Tesla, Inc. stock research
FY2025 Q1
Tesla (TSLA) Gross Margin — Quarter Ended Mar 31, 2025
Revenue, gross profit, and cost of revenue all declined from the prior quarter and from the same quarter last year. Gross margin was unchanged from the prior quarter but weakened compared with the year-ago period.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue, gross profit, and cost of revenue all declined from the prior quarter and from the same quarter last year. Gross margin was unchanged from the prior quarter but weakened compared with the year-ago period.
- The gross margin percentage held steady from the prior quarter, indicating that the decline in cost of revenue was aligned with the decline in revenue. The year-over-year decline in gross margin, however, shows that the proportion of gross profit to revenue has decreased relative to the same period last year.
- Compared with the immediately preceding quarter, revenue, gross profit, and cost of revenue were lower while gross margin remained stable. Compared with the same quarter one year earlier, all metrics were lower and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
16.3%
Gross profit
$3.2B
Revenue
$19.3B
Cost of revenue
$16.2B
Quarter-over-quarter change
+0.1 pts
Year-over-year change
-1.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $25.5B | $4.6B | $20.9B | 18.0% |
| Sep 30, 2024 | $25.2B | $5.0B | $20.2B | 19.8% |
| Dec 31, 2024 | $25.7B | $4.2B | $21.5B | 16.3% |
| Mar 31, 2025 | $19.3B | $3.2B | $16.2B | 16.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.1 pts
Year-over-year change
Mar 31, 2024
-1.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin percentage held steady from the prior quarter, indicating that the decline in cost of revenue was aligned with the decline in revenue. The year-over-year decline in gross margin, however, shows that the proportion of gross profit to revenue has decreased relative to the same period last year.
Compared with the immediately preceding quarter, revenue, gross profit, and cost of revenue were lower while gross margin remained stable. Compared with the same quarter one year earlier, all metrics were lower and gross margin weakened.
Monitor whether the year-over-year decline in gross margin persists or stabilizes, as the filing discusses forward-looking statements regarding operations and liquidity, including risks such as supply chain constraints that could affect future margins.