Tesla
8 of 416 with a diagram, by size
Q3 FY26 Jul 1 – Sep 30, 2026
Revenue$28.0B
+0% year over year
Gross profit$5.5B
20% margin
Operating profit$0.7B
3% margin
Net profit$0.8B
3% margin
Net profit is larger than what operations earned, because the statement adds $0.2B below it, under Other income, net.
The numbers behind the diagram
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 28.0 | 100% | +0% |
| Cost of revenue | −22.6 | 80% | |
| Gross profit | 5.5 | 20% margin | +2pp |
| R&D | −2.8 | 10% | +4pp |
| SG&A | −2.0 | 7% | +2pp |
| Operating profit | 0.7 | 3% margin | −3pp |
| Other income, net | 0.2 | ||
| Tax | −0.2 | ||
| Net profit | 0.8 | 3% margin | −2pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 28.24 | 100% | +26% |
| Automotive sales | 20.01 | 71% | +27% |
| Services & other | 4.58 | 16% | +50% |
| Energy sales | 3.00 | 11% | +13% |
| Automotive leasing | 0.36 | 1% | −16% |
| Regulatory credits | 0.15 | 1% | −67% |
| Energy leasing | 0.14 | 0% | −1% |
| Cost of revenue | −23.49 | 83% | |
| Gross profit | 4.75 | 17% margin | +0pp |
| R&D | −2.37 | 8% | +1pp |
| SG&A | −1.98 | 7% | +1pp |
| Operating profit | 0.40 | 1% margin | −3pp |
| Other income, net | 0.92 | ||
| Tax | −0.20 | ||
| Net profit | 1.11 | 4% margin | −1pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 22.39 | 100% | +16% |
| Automotive sales | 15.47 | 69% | +20% |
| Services & other | 3.75 | 17% | +42% |
| Energy sales | 2.31 | 10% | −12% |
| Automotive leasing | 0.38 | 2% | −15% |
| Regulatory credits | 0.38 | 2% | −36% |
| Energy leasing | 0.10 | 0% | −6% |
| Cost of revenue | −17.67 | 79% | |
| Gross profit | 4.72 | 21% margin | +5pp |
| R&D | −1.95 | 9% | +1pp |
| SG&A | −1.83 | 8% | +2pp |
| Operating profit | 0.94 | 4% margin | +2pp |
| Interest & other costs | −0.21 | ||
| Tax | −0.26 | ||
| Net profit | 0.48 | 2% margin | +0pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 24.90 | 100% | −3% |
| Automotive sales | 16.75 | 67% | −10% |
| Energy sales | 3.72 | 15% | +26% |
| Services & other | 3.37 | 14% | +18% |
| Regulatory credits | 0.54 | 2% | −22% |
| Automotive leasing | 0.40 | 2% | −10% |
| Energy leasing | 0.12 | 0% | +2% |
| Cost of revenue | −19.89 | 80% | |
| Gross profit | 5.01 | 20% margin | +4pp |
| R&D | −1.78 | 7% | +2pp |
| SG&A | −1.66 | 6% | +2pp |
| Other | −0.16 | 1% | +0pp |
| Operating profit | 1.41 | 6% margin | +0pp |
| Interest & other costs | −0.24 | ||
| Tax | −0.33 | ||
| Net profit | 0.84 | 3% margin | −5pp |
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 28.10 | 100% | +12% |
| Automotive sales | 20.36 | 72% | +8% |
| Services & other | 3.48 | 12% | +25% |
| Energy sales | 3.28 | 12% | +47% |
| Automotive leasing | 0.43 | 2% | −4% |
| Regulatory credits | 0.42 | 2% | −44% |
| Energy leasing | 0.13 | 0% | −9% |
| Cost of revenue | −23.04 | 82% | |
| Gross profit | 5.05 | 18% margin | −2pp |
| R&D | −1.63 | 6% | +2pp |
| SG&A | −1.56 | 5% | +1pp |
| Other | −0.24 | 1% | +0pp |
| Operating profit | 1.62 | 6% margin | −5pp |
| Other income, net | 0.32 | ||
| Tax | −0.57 | ||
| Net profit | 1.37 | 5% margin | −4pp |
Financial health
The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.
Assets $157.52B Liabilities $67.63B Equity $89.89B as of Sep 30, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $157.52B | 100% |
| Cash | $17.85B | 11% |
| Short-term investments | $27.59B | 18% |
| Receivables | $4.64B | 3% |
| Inventory | $14.09B | 9% |
| Digital assets | $0.96B | 1% |
| Other current assets | $6.23B | 4% |
| Property & equipment | $50.59B | 32% |
| Lease right-of-use | $6.56B | 4% |
| Deferred tax assets | $7.91B | 5% |
| Other assets | $21.10B | 13% |
| Liabilities | $67.63B | 43% |
| Payables | $17.24B | 11% |
| Accrued liabilities | $2.06B | 1% |
| Deferred revenue | $4.66B | 3% |
| Short-term debt | $1.31B | 1% |
| Other current liabilities | $2.60B | 2% |
| Lease liabilities | $5.85B | 4% |
| Other liabilities | $33.91B | 22% |
| Equity | $89.89B | 57% |
| Preferred & redeemable | $0.05B | 0% |
| Stockholders' equity | $89.29B | 57% |
| Minority interests | $0.55B | 0% |
Money moved $14.85B Free cash flow $1.53B Jul 1 – Sep 30, 2026 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $14.85B | 100% |
| Operating cash flow | $6.26B | 42% |
| Other investing | $7.12B | 48% |
| Debt raised | $1.16B | 8% |
| Shares issued | $0.31B | 2% |
| Where it went | −$14.85B | 100% |
| Capital expenditure | −$4.73B | 32% |
| Investments bought, net | −$6.37B | 43% |
| Debt repaid | −$1.03B | 7% |
| Other financing | −$0.11B | 1% |
| Currency effect | −$0.03B | 0% |
| Added to cash | −$2.58B | 17% |
Total debt $7.96B Cash & short-term investments $45.45B Net cash $37.49B Operating cash flow, last 4 quarters $18.71B Interest expense, last 4 quarters $0.35B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $1.58B |
| 2027 | $1.23B |
| 2028 | $0.65B |
| 2029 | $4.39B |
| 2030 | $0.09B |
| after 2030 | $0.24B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| – | China working capital facility | 2.01% | $4.29B |
| – | Automotive asset backed notes | 2.47% | $3.25B |
| – | Automotive asset backed notes | $1.41B | |
| – | Cash equity debt | $0.50B | |
| – | Energy asset backed notes | $0.50B | |
| – | Energy asset backed notes | 5.08% | $0.40B |
| – | Cash equity debt | 5.25% | $0.24B |
| – | Other recourse debt | 4.7% | $<0.01B |
Debt to equity 0.09× Net cash $37.49B Interest coverage 9.96× Return on invested capital 5.6% Cost of debt, after tax 4.0% Book values as of Sep 30, 2026.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $7.96B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $89.89B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $97.85B | total debt + equity |
| Debt share total debt / total capital | 8% | total debt / total capital |
| Equity share equity / total capital | 92% | equity / total capital |
| Net cash total debt − cash and short-term investments | $37.49B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $3.47B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $5.67B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $9.14B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.35B | four quarters summed |
| Debt to equity total debt / equity | 0.09× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $37.49B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 9.96× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 22.2% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $2.70B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2025) | $48.54B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2025) |
| Return on invested capital NOPAT / average invested capital | 5.6% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 5.1% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 4.0% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $148.52B Liabilities $61.01B Equity $87.52B as of Jun 30, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $148.52B | 100% |
| Cash | $15.22B | 10% |
| Short-term investments | $28.31B | 19% |
| Receivables | $4.09B | 3% |
| Inventory | $13.75B | 9% |
| Digital assets | $0.67B | 0% |
| Other current assets | $7.40B | 5% |
| Property & equipment | $47.26B | 32% |
| Lease right-of-use | $6.39B | 4% |
| Deferred tax assets | $7.24B | 5% |
| Other assets | $18.22B | 12% |
| Liabilities | $61.01B | 41% |
| Payables | $15.32B | 10% |
| Accrued liabilities | $1.92B | 1% |
| Deferred revenue | $3.43B | 2% |
| Short-term debt | $1.34B | 1% |
| Other current liabilities | $2.03B | 1% |
| Lease liabilities | $5.72B | 4% |
| Other liabilities | $31.25B | 21% |
| Equity | $87.52B | 59% |
| Preferred & redeemable | $0.05B | 0% |
| Stockholders' equity | $86.86B | 58% |
| Minority interests | $0.61B | 0% |
Money moved $14.21B Free cash flow −$1.09B Apr 1 – Jun 30, 2026 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $14.21B | 100% |
| Operating cash flow | $4.70B | 33% |
| Other investing | $7.82B | 55% |
| Debt raised | $0.35B | 2% |
| Shares issued | $0.11B | 1% |
| Taken from cash | $1.23B | 9% |
| Where it went | −$14.21B | 100% |
| Capital expenditure | −$5.79B | 41% |
| Investments bought, net | −$7.96B | 56% |
| Debt repaid | −$0.39B | 3% |
| Other financing | −$0.03B | 0% |
| Currency effect | −$0.04B | 0% |
Total debt $7.72B Cash & short-term investments $43.52B Net cash $35.80B Operating cash flow, last 4 quarters $18.69B Interest expense, last 4 quarters $0.33B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $1.58B |
| 2027 | $1.23B |
| 2028 | $0.65B |
| 2029 | $4.39B |
| 2030 | $0.09B |
| after 2030 | $0.24B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| – | China working capital facility | 2.01% | $4.29B |
| – | Automotive asset backed notes | 2.47% | $3.25B |
| – | Automotive asset backed notes | $1.41B | |
| – | Cash equity debt | $0.50B | |
| – | Energy asset backed notes | $0.50B | |
| – | Energy asset backed notes | 5.08% | $0.40B |
| – | Cash equity debt | 5.25% | $0.24B |
| – | Other recourse debt | 4.7% | $<0.01B |
Debt to equity 0.09× Net cash $35.80B Interest coverage 13.09× Return on invested capital 6.6% Cost of debt, after tax 3.9% Book values as of Jun 30, 2026.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $7.72B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $87.52B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $95.24B | total debt + equity |
| Debt share total debt / total capital | 8% | total debt / total capital |
| Equity share equity / total capital | 92% | equity / total capital |
| Net cash total debt − cash and short-term investments | $35.80B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $4.37B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $5.44B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $9.81B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.33B | four quarters summed |
| Debt to equity total debt / equity | 0.09× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $35.80B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 13.09× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 25.9% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $3.24B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025) | $49.00B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025) |
| Return on invested capital NOPAT / average invested capital | 6.6% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 5.3% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 3.9% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $143.72B Liabilities $58.92B Equity $84.80B as of Mar 31, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $143.72B | 100% |
| Cash | $16.60B | 12% |
| Short-term investments | $28.14B | 20% |
| Receivables | $3.96B | 3% |
| Inventory | $14.43B | 10% |
| Digital assets | $0.79B | 1% |
| Other current assets | $6.61B | 5% |
| Property & equipment | $43.21B | 30% |
| Lease right-of-use | $6.33B | 4% |
| Deferred tax assets | $7.06B | 5% |
| Other assets | $16.59B | 12% |
| Liabilities | $58.92B | 41% |
| Payables | $14.70B | 10% |
| Accrued liabilities | $1.88B | 1% |
| Deferred revenue | $3.44B | 2% |
| Short-term debt | $1.37B | 1% |
| Other current liabilities | $2.13B | 1% |
| Lease liabilities | $5.67B | 4% |
| Other liabilities | $29.72B | 21% |
| Equity | $84.80B | 59% |
| Preferred & redeemable | $0.06B | 0% |
| Stockholders' equity | $84.12B | 59% |
| Minority interests | $0.63B | 0% |
Money moved $14.43B Free cash flow $1.44B Jan 1 – Mar 31, 2026
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $14.43B | 100% |
| Operating cash flow | $3.94B | 27% |
| Other investing | $5.79B | 40% |
| Debt raised | $4.33B | 30% |
| Shares issued | $0.36B | 3% |
| Other financing | $0.01B | 0% |
| Where it went | −$14.43B | 100% |
| Capital expenditure | −$2.49B | 17% |
| Investments bought, net | −$8.32B | 58% |
| Debt repaid | −$3.53B | 24% |
| Currency effect | −$0.05B | 0% |
| Added to cash | −$0.04B | 0% |
Total debt $7.65B Cash & short-term investments $44.74B Net cash $37.10B Operating cash flow, last 4 quarters $16.53B Interest expense, last 4 quarters $0.34B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $1.58B |
| 2027 | $1.23B |
| 2028 | $0.65B |
| 2029 | $4.39B |
| 2030 | $0.09B |
| after 2030 | $0.24B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| – | China working capital facility | 2.01% | $4.29B |
| – | Automotive asset backed notes | 2.47% | $3.25B |
| – | Automotive asset backed notes | $1.41B | |
| – | Cash equity debt | $0.50B | |
| – | Energy asset backed notes | $0.50B | |
| – | Energy asset backed notes | 5.08% | $0.40B |
| – | Cash equity debt | 5.25% | $0.24B |
| – | Other recourse debt | 4.7% | $<0.01B |
Debt to equity 0.09× Net cash $37.10B Interest coverage 14.45× Return on invested capital 7.8% Cost of debt, after tax 3.9% Book values as of Mar 31, 2026.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $7.65B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $84.80B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $92.45B | total debt + equity |
| Debt share total debt / total capital | 8% | total debt / total capital |
| Equity share equity / total capital | 92% | equity / total capital |
| Net cash total debt − cash and short-term investments | $37.10B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $4.90B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $5.22B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $10.12B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.34B | four quarters summed |
| Debt to equity total debt / equity | 0.09× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $37.10B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 14.45× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 27.8% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $3.54B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025) | $45.60B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025) |
| Return on invested capital NOPAT / average invested capital | 7.8% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 5.3% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 3.9% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $137.81B Liabilities $54.94B Equity $82.87B as of Dec 31, 2025
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $137.81B | 100% |
| Cash | $16.51B | 12% |
| Short-term investments | $27.55B | 20% |
| Receivables | $4.58B | 3% |
| Inventory | $12.39B | 9% |
| Digital assets | $1.01B | 1% |
| Other current assets | $7.62B | 6% |
| Property & equipment | $40.64B | 29% |
| Lease right-of-use | $6.03B | 4% |
| Goodwill | $0.26B | 0% |
| Intangibles | $0.12B | 0% |
| Deferred tax assets | $6.93B | 5% |
| Other assets | $14.18B | 10% |
| Liabilities | $54.94B | 40% |
| Payables | $13.37B | 10% |
| Accrued liabilities | $1.91B | 1% |
| Deferred revenue | $3.42B | 2% |
| Short-term debt | $1.57B | 1% |
| Other current liabilities | $1.93B | 1% |
| Lease liabilities | $5.39B | 4% |
| Other liabilities | $27.35B | 20% |
| Equity | $82.87B | 60% |
| Preferred & redeemable | $0.06B | 0% |
| Stockholders' equity | $82.14B | 60% |
| Minority interests | $0.67B | 0% |
Money moved $7.32B Free cash flow $1.42B Oct 1 – Dec 31, 2025 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $7.32B | 100% |
| Operating cash flow | $3.81B | 52% |
| Debt raised | $1.35B | 19% |
| Shares issued | $0.15B | 2% |
| Currency effect | $0.04B | 1% |
| Taken from cash | $1.97B | 27% |
| Where it went | −$7.32B | 100% |
| Capital expenditure | −$2.39B | 33% |
| Investments bought, net | −$4.14B | 57% |
| Debt repaid | −$0.75B | 10% |
| Other financing | −$0.04B | 1% |
Total debt $6.58B Cash & short-term investments $44.06B Net cash $37.48B Operating cash flow, last 4 quarters $14.75B Interest expense, last 4 quarters $0.34B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2026 | $1.58B |
| 2027 | $1.23B |
| 2028 | $0.65B |
| 2029 | $4.39B |
| 2030 | $0.09B |
| after 2030 | $0.24B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| – | China working capital facility | 2.01% | $4.29B |
| – | Automotive asset backed notes | 2.47% | $3.25B |
| – | Automotive asset backed notes | $1.41B | |
| – | Cash equity debt | $0.50B | |
| – | Energy asset backed notes | $0.50B | |
| – | Energy asset backed notes | 5.08% | $0.40B |
| – | Cash equity debt | 5.25% | $0.24B |
| – | Other recourse debt | 4.7% | $<0.01B |
Debt to equity 0.08× Net cash $37.48B Interest coverage 12.88× Return on invested capital 7.2% Cost of debt, after tax 4.1% Book values as of Dec 31, 2025.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $6.58B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $82.87B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $89.45B | total debt + equity |
| Debt share total debt / total capital | 7% | total debt / total capital |
| Equity share equity / total capital | 93% | equity / total capital |
| Net cash total debt − cash and short-term investments | $37.48B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $4.36B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $5.03B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $9.39B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.34B | four quarters summed |
| Debt to equity total debt / equity | 0.08× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $37.48B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 12.88× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 27.0% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $3.18B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024) | $44.02B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024) |
| Return on invested capital NOPAT / average invested capital | 7.2% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 5.6% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 4.1% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Assets $133.74B Liabilities $53.02B Equity $80.72B as of Sep 30, 2025
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Assets | $133.74B | 100% |
| Cash | $18.29B | 14% |
| Short-term investments | $23.36B | 17% |
| Receivables | $4.70B | 4% |
| Inventory | $12.28B | 9% |
| Other current assets | $6.03B | 5% |
| Property & equipment | $39.41B | 29% |
| Lease right-of-use | $5.78B | 4% |
| Goodwill | $0.26B | 0% |
| Intangibles | $0.13B | 0% |
| Deferred tax assets | $6.64B | 5% |
| Other assets | $16.87B | 13% |
| Liabilities | $53.02B | 40% |
| Payables | $12.82B | 10% |
| Accrued liabilities | $1.82B | 1% |
| Deferred revenue | $3.76B | 3% |
| Short-term debt | $1.85B | 1% |
| Other current liabilities | $1.85B | 1% |
| Lease liabilities | $5.17B | 4% |
| Other liabilities | $25.76B | 19% |
| Equity | $80.72B | 60% |
| Preferred & redeemable | $0.06B | 0% |
| Stockholders' equity | $79.97B | 60% |
| Minority interests | $0.69B | 1% |
Money moved $7.93B Free cash flow $3.99B Jul 1 – Sep 30, 2025 Quarter derived from year-to-date statements.
The numbers behind the diagram
| Item | Value | Share |
|---|---|---|
| Where the money came from | $7.93B | 100% |
| Operating cash flow | $6.24B | 79% |
| Debt raised | $1.18B | 15% |
| Shares issued | $0.51B | 6% |
| Where it went | −$7.93B | 100% |
| Capital expenditure | −$2.25B | 28% |
| Investments bought, net | −$2.11B | 27% |
| Debt repaid | −$0.67B | 8% |
| Other financing | −$0.04B | 1% |
| Currency effect | −$0.02B | 0% |
| Added to cash | −$2.85B | 36% |
Total debt $5.61B Cash & short-term investments $41.65B Net cash $36.04B Operating cash flow, last 4 quarters $15.75B Interest expense, last 4 quarters $0.35B
The numbers behind the diagram
| Due | Value |
|---|---|
| 2025 | $2.35B |
| 2026 | $4.12B |
| 2027 | $0.70B |
| 2028 | $0.24B |
| 2029 | $0.10B |
| after 2029 | $0.40B |
| Due | Item | Coupon | Value |
|---|---|---|---|
| – | Automotive asset backed notes | 3.45% | $4.33B |
| – | China working capital facility | 1.92% | $2.74B |
| – | Automotive asset backed notes | $2.45B | |
| – | Cash equity debt | $0.50B | |
| – | Energy asset backed notes | $0.50B | |
| – | Energy asset backed notes | 4.8% | $0.49B |
| – | Cash equity debt | 5.25% | $0.34B |
| – | Other recourse debt | 4.7% | $0.01B |
Debt to equity 0.07× Net cash $36.04B Interest coverage 12.98× Return on invested capital 8.1% Cost of debt, after tax 5.0% Book values as of Sep 30, 2025.
The numbers behind the diagram
| Item | Value | How it is computed |
|---|---|---|
| Total debt short-term and long-term borrowings, as on the debt tab | $5.61B | short-term and long-term borrowings, as on the debt tab |
| Equity, book value stockholders' equity incl. minority interests, as on the balance sheet | $80.72B | stockholders' equity incl. minority interests, as on the balance sheet |
| Total capital total debt + equity | $86.33B | total debt + equity |
| Debt share total debt / total capital | 7% | total debt / total capital |
| Equity share equity / total capital | 94% | equity / total capital |
| Net cash total debt − cash and short-term investments | $36.04B | total debt − cash and short-term investments |
| EBIT, last 4 quarters operating income, four quarters summed | $4.53B | operating income, four quarters summed |
| Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed | $4.81B | from the cash flow statement, four quarters summed |
| EBITDA, last 4 quarters EBIT + depreciation & amortisation | $9.34B | EBIT + depreciation & amortisation |
| Interest expense, last 4 quarters four quarters summed | $0.35B | four quarters summed |
| Debt to equity total debt / equity | 0.07× | total debt / equity |
| Net debt to EBITDA net debt / EBITDA | –net cash $36.04B | net debt / EBITDA |
| Interest coverage EBIT / interest expense | 12.98× | EBIT / interest expense |
| Effective tax rate income tax / pretax income, kept within 0 to 50% | 22.3% | income tax / pretax income, kept within 0 to 50% |
| NOPAT, last 4 quarters EBIT × (1 − effective tax rate) | $3.52B | EBIT × (1 − effective tax rate) |
| Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024) | $43.51B | total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024) |
| Return on invested capital NOPAT / average invested capital | 8.1% | NOPAT / average invested capital |
| Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate | 6.4% | interest / average total debt: the average coupon of the debt on the books, not today's market rate |
| Cost of debt, after tax cost of debt before tax × (1 − effective tax rate) | 5.0% | cost of debt before tax × (1 − effective tax rate) |
| Cost of equity risk-free rate + beta × equity risk premium | –needs market data | risk-free rate + beta × equity risk premium |
| Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value | –needs market data | cost of equity and after-tax cost of debt, weighted by market value |
| Value creation spread ROIC − WACC | –needs market data | ROIC − WACC |
Quarter by quarter
Every set of results we hold, newest first. Open one on its own page. The arrow beside a quarter shows it in the diagram above.
| Quarter | Period | Reported | Revenue | Year over year | Operating margin | Net profit | Net margin |
|---|---|---|---|---|---|---|---|
| Q3 FY26 Jul 1 – Sep 30, 2026 reported Oct 22, 2026 Operating margin 3% Net profit $0.79B | Jul 1 – Sep 30, 2026 | Oct 22, 2026 | $28.0B | +0% | 3% | $0.79B | 3% |
| Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 23, 2026 Operating margin 1% Net profit $1.11B | Apr 1 – Jun 30, 2026 | Jul 23, 2026 | $28.2B | +26% | 1% | $1.11B | 4% |
| Q1 FY26 Jan 1 – Mar 31, 2026 reported Apr 23, 2026 Operating margin 4% Net profit $0.48B | Jan 1 – Mar 31, 2026 | Apr 23, 2026 | $22.4B | +16% | 4% | $0.48B | 2% |
| Q4 FY25 Oct 1 – Dec 31, 2025 reported Jan 29, 2026 Operating margin 6% Net profit $0.84B | Oct 1 – Dec 31, 2025 | Jan 29, 2026 | $24.9B | −3% | 6% | $0.84B | 3% |
| Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 23, 2025 Operating margin 6% Net profit $1.37B | Jul 1 – Sep 30, 2025 | Oct 23, 2025 | $28.1B | +12% | 6% | $1.37B | 5% |
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