Direct Answer
Tesla reported $94.8 billion in revenue for 2025, with net income of $3.8 billion (4.0% margin), after $97.7 billion and $7.1 billion in 2024. Tesla achieved its first full-year GAAP profitability in 2020 after years of losses. Revenue grew from $21.5 billion in 2019 to a peak of $97.7 billion in 2024, then fell 3% in 2025. Tesla delivered approximately 1.64 million vehicles in 2025, down from 1.79 million in 2024.
Tesla (TSLA) Annual Revenue and Earnings History
Tesla annual revenue, net income, automotive gross margin, and vehicle deliveries (2017-2025)
| Year | Revenue (B) | Net Income (B) | Auto Gross Margin | Vehicles Delivered |
|---|---|---|---|---|
| 2017 | $11.8 | -$2.2 | 18.9% | 103K |
| 2018 | $21.5 | -$0.98 | 20.6% | 245K |
| 2019 | $24.6 | -$0.86 | 22.5% | 367K |
| 2020 | $31.5 | $0.72 | 25.6% | 499K |
| 2021 | $53.8 | $5.5 | 30.6% | 936K |
| 2022 | $81.5 | $12.6 | 28.5% | 1,314K |
| 2023 | $96.8 | $15.0 | 19.4% | 1,808K |
| 2024 | $97.7 | $7.1 | 18.4% | 1,789K |
| 2025 | $94.8 | $3.8 | 17.8% | 1,636K |
Source: Tesla Investor Relations. Note: 2020 marked first full-year GAAP profitability. Last verified: October 2026. Automotive gross margin is on the FY2025 10-K basis (17.8% in 2025, 18.4% in 2024, 19.4% in 2023).
Frequently asked questions
Why did Tesla's automotive gross margin fall from 30% to about 19% in 2023?
Tesla's automotive gross margin declined from approximately 30% (peak 2022) to approximately 19% for 2023 due to: (1) aggressive price cuts -- Tesla lowered Model 3 and Model Y prices by 10-25% globally to stimulate demand amid slowing EV adoption growth; (2) cost increases from new factory ramp-up costs (Gigafactory Texas, Gigafactory Berlin); (3) higher raw material costs (lithium carbonate spiked then fell, but with a lag); (4) increased competition from Chinese EVs (BYD, NIO) forcing price competition. Lower margins reflect the transition from a supply-constrained market to a demand-constrained market.
When did Tesla become profitable?
Tesla achieved its first full-year GAAP net income profit in 2020 ($720 million), after 17 years as a public and private company. The profitability inflection came from: (1) Model 3 production scaling (the critical demand product that required solving the mass-market manufacturing challenge); (2) Gigafactory Shanghai providing lower-cost manufacturing; (3) revenue diversification (energy storage, services); (4) benefit from regulatory credits sold to legacy automakers. Tesla has included carbon credit revenues in its results; excluding credits, 2020 profitability would have been minimal.
How does Tesla compare to traditional automakers on revenue?
Tesla's $97.7 billion revenue in 2023 is significantly smaller than traditional automakers: Toyota ($274B), Volkswagen ($293B), Mercedes ($154B), General Motors ($172B), Ford ($176B). However, Tesla's market cap has at times exceeded all legacy automakers combined, reflecting a premium for software/technology positioning, higher growth rate, and broader energy/autonomy ambitions. Tesla's revenue per vehicle is higher than most mass-market automakers (average selling price approximately $48,000) but lower than luxury brands. The comparison is complicated by Tesla's inclusion of Autopilot/FSD software revenue.
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Swoopr Editorial Team. (2026). Tesla (TSLA) Annual Revenue and Earnings History. Swoopr Investment. https://www.getswoopr.com/tables/company/tesla-revenue-earnings-history/
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