Energy Generation & StorageNarrow moat

Tesla (TSLA) — moat facet

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.

Energy generation and storage is Tesla's most profitable line per dollar of sales and its fastest-growing over the last three years. It brought in $12,771 million in 2025, up 27%, and earned $3,802 million of gross profit, a 29.8% margin, against 17.8% for cars.12 On 13% of revenue it supplied 22% of the company's gross profit.3

Energy revenue per GWh of storage deployed ($M)$410M2023$321M2024$273M2025$232MQ2 26Line revenue / GWh deployed (includes solar and services); Tesla 10-Ks and Q2 2026 update
More gigawatt-hours at a lower price each year: revenue grew 27% in 2025 on 49% more deployments.

What is inside is sales, leasing and financing of storage and solar products, services for them, and sales of energy incentives.4 Megapack is the large battery sold to utilities, developers and industrial users, and Powerwall the home battery. Tesla deployed 46.7 GWh of storage in 2025.5

The history is short and started with an acquisition. In 2015 the line brought in $14 million.6 Tesla acquired SolarCity on 21 November 2016, and in 2017 energy revenue was $1,116 million.7 For the next five years it barely grew and barely earned: $1,555 million in 2018, $1,994 million in 2020, and a gross margin that fell from 12.2% in 2018 to 0.9% in 2020 and to a loss of 4.6% in 2021.8910 Storage then took over from solar. Deployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.1112131415

It is paid for per project, which makes it lumpy. Tesla itself warns that Megapack deployments can vary meaningfully from quarter to quarter depending on timing.16 Revenue also depends on price, and the price per unit has been falling: the 2025 increase came from more Megapack and Powerwall deployments, partly offset by a lower average selling price of Megapack.17 Revenue divided by gigawatt-hours deployed, a rough measure because the line also includes solar and services, fell from about $410 million per GWh in 2023 to about $321 million in 2024 and $273 million in 2025.18

Deployments grew 49% in 2025, from 31.4 GWh to 46.7 GWh, while revenue grew 27%.192021 Quarter by quarter they ran 9.6, 12.5, 14.2, 8.8 and 13.5 GWh from June 2025 to June 2026, which is the lumpiness the 10-K warns about.22

Profitability improved anyway, because cost fell faster than price. The margin went from 7.4% in 2022 to 18.9% in 2023, 26.2% in 2024 and 29.8% in 2025.232425 The quarters are less smooth. It was 30.3% in the June 2025 quarter, about 39.5% in March 2026 and 20.4% in June 2026, a fall the 10-Q attributes to a higher average cost per MWh from sales mix and unfavourable warranty adjustments.2627

Growth has slowed in 2026. First-half revenue was $5,547 million against $5,519 million, flat, although deployments were 22.3 GWh through June and 13.5 GWh in the June quarter alone, up 41%.2829 June-quarter revenue rose only 13%, because more Megapacks were sold at a lower price per unit while Powerwall deployments fell.30 Revenue per GWh was about $232 million in that quarter against about $290 million a year earlier.31

The outlook turns on capacity and price. Tesla has 40 GWh a year of Megapack capacity in California, 20 GWh in Shanghai and more than 6 GWh of Powerwall in Nevada, with a Texas Megafactory commissioning; Megapack 3 and Megablock, introduced in 2025, are due to begin production there this year.3233 Shanghai supplied record deployments in Europe, the Middle East and Africa in the June quarter.34 The case for storage at data-centre scale is made under Energy at AI Scale: the Megablock, and the competitive argument under Energy Storage.

This is a narrow moat: Tesla brings manufacturing scale and a brand utilities already buy from, in a market where the price per unit falls every year. Watch the gross margin as deployments rise. If it holds near 30% while price per GWh keeps falling, cost is keeping pace; a return to the 20% of June 2026 on higher volume would mean the price war has reached storage too.

Moat trajectory: Holding steady

Margins rose from 7% in 2022 to 30% in 2025, then fell to 20% in June 2026 as price per unit kept falling and first-half revenue was flat.

The number that tests this moat
Reported
Energy generation and storage gross margin, latest quarter
20.4% in Q2 2026, against 30.3% a year earlier

Price per unit falls every year, so the margin shows whether cost is keeping pace. Back near 30% on rising deployments says it is; staying near 20% says the price war has reached storage.

Source: Tesla Form 10-Q, quarter ended 30 June 2026 ↗
References
  1. ReportedIt brought in $12,771 million in 2025, up 27%, and earned $3,802 million of gross profit, a 29.8% margin, against 17.8% for cars.
    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 calcIt brought in $12,771 million in 2025, up 27%, and earned $3,802 million of gross profit, a 29.8% margin, against 17.8% for cars.
    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. Moat Explorer calcOn 13% of revenue it supplied 22% of the company's gross profit.
    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 ↗
  4. ReportedWhat is inside is sales, leasing and financing of storage and solar products, services for them, and sales of energy incentives.
    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 ↗
  5. ReportedTesla deployed 46.7 GWh of storage 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 ↗
  6. ReportedIn 2015 the line brought in $14 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 ↗
  7. ReportedTesla acquired SolarCity on 21 November 2016, and in 2017 energy revenue was $1,116 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 ↗
  8. ReportedFor the next five years it barely grew and barely earned: $1,555 million in 2018, $1,994 million in 2020, and a gross margin that fell from 12.2% in 2018 to 0.9% in 2020 and to a loss of 4.6% in 2021.
    Tesla Form 10-K, FY2020 - revenue and cost of revenues by line 2018-2020 (automotive $18,515M/$20,821M/$27,236M; energy $1,555M/$1,531M/$1,994M; services and other $1,391M/$2,226M/$2,306M); 3.02 GWh of storage deployed in 2020 — FY2018-FY2020 · publ. February 2021 · source ↗
  9. ReportedFor the next five years it barely grew and barely earned: $1,555 million in 2018, $1,994 million in 2020, and a gross margin that fell from 12.2% in 2018 to 0.9% in 2020 and to a loss of 4.6% in 2021.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  10. Moat Explorer calcFor the next five years it barely grew and barely earned: $1,555 million in 2018, $1,994 million in 2020, and a gross margin that fell from 12.2% in 2018 to 0.9% in 2020 and to a loss of 4.6% in 2021.
    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 ↗
  11. ReportedDeployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.
    Tesla Form 10-K, FY2018 - 1.04 GWh of energy storage deployed in 2018, against 358 MWh in 2017 — FY2018 · publ. February 2019 · source ↗
  12. ReportedDeployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.
    Tesla Form 10-K, FY2020 - revenue and cost of revenues by line 2018-2020 (automotive $18,515M/$20,821M/$27,236M; energy $1,555M/$1,531M/$1,994M; services and other $1,391M/$2,226M/$2,306M); 3.02 GWh of storage deployed in 2020 — FY2018-FY2020 · publ. February 2021 · source ↗
  13. ReportedDeployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  14. ReportedDeployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.
    Tesla Form 10-K, FY2023 - 14.72 GWh of energy storage deployed in 2023 — FY2023 · publ. January 2024 · source ↗
  15. ReportedDeployments went from 1.04 GWh in 2018 to 3.02 GWh in 2020, 6.5 GWh in 2022, 14.72 GWh in 2023 and 31.4 GWh in 2024.
    Tesla Form 10-K, FY2024 - 31.4 GWh of energy storage deployed in 2024 — FY2024 · publ. January 2025 · source ↗
  16. ReportedTesla itself warns that Megapack deployments can vary meaningfully from quarter to quarter depending on timing.
    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 ↗
  17. ReportedRevenue also depends on price, and the price per unit has been falling: the 2025 increase came from more Megapack and Powerwall deployments, partly offset by a lower average selling price of Megapack.
    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 ↗
  18. Moat Explorer calcRevenue divided by gigawatt-hours deployed, a rough measure because the line also includes solar and services, fell from about $410 million per GWh in 2023 to about $321 million in 2024 and $273 million in 2025.
    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 ↗
  19. ReportedDeployments grew 49% in 2025, from 31.4 GWh to 46.7 GWh, while revenue grew 27%.
    Tesla Form 10-K, FY2024 - 31.4 GWh of energy storage deployed in 2024 — FY2024 · publ. January 2025 · source ↗
  20. ReportedDeployments grew 49% in 2025, from 31.4 GWh to 46.7 GWh, while revenue grew 27%.
    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 ↗
  21. Moat Explorer calcDeployments grew 49% in 2025, from 31.4 GWh to 46.7 GWh, while revenue grew 27%.
    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 ↗
  22. ReportedQuarter by quarter they ran 9.6, 12.5, 14.2, 8.8 and 13.5 GWh from June 2025 to June 2026, which is the lumpiness the 10-K warns about.
    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 ↗
  23. ReportedThe margin went from 7.4% in 2022 to 18.9% in 2023, 26.2% in 2024 and 29.8% in 2025.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  24. ReportedThe margin went from 7.4% in 2022 to 18.9% in 2023, 26.2% in 2024 and 29.8% 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 ↗
  25. Moat Explorer calcThe margin went from 7.4% in 2022 to 18.9% in 2023, 26.2% in 2024 and 29.8% in 2025.
    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 ↗
  26. ReportedIt was 30.3% in the June 2025 quarter, about 39.5% in March 2026 and 20.4% in June 2026, a fall the 10-Q attributes to a higher average cost per MWh from sales mix and unfavourable warranty adjustments.
    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 ↗
  27. Moat Explorer calcIt was 30.3% in the June 2025 quarter, about 39.5% in March 2026 and 20.4% in June 2026, a fall the 10-Q attributes to a higher average cost per MWh from sales mix and unfavourable warranty adjustments.
    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 ↗
  28. ReportedFirst-half revenue was $5,547 million against $5,519 million, flat, although deployments were 22.3 GWh through June and 13.5 GWh in the June quarter alone, up 41%.
    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 ↗
  29. ReportedFirst-half revenue was $5,547 million against $5,519 million, flat, although deployments were 22.3 GWh through June and 13.5 GWh in the June quarter alone, up 41%.
    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 ↗
  30. ReportedJune-quarter revenue rose only 13%, because more Megapacks were sold at a lower price per unit while Powerwall deployments fell.
    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 ↗
  31. Moat Explorer calcRevenue per GWh was about $232 million in that quarter against about $290 million a year earlier.
    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 ↗
  32. ReportedTesla has 40 GWh a year of Megapack capacity in California, 20 GWh in Shanghai and more than 6 GWh of Powerwall in Nevada, with a Texas Megafactory commissioning; Megapack 3 and Megablock, introduced in 2025, are due to begin production there this year.
    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 ↗
  33. ReportedTesla has 40 GWh a year of Megapack capacity in California, 20 GWh in Shanghai and more than 6 GWh of Powerwall in Nevada, with a Texas Megafactory commissioning; Megapack 3 and Megablock, introduced in 2025, are due to begin production there this year.
    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 ↗
  34. ReportedShanghai supplied record deployments in Europe, the Middle East and Africa in the June quarter.
    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 ↗
Sources
Generated September 23, 2026