Tesla

We are focused on bringing artificial intelligence (“AI”) into the real world, through products and services like Full Self-Driving (“FSD”) (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots (“Bots”) (including Optimus).

10-K, Jan 29, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Tesla?

George NobleInvestorJan 25, 2026Skeptical

Our summary: Noble called Tesla possibly the biggest bubble in stock market history, valuing the auto business at about $20 a share and fair value at $60-140.

“I think this is the biggest bubble possibly in stock market history”

B17 News interview ›

Details ⓘ

Speaker: George Noble, former director, Fidelity International fund
Role: Investor
Source: B17 News
Format: Interview
Date: Jan 25, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jan 25, 2026; the view may have changed.

Ron BaronInvestorNov 14, 2025

Our summary: Baron said he sees the tech selloff as an opportunity and does not expect to sell his personal Tesla or SpaceX shares in his lifetime.

“I did not sell personally a single share”

CNBC interview ›

Details ⓘ

He said Baron Funds once sold about 30% of its Tesla holding for clients, but he kept all of his own shares.

Speaker: Ron Baron, Baron Capital
Role: Investor
Source: CNBC Squawk Box: Ron Baron on the tech selloff and Tesla
Format: Interview
Date: Nov 14, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Nov 14, 2025; the view may have changed.

Paul MeeksInvestorOct 24, 2025Skeptical

Our summary: After Tesla's earnings Meeks said he remains bearish, citing rising competition among EV and robotaxi players and arguing the EV business is worth under 20% of the share price.

CNBC interview ›

Details ⓘ

Speaker: Paul Meeks, Freedom Capital Markets
Role: Investor
Source: CNBC
Format: TV interview
Date: Oct 24, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Oct 24, 2025; the view may have changed.

All 4 Voices on Tesla ›

Business

How does Tesla make money?

Automotive is 86.5% of revenue.

Automotive86.5%

Energy13.5%

What is left of every $100?

Of every $100 in revenue, $4 is net income.

Revenue$100

Gross profit$18

Operating income$5

Net income$4

Free cash flow$7

Where do customers sit?

50.2% of revenue is from United States.

United States50.2%

China22.1%

Other countries27.7%

In the company’s words ›

“We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced software and services to our customers, to achieve that objective.”

“We generally sell our products directly to customers, and continue to grow our global retail, service and charging footprint to accelerate the widespread adoption of our products.”

“We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety.”

Item 1 · Business · 10-K · 0001628280-26-003952 · filed Jan 29, 2026

Where did the growth actually come from?

Automotive drove 86% of Tesla’s growth.

Revenue FY2016$7.0B

Automotive+$75.2B

Energy+$12.6B

Revenue FY2025$94.8B

Thesis

Why do people invest?

2 reasons in the company’s own words.

Energy generation and storage revenue +27%

“Energy generation and storage revenue increased $2.69 billion, or 27%, in the year ended December 31, 2025 as compared to the year ended December 31, 2024 primarily due to increases in Megapack and Powerwall deployments, partially offset by a decrease in average selling price of Megapack.”
Item 7 · MD&A · 10-K · 0001628280-26-003952 · filed Jan 29, 2026
Number check (Energy revenue): stated $2.7B matches the stored change ($2.7B, ±10%)

Energy revenue: $12.8B · 13.5% of revenue · FY2025 · Revenue charts
R&D +41%

“R&D expense increased $1.87 billion, or 41%, in the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to increases in costs related to AI and other programs as we continue to expand our product roadmap and technologies and an increase in stock-based compensation of $500 million.”
Item 7 · MD&A · 10-K · 0001628280-26-003952 · filed Jan 29, 2026
Number check (R&D expense): stated $1.9B matches the stored change ($1.9B, ±10%)

R&D expense: $6.4B FY2025 · +41.2% vs FY2024 · Profitability charts

Dependencies

Who does Tesla depend on?

No customer above the disclosure threshold.

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Tesla annual report)

No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).

Suppliers named by Tesla

No supplier among the covered companies is named in the filings.

Tesla holds stakes in

No stake in a covered company found in SEC filings.

Others name Tesla

1 competitor mention (e.g. Uber) · 1 other mention (e.g. STMicroelectronics) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 44 risk factors, one per theme.

Supply chain and manufacturing
“We may experience issues or delays in developing, launching and ramping the production of our products, services and features, or we may be unable to control our manufacturing costs.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003952 · filed Jan 29, 2026
Competition
“We face strong competition for our products and services from a growing list of established and new competitors.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003952 · filed Jan 29, 2026
Trade, government policy and geopolitics
“We face risks associated with maintaining and expanding our international operations, including unfavorable and uncertain regulatory, political, economic, tax and labor conditions.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003952 · filed Jan 29, 2026
Security, defects and outages
“Our business may suffer if our products or features contain defects, fail to perform as expected or take longer than expected to become fully functional.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003952 · filed Jan 29, 2026

Who’s invested

Who owns more than 5%?

Musk Elon holds 19.9%.

Musk Elon19.9%
13G/A · as of Jun 16, 2026 · filed Jun 17, 2026
Vanguard Capital Management LLC5.61%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock Inc.5.9% (then)
13G/A · filed Jan 29, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.12.7%
214.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC10.9%
184.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp7.0%
117.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Geode Capital Management, LLC4.1%
68.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Invesco Ltd.3.3%
55.5M shares · 13F filed Aug 14, 2026 · share of 13F-reported

4,291 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 66 sales · $87.7M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 39 SEC metrics, FY2017–FY2026

Income statement 10

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cost of revenue										not reported

D&A										not reported

Gross profit										not reported

Income taxes										not reported

Interest expense										not reported

Net income										not reported

Operating income										not reported

Research and development										not reported

Revenue										not reported

SG&A										not reported

Balance sheet 9

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents										not reported

Current liabilities										not reported

Equity										not reported

Equity incl. NCI										not reported

Long-term debt										not reported

Short-term debt (balance sheet line)										not reported

Total assets										not reported

Total debt calc.										not reported

Total liabilities & equity										not reported

Cash flow 5

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Capex										not reported

Free cash flow calc.										not reported

Interest paid										not reported

Operating cash flow										not reported

Stock-based compensation										not reported

Per share & shares 4

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
EPS basic										not reported

EPS diluted										not reported

Wtd. shares basic										not reported

Wtd. shares diluted										not reported

Segments 1

Metric	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Segment revenue Energy Generation & Storage										not reported

Other 10

Metric	FY2017	FY2018	FY2019	FY2020	FY2026
Aktive FSD-Abonnements (Tesla)	not reported	not reported	not reported	not reported	not reported

Auslieferungen Model 3/Y calc.					not reported

Deferred revenue software/connectivity (Tesla)	not reported	not reported	not reported		not reported

Deliveries of other models (Other Models, formerly Model S/X) calc.					not reported

Energy storage deployed (GWh)					not reported

NCI income					not reported

Other income (incl. interest) calc.					not reported

Pretax income					not reported

Total deliveries calc.					not reported

Total liabilities					not reported

Tesla

Source and method

What do investors say about Tesla?

Business

Automotive is 86.5% of revenue. i

Source and method

Of every $100 in revenue, $4 is net income. i

Source and method

50.2% of revenue is from United States. i

Source and method

Automotive drove 86% of Tesla’s growth.

Thesis

2 reasons in the company’s own words. i

Source and method

KPIs

Revenue fell 2.9% to $94.8B.

Revenue grew 26% YoY to $28.2B.

Per share, revenue grew 14.7%.

4.6% operating margin, down from 7.2%.

18.0% gross margin, up from 17.9%.

Operating income fell 38% to $4.4B.

Net income fell 46% to $3.8B.

R&D grew 41% to $6.4B.

SG&A grew 13% to $5.8B.

EPS diluted fell 47% to $1.08.

1.4% operating margin, down from 4.1%.

16.8% gross margin, down from 17.2%.

Operating income fell 57% YoY to $398M.

Net income fell 4.9% YoY to $1.1B.

R&D grew 49% YoY to $2.4B.

SG&A grew 45% YoY to $2.0B.

EPS diluted fell 3.0% YoY to $0.32.

Free cash flow: $6.2B.

Operating cash flow fell 1.2% to $14.7B.

Capex: $8.5B in FY2025.

Stock-based compensation grew 41% to $2.8B.

Free cash flow: −$1.1B in FY2026 Q2.

Operating cash flow grew 85% YoY to $4.7B.

Capex grew 142% YoY to $5.8B.

Stock-based compensation grew 81% YoY to $1.2B.

$16.5B cash vs $8.4B debt.

Total debt grew 2.0% to $8.4B.

Interest expense fell 3.4% to $338M.

Total assets grew 13% to $137.8B.

Equity grew 13% to $82.1B.

Cash fell 2.4% YoY to $15.2B.

Total debt grew 29% YoY to $9.3B.

Interest expense fell 5.8% YoY to $81.0M.

Total assets grew 16% YoY to $148.5B.

Equity grew 12% YoY to $86.9B.

Deliveries fell 8.6% to 1.6M vehicles.

Energy storage deployed grew 49% to 46.7 GWh.

Deliveries fell 2.1% YoY to 486,532 vehicles.

Energy storage deployed grew 9.6% YoY.

Dependencies

No customer above the disclosure threshold.

Risks

4 of 44 risk factors, one per theme. i

Source and method

Who’s invested

Musk Elon holds 19.9%. i

Source and method

All metrics

Method

Automotive is 86.5% of revenue.

Of every $100 in revenue, $4 is net income.

50.2% of revenue is from United States.

2 reasons in the company’s own words.

4 of 44 risk factors, one per theme.

Musk Elon holds 19.9%.