($ in millions, except percentages and per share data)	2021	2022	2023	2024	2025	YoY
Total automotive revenues	47,232	71,462	82,419	77,070	69,526	-10%
Energy generation and storage revenue	2,789	3,909	6,035	10,086	12,771	27%
Services and other revenue	3,802	6,091	8,319	10,534	12,530	19%
Total revenues	53,823	81,462	96,773	97,690	94,827	-3%
Total gross profit	13,606	20,853	17,660	17,450	17,094	-2%
Total GAAP gross margin	25.3%	25.6%	18.2%	17.9%	18.0%	16 bp
Operating expenses	7,083	7,197	8,769	10,374	12,739	23%
Income from operations	6,523	13,656	8,891	7,076	4,355	-38%
Operating margin	12.1%	16.8%	9.2%	7.2%	4.6%	-265 bp
Adjusted EBITDA (1)	11,722	19,390	16,631	16,056	14,596	-9%
Adjusted EBITDA margin (1)	21.8%	23.8%	17.2%	16.4%	15.4%	-104 bp
Net income attributable to common stockholders (GAAP)	5,519	12,556	14,997	7,091	3,794	-46%
Net income attributable to common stockholders (non-GAAP) (2)	7,719	14,276	10,882	7,960	5,858	-26%
EPS attributable to common stockholders, diluted (GAAP)	1.63	3.62	4.30	2.04	1.08	-47%
EPS attributable to common stockholders, diluted (non-GAAP) (2)	2.28	4.12	3.12	2.29	1.66	-28%
Net cash provided by operating activities	11,497	14,724	13,256	14,923	14,747	-1%
Capital expenditures (3)	(6,514)	(7,163)	(8,899)	(11,342)	(8,527)	-25%
Free cash flow (3)	4,983	7,561	4,357	3,581	6,220	74%
Cash, cash equivalents and investments	17,707	22,185	29,094	36,563	44,059	21%