At a glance
Tesla Inc is worth $1.60T, about 374 times its fiscal 2025 earnings. Revenue fell 2.9% to $94.83B in fiscal 2025, with 4.0% kept as profit; over 5 years it has grown 24.6% a year. It pays no dividend. The stock returned −11.6% over the past year with dividends reinvested and +0.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.6% in the 2020 crash (S&P 500: 33.7%) and 47.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 31 months after the lows.
The business in plain English
Tesla designs, builds, sells and leases fully electric vehicles. Its lineup includes the Model 3 sedan, the Model Y compact SUV, the higher-performance Model S sedan and Model X SUV, and the Cybertruck pickup. The Tesla Semi truck entered early production in 2022. Tesla sells mostly direct to buyers through its website and company-owned stores. It also earns money from used cars, repairs, insurance, parts and paid Supercharging (its fast-charging network). Another source is Full Self-Driving (Supervised), driver-assistance software that still requires the driver to stay fully engaged.
A smaller energy business sells Powerwall home batteries, Megapack battery systems for utilities and large businesses, solar panels and Solar Roof tiles. Tesla describes its wider aim as bringing artificial intelligence into the real world. It launched a self-driving ride-hailing service called Robotaxi in June 2025 using Model Y cars. It is also developing Optimus, a general-purpose humanoid robot.
In the fiscal year ended December 31, 2025, revenue was $94.8 billion. The automotive segment produced 86.5% of it and energy generation and storage 13.5%. Vehicle sales alone were 69.4% of revenue, services and other 13.2%, and regulatory credits 2.1%. Tesla earns these credits under government emissions rules and sells them to other carmakers that need them. The United States supplied 50.2% of revenue, China 22.1% and other countries 27.7%.
Price history
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TSLA -11.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Automotive sales | $65.82B | 69.4% |
| Services and other | $12.53B | 13.2% |
| Energy generation and storage sales | $12.27B | 12.9% |
| Automotive regulatory credits | $1.99B | 2.1% |
| Automotive leasing | $1.71B | 1.8% |
| Energy generation and storage leasing | $501.0M | 0.5% |
By business segment
| Automotive | $82.06B | 86.5% |
| Energy generation and storage segment | $12.77B | 13.5% |
By geography
| United States | $47.63B | 50.2% |
| Other international | $26.24B | 27.7% |
| China | $20.96B | 22.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $28.05B, down 0.2% from a year earlier, and net income was $787.0M (-42.7%).
- For fiscal 2025, revenue was $94.83B (-2.9% year over year; +24.6% a year from FY2020 to FY2025) with a 4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.6% good |
|---|---|
| Operating margin | 4.6% weak |
| Free cash flow margin | 6.6% watch |
| Return on equity (FY2025) | 4.6% weak |
| Return on assets (FY2025) | 2.8% weak |
| Net cash (cash minus debt) | $37.49B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $31.54B | $721.0M | $2.79B |
| FY2021 | $53.82B | $5.52B | $5.01B |
| FY2022 | $81.46B | $12.56B | $7.57B |
| FY2023 | $96.77B | $15.00B | $4.36B |
| FY2024 | $97.69B | $7.09B | $3.58B |
| FY2025 | $94.83B | $3.79B | $6.22B |
Valuation snapshot
| Market value | $1.60T |
|---|---|
| P/E ratio | 373.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Tesla’s market value went from $32.03B at the end of 2016 to $1.60T on Nov 2, 2026, about 49.8 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $1.60T | +6.7% |
| 2025 | $1.50T | +15.4% |
| 2024 | $1.30T | +64.1% |
| 2023 | $789.90B | +103.1% |
| 2022 | $388.97B | -63.3% |
| 2021 | $1.06T | +58.7% |
| 2020 | $668.91B | +787.1% |
| 2019 | $75.40B | +31.9% |
| 2018 | $57.15B | +9.2% |
| 2017 | $52.33B | +63.4% |
| 2016 | $32.03B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TSLA price data to Nov 2, 2026 | -10.2% | -11.6% | +22.7% | +0.7% | +41.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.2% |
| 2025 | +11.4% |
| 2024 | +62.5% |
| 2023 | +101.7% |
| 2022 | -65.0% |
| 2021 | +49.8% |
| 2020 | +743.4% |
| 2019 | +25.7% |
| 2018 | +6.9% |
| 2017 | +45.7% |
| 2016 | -11.0% |
| 2015 | +7.9% |
| 2014 | +47.9% |
| 2013 | +344.1% |
| 2012 | +18.6% |
| 2011 | +7.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.7% over that stretch · deepest drop along the way 60.6%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.7% over that stretch · deepest drop along the way 47.6%, back to its old high 30.6 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (17 read): 0 open-market purchases and 66 sales ($87.7M), 61 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 9, 2025 | Kimbal Musk Director | sell | $25.6M |
| Feb 25, 2026 | Kathleen Wilson-Thompson Director | sell (plan) | $3.1M |
| Feb 25, 2026 | Kathleen Wilson-Thompson Director | sell (plan) | $2.8M |
| Jan 2, 2026 | James R Murdoch Director | sell (plan) | $2.7M |
| Jan 2, 2026 | James R Murdoch Director | sell (plan) | $2.7M |
Who owns it
Large shareholders (13G filings)
| Elon R. Musk | 19.9% | Jun 16, 2026 |
| Vanguard Capital Management | 5.61% | Mar 31, 2026 |
| BlackRock, Inc. | 4.96% | Sep 30, 2026 |
ETFs with the most weight in TSLA
| NITE Nightview Fund NITE | 20.16% |
| XLY Consumer Discretionary Select Sector SPDR Fund | 15.56% |
| VCR Vanguard Consumer Discretionary ETF | 13.67% |
| FDIS Fidelity MSCI Consumer Discretionary Index ETF | 12.65% |
| ARKK ARK Innovation ETF | 11.77% |
| ARKQ ARK Autonomous Technology & Robotics ETF | 11.24% |
| RXI iShares Global Consumer Discretionary ETF | 10.04% |
| SFYF SoFi Social 50 ETF | 9.69% |
What could go wrong
- Big bets on self-driving and robots. Tesla says its growth depends on self-driving software, the Cybercab robotaxi and Optimus robots. Humanoid robots are not yet a commercial industry, and these products could launch late, underperform or draw liability claims.
- Heavy reliance on Elon Musk. Tesla says it is highly dependent on CEO Elon Musk. He owned 19.9% of shares as of June 16, 2026. Forced sales of shares he can pledge for personal loans could hurt the price.
- Softer car demand and more competition. Revenue fell 2.9% in fiscal 2025 and net income fell 46.5%. Tesla faces a growing list of rivals, and changes to government electric-vehicle incentives can also weaken demand.
- Heavy exposure to China and abroad. China supplied 22.1% of fiscal 2025 revenue and other non-U.S. markets 27.7%. Changes in foreign rules, politics, taxes, labor conditions or exchange rates could hurt sales and profits.
- Supply chain strains, tariffs and battery cells. Tesla buys thousands of parts from hundreds of suppliers, and some are the only source of a part. U.S. tariffs and retaliation in 2025 affected supply-chain costs, and Tesla must keep securing affordable battery cells.
- Lofty valuation and sharp price swings. As of October 30, 2026, the shares traded at about 370 times fiscal 2025 earnings. They fell as much as 53.8% within the prior three years, and missed guidance can trigger sharp drops.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
For income and retirement investors
Tesla paid no dividend as of October 30, 2026. It neither paid dividends nor bought back shares in fiscal years 2021 through 2025. For income investors, any return comes only from the share price. Someone living on savings would have to sell shares to raise cash, possibly after a steep fall. The share count rose 31.2% between October 21, 2021 and October 15, 2026, adjusted for stock splits. That means each share represents a smaller slice of the company.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 60.6% between February 19 and March 18, 2020, and recovered by June 8. In the 2022 bear market they fell 47.6% from January 3 to May 24, 2022, and ended that calendar year down 65%. They did not regain the January peak until December 10, 2024. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Tesla make money?
Mostly by selling electric cars. Tesla's revenue for the fiscal year ended December 31, 2025, was $94.8 billion, and vehicle sales made up 69.4% of it. Services and other, such as used cars, repairs, insurance, parts and paid Supercharging, added 13.2%. Sales of energy generation and storage products, including Megapack and Powerwall batteries, added 12.9%. Regulatory credits sold to other carmakers brought in 2.1%, and leasing made up the rest.
Does Tesla pay a dividend?
No. Tesla paid no dividend as of October 30, 2026, and paid none in fiscal years 2021 through 2025. It also bought back no shares in those years. Meanwhile its share count rose 31.2% between October 2021 and October 2026, adjusted for stock splits. Any return comes from changes in the share price. The stock may suit growth-focused investors more than those who need steady income.
Is Tesla profitable?
Yes, but profits have shrunk. Net income was $3.8 billion in fiscal 2025, down 46.5% from fiscal 2024 and well below the $15.0 billion earned in fiscal 2023. The net margin, or profit per dollar of sales, was 4%. Free cash flow, the cash left after spending on factories and equipment, was $6.2 billion. In the quarter ended September 30, 2026, net income was $787 million, down 42.7% from a year earlier. Revenue was nearly flat at $28.0 billion.
Why is Tesla's P/E ratio so high?
Because the share price reflects hopes for much larger future profits, not fiscal 2025 earnings. As of October 30, 2026, the price-to-earnings (P/E) ratio was about 370, based on fiscal 2025 diluted earnings of $1.08 per share. Buyers were paying roughly $370 for each $1 of yearly profit, and the company's market value was about $1.58 trillion. Tesla ties its growth to self-driving, Robotaxi and Optimus robots. If those plans disappoint, the price could fall sharply.
How much of Tesla does Elon Musk own?
Elon Musk reported owning 19.9% of Tesla's shares as of June 16, 2026, far more than any other reported holder. Vanguard Capital Management reported 5.61% as of March 31, 2026, and BlackRock 4.96% as of September 30, 2026. Tesla warns that if Musk were forced to sell shares he can pledge for personal loans, the price could fall. In the year to October 28, 2026, insiders made 66 sales worth about $87.7 million and no purchases.