Tesla’s annual financial report, released this morning, shows the company enjoyed almost $5.7 billion of U.S. income in 2025—almost doubling the $2.98 billion the company enjoyed in 2024 – on which it reports precisely zero current federal income tax. Over the past three years, the Elon Musk-led company reported $12.58 billion of U.S. income on which its current federal tax was just $48 million. New income tax disclosure requirements, which took effect for all publicly traded companies in 2025, clarify the company’s tax situation a bit. Tesla’s cash income tax payments worldwide totaled $1.2 billion, of which over $1 billion was paid to China and other foreign governments. (Current federal tax, the tax concept that is the basis for the “zero federal income tax” reported here, is the company’s best estimate of the tax they will pay, when returns are finalized, on current-year income, while cash tax represents the amount of money the company spent in 2025 related to any tax year, past or present.)