The Revenue LinesNarrow moat

Tesla (TSLA) — moat facet

Cars are 73% of revenue and the only line smaller than three years ago; storage earns 22% of the gross profit on 13% of the sales.

Tesla reports three lines of revenue, and the order they come in by size is almost the reverse of the order they come in by trend. Automotive, which is new cars, regulatory credits and leasing, brought in $69,526 million in 2025, 73% of the total. Energy generation and storage brought in $12,771 million and services and other $12,530 million.12 The car line is the only one of the three that is smaller than it was three years ago.

Share of 2025 revenue and gross profit (%)Automotive, revenue73.3%Automotive, gross profit72.3%Energy, revenue13.5%Energy, gross profit22.2%Services, revenue13.2%Services, gross profit5.4%Tesla Form 10-K FY2025; $94.8B revenue, $17.1B gross profit
Energy earns a far larger share of the profit than of the sales; services the reverse.

Profit splits differently. Of $17,094 million of gross profit in 2025, automotive supplied $12,361 million, energy $3,802 million and services $931 million.3 So energy was 13% of revenue and 22% of gross profit, while the car business, at 73% of revenue, supplied 72%.4 Tesla discloses gross profit by line but not operating profit, so any statement about which line earns its keep after research and selling costs is an inference; the company's operating income for 2025 was $4,355 million, on $12,739 million of operating expenses.5

The growth record runs the same way. Automotive revenue rose from $3,741 million in 2015 to a peak of $82,419 million in 2023 and fell to $69,526 million in 2025.67 Energy went from $14 million in 2015, before the SolarCity purchase, to $12,771 million.89 Services went from $291 million to $12,530 million, and in the June 2026 quarter, at $4,581 million, it was nearly half as large again as energy.10111213

How each line is paid also differs. A car is paid for once, at delivery, and the price has been falling. A Megapack is sold to a utility or developer on a project schedule, so its revenue arrives in lumps. Services revenue is the long tail of the fleet: used cars, repairs, paid Supercharging and insurance, all of which grow with the number of Teslas on the road, 9.7 million delivered by mid-2026.1415

The first half of 2026 changed the picture slightly. Car revenue grew again, up 20% to $36,750 million, because the prior year's first half had been depressed by retooling every factory for the new Model Y.1617 Energy was flat at $5,547 million against $5,519 million, and services grew 46%.18

The pages that follow take the lines in the order of the chart. What each is worth as a moat is argued elsewhere: the car franchise under Brand & Demand and Manufacturing Scale, storage under Energy Storage and The Future Bets, and the charging network under The Supercharger Lead. Regulatory credits, which sit inside Automotive, have their own page, The Customers Who Were Compelled by Law.

The question the three lines raise together is whether the two small ones can grow fast enough to matter before the large one stops shrinking. In 2025 energy and services together were $25,301 million, 27% of revenue. That share rising past a third while car revenue grows would be the healthiest outcome; rising only because cars keep falling would be the least.

Moat trajectory: Holding steady

Energy and services grew to 27% of revenue while cars shrank; in the first half of 2026 car revenue grew again, energy was flat and services rose 46%.

The number that tests this moat
Moat Explorer calc
Energy and services share of revenue, first half
27.4% in H1 2026 ($13,873M of $50,623M), against 26.8% a year earlier

The two smaller lines are the diversification case. The share rising while car revenue also grows is the healthy version; rising because cars shrink is not.

How it's calculated: (5,547 + 8,326) / 50,623 for H1 2026; (5,519 + 5,684) / 41,831 for H1 2025.
Source: Tesla Form 10-Q, June 2026 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Automotive
Fewer cars at lower prices for two years: the margin without credits was 16.3% in June, and credits are disappearing.
DIG DEEPER 02
Energy Generation & Storage
The best margin in the company on a falling price per gigawatt-hour: cost has kept pace so far, and June 2026's 20% says not always.
DIG DEEPER 03
Services & Other
Six years of losses turned into a 14% margin: the fleet Tesla already sold is now its steadiest source of growth.
References
  1. ReportedEnergy generation and storage brought in $12,771 million and services and other $12,530 million.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  2. Moat Explorer calcEnergy generation and storage brought in $12,771 million and services and other $12,530 million.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedOf $17,094 million of gross profit in 2025, automotive supplied $12,361 million, energy $3,802 million and services $931 million.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  4. Moat Explorer calcSo energy was 13% of revenue and 22% of gross profit, while the car business, at 73% of revenue, supplied 72%.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  5. ReportedTesla discloses gross profit by line but not operating profit, so any statement about which line earns its keep after research and selling costs is an inference; the company's operating income for 2025 was $4,355 million, on $12,739 million of operating expenses.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  6. ReportedAutomotive revenue rose from $3,741 million in 2015 to a peak of $82,419 million in 2023 and fell to $69,526 million in 2025.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  7. ReportedAutomotive revenue rose from $3,741 million in 2015 to a peak of $82,419 million in 2023 and fell to $69,526 million in 2025.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  8. ReportedEnergy went from $14 million in 2015, before the SolarCity purchase, to $12,771 million.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  9. ReportedEnergy went from $14 million in 2015, before the SolarCity purchase, to $12,771 million.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  10. ReportedServices went from $291 million to $12,530 million, and in the June 2026 quarter, at $4,581 million, it was nearly half as large again as energy.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  11. ReportedServices went from $291 million to $12,530 million, and in the June 2026 quarter, at $4,581 million, it was nearly half as large again as energy.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  12. ReportedServices went from $291 million to $12,530 million, and in the June 2026 quarter, at $4,581 million, it was nearly half as large again as energy.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  13. Moat Explorer calcServices went from $291 million to $12,530 million, and in the June 2026 quarter, at $4,581 million, it was nearly half as large again as energy.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  14. ReportedServices revenue is the long tail of the fleet: used cars, repairs, paid Supercharging and insurance, all of which grow with the number of Teslas on the road, 9.7 million delivered by mid-2026.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  15. ReportedServices revenue is the long tail of the fleet: used cars, repairs, paid Supercharging and insurance, all of which grow with the number of Teslas on the road, 9.7 million delivered by mid-2026.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  16. ReportedCar revenue grew again, up 20% to $36,750 million, because the prior year's first half had been depressed by retooling every factory for the new Model Y. Energy was flat at $5,547 million against $5,519 million, and services grew 46%.
    Tesla Form 10-Q, quarter ended 30 June 2026 - revenue and cost by line (automotive $20,516M, credits $146M against $439M; energy $3,139M against $2,789M; services and other $4,581M against $3,046M; six months $36,750M, $5,547M, $8,326M); energy gross margin 20.4% against 30.3% on sales mix and unfavourable warranty adjustments; 22.3 GWh deployed through June; automotive sales +27% on about 25% more cash deliveries; services growth from used vehicles, maintenance and collision, and paid Supercharging — Q2 2026 · publ. July 2026 · source ↗
  17. Moat Explorer calcCar revenue grew again, up 20% to $36,750 million, because the prior year's first half had been depressed by retooling every factory for the new Model Y. Energy was flat at $5,547 million against $5,519 million, and services grew 46%.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  18. ReportedCar revenue grew again, up 20% to $36,750 million, because the prior year's first half had been depressed by retooling every factory for the new Model Y. Energy was flat at $5,547 million against $5,519 million, and services grew 46%.
    Tesla Form 10-Q, quarter ended 30 June 2026 - revenue and cost by line (automotive $20,516M, credits $146M against $439M; energy $3,139M against $2,789M; services and other $4,581M against $3,046M; six months $36,750M, $5,547M, $8,326M); energy gross margin 20.4% against 30.3% on sales mix and unfavourable warranty adjustments; 22.3 GWh deployed through June; automotive sales +27% on about 25% more cash deliveries; services growth from used vehicles, maintenance and collision, and paid Supercharging — Q2 2026 · publ. July 2026 · source ↗
Sources
Generated September 23, 2026