NASDAQ$TSLA
Tesla Motors, Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Tesla's Q4 2023 results showcased revenue growth, profitability impacted by pricing and increased expenses, and strong cash flow.
Tesla's Q4 2023 saw a 3% YoY revenue increase to $25.2B. GAAP net income was $7.9B, including a one-time non-cash tax benefit of $5.9B. Operating income decreased to $2.1B, resulting in an 8.2% operating margin. Free cash flow was $2.1B, and cash and investments increased to $29.1B.
- Total revenue grew 3% YoY in Q4 to $25.2B.
- GAAP net income reached $7.9B in Q4, influenced by a $5.9B non-cash tax benefit.
- Operating income decreased YoY to $2.1B with an 8.2% operating margin.
- Cash, cash equivalents, and investments increased to $29.1B, driven by free cash flow and financing activities.
Headline financials
Revenue & EPS history
Tesla · Revenue · Quarterly
$25.2B
Revenue by segment
Tesla · $23.4B total across 5 segments · Q3 2023
- Automotive Sales$18.6B—79.6%
- Services & Other$2.17B—9.3%
- Energy & Storage$1.56B—6.7%
- Regulatory Credits$554M—2.4%
- Automotive Leasing$489M—2.1%
Forward guidance
Tesla is currently between two major growth waves and anticipates vehicle volume growth rate to be notably lower in 2024 as teams focus on the next-generation vehicle launch. The company expects the Energy Storage business to outpace the Automotive business in growth rate of deployments and revenue in 2024. Tesla has sufficient liquidity and will maintain a strong balance sheet. Hardware-related profits are expected to be accompanied by an acceleration of AI, software, and fleet-based profits over time. Cybertruck production and deliveries will ramp throughout the year, and progress continues on the next generation platform.
Tailwinds
- Sufficient liquidity to fund product roadmap and capacity expansion.
- Energy Storage business growth to outpace Automotive business in 2024.
- Acceleration of AI, software, and fleet-based profits expected.
- Cybertruck production and deliveries will ramp throughout the year.
- Continued progress on the next generation platform.
Headwinds
- Vehicle volume growth rate may be notably lower in 2024.
- Teams focused on the launch of the next-generation vehicle at Gigafactory Texas.
- Uncertain period requiring management of the business to maintain a strong balance sheet.
- Downward pressure on solar demand continued into Q4 as interest rates have remained high.
- Energy storage deployments decreased sequentially in Q4.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.1%
Avg return
Earnings day
+2.3%
Avg return
5 days after
+2.5%
Avg return
30 days after
56%
36 / 64 earnings
Positive
+25.1%
Q1 2013
Best reaction
-14.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -5.9% | -3.0% | +10.0% | |
| Q1 2026 | +0.5% | -3.0% | +10.0% | |
| Q3 2025 | +3.6% | +4.9% | -10.9% | |
| Q2 2025 | -8.2% | -3.4% | +2.2% | |
| Q1 2025 | +5.4% | +20.1% | +42.6% | |
| Q4 2024 | +2.9% | +0.8% | -24.7% | |
| Q3 2024 | +19.5% | +20.4% | +61.7% | |
| Q2 2024 | -14.1% | -12.6% | -16.2% | |
| Q1 2024 | +14.1% | +18.5% | +22.3% | |
| Q4 2023 | -12.7% | -8.7% | -8.2% | |
| Q3 2023 | -13.6% | -16.8% | -8.1% | |
| Q2 2023 | -10.4% | -8.3% | -26.5% | |
| Q1 2023 | -11.6% | -11.8% | -2.3% | |
| Q4 2022 | +11.4% | +15.8% | +36.8% | |
| Q3 2022 | -5.9% | -4.1% | -18.2% | |
| Q2 2022 | +10.7% | +9.3% | +20.8% | |
| Q1 2022 | -1.9% | -2.9% | -35.4% | |
| Q4 2021 | -9.7% | +2.0% | -11.8% | |
| Q3 2021 | +3.4% | +18.6% | +31.6% | |
| Q2 2021 | +0.2% | +6.8% | +10.5% | |
| Q1 2021 | -3.4% | -2.7% | -15.1% | |
| Q4 2020 | -5.4% | -4.9% | -23.5% | |
| Q3 2020 | +0.9% | -0.4% | +16.0% | |
| Q2 2020 | -3.5% | -1.8% | +30.7% | |
| Q1 2020 | +1.7% | -1.0% | +8.6% | |
| Q4 2019 | +13.0% | +37.6% | +17.8% | |
| Q3 2019 | +17.3% | +28.2% | +30.3% | |
| Q2 2019 | -12.1% | -9.4% | -18.7% | |
| Q1 2019 | -6.1% | -8.5% | -27.8% | |
| Q4 2018 | +3.2% | +5.2% | -0.9% | |
| Q3 2018 | +7.0% | +13.8% | +10.8% | |
| Q2 2018 | +17.2% | +14.7% | +1.2% | |
| Q1 2018 | -5.2% | +1.0% | -2.7% | |
| Q4 2017 | -5.6% | -5.5% | -2.0% | |
| Q3 2017 | -9.7% | -8.7% | -7.5% | |
| Q2 2017 | +8.6% | +11.1% | +11.2% | |
| Q1 2017 | -7.3% | -3.7% | +6.6% | |
| Q4 2016 | -7.7% | -11.2% | -5.1% | |
| Q3 2016 | +0.8% | -2.3% | -2.8% | |
| Q2 2016 | +1.5% | -0.5% | -12.9% | |
| Q1 2016 | -9.0% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | +8.4% | — | — | |
| Q2 2015 | -7.5% | — | — | |
| Q1 2015 | +1.7% | — | — | |
| Q4 2014 | -6.2% | — | — | |
| Q3 2014 | +0.9% | — | — | |
| Q2 2014 | +1.9% | — | — | |
| Q1 2014 | -13.8% | — | — | |
| Q4 2013 | +3.1% | — | — | |
| Q3 2013 | -13.7% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | +25.1% | — | — | |
| Q4 2012 | +2.0% | — | — | |
| Q3 2012 | +0.5% | — | — | |
| Q2 2012 | +4.0% | — | — | |
| Q1 2012 | -1.6% | — | — | |
| Q4 2011 | -1.6% | — | — | |
| Q3 2011 | +0.9% | — | — | |
| Q2 2011 | +3.6% | — | — | |
| Q1 2011 | -3.8% | — | — | |
| Q4 2010 | +3.7% | — | — | |
| Q3 2010 | +9.6% | — | — | |
| Q2 2010 | +6.8% | — | — | |
| Q1 2010 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro