"Despite these challenges, the Tesla team did a great job executing in a tough environment... energy storage deployments... reached an all-time high in Q1, leading to record profitability for the energy business," - Elon Musk.
— Elon Musk
03Detailed Report
TSLA
Tesla Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In the first quarter of 2024, Tesla Inc (TSLA) reported revenues of $21.3 billion, reflecting a year-over-year decline of 8.7% and a quarter-over-quarter drop of 15.4%. This decline is primarily attributed to seasonal challenges and ongoing macroeconomic pressures, as stated by management during the earnings call. Despite the revenue decline, Tesla demonstrated resilience with operating income of $1.17 billion and net income of $1.13 billion, amounting to diluted EPS of $0.34. Elon Musk emphasized Tesla's commitment to electric vehicle (EV) dominance despite competitors' pullbacks, showcasing strategic investments in AI and energy sectors that are anticipated to drive future growth. Furthermore, the capital-efficient production of new models is expected to bolster overall vehicle capacity and profitability.
Key Performance Indicators
Revenue
Decreasing
21.30B
QoQ: -15.36% | YoY: -8.69%
Gross Profit
Decreasing
3.70B
17.35% margin
QoQ: -16.72% | YoY: -18.07%
Operating Income
Decreasing
1.17B
QoQ: -43.27% | YoY: -56.04%
Net Income
Decreasing
1.13B
QoQ: -85.76% | YoY: -55.07%
EPS
Decreasing
0.37
QoQ: -85.14% | YoY: -53.75%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $21.3 billion, -8.7% YoY, -15.4% QoQ Gross Profit: $3.70 billion, with a gross profit margin of 17.4% Operating Income: $1.17 billion, equating to a 5.5% operating margin Net Income: $1.13 billion; net income margin at 5.3% Diluted EPS: $0.34, reflecting a 53.75% drop YoY Cash Position: Cash and cash equivalents stood at $12 billion, down from $17 billion in the previous quarter.
The quarterly financials indicate a compression in margins and profit metrics, raising concern amidst increasing operational expenses, specifically due to AI initiatives and capital expenditures for new production lines. Management is optimistic about margins improving, excluding Cybertruck rollout costs.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
21.30B
-8.69%
-15.36%
Gross Profit
3.70B
-18.07%
-16.72%
Operating Income
1.17B
-56.04%
-43.27%
Net Income
1.13B
-55.07%
-85.76%
EPS
0.37
-53.75%
-85.14%
Key Financial Ratios
Gross Profit Margin
Weak
17.40%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Fair
5.50%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
5.30%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
1.03%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.75%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.72
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Conservative
0.15
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
123.62x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
8.67x
Very high premium suggests asset-light business model or lofty expectations
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