Tesla’s revenue fell in fiscal 2025 — to $94,827 million, down 2.9% — for the first time in the seventeen years of revenue history it has filed with the SEC, and its operating margin has fallen from 16.8% in fiscal 2022 to 4.6% in fiscal 2025 and to 1.4% in the quarter ended 30 June 2026. Underneath that, two things are happening at once. Automotive sales revenue — cars sold to customers — peaked at $78,509 million in fiscal 2023 and has fallen 16.2% in the two years since, while energy generation and storage more than doubled to $12,771 million and services and other rose 50.6% to $12,530 million, so the two growing businesses very nearly filled the hole the shrinking one left. And in the June 2026 quarter Tesla earned $398 million from operations and reported $1,114 million of net income, the difference being a $1,005 million unrealised gain on shares in SpaceX and $422 million of interest income that on its own exceeded what the whole operating business earned. This is a full institutional-grade equity research report on Tesla, Inc. (NASDAQ: TSLA), built from SEC XBRL company facts, the rendered dimensional statements of eight Forms 10-K, thirty quarterly shareholder updates, the June 2026 Form 10-Q, the fiscal 2025 Form 10-K, the Form 10-K/A of 30 April 2026 and the earnings call of 22 July 2026, into eight structured chapters and 71 rebuilt charts.
Research Study
Purchase this study for full access, or subscribe to get every research study included — the entire catalogue, not one at a time, plus all premium content.