The two Tesla numbers most coverage skips
Tesla's filings break out two lines most coverage ignores - the pure-margin credit sales and exactly how much of the business is China.
Data as of 2026-08-26 · full TSLA report · fact sheet
What Tesla actually sells
Tesla Vehicles still dominate: $20.0B vs $3.1B from energy & storage last quarter.
TeslaTSLAWhat does Tesla actually sell?
| Period | Vehicle sales | Regulatory credits | Leasing | Energy & storage | Services & other |
|---|---|---|---|---|---|
| 2020Q1 | - | - | - | - | 560.0M |
| 2020Q2 | - | 428.0M | - | - | 487.0M |
| 2020Q3 | - | 397.0M | - | - | 581.0M |
| 2021Q1 | - | 518.0M | 297.0M | 494.0M | 893.0M |
| 2021Q2 | - | 354.0M | 332.0M | 801.0M | 951.0M |
| 2021Q3 | - | 279.0M | 385.0M | 806.0M | 894.0M |
| 2022Q1 | 15.51B | 679.0M | 668.0M | 616.0M | 1.28B |
| 2022Q2 | 13.67B | 344.0M | 588.0M | 866.0M | 1.47B |
| 2022Q3 | 17.79B | 286.0M | 621.0M | 1.12B | 1.65B |
| 2023Q1 | 18.88B | 521.0M | 564.0M | 1.53B | 1.84B |
| 2023Q2 | 20.42B | 282.0M | 567.0M | 1.51B | 2.15B |
| 2023Q3 | 18.58B | 554.0M | 489.0M | 1.56B | 2.17B |
| 2024Q1 | 16.46B | 442.0M | 476.0M | 1.64B | 2.29B |
| 2024Q2 | 18.53B | 890.0M | 458.0M | 3.01B | 2.61B |
| 2024Q3 | 18.83B | 739.0M | 446.0M | 2.38B | 2.79B |
| 2025Q1 | 12.93B | 595.0M | 447.0M | 2.73B | 2.64B |
| 2025Q2 | 15.79B | 439.0M | 435.0M | 2.79B | 3.05B |
| 2025Q3 | 20.36B | 417.0M | 429.0M | 3.42B | 3.48B |
| 2026Q1 | 15.47B | 380.0M | 381.0M | 2.41B | 3.75B |
| 2026Q2 | 20.01B | 146.0M | 364.0M | 3.14B | 4.58B |
→Vehicles still dominate: $20.0B vs $3.1B from energy & storage last quarter.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26
The credit cushion
$146M last quarter - 0.5% of revenue at ~100% margin. Watch this line: it's the profit cushion competitors' compliance keeps funding.
TeslaTSLAHow much of the revenue is selling carbon credits, not cars?
| Period | Regulatory credits |
|---|---|
| 2020Q2 | 428.0M |
| 2020Q3 | 397.0M |
| 2021Q1 | 518.0M |
| 2021Q2 | 354.0M |
| 2021Q3 | 279.0M |
| 2022Q1 | 679.0M |
| 2022Q2 | 344.0M |
| 2022Q3 | 286.0M |
| 2023Q1 | 521.0M |
| 2023Q2 | 282.0M |
| 2023Q3 | 554.0M |
| 2024Q1 | 442.0M |
| 2024Q2 | 890.0M |
| 2024Q3 | 739.0M |
| 2025Q1 | 595.0M |
| 2025Q2 | 439.0M |
| 2025Q3 | 417.0M |
| 2026Q1 | 380.0M |
| 2026Q2 | 146.0M |
→$146M last quarter - 0.5% of revenue at ~100% margin. Watch this line: it's the profit cushion competitors' compliance keeps funding.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26
The China share
China contributed $4.7B last quarter (26% of revenue) - both Tesla's second market and its biggest geopolitical exposure.
TeslaTSLAHow exposed is Tesla to China?
| Period | United States | China | Other |
|---|---|---|---|
| 2020Q1 | 2.77B | 900.0M | 2.32B |
| 2020Q2 | 3.09B | 1.40B | 1.55B |
| 2020Q3 | 4.21B | 1.74B | 2.81B |
| 2021Q1 | 4.42B | 3.04B | 2.92B |
| 2021Q2 | 5.21B | 2.86B | 3.89B |
| 2021Q3 | 6.41B | 3.11B | 4.23B |
| 2022Q1 | 8.73B | 4.65B | 5.37B |
| 2022Q2 | 9.61B | 3.79B | 3.53B |
| 2022Q3 | 10.24B | 5.13B | 6.09B |
| 2023Q1 | 11.25B | 4.89B | 7.19B |
| 2023Q2 | 11.33B | 5.73B | 7.86B |
| 2023Q3 | 10.89B | 5.02B | 7.44B |
| 2024Q1 | 9.76B | 4.59B | 6.95B |
| 2024Q2 | 13.26B | 4.64B | 7.61B |
| 2024Q3 | 12.58B | 5.67B | 6.93B |
| 2025Q1 | 10.33B | 4.30B | 4.70B |
| 2025Q2 | 11.81B | 4.30B | 6.38B |
| 2025Q3 | 14.60B | 5.65B | 7.84B |
| 2026Q1 | 10.68B | 4.18B | 7.53B |
| 2026Q2 | 13.21B | 4.67B | - |
→China contributed $4.7B last quarter (26% of revenue) - both Tesla's second market and its biggest geopolitical exposure.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26