Compare · Consumer Discretionary
Ford vs. Tesla: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Ford
1 · What it sells
Ford builds gas, hybrid and electric cars, trucks and vans under the Ford and Lincoln brands and lends to buyers through Ford Credit, with $187.3 billion of revenue in FY2025.
Sources and detail on the Ford page2 · Who pays it
In FY2025, dealers and retail buyers of gas and hybrid vehicles paid 54% of Ford's revenue, commercial, government and rental customers 35%, Ford Credit's borrowers 7% and buyers of electric vehicles 4%.
Sources and detail on the Ford page3 · What it keeps from $100
Of every $100 that came in during FY2025, Ford kept nothing: it had a net loss of $4.3, which includes $17.4 billion of one-off special items before tax, and an operating loss of $4.9 per $100 of revenue.
Sources and detail on the Ford page4 · Where the operating profit comes from
In FY2025, before special items, Ford Pro earned $6,843 million before interest and tax, Ford Blue $3,024 million and Ford Credit $2,557 million before tax, while Model e lost $4,806 million.
Sources and detail on the Ford page5 · The one thing to watch
Before special items, Model e lost $1,058 million in Q3 FY2026 on revenue of $1,223 million, while Ford Pro earned $1,665 million on revenue of $17,772 million.
Sources and detail on the Ford page
Tesla
1 · What it sells
Tesla makes electric cars, mainly the Model 3 and Model Y, plus batteries that store electricity for homes and power grids, solar products and services such as charging, with $94.8 billion of revenue in FY2025.
Sources and detail on the Tesla page2 · Who pays it
In FY2025, car buyers paid 69% of Tesla's revenue, battery and solar buyers 13%, drivers using services such as charging and repairs 13%, other carmakers buying regulatory credits (permits under emission rules) 2% and car lessees 2%.
Sources and detail on the Tesla page3 · What it keeps from $100
Of every $100 that came in during FY2025, Tesla kept $3.9 as net income, which includes interest earned on its cash, while its operating income, before interest and tax, was $4.6 per $100 of revenue.
Sources and detail on the Tesla page4 · Where the operating profit comes from
Tesla does not split operating profit by segment; in FY2025 its automotive segment (cars and services) made $13,292 million of gross profit (sales minus production costs) and its energy segment $3,802 million.
Sources and detail on the Tesla page5 · The one thing to watch
Regulatory credits equaled 45.8% of Tesla's FY2025 income from operations, and credit revenue was $113 million in Q3 FY2026, down 73% from a year earlier.
Sources and detail on the Tesla page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Ford
Where $100 went · FY2025
| Cost of sales | $92.3 |
|---|---|
| Selling, admin and other | $5.7 |
| Ford Credit's interest and running costs | $5.9 |
| Interest on company debt | $0.7 |
| Part-owned companies' losses, minority partners | $1.7 |
| Income tax benefit (reduced the loss) | −$1.9 |
| Net loss (costs above money in) | −$4.3 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue $187,267 million + other income $1,746 million = $189,013 million). Cityfort calculation from FY2025 10-K. Cost of sales includes $10.7 billion of EV charges. Ford does not split it into materials and labor. In FY2024, a profit year, Ford kept $3.20 per $100 of revenue.
Tesla
Where $100 went · FY2025
| Making and delivering products | $80.5 |
|---|---|
| Research and development | $6.6 |
| Selling, admin and restructuring | $6.6 |
| Interest paid and other net costs | $0.8 |
| Minority partners | $0.1 |
| Income tax | $1.5 |
| Kept as profit | $3.9 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue plus interest earned). Cityfort calculation from FY2025 10-K: each line = line ÷ total money in ($96,507 million) × 100, so lines add to 100.
Line items differ because each company groups its costs its own way in its filings. Only on Ford's receipt: Cost of sales; Selling, admin and other; Ford Credit's interest and running costs; Interest on company debt; Part-owned companies' losses, minority partners; Income tax benefit (reduced the loss); Net loss (costs above money in). Only on Tesla's receipt: Making and delivering products; Research and development; Selling, admin and restructuring; Interest paid and other net costs; Income tax; Minority partners; Kept as profit.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Ford
Tesla
See the numbers
Net income
Ford
Tesla
See the numbers
Free cash flow
Ford
Not on the Ford page.
Tesla
See the numbers
Who pays each company
Ford
- Dealers and retail buyers of gas and hybrid vehicles (Ford Blue) · 53.9% of revenueFord sells mostly to dealerships, which sell on to drivers. Revenue was $101,019 million in FY2025.
- Commercial, government and rental customers (Ford Pro) · 35.4% of revenueFleets and businesses buying trucks and vans, software, parts and repairs. Revenue was $66,286 million.
- Borrowers, lessees and dealers (Ford Credit) · 7.1% of revenuePeople and dealers paying interest and lease payments. Revenue was $13,271 million.
- Dealers and retail buyers of electric vehicles (Model e) · 3.6% of revenueElectric and extended-range vehicles. Revenue was $6,670 million.
Tesla
- Car buyers · 69.4% of revenuePeople and fleets buying new Teslas, plus FSD (Supervised) and other software bought with the car.
- Drivers and others using Tesla services · 13.2% of revenueUsed cars, paid charging, repairs, parts and insurance.
- Homes, businesses and utilities · 13.5% of revenueMegapack and Powerwall batteries, solar products and related services.
- Other carmakers · 2.1% of revenueBuy regulatory credits from Tesla to meet emission rules.
- Car lessees · 1.8% of revenueDrivers who lease a Tesla instead of buying it.
Revenue by segment
Ford
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Ford Blue | $101.0B | 53.9% |
| Ford Pro | $66.3B | 35.4% |
| Ford Credit | $13.3B | 7.1% |
| Ford Model e | $6.7B | 3.6% |
Tesla
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Automotive | $82.1B | 86.5% |
| Energy generation and storage | $12.8B | 13.5% |
Debt and cash
Ford
- Debt
- $163.1B
- Cash and investments
- $34.1B
On Sep 30, 2026.
On Sep 30, 2026, Ford Credit held $139.4 billion of Ford's $163.1 billion total debt, or 85.5%. It borrows mostly to fund car loans and leases.
Tesla
- Debt
- $9.5B
- Cash and investments
- $45.4B
On Sep 30, 2026.
On Sep 30, 2026, Tesla's cash and short-term investments were about 4.8 times its debt and finance leases.
Who owns each company
Ford
- 2 classes of shares (votes per share: Common stock 1, Class B stock 37.075).
- Officers and directors as a group: 0.6% of shares (as of Feb 1, 2026).
- Voting trust, Class B stock: 99.9% (as of Feb 1, 2026).
- William Clay Ford Jr., Class B stock: 27.6% (as of Feb 1, 2026).
- David P. Larsen, as trustee, Class B stock: 14.5% (as of Feb 1, 2026).
- 6 more holders on the Ford page.
Tesla
- One class of shares.
- Officers and directors as a group: 20.0% of shares (as of Sep 30, 2026).
- Elon Musk: 19.8% (as of Sep 30, 2026).
- Vanguard Capital Management: 5.3% (as of Sep 30, 2026).
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: governance, execution, regulation, commodity costs, legal cases. Every risk is on each company's page.
Ford
- Ford Credit's funding and credit ratings (debt)Ford Credit had $139.4 billion of debt on Sep 30, 2026. Ford's 10-K says downgrades or market disruption could affect access to funding. Moody's rates Ford Ba1, below its Baa3 investment-grade minimum, and S&P's BBB- has a Negative outlook.
- Reliance on larger vehicles in the US (customer or supplier concentration)The US was 65.5% of FY2025 revenue. Ford's 10-K says it depends on larger, more profitable vehicles, mainly in the US, and names price competition and excess capacity as risks.
Tesla
- Falling profit on cars (competition)Automotive gross margin fell from 29.3% in FY2021 to 17.8% in FY2025. Deliveries fell 1.1% in FY2024 and 8.6% in FY2025. Tesla's 10-K says competition in electric cars keeps growing.
Key facts
- How does Ford make money compared with Tesla?
- Ford's revenue by segment in FY2025: Ford Blue 53.9%, Ford Pro 35.4%, Ford Credit 7.1%, Ford Model e 3.6%. Tesla's revenue by segment in FY2025: Automotive 86.5%, Energy generation and storage 13.5%.
- Which is bigger by revenue, Ford or Tesla?
- Ford reported $187.3B of revenue in FY2025, and Tesla reported $94.8B in FY2025.
- How much net income did Ford and Tesla report?
- Ford reported net income of −$8.2B in FY2025, and Tesla reported $3.8B in FY2025.
- How much of every $100 did Ford and Tesla keep as net income?
- Ford kept −$4.3 of every $100 that came in during FY2025, and Tesla kept $3.9 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Ford and Tesla have?
- Ford had $163.1B of debt and $34.1B of cash and investments on Sep 30, 2026. Tesla had $9.5B of debt and $45.4B of cash and investments on Sep 30, 2026.
- When do Ford's and Tesla's fiscal years end?
- Ford: Fiscal year ends on December 31 (the calendar year). Tesla: Fiscal year ends on December 31 (the calendar year).
Sources: Ford S3, S39, S1, S6 · Tesla S3, S11, S1, S6, S9, S17
Built from each company's page. Ford updated Nov 1, 2026; Tesla updated Nov 1, 2026.
Sources
Ford
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Ford Motor Company (SEC EDGAR), Feb 11, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Ford Motor Company (SEC EDGAR), Feb 7, 2024
- S6Form 10-Q, third quarter 2026 (ended Sep 30, 2026), Ford Motor Company (SEC EDGAR), Oct 29, 2026
- S21Proxy statement (DEF 14A), 2026 annual meeting, Ford Motor Company (SEC EDGAR), Mar 27, 2026
- S39SEC XBRL company facts, CIK 0000037996, SEC EDGAR, Nov 1, 2026
Tesla
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Tesla, Inc. (SEC EDGAR), Jan 29, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Tesla, Inc. (SEC EDGAR), Jan 29, 2024
- S6Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), Tesla, Inc. (SEC EDGAR), Oct 22, 2026
- S9Q3 2026 Update (Form 8-K, Exhibit 99.1), Tesla, Inc. (SEC EDGAR; also ir.tesla.com), Oct 21, 2026
- S11Q4 and FY2025 Update (Form 8-K, Exhibit 99.1), Tesla, Inc. (SEC EDGAR; also ir.tesla.com), Jan 28, 2026
- S14Definitive proxy statement (DEF 14A), 2026 Annual Meeting (Dec 3, 2026), Tesla, Inc. (SEC EDGAR), Oct 19, 2026
- S17Form 8-K: entry into $20bn term loan and $10bn revolving credit facilities (Sep 29, 2026), Tesla, Inc. (SEC EDGAR), Sep 29, 2026
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