TSLA
Updated: 23/09/2026, 23:03:05
Tesla, Inc. operates globally, specializing in the creation, production, and distribution of electric vehicles, alongside comprehensive energy generation and storage solutions. Its market reach extends across the United States, China, and various other international regions. The company's operations are primarily divided into two main segments: its Automotive business and its Energy Generation and Storage division. Within its Automotive division, Tesla not only provides a range of electric cars but also generates revenue from selling automotive regulatory credits. This segment further encompasses a variety of post-sale services, including non-warranty vehicle support, sales of pre-owned vehicles, various retail products, and car insurance offerings. Customers can acquire Tesla's sedans and sport utility vehicles through direct sales, purchases of used vehicles, or via in-app upgrades often facilitated by the extensive Tesla Supercharger network. The company supports these acquisitions with financing and leasing options. Furthermore, it ensures vehicle upkeep through its proprietary service centers and a fleet of mobile technicians, complemented by both standard and extended vehicle warranty programs. The Energy Generation and Storage segment focuses on the development, manufacturing, setup, sale, and rental of solar power systems and energy storage products, along with associated services. This caters to a diverse clientele, spanning residential users, commercial enterprises, industrial entities, and public utilities. Distribution channels include Tesla's online platform, physical stores, galleries, and a network of collaborative partners. The company also offers servicing and repairs for its energy products, including warranty support, and provides multiple financing avenues for those investing in its solar solutions. Founded in 2003, the corporation was initially named Tesla Motors, Inc., before officially rebranding to Tesla, Inc. in February 2017. Its corporate headquarters are situated in Austin, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$94.8B
FY 2025 · Reported
Net income
$3.8B
FY 2025 · Reported
Gross margin
18.0%
FY 2025 · Calculated
Free cash flow
$6.2B
FY 2025 · Calculated
R&D intensity
6.8%
FY 2025 · Calculated
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview and mission
AI-focused EV and energy company; direct sales; mission 'building a world of amazing abundance'
“We are focused on bringing artificial intelligence (“AI”) into the real world, through products and services like Full Self-Driving (“FSD”) (Supervised) and Robotaxi”
Two reportable segments
Two segments: (i) automotive and (ii) energy generation and storage
“We operate as two reportable segments: (i) automotive and (ii) energy generation and storage.”
Direct sales model without dealer networks
Direct sales via website and company-owned stores; no independent dealer networks; company handles all deliveries
“Our vehicle sales channels currently include our website and a global network of company-owned stores.”
Consumer vehicle lineup
Five consumer vehicles: Model 3, Y, S, X, Cybertruck, plus Tesla Semi commercial EV
“We currently manufacture five different consumer vehicles – the Model 3, Y, S, X and Cybertruck.”
Robotaxi autonomous ride-hailing service
Robotaxi launched June 2025 with Model Y; Cybercab planned
“In June 2025, we launched our Robotaxi service, an autonomous ride-hailing platform that harnesses our technology and vehicles.”
Energy storage products: Powerwall and Megapack
Lithium-ion battery storage: Powerwall (residential) and Megapack (utility-scale), with Autobidder and Powerhub software
“Powerwall and Megapack are our lithium-ion battery energy storage products.”
Optimus humanoid robot in development
Optimus: general purpose autonomous humanoid robot in development for future commercialization
“We are also applying our artificial intelligence learnings from self-driving technology to Bots, such as Optimus, a general purpose, autonomous humanoid robot in development.”
Energy generation offerings
Solar panels, Solar Roof, solar inverter; new residential retrofit panel deliveries began January 2026
“We began manufacturing a new residential retrofit solar panel in 2025, and began initial customer deliveries in January 2026.”
Energy storage product lineup
Megapack/Megapack 3/Megablock and new residential retrofit solar panel; Megafactories in Shanghai, Lathrop and new Houston Megafactory
“In 2025, we introduced Megapack 3 and Megablock, our next-generation industrial storage product, and began manufacturing a new residential retrofit solar panel.”
Battery cell supplier concentration
Dependent on Panasonic and CATL for lithium-ion battery cells; very limited qualified suppliers
“Currently, we rely on suppliers such as Panasonic and Contemporary Amperex Technology Co. Limited (CATL) for these cells.”
2026 capex outlook above $20 billion
Tesla expects 2026 capital expenditures to exceed $20 billion, driven by AI initiatives (compute infrastructure and data centers), manufacturing/R&D expansion, AI-enabled asset fleet and retail/service/charging footprint.
“we currently expect our capital expenditures to exceed $20 billion in 2026 driven by our AI initiatives, including investments in compute infrastructure and data centers”
2026 production ramp plans
Six new production lines across vehicle, Bots, energy storage and battery manufacturing ramping in 2026
“In 2026, we will be ramping six new production lines across vehicle, Bots, energy storage and battery manufacturing”
R&D expense and AI focus
R&D expense rose 41% to $6,411 million (7% of revenue) in 2025, primarily due to AI and other programs and a $500 million increase in stock-based compensation.
“R&D expense increased $1.87 billion, or 41%, in the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to increases in costs related to AI and other programs as we continue to expand our product roadmap and technologies and an increase in stock-based compensation of $500 million.”
AI-first strategy: FSD, Robotaxi, Optimus
AI strategy centered on FSD (Supervised), Robotaxi (launched June 2025) and Optimus humanoid robot
“We are focused on bringing artificial intelligence into the real world, through products and services like FSD (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots (including Optimus).”
Liquidity strategy including autonomy investment
Tesla's liquidity strategy includes investing in autonomy, further vertical integration of its supply chain, expanding its product roadmap and providing customer financing options.
“such as investing in U.S. government securities and other investments, investing in autonomy, further vertically integrating our supply chain, expanding our product roadmap and providing financing options to our customers.”
Energy storage cost drivers 2025
Cost of energy generation and storage revenue increased $1.52 billion, or 20%, in 2025, primarily from increases in Megapack and Powerwall deployments, with lower per-unit costs from lower raw material and manufacturing costs (Shanghai Megafactory ramp), partially offset by higher tariffs.
“primarily from increases in Megapack and Powerwall deployments, partially offset by a decrease in average cost per unit for Megapack and Powerwall from lower raw material costs, lower manufacturing costs for Megapack in part from the ramp of Shanghai Megafactory, partially offset by higher tariffs.”
SG&A expense increase 2025
SG&A increased $684 million (13%) in 2025, driven by legal charges (+$354M), employee/labor costs (+$256M), stock-based compensation (+$235M), offset by lower marketing (-$83M) and facilities (-$78M) expenses.
“driven by a $354 million increase in operating expenses including legal charges, a $256 million increase in employee and labor costs, including professional services, a $235 million increase in stock-based compensation”
Unused letters of credit
$556 million of unused letters of credit outstanding as of December 31, 2025.
“As of December 31, 2025, we had $556 million of unused letters of credit outstanding.”
Consolidated VIE financing funds for energy generation systems and vehicles
Tesla consolidates VIE financing funds (energy generation systems and vehicles): total VIE assets $3,134M and liabilities $3,158M at Dec 31, 2025 (vs. $3,228M / $4,057M in 2024), incl. debt and finance leases of $1,364M current and $1,679M non-current.
“Total assets$3,134 $3,228”
Outstanding indebtedness
As of December 31, 2025, Tesla had $8.18 billion aggregate principal of indebtedness outstanding, of which $1.58 billion is current.
“we and our subsidiaries had outstanding $8.18 billion in aggregate principal amount of indebtedness, of which $1.58 billion is current”
2026 capex guidance
Expects capital expenditures in excess of $20 billion in 2026, driven by AI initiatives
“We currently expect our capital expenditures to be in excess of $20 billion in 2026, driven by our AI initiatives, including investments in compute infrastructure and data centers”
Liquidity position
As of December 31, 2025, Tesla held $16.51 billion cash and equivalents, $27.55 billion short-term investments, and $6.43 billion unused committed credit; foreign currency balances of $4.37 billion were primarily Chinese yuan and euro.
“we had $16.51 billion and $27.55 billion of cash and cash equivalents and short-term investments, respectively. Balances held in foreign currencies had a U.S. dollar equivalent of $4.37 billion and consisted primarily of Chinese yuan and euro. We had $6.43 billion of unused committed credit amounts”
Service-driven business model ambition
FSD subscriptions and Robotaxi intended to advance a service-driven business model based on AI, software and fleet-based profits
“unlock the potential to advance a service-driven business model based on AI, software and fleet-based profits”
2025 total revenues and net income
2025 revenues $94.83B (-$2.86B YoY); net income $3.79B (-$3.30B YoY)
“In 2025, we recognized total revenues of $94.83 billion, representing a decrease of $2.86 billion compared to the prior year. In 2025, our net income attributable to common stockholders was $3.79 billion”
2025 cash position and cash flows
Ended 2025 with $44.06B cash and investments; operating cash flow $14.75B; capex $8.53B (vs $11.34B in 2024)
“We ended 2025 with $44.06 billion in cash and cash equivalents and investments, representing an increase of $7.50 billion from the end of 2024.”
Related party transactions with CEO/director-affiliated entities
Tesla periodically does business with entities affiliated with its CEO and directors, including xAI, SpaceX, The Boring Company and Redwood Materials, under its Related Person Transactions Policy.
“Tesla periodically does business with certain entities with which its CEO and directors are affiliated, such as xAI, SpaceX, The Boring Company and Redwood Materials, in accordance with our Related Person Transactions Policy.”
Other income (expense) and bitcoin/foreign exchange exposure
Other (expense) income, net swung unfavorably by $1.11 billion in 2025, primarily from mark-to-market on bitcoin digital assets and FX fluctuations on unhedged intercompany balances.
“primarily due to mark-to-market on our bitcoin digital assets and fluctuations in foreign currency exchange rates on our intercompany balances. As our intercompany balances are significant in nature and we do not typically hedge foreign currency risk”
xAI minority equity investment
In January 2026, Tesla entered into an agreement to make a minority equity investment (per Part II, Item 9B, xAI Investment).
“the Company entered into an agreement in January 2026 to make a minority equity investment.”
Tariff exposure disproportionately hits energy business
Tariffs have a relatively larger impact on energy generation and storage business than automotive
“The current tariff regime will have a relatively larger impact on our energy generation and storage business compared to our automotive business.”
OBBBA removal of EV tax credits may reduce demand
OBBBA removal of EV tax credits may impact consumer demand; tariffs and OBBBA could increase battery cell expenses
“certain provisions of the OBBBA, including the removal of tax credits for electric vehicles, may also impact consumer demand for electric vehicles in general.”
Tariff and trade policy impact on supply chain costs
2025 U.S. import tariffs and retaliatory measures impacted supply chain costs and component availability
“U.S. trade policy alterations in 2025, including heightened import tariffs and subsequent retaliatory measures, have impacted our supply chain costs”
Production ramp and new product launch risk
Risk of delays ramping production of vehicles, energy storage, Solar Roof, Bots and AI products; data center power demands
“We have previously experienced and may in the future experience launch and production ramp delays.”
Cybersecurity and product hacking risk
Cyberattack and product hacking risk including via service providers hit by ransomware
“Our service providers, including our workforce management software provider, have been subject to ransomware and other security incidents”
Product recall risk
Recall risk from hardware/software safety or non-compliance investigations
“Recalls for our vehicles have resulted from various hardware and software-related safety or non-compliance investigations.”
Tesla depends on Panasonic and CATL for lithium-ion battery cells for vehicles and energy storage; any disruption could limit production, and only a very limited number of suppliers are fully qualified.
“Any disruption in the supply of battery cells from our suppliers could limit production of our vehicles and energy storage products.”
Tesla's future business depends on development of driver assistance and autonomous driving solutions and ramping Cybercab; Robotaxi service success depends on vehicle production and deployment.
“our future business depends on development of our driver assistance systems and autonomous driving solutions and increasing the production of mass-market vehicles, including Cybercab”
Tesla's core strategic positioning is bringing AI into the real world (FSD, Robotaxi, Optimus); compute, memory, energy and thermal resource demands from AI advancement create both opportunity and resource constraints.
“such innovation demands exponentially greater compute, memory, energy and thermal resources, which may prove insufficient in scale or affordability to meet our requirements”
AI programs drive R&D expense growth and 2026 capex exceeding $20 billion, including compute infrastructure and data centers.
“we currently expect our capital expenditures to exceed $20 billion in 2026 driven by our AI initiatives, including investments in compute infrastructure and data centers”
Tariffs affect Tesla's global supply chain cost structure and demand, with a relatively larger impact on the energy generation and storage business than automotive.
“The current tariff regime will have a relatively larger impact on our energy generation and storage business compared to our automotive business.”
Tesla is dependent on continued supply of lithium-ion battery cells and will require substantially more cells to grow per its plans; supplier cost and availability directly affect production economics.
“We are dependent on the continued supply of lithium-ion battery cells for our vehicles and energy storage products, and we will require substantially more cells to grow our business according to our plans.”
Maintaining adequate battery cell supply is critical for energy storage growth; tariffs and OBBBA provisions could significantly increase battery cell expenses.
“As these product lines grow, we will have to maintain adequate battery cell supply for our energy storage products.”
2025 U.S. tariff increases and retaliatory measures raised Tesla's supply chain costs and may affect component availability depending on final scope and export controls.
“have impacted our supply chain costs, and may impact the availability of certain technologies or components”
Ongoing regulator investigations, including on Autopilot, FSD and Robotaxi, could result in enforcement action with material adverse impact on business, cash flows or brand.
“Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operations, prospects, cash flows, financial position or brand.”
OBBBA removal of EV tax credits may reduce EV demand, and its provisions plus import tariffs could significantly increase battery cell expenses.
“import tariffs by the US government and the provisions of the OBBBA could significantly increase battery cell expenses and impact costs for our consumers, negatively impacting consumer demand.”
Rapid central bank rate increases impacted affordability of vehicle lease and finance arrangements, affecting vehicle demand and order rates.
“central banks in developed countries raised interest rates rapidly and substantially, which impacted the affordability of vehicle lease and finance arrangements.”
AI infrastructure drives rapid load growth, creating opportunities for Tesla's energy storage products to stabilize the grid and provide additional power capacity.
“as AI infrastructure drives rapid load growth, we see opportunities for our energy storage products to stabilize the grid, shift energy when it is needed most and provide additional power capacity.”
AI infrastructure drives rapid load growth, supporting demand for Megapack to increase utilization of existing generation and transmission capacity.
“As AI infrastructure drives rapid load growth, Megapack helps to, among other things, increase utilization of existing generation and transmission capacity”
Tesla believes its AI capabilities and advancements, every vehicle being designed for autonomy, vertical integration and real-world AI differentiate it from competitors.
“Every Tesla vehicle delivered today is designed for autonomy, and we believe our capabilities and advancements in AI differentiate us from our competitors.”
Higher tariffs partially offset per-unit cost reductions for Megapack and Powerwall in 2025.
“partially offset by higher tariffs.”
Tesla announced a collaboration with Samsung to manufacture advanced semiconductors for AI inference and training in the U.S., supporting its AI compute buildout.
“announced a new collaboration with Samsung to manufacture advanced semiconductors for AI inference and training in the U.S.”
Higher tariffs and retaliatory tariffs could adversely impact consumer spending and demand for durable goods and related services.
“higher tariffs on imports and subsequent retaliatory tariffs could adversely impact consumer spending and demand for durable goods and related services.”
Tesla restructured to converge AI chip design efforts, incurring $390 million in charges for supercomputer assets, contract terminations and employee terminations.
“reduce costs and improve efficiency through convergence of AI chip design efforts”
Manufacturing ramp plans are subject to labor shortages and industry-wide component constraints alongside new product and manufacturing technology uncertainties.
“may be exacerbated by new product and manufacturing technologies we introduce, the number of concurrent international projects, any industry-wide component constraints, labor shortages”
The OBBBA reduced foreign income deductions and required remeasurement of deferred tax assets for NCTI, raising the effective tax rate from 20% to 27%.
“a decrease in foreign income deductions resulting from lower taxable income attributable to the OBBBA and the remeasurement of our deferred tax assets related to net controlled foreign corporation tested income ("NCTI") under the OBBBA”
Class actions tied to a 2023 data misappropriation incident could produce unfavorable rulings with material adverse impact.
“If an unfavorable ruling or development were to occur in these or other possible legal proceedings, risks and claims, there exists the possibility of a material adverse impact on our business, results of operations, prospects, cash flows, financial position or brand.”
Euro is a primary currency of foreign currency balances; Tesla does not typically hedge FX risk on significant intercompany balances.
“we do not typically hedge foreign currency risk, we can experience significant fluctuations in foreign currency exchange rate gains and losses from period to period”
Union organizing campaigns, unfair labor practice charges with the NLRB, and dependent unionized suppliers/trucking could disrupt manufacture and sale of products.
“Any work stoppages or strikes organized by such unions could delay the manufacture and sale of our products and may harm our business and operating results.”
Foreign currency balances ($4.37 billion) are primarily Chinese yuan and euro, and unhedged intercompany FX fluctuations drove other expense swings.
“Balances held in foreign currencies had a U.S. dollar equivalent of $4.37 billion and consisted primarily of Chinese yuan and euro.”
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