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Tesla (TSLA) FY2021 results: revenue $53.8 billion, up 70.7% on the year

Tesla, Inc. (TSLA) reported revenue of $53.8 billion for fiscal 2021, the year ended 31 December 2021, up 70.7% on the year before. Net income was $5.5 billion, up 665.5%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2022.

Revenue
$53.8 billion
+70.7% on the year
FY2014FY2021
Operating margin
12.1%
6.3% a year earlier
FY2014FY2021
Net income
$5.5 billion
+665.5% on the year
FY2014FY2021
Diluted EPS
$1.63
+665.7% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue53,82331,53624,578+70.7%
Cost of revenue40,21724,90620,509+61.5%
Gross profit13,6066,6304,069+105.2%
Gross margin25.3%21.0%16.6%
Research and development2,5931,4911,343+73.9%
Selling, general and administrative4,5173,1452,646+43.6%
Operating income6,5231,994-69.0+227.1%
Operating margin12.1%6.3%-0.3%
Interest expense371748685-50.4%
Pre-tax income6,3431,154-665+449.7%
Income tax699292110+139.4%
Effective tax rate11.0%25.3%n/a
Net income5,519721-862+665.5%
Net margin10.3%2.3%-3.5%
Diluted EPS$1.63$0.21-$0.33+665.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow11,4975,9432,405+93.5%
Capital expenditure6,4823,1571,327+105.3%
Free cash flow5,0152,7861,078+80.0%
Free cash flow margin9.3%8.8%4.4%
Cash from investing-7,868-3,132-1,436
Cash from financing-5,2039,9731,529
Depreciation and amortisation1,9611,6211,414+21.0%
Share-based compensation2,1211,734898+22.3%
Diluted shares, weighted3,387m3,249m2,655m+4.2%
Shares outstanding at period end3,099m2,880m2,715m+7.6%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity30,18922,2256,618+35.8%
Non-controlling interest826850849-2.8%
Redeemable equity568604643-6.0%
Debt6,83411,68813,419-41.5%
Operating lease liabilities1,6711,254956+33.3%
Finance lease liabilities9911,0941,232-9.4%
Other liabilities21,05214,43310,592+45.9%
Total liabilities and equity62,13152,14834,309+19.1%
Fixed assets18,88412,74710,396+48.1%
Goodwill200207198-3.4%
Intangible assets257313339-17.9%
Investments131n/an/a
Cash and equivalents17,57619,3846,268-9.3%
Receivables1,9131,8861,324+1.4%
Inventory5,7574,1013,552+40.4%
Other assets17,41313,51012,232+28.9%
Total assets62,13152,14834,309+19.1%

10-K for the year ended 31 December 2021, filed 7 February 2022: the filing.