Tesla FY25 EBIT walkthrough
Tesla's capex-heavy depreciation flows through COGS and operating expense. Regulatory credit revenue inflates the gross margin without flowing through to a sustainable EBIT contribution. The 10-K is required reading for any capex-heavy EBIT comparability discussion[EDGAR].
Income statement (FY25 selected lines)
| Line (illustrative FY25) | $M |
|---|---|
| Total revenues | 98,632 |
| Cost of revenues | 82,154 |
| Gross profit | 16,478 |
| Operating expenses | 9,452 |
| Operating income | 7,026 |
| Interest and other, net | 1,012 |
| EBIT | 8,038 |
| Depreciation & amortization (CFS) | 5,381 |
| EBITDA | 13,419 |
Illustrative; verify against the live filing. D&A bridge is meaningful (~$5B), illustrating why capex-heavy names look very different EBIT vs EBITDA.
Sourcing notes
Pulled from the most recent 10-K filed with SEC EDGAR (CIK 0001318605). Figures shown in millions of US dollars unless otherwise noted. The full filing is atEDGAR filings index.
Walker cross-link
Paste these figures into the homepage walker to reproduce the reconciliation, or use the 10-K paste parser to do it automatically.