Operating Margin snapshot
Tesla, Inc.'s operating margin was 4.6% in FY2025, compared with 7.2% in FY2024. On a trailing-twelve-month basis it was 5.0% as of Q1 FY26. Operating margin is operating income divided by revenue — the share of sales remaining after both cost of revenue and operating expenses (R&D, SG&A). It measures core operating profitability before interest and taxes.
Operating Margin (latest FY)
4.6%
Operating Margin (TTM)
5.0%
Gross margin (latest FY)
18.0%
Net margin (latest FY)
4.0%
Tesla, Inc. Operating Margin
Operating income ÷ revenue
Operating Margin vs. related metrics
Tesla, Inc. Operating Margin — by fiscal year
| Fiscal year | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| FY2025 | 4.6% | 18.0% | 4.0% |
| FY2024 | 7.2% | 17.9% | 7.3% |
| FY2023 | 9.2% | 18.2% | 15.5% |
| FY2022 | 16.8% | 25.6% | 15.4% |
| FY2021 | 12.1% | 25.3% | 10.3% |
| FY2020 | 6.3% | 21.0% | 2.3% |
| FY2019 | -0.3% | 16.6% | -3.5% |
| FY2018 | -1.8% | 18.8% | -4.5% |
| FY2017 | -13.9% | 18.9% | -16.7% |
| FY2016 | -9.5% | 22.8% | -9.6% |
| FY2015 | -17.7% | 22.8% | -22.0% |
| FY2014 | -5.8% | 27.6% | -9.2% |
| FY2013 | -3.0% | 22.7% | -3.7% |
| FY2012 | -95.4% | 7.3% | -95.9% |
| FY2011 | -123.1% | 30.2% | -124.6% |
| FY2010 | -125.8% | 26.3% | -132.2% |
| FY2009 | -46.4% | 8.5% | -49.8% |
| FY2008 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| Q1 FY26 | 5.0% | 19.1% | 3.9% |
| Q4 FY25 | 4.6% | 18.0% | 4.0% |
| Q3 FY25 | 4.7% | 17.0% | 5.3% |
| Q2 FY25 | 6.1% | 17.5% | 6.3% |
| Q1 FY25 | 6.6% | 17.7% | 6.4% |
| Q4 FY24 | 7.2% | 17.9% | 7.3% |
| Q3 FY24 | 7.8% | 18.2% | 13.3% |
| Q2 FY24 | 6.9% | 17.7% | 13.2% |
| Q1 FY24 | 7.8% | 17.8% | 14.6% |
| Q4 FY23 | 9.2% | 18.2% | 15.5% |
| Q3 FY23 | 11.2% | 19.8% | 11.2% |
| Q2 FY23 | 13.5% | 21.5% | 13.0% |
Figures normalized from SEC filings. See the full Tesla, Inc. ratios & metrics.