Tesla revenue flat for 3 years but net income down 75%. Full breakdown from SEC filings

https://preview.redd.it/n8pq5wybmssg1.png?width=1516&format=png&auto=webp&s=462fa7ce8b7ccdad5e32c4ff2b342387f28c6435 Went through Tesla's 10-K and 10-Q filings. Numbers are wild when you put them side by side. Annual |Metric|FY2023|FY2024|FY2025| |:-|:-|:-|:-| |Revenue|$96.8B|$97.7B|$94.8B| |Operating Income|$8.9B|$7.1B|$4.4B| |Net Income|$15.0B|$7.1B|$3.8B| |Diluted EPS|$4.30|$2.04|$1.08| Quarterly (FY2025) |Quarter|Revenue|Operating Income|Net Income|EPS| |:-|:-|:-|:-|:-| |Q1 2025|$19.3B|$399M|$409M|$0.12| |Q2 2025|$22.5B|$923M|$1.2B|$0.33| |Q3 2025|$28.1B|$1.6B|$1.4B|$0.39| Basically revenue didn't really move. Stayed around $95B all three years. The whole decline is margins getting crushed. Price cuts to push volume plus rising costs from R&D, Cybertruck ramp, AI and energy infra spending. FY2023 net income looks extra high partly because of a one-time deferred tax thing. But operating income still fell 51% so the trend is real. Good news is Q1 2025 looks like it was the bottom at $0.12 EPS. Q2 and Q3 showed a pretty clear recovery. Tesla filed their Q1 2026 numbers two days ago. Interested to see if the recovery kept going. What do you guys think. Worst is over or just a temporary bounce? Source: SEC EDGAR XBRL data, 10-K (FY2023 to FY2025), 10-Q (Q1 to Q3 2025)