As of Q4'25, TSLA reported an operating income of USD 1.41B, representing a year-over-year decline of -10.99%. This marks a partial recovery from the previous quarter's peak of USD 1.62B, but the YoY growth rate remains negative. From Q1'23 to Q4'25, TSLA's operating income has experienced significant volatility, with notable declines in Q3'23 and Q1'24, followed by a sharp rebound in Q3'24 (USD 2.72B, +54.02% YoY). However, the overall trend since early 2023 has been downward, with most quarters showing negative YoY growth rates, indicating persistent profitability challenges despite occasional short-term recoveries.