Earnings quality
Compare earnings and operating cash flow for earnings quality.
Tesla, Inc.
Ticker TSLA · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-04-30 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
operating margin is 4.6%; equity ratio is 59.6%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin4.6%
Equity ratio59.6%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Tesla, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $97.7B | $94.8B |
| Cost of sales* | $80.2B | $77.7B |
| Gross profit | $17.4B | $17.1B |
| Operating profit | $7.1B | $4.4B |
| Income tax | $1.8B | $1.4B |
| Net income | $7.1B | $3.8B |
| Basic EPS | 2.23 | 1.18 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $16.1B | $16.5B |
| Current assets | $58.4B | $68.6B |
| Non-current assets* | $63.7B | $69.2B |
| Total assets | $122.1B | $137.8B |
| Current liabilities | $28.8B | $31.7B |
| Non-current liabilities* | $19.6B | $23.2B |
| Total liabilities | $48.4B | $54.9B |
| Stockholders’ equity | $72.9B | $82.1B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $14.9B | $14.7B |
| Investing cash flow | -$18.8B | -$15.5B |
| Financing cash flow | $3.9B | $1.1B |
| Cash at end of period | $16.1B | $16.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $53.8B | $81.5B | $96.8B | $97.7B | $94.8B | |
| Operating profit | $6.5B | $13.7B | $8.9B | $7.1B | $4.4B | |
| Net income | $5.5B | $12.6B | $15.0B | $7.1B | $3.8B | |
| Total assets | $62.1B | $82.3B | $106.6B | $122.1B | $137.8B | |
| Cash & equivalents | $17.6B | $16.3B | $16.4B | $16.1B | $16.5B | |
| Stockholders’ equity | $30.2B | $44.7B | $62.6B | $72.9B | $82.1B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from $97.7B to $94.8B (▼ -2.9%). Operating profit went from $7.1B to $4.4B (▼ -38.5%).
Operating cash flow was $14.7B (prior $14.9B), with cash on the balance sheet at $16.5B versus $16.1B.
Liquidity & leverage
Cash moved from $16.1B to $16.5B; current liabilities $31.7B.
Capital buffer
Stockholders’ equity moved from $72.9B to $82.1B.
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Source: SEC EDGAR 0001104659-26-053166
(Tesla, Inc.), period end 2025-12-31.