# Tesla Inc. (TSLA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-27  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TSLA/thesis · /stocks/TSLA/memo

## Financial Snapshot

---
ticker: TSLA
step: 04
generated: 2026-05-11
source: quick-research
---

### Tesla Inc. (TSLA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $96.8B | $97.7B | $94.8B | -2.9% |
| Gross Margin | 18.2% | 17.9% | 18.0% | +0.1pp |
| Operating Margin | 9.2% | 7.2% | 4.6% | -2.6pp |
| Net Income | $15.0B | $7.1B | $5.6B | -21% |
| EPS (diluted) | $4.30 | $2.04 | $1.65 | -19% |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$14.5B |
| Capital Expenditures | ~($11.0B) |
| Free Cash Flow | ~$3.5B |
| Cash & Marketable Securities | ~$37B |
| Total Debt | ~$13B |
| Net cash position | ~$24B |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~178x | EV/Sales: ~15x | FCF Yield: <0.5%
- Revenue Growth (TTM): negative 3% | Operating Margin: 4.6%
- Vehicle deliveries FY2025: ~1.78M (down YoY from 1.79M in 2024)

#### Growth Profile
Tesla's automotive business is contracting — FY2025 revenue declined 2.9% YoY and operating margins compressed sharply (9.2% → 7.2% → 4.6% over three years) under price competition from BYD and weakened EU/China demand. The bull narrative now rests on three swing factors:
1. **Energy storage scaling** — 46.7 GWh deployed in 2025 (+48% YoY) generated $12.8B in revenue (+27% YoY); Megapack 3 launches in 2026
2. **Robotaxi commercialization** — Austin launched January 2026; now in 12 cities; revenue still de minimis but ramping
3. **Optimus production** — first-generation Fremont line designed for 1M robots/year; second-gen at Giga Texas designed for 10M/year long-term

#### Forward Estimates
- **2026E Revenue:** ~$110B (consensus, +16%) — auto recovery + energy + early robotaxi
- **2026E EPS:** ~$3.00 (consensus, +82%) — operating leverage on margin recovery
- **2026E CapEx:** ~$25B (incl. $25B AI infrastructure spend, raised by management)
- **2027E Revenue:** ~$140B (highly variable based on robotaxi ramp assumptions)

> Forward estimates vary widely. Bull-case scenarios assume robotaxi + Optimus contribute $20B+ by 2027; bear-case scenarios see continued auto-margin compression and FSD/Cybercab delays drag EPS lower.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TSLA/fundamental

## Navigation

- Overview: /stocks/TSLA
- Financials (this page): /stocks/TSLA/financials
- Thesis: /stocks/TSLA/thesis
- Investment Memo: /stocks/TSLA/memo
- Coverage universe: /stocks