TSLA Tesla, Inc.
Tesla designs, manufactures, sells and leases fully electric vehicles (Model 3, Y, S, X and Cybertruck) and manufactures energy generation and storage products (Powerwall, Megapack, solar panels and Solar Roof). The company is also developing AI-driven offerings including Full Self-Driving (Supervised) software, a Robotaxi ride-hailing service that launched in June 2025, and the Optimus humanoid robot, aiming to build on its vehicle and energy businesses to deliver AI-related software and services.
How the business makes money
Tesla operates two reportable segments. The automotive segment designs, develops, manufactures, sells and leases fully electric vehicles (Model 3, Y, S, X and Cybertruck, plus the Tesla Semi), and also includes automotive regulatory credit sales, used vehicle sales, non-warranty maintenance, paid Supercharging, an automotive insurance business, and parts/merchandise. The energy generation and storage segment sells, leases and finances Powerwall and Megapack battery storage systems and solar/Solar Roof generation products, both directly and through channel partners. Tesla is also building newer AI-driven revenue streams, including a Robotaxi ride-hailing service launched in June 2025 and FSD (Supervised) subscriptions, and is developing the Optimus humanoid robot, though these are described as being in development or early scaling rather than mature revenue contributors.
Revenue reported to the SEC
| Fiscal year | Revenue (USD) |
|---|---|
| FY2021 | 53.8B |
| FY2022 | 81.5B |
| FY2023 | 96.8B |
| FY2024 | 97.7B |
| FY2025 | 94.8B |
What the filings support
<text>Tesla generated positive operating cash flow of $8.63 billion in the six months ended June 30, 2026, up from $4.70 billion in the same period a year earlier, indicating the core business is generating cash even as it invests heavily.</text>
<text>Total revenue for the second quarter of 2026 grew to $28.24 billion from $22.50 billion a year earlier, and six-month revenue rose to $50.62 billion from $41.83 billion, showing renewed top-line growth after a decline in FY2025 annual revenue.</text>
<text>The company ended the second quarter of 2026 with $43.52 billion in combined cash, cash equivalents and short-term investments, providing substantial liquidity to fund its stated capital-intensive plans.</text>
<text>Tesla has diversified revenue beyond vehicle sales into services (paid Supercharging, insurance, used vehicles, maintenance), energy storage/generation, and emerging AI-enabled offerings like Robotaxi and FSD subscriptions, reducing reliance on a single product line.</text>
<text>The company describes an in-house vertically integrated approach, including custom-designed inference chips, proprietary powertrain systems, and internally developed vehicle control and infotainment software, which it presents as a technological differentiator.</text>
Risks the company discloses
<text>Rapidly evolving trade and fiscal policy, including tariffs, and geopolitical conflicts create uncertainty in the automotive and energy markets that could adversely affect global supply chain costs, product demand, and profitability, with the current tariff regime expected to have a relatively larger impact on the energy generation and storage business than on automotive.</text>
<text>Heavy ongoing investment in research and development and capital expenditures to advance AI, software, autonomy (Robotaxi/Cybercab), Optimus, and semiconductor and solar manufacturing is expected to negatively impact profitability during the current growth phase; R&D expense rose to $2.37 billion for the quarter and capital expenditures roughly doubled year over year to $8.28 billion for the six-month period.</text>
<text>Ramping new manufacturing operations, including Cybercab production and new battery/material factories (cathode material and lithium refining in Texas), is subject to uncertainties such as component constraints, labor shortages, and risks inherent in scaling new product and manufacturing technologies.</text>
<text>Net income attributable to common stockholders declined by $58 million in the second quarter of 2026 compared to the prior-year quarter despite higher revenue, reflecting margin pressure as operating expenses and cost of revenues grew faster in some areas.</text>
<text>Tesla operates in a cyclical industry sensitive to shifting consumer trends, geopolitical conflicts, regulatory uncertainty around trade and the environment, inflationary pressures, rising energy prices, interest rate fluctuations, and enterprise customer liquidity, all of which can affect demand for vehicles and energy products.</text>
Could not verify
- Specific customer or supplier concentration figures (e.g., percentage of revenue from any single customer or reliance on a particular supplier) are not stated in the supplied text.
- Detailed segment-level revenue or profitability breakdown between automotive and energy generation and storage segments is not provided in the supplied text.
- Progress metrics or financial contribution of Robotaxi, FSD subscriptions, or Optimus to current revenue are not quantified in the supplied text.
- Reasons for the year-over-year decline in FY2025 annual revenue compared to FY2024 are not explained in the supplied text.
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