0
0.0
0.0
0.0
Total revenues
103,619,000,000
Total automotive revenues
75,648,000,000
Automotive regulatory credits
1,485,000,000
Energy generation and storage
12,799,000,000
Services and other
15,172,000,000
Research and development
7,730,000,000
Selling general and administrative
7,032,000,000
Weighted average shares diluted latest quarter
3,540,000,000
Segment detail
Automotive segment
Revenues
25,097,000,000
19,707,000,000
45,076,000,000
36,312,000,000
Cost of revenues
20,986,000,000
16,675,000,000
37,197,000,000
30,912,000,000
Gross profit
4,111,000,000
3,032,000,000
7,879,000,000
5,400,000,000
Gross margin %
16.4%
15.4%
17.5%
14.9%
Energy generation and storage segment
Revenues
3,139,000,000
2,789,000,000
5,547,000,000
5,519,000,000
Cost of revenues
2,499,000,000
1,943,000,000
3,955,000,000
3,888,000,000
Gross profit
640,000,000
846,000,000
1,592,000,000
1,631,000,000
Gross margin %
20.4%
30.3%
28.7%
29.6%
Automotive vehicles only
Gross profit total automotive
3,463,000,000
2,866,000,000
6,885,000,000
5,133,000,000
Gross margin total automotive %
16.9%
17.2%
18.7%
16.8%
Revenue excluding regulatory credits
20,370,000,000
16,222,000,000
36,224,000,000
29,594,000,000
Gross profit excluding regulatory credits
3,317,000,000
2,427,000,000
6,359,000,000
4,099,000,000
Gross margin excluding regulatory credits %
16.3%
15.0%
17.6%
13.9%
Revenue by geography
United states
13,208,000,000
11,809,000,000
23,885,000,000
22,142,000,000
China
4,675,000,000
4,305,000,000
8,859,000,000
8,608,000,000
Other international
10,353,000,000
6,382,000,000
17,879,000,000
11,081,000,000
Balance sheet
Cash and cash equivalents
15,219,000,000
15,219,000,000
Short term investments
28,305,000,000
28,305,000,000
Cash and short term investments
43,524,000,000
43,524,000,000
Accounts receivable net
4,087,000,000
4,087,000,000
Inventory
13,752,000,000
13,752,000,000
Prepaid expenses and other current assets
7,395,000,000
7,395,000,000
Total current assets
68,758,000,000
68,758,000,000
Operating lease vehicles net
4,253,000,000
4,253,000,000
Energy generation and storage systems net
4,510,000,000
4,510,000,000
Property plant and equipment net
47,255,000,000
47,255,000,000
Operating lease right of use assets
6,386,000,000
6,386,000,000
Digital assets
674,000,000
674,000,000
Deferred tax assets
7,235,000,000
7,235,000,000
Other non current assets
9,453,000,000
9,453,000,000
Total assets
148,524,000,000
148,524,000,000
Accounts payable
15,324,000,000
15,324,000,000
Accrued liabilities and other
15,256,000,000
15,256,000,000
Deferred revenue current
3,427,000,000
3,427,000,000
Current portion of debt and finance leases
1,418,000,000
1,418,000,000
Total current liabilities
35,425,000,000
35,425,000,000
Debt and finance leases net of current portion
7,924,000,000
7,924,000,000
Deferred revenue net of current portion
4,073,000,000
4,073,000,000
Other long term liabilities
13,583,000,000
13,583,000,000
Total liabilities
61,005,000,000
61,005,000,000
Redeemable noncontrolling interests
54,000,000
54,000,000
Total stockholders equity
86,858,000,000
86,858,000,000
Noncontrolling interests in subsidiaries
607,000,000
607,000,000
Total equity including noncontrolling interests
87,465,000,000
87,465,000,000
Shares issued and outstanding
3,949,000,000
3,949,000,000
Total debt excluding finance leases
9,061,000,000
9,061,000,000
Total debt and finance leases
9,342,000,000
9,342,000,000
Net cash position cash and short term investments less total debt and finance leases
34,182,000,000
34,182,000,000
Cash flow
Note
Tesla's 10-Q presents cash flows only on a year-to-date basis; there is no stand-alone three-month cash flow statement. See the six months ended June 30, 2026 period for cash flow.
Net income including noncontrolling interests
1,619,000,000
1,610,000,000
Depreciation amortization and impairment
3,209,000,000
2,880,000,000
6,477,000,000
Stock based compensation
2,181,000,000
1,208,000,000
3,798,000,000
Inventory write downs
187,000,000
248,000,000
Deferred income taxes
-301,000,000
9,000,000
Operating cash flow
8,634,000,000
4,696,000,000
18,685,000,000
Capital expenditures
-8,282,000,000
-3,886,000,000
-12,923,000,000
Free cash flow
352,000,000
810,000,000
5,762,000,000
Investing cash flow
-10,951,000,000
-4,595,000,000
Financing cash flow
1,209,000,000
-554,000,000
Proceeds from issuances of debt
4,679,000,000
3,050,000,000
Repayments of debt
-3,922,000,000
-4,129,000,000
Principal payments on finance leases
-37,000,000
-67,000,000
Proceeds from stock option exercises and other stock issuances
468,000,000
528,000,000
Distributions paid to noncontrolling interests
-91,000,000
-36,000,000
Dividends paid to common stockholders
0
0
0
Cash and restricted cash end of period
16,425,000,000
16,735,000,000
Property and equipment acquisitions included in liabilities non cash
2,633,000,000
1,639,000,000
Purchase of spacex equity investment
-2,002,000,000
Spacex equity investment unrealized gain non cash
-1,005,000,000
Operating metrics
Note
Volumes below are the year-to-date figures the 10-Q's overview discloses for the first half of 2026; the filing does not break them out for the second quarter alone.
Consumer vehicles produced YTD 2026
860,000
Consumer vehicles delivered YTD 2026
838,000
Energy storage deployed YTD 2026 gwh
22.3
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.
Units notes seen
Value
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
Value
Splits applied
none
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
n/a
FX
None applied. Tesla reports in U.S. dollars, so no currency conversion was needed.
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
Value
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
Value
Predicted date
2026-08-03
Predicted type
10-Q
Fiscal period
FY2026
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
Built from Tesla, Inc.'s SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.