← Filings of TSLA
| | Page |
| PART I. | | |
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 12 |
| Item 1B. | Unresolved Staff Comments | 27 |
| Item 1C. | Cybersecurity | 27 |
| Item 2. | Properties | 28 |
| Item 3. | Legal Proceedings | 28 |
First 8 of 29 rows. The download has all of them.
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Automotive sales | $65,821 | | $72,480 | | $78,509 | $(6,659) | (9)% | $(6,029) | (8)% |
| Automotive regulatory credits | 1,993 | | 2,763 | | 1,790 | (770) | (28)% | 973 | 54% |
| Automotive leasing | 1,712 | | 1,827 | | 2,120 | (115) | (6)% | (293) | (14)% |
| Total automotive revenues | 69,526 | | 77,070 | | 82,419 | (7,544) | (10)% | (5,349) | (6)% |
| Services and other | 12,530 | | 10,534 | | 8,319 | 1,996 | 19% | 2,215 | 27% |
| Total automotive & services and other segment revenue | 82,056 | | 87,604 | | 90,738 | (5,548) | (6)% | (3,134) | (3)% |
First 8 of 10 rows. The download has all of them.
Table 3 after “Cost of Revenues and Gross Margin”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Cost of revenues | | | | | | | | | |
| Automotive sales | $56,267 | | $61,870 | | $65,121 | $(5,603) | (9)% | $(3,251) | (5)% |
| Automotive leasing | 898 | | 1,003 | | 1,268 | (105) | (10)% | (265) | (21)% |
| Total automotive cost of revenues | 57,165 | | 62,873 | | 66,389 | (5,708) | (9)% | (3,516) | (5)% |
| Services and other | 11,599 | | 9,921 | | 7,830 | 1,678 | 17% | 2,091 | 27% |
| Total automotive & services and other segment cost of revenues | 68,764 | | 72,794 | | 74,219 | (4,030) | (6)% | (1,425) | (2)% |
First 8 of 18 rows. The download has all of them.
Table 4 after “Research and Development Expense”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Research and development | $6,411 | | $4,540 | | $3,969 | $1,871 | 41% | $571 | 14% |
| As a percentage of revenues | 7% | | 5% | | 4% | | | | |
Table 5 after “Selling, General and Administrative Expense”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Selling, general and administrative | $5,834 | | $5,150 | | $4,800 | $684 | 13% | $350 | 7% |
| As a percentage of revenues | 6% | | 5% | | 5% | | | | |
Table 6 after “Restructuring and Other”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Restructuring and other | $494 | | $684 | | $— | $(190) | (28)% | $684 | Not meaningful |
Table 7 after “Interest Income”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Interest income | $1,680 | | $1,569 | | $1,066 | $111 | 7% | $503 | 47% |
Table 8 after “Other Income (Expense), Net”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Other (expense) income, net | $(419) | | $695 | | $172 | $(1,114) | Not meaningful | $523 | 304% |
Table 9 after “Provision for (Benefit from) Income Taxes”
| Year Ended December 31, | 2025 vs. 2024 Change | | 2024 vs. 2023 Change | | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | $% | $% | | | |
| Provision for (benefit from) income taxes | $1,423 | | $1,837 | | $(5,001) | $(414) | (23)% | $6,838 | Not meaningful |
| Effective tax rate | 27% | | 20% | | (50)% | | | | |
Table 10 after “Summary of Cash Flows”
| Year Ended December 31, | | | | |
| (Dollars in millions) | 2025 | 2024 | | 2023 | |
| Net cash provided by operating activities | $14,747 | | $14,923 | | $13,256 |
| Net cash used in investing activities | $(15,478) | | $(18,787) | | $(15,584) |
| Net cash provided by financing activities | $1,139 | | $3,853 | | $2,589 |
Table 11 after “Index to Consolidated Financial Statements”
| Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | 46 |
| Consolidated Balance Sheets | 49 |
| Consolidated Statements of Operations | 50 |
| Consolidated Statements of Comprehensive Income | 51 |
| Consolidated Statements of Redeemable Noncontrolling Interests and Equity | 52 |
| Consolidated Statements of Cash Flows | 53 |
| Notes to Consolidated Financial Statements | 54 |
Table 12 after “(in millions, except per share data)”
| December 31, 2025 | December 31, 2024 | |
| Assets | | | |
| Current assets | | | |
| Cash and cash equivalents | $16,513 | | $16,139 |
| Short-term investments | 27,546 | | 20,424 |
| Accounts receivable, net | 4,576 | | 4,418 |
| Inventory | 12,392 | | 12,017 |
| Prepaid expenses and other current assets | 7,615 | | 5,362 |
First 8 of 40 rows. The download has all of them.
Table 13 after “(in millions, except per share data)”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Revenues | | | | | |
| Automotive sales | $65,821 | | $72,480 | | $78,509 |
| Automotive regulatory credits | 1,993 | | 2,763 | | 1,790 |
| Automotive leasing | 1,712 | | 1,827 | | 2,120 |
| Total automotive revenues | 69,526 | | 77,070 | | 82,419 |
| Energy generation and storage | 12,771 | | 10,086 | | 6,035 |
First 8 of 38 rows. The download has all of them.
Table 14 after “(in millions)”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income | $3,855 | | $7,153 | | $14,974 |
| Other comprehensive income (loss): | | | | | |
| Foreign currency translation adjustment | 1,038 | | (539) | | 198 |
| Unrealized net (loss) gain on investments, net of tax | (7) | | 12 | | 16 |
| Net loss realized and included in net income | — | | — | | 4 |
| Total other comprehensive income (loss): | 1,031 | | (527) | | 218 |
First 8 of 11 rows. The download has all of them.
Table 15 after “(in millions)”
| RedeemableNoncontrollingInterests | | Common Stock | | AdditionalPaid-InCapital | | AccumulatedOtherComprehensive(Loss) Income | RetainedEarnings | TotalStockholders’Equity | | NoncontrollingInterests inSubsidiaries | TotalEquity | | | |
| | Shares | | Amount | | | | | | | | | | | |
| Balance as of December 31, 2022 | $409 | | | 3,164 | | $3 | | $32,177 | | $(361) | | $12,885 | $44,704 | $785 | $45,489 |
| Issuance of common stock for equity incentive awards | — | | | 21 | | — | | 700 | | — | | — | 700 | — | 700 |
| Stock-based compensation | — | | | — | | — | | 2,013 | | — | | — | 2,013 | — | 2,013 |
| Distributions to noncontrolling interests | (32) | | | — | | — | | — | | — | | — | — | (108) | (108) |
| Buy-outs of noncontrolling interests | (39) | | | — | | — | | 2 | | — | | — | 2 | (17) | (15) |
| Net (loss) income | (96) | | | — | | — | | — | | — | | 14,997 | 14,997 | 73 | 15,070 |
First 8 of 26 rows. The download has all of them.
Table 16 after “(in millions)”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cash Flows from Operating Activities | | | | | |
| Net income | $3,855 | | $7,153 | | $14,974 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation, amortization and impairment | 6,148 | | 5,368 | | 4,667 |
| Stock-based compensation | 2,825 | | 1,999 | | 1,812 |
| Inventory and purchase commitments write-downs | 362 | | 335 | | 463 |
First 8 of 46 rows. The download has all of them.
Table 17 after “The following table disaggregates our revenue by major source (in millions):”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Automotive sales | $65,821 | | $72,480 | | $78,509 |
| Automotive regulatory credits | 1,993 | | 2,763 | | 1,790 |
| Energy generation and storage sales | 12,270 | | 9,564 | | 5,515 |
| Services and other | 12,530 | | 10,534 | | 8,319 |
| Total revenues from sales and services | 92,614 | | 95,341 | | 94,133 |
| Automotive leasing | 1,712 | | 1,827 | | 2,120 |
First 8 of 10 rows. The download has all of them.
Table 18 after “Deferred revenue related to internet connectivity, access to our FSD (Supervised) features and their ongoing maintenance, free Supercharging”
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Deferred revenue — beginning of period | $3,599 | | $3,536 |
| Additions | 1,083 | | 1,343 |
| Net changes in liability for pre-existing contracts, including foreign exchange impact | 141 | | (92) |
| Revenue recognized | (956) | | (1,188) |
| Deferred revenue — end of period | $3,867 | | $3,599 |
Table 19 after “The following table presents the reconciliation of net income attributable to common stockholders to net income used in computing basic and ”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income attributable to common stockholders | $3,794 | | $7,091 | | $14,997 |
| Less: Buy-outs of noncontrolling interests | — | | (39) | | (2) |
| Net income used in computing basic and diluted net income per share of common stock | $3,794 | | $7,130 | | $14,999 |
Table 20 after “RSAs will be excluded from the computation of diluted weighted average shares until the shares have been deemed to be earned. The following ”
| Year Ended December 31, | | |
| 2025 | 2024 | 2023 |
| Weighted average shares used in computing net income per share of common stock, basic | 3,225 | 3,197 | 3,174 |
| Add: | | | |
| Stock-based awards | 303 | 292 | 298 |
| Convertible senior notes | — | 1 | 2 |
| Warrants | — | 8 | 11 |
| Weighted average shares used in computing net income per share of common stock, diluted | 3,528 | 3,498 | 3,485 |
Table 21 after “The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of comm”
| Year Ended December 31, | | |
| 2025 | 2024 | 2023 |
| Stock-based awards | 4 | 15 | 12 |
Table 22 after “Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in milli”
| December 31, 2025 | December 31, 2024 | | December 31, 2023 | |
| Cash and cash equivalents | $16,513 | | $16,139 | | $16,398 |
| Restricted cash included in prepaid expenses and other current assets | 389 | | 494 | | 543 |
| Restricted cash included in other non-current assets | 714 | | 404 | | 248 |
| Total as presented in the consolidated statements of cash flows | $17,616 | | $17,037 | | $17,189 |
Table 23 after “Property, plant and equipment, net, including leasehold improvements, are recognized at cost less accumulated depreciation. Depreciation is ”
| Machinery, equipment, vehicles and office furniture | 3 to 15 years |
| Tooling | 4 to 7 years |
| Building and building improvements | 15 to 30 years |
| Computer equipment and software | 3 to 6 years |
| AI infrastructure | 5 to 30 years |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Accrued warranty—beginning of period | $6,716 | | $5,152 | | $3,505 |
| Warranty costs incurred | (1,723) | | (1,453) | | (1,225) |
| Net changes in liability for pre-existing warranties, including expirations and foreign exchange impact | 1,127 | | 287 | | 539 |
| Provision for warranty | 2,487 | | 2,730 | | 2,333 |
| Accrued warranty—end of period | $8,607 | | $6,716 | | $5,152 |
Table 25 after “The cumulative effect of the changes made on our January 1, 2024 consolidated balance sheet for the adoption of the new crypto assets standa”
| Balances at December 31, 2023 | Adjustments from Adoption of the New Crypto Assets Standard | | Balances at January 1, 2024 | |
| Assets | | | | | |
| Digital assets, net | $184 | | $303 | | $487 |
| Deferred tax assets | 6,733 | | (67) | | 6,666 |
| Stockholders' equity | | | | | |
| Retained earnings | 27,882 | | 236 | | 28,118 |
Table 26 after “The table below summarizes the amounts shown on our consolidated balance sheets as of December 31, 2025 and 2024 (in millions except units o”
| December 31, 2025 | December 31, 2024 | | | | | | |
| Units | Cost Basis | Fair Value | | Units | Cost Basis | Fair Value | |
| Digital assets held: | | | | | | | | |
| Bitcoin | 11,509 | $386 | | $1,007 | | 11,509 | $386 | $1,074 |
| Other | | 1 | | 1 | | | 1 | 2 |
| Total | | $387 | | $1,008 | | | $387 | $1,076 |
Table 27 after “The following table provides details of the activities related to our digital assets for the years ended December 31, 2025 and 2024 (in mill”
| Year Ended December 31, | | |
| 2025 | 2024 | |
| Beginning balance at fair value | $1,076 | | $487 |
| Unrealized (loss) gain, net | (68) | | 589 |
| Ending balance at fair value | $1,008 | | $1,076 |
Table 28 after “Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):”
| December 31, 2025 | December 31, 2024 | | | | | | | | | | | |
| Fair Value | Level I | | Level II | Level III | Fair Value | | Level I | Level II | Level III | | | |
| Certificates of deposit and time deposits | $14,600 | | $— | | $14,600 | | $— | | $12,767 | | $— | $12,767 | $— |
| Commercial paper | 5,617 | | — | | 5,617 | | — | | 3,919 | | — | 3,919 | — |
| U.S. government securities | 7,321 | | — | | 7,321 | | — | | 3,620 | | — | 3,620 | — |
| Corporate debt securities | 8 | | — | | 8 | | — | | 118 | | — | 118 | — |
| Money market funds | 1,890 | | 1,890 | | — | | — | | 1,753 | | 1,753 | — | — |
| Digital assets | 1,008 | | 1,008 | | — | | — | | 1,076 | | 1,076 | — | — |
First 8 of 9 rows. The download has all of them.
Table 29 after “Our cash, cash equivalents and investments classified by security type as of December 31, 2025 and 2024 consisted of the following (in milli”
| December 31, 2025 | | | | | | | | | |
| Adjusted Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | Cash and Cash Equivalents | | Short-Term Investments | | |
| Cash | $14,623 | | $— | | $— | | $14,623 | | $14,623 | $— |
| Certificates of deposit and time deposits | 14,598 | | 2 | | — | | 14,600 | | — | 14,600 |
| Commercial paper | 5,619 | | — | | (2) | | 5,617 | | — | 5,617 |
| U.S. government securities | 7,318 | | 5 | | (2) | | 7,321 | | — | 7,321 |
| Corporate debt securities | 8 | | — | | — | | 8 | | — | 8 |
| Money market funds | 1,890 | | — | | — | | 1,890 | | 1,890 | — |
First 8 of 9 rows. The download has all of them.
Table 30 after “Our cash, cash equivalents and investments classified by security type as of December 31, 2025 and 2024 consisted of the following (in milli”
| December 31, 2024 | | | | | | | | | |
| Adjusted Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | Cash and Cash Equivalents | | Short-Term Investments | | |
| Cash | $14,386 | | $— | | $— | | $14,386 | | $14,386 | $— |
| Certificates of deposit and time deposits | 12,767 | | — | | — | | 12,767 | | — | 12,767 |
| Commercial paper | 3,908 | | 11 | | — | | 3,919 | | — | 3,919 |
| U.S. government securities | 3,618 | | 3 | | (1) | | 3,620 | | — | 3,620 |
| Corporate debt securities | 117 | | 1 | | — | | 118 | | — | 118 |
| Money market funds | 1,753 | | — | | — | | 1,753 | | 1,753 | — |
First 8 of 9 rows. The download has all of them.
Table 31 after “Our inventory consisted of the following (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Raw materials | $4,522 | | $5,242 |
| Work in process | 1,725 | | 1,532 |
| Finished goods (1) | 4,849 | | 3,940 |
| Service parts | 1,296 | | 1,303 |
| Total | $12,392 | | $12,017 |
Table 32 after “Our property, plant and equipment, net, consisted of the following (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Machinery, equipment, vehicles and office furniture | $20,864 | | $18,339 |
| Land and buildings | 11,837 | | 10,677 |
| AI infrastructure | 6,816 | | 5,152 |
| Tooling | 4,868 | | 3,883 |
| Leasehold improvements | 4,439 | | 3,688 |
| Computer equipment, hardware and software | 3,206 | | 2,902 |
| Construction in progress | 8,786 | | 6,783 |
First 8 of 11 rows. The download has all of them.
Table 33 after “Our accrued liabilities and other current liabilities consisted of the following (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Accrued purchases (1) | $2,577 | | $2,253 |
| Accrued warranty reserve, current portion | 2,475 | | 1,917 |
| Payroll and related costs | 1,907 | | 1,532 |
| Taxes payable (2) | 1,594 | | 1,367 |
| Customer deposits | 1,311 | | 993 |
| Operating lease liabilities, current portion | 954 | | 807 |
| Sales return reserve, current portion | 529 | | 305 |
First 8 of 10 rows. The download has all of them.
Table 34 after “Our other long-term liabilities consisted of the following (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Accrued warranty reserve | $6,132 | | $4,799 |
| Operating lease liabilities | 5,389 | | 4,603 |
| Other non-current liabilities | 1,339 | | 1,093 |
| Total other long-term liabilities | $12,860 | | $10,495 |
Table 35 after “The following is a summary of our debt and finance leases as of December 31, 2025 (in millions):”
| Net Carrying Value | Unpaid Principal Balance | | Unused Committed Amount (1) | Contractual Interest Rates | Contractual Maturity Date | | | |
| Current | Long-Term | | | | | | | |
| Recourse debt: | | | | | | | | | |
| RCF Credit Agreement | — | | — | | — | | 5,000 | Not applicable | January 2028 |
| Other | 1 | | 2 | | 3 | | — | 4.70-5.75% | January 2026-January 2031 |
| Total recourse debt | 1 | | 2 | | 3 | | 5,000 | | |
| Non-recourse debt: | | | | | | | | | |
| Automotive Asset-backed Notes | 1,492 | | 1,745 | | 3,249 | | — | 2.47-6.57% | October 2026-June 2035 |
First 8 of 15 rows. The download has all of them.
Table 36 after “The following is a summary of our debt and finance leases as of December 31, 2024 (in millions):”
| Net Carrying Value | Unpaid Principal Balance | | Unused Committed Amount (1) | Contractual Interest Rates | Contractual Maturity Date | | | | |
| Current | Long-Term | | | | | | | | |
| Recourse debt: | | | | | | | | | | |
| RCF Credit Agreement | — | | — | | — | | 5,000 | Not applicable | January 2028 | |
| Other | 4 | | 3 | | 7 | | — | 4.70-5.75% | March 2025-January 2031 | |
| Total recourse debt | 4 | | 3 | | 7 | | 5,000 | | | |
| Non-recourse debt: | | | | | | | | | | |
| Automotive Asset-backed Notes | 2,255 | | 2,059 | | 4,329 | | — | 3.45-6.57% | September 2025-June 2035 | |
First 8 of 15 rows. The download has all of them.
Table 37 after “The future scheduled principal maturities of debt as of December 31, 2025 were as follows (in millions):”
| Recourse debt | Non-recourse debt | | Total | |
| 2026 | $1 | | $1,575 | | $1,576 |
| 2027 | — | | 1,233 | | 1,233 |
| 2028 | — | | 649 | | 649 |
| 2029 | — | | 4,386 | | 4,386 |
| 2030 | 2 | | 87 | | 89 |
| Thereafter | — | | 244 | | 244 |
| Total | $3 | | $8,174 | | $8,177 |
Table 38 after “The balances for the operating and finance leases where we are the lessee are presented as follows (in millions) within our consolidated bal”
| December 31, 2025 | December 31, 2024 | |
| Operating leases: | | | |
| Operating lease right-of-use assets | $6,027 | | $5,160 |
| Accrued liabilities and other | $954 | | $807 |
| Other long-term liabilities | 5,389 | | 4,603 |
| Total operating lease liabilities | $6,343 | | $5,410 |
| Finance leases: | | | |
| Energy generation and storage systems, net | $19 | | $21 |
First 8 of 13 rows. The download has all of them.
Table 39 after “The components of lease expense are as follows (in millions) within our consolidated statements of operations:”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Operating lease expense: | | | | | |
| Operating lease expense (1) | $1,766 | | $1,500 | | $1,153 |
| Finance lease expense: | | | | | |
| Amortization of leased assets | $118 | | $409 | | $506 |
| Interest on lease liabilities | 12 | | 21 | | 45 |
| Total finance lease expense | $130 | | $430 | | $551 |
First 8 of 9 rows. The download has all of them.
Table 40 after “Other information related to leases where we are the lessee is as follows:”
| December 31, 2025 | December 31, 2024 | |
| Weighted-average remaining lease term: | | | |
| Operating leases | 7.7 years | 7.9 years | |
| Finance leases | 4.3 years | 4.4 years | |
| Weighted-average discount rate: | | | |
| Operating leases | 5.0% | | 5.3% |
| Finance leases | 4.7% | | 4.7% |
Table 41 after “Supplemental cash flow information related to leases where we are the lessee is as follows (in millions):”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | |
| Operating cash outflows from operating leases | $1,743 | | $1,450 | | $1,084 |
| Operating cash outflows from finance leases (interest payments) | $12 | | $21 | | $47 |
| Leased assets obtained in exchange for finance lease liabilities | $— | | $144 | | $10 |
| Leased assets obtained in exchange for operating lease liabilities | $1,643 | | $1,808 | | $2,170 |
Table 42 after “As of December 31, 2025, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows (in mill”
| Operating Leases | Finance Leases | |
| 2026 | $1,241 | | $80 |
| 2027 | 1,127 | | 72 |
| 2028 | 1,012 | | 27 |
| 2029 | 879 | | 22 |
| 2030 | 787 | | 22 |
| Thereafter | 2,668 | | 23 |
| Total minimum lease payments | 7,714 | | 246 |
First 8 of 12 rows. The download has all of them.
Table 43 after “. As of December 31, 2025, maturities of our operating lease and sales-type lease receivables from customers for each of the next five years”
| Operating Leases | Sales-type Leases | |
| 2026 | $1,045 | | $144 |
| 2027 | 709 | | 83 |
| 2028 | 363 | | 27 |
| 2029 | 210 | | 5 |
| 2030 | 203 | | — |
| Thereafter | 1,077 | | — |
| Gross lease receivables | $3,607 | | $259 |
Table 44 after “Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the con”
| December 31, 2025 | December 31, 2024 | |
| Gross lease receivables | $259 | | $484 |
| Unearned interest income | (14) | | (38) |
| Allowance for expected credit losses | (5) | | (6) |
| Net investment in sales-type leases | $240 | | $440 |
| Reported as: | | | |
| Prepaid expenses and other current assets | $130 | | $152 |
| Other non-current assets | 110 | | 288 |
First 8 of 9 rows. The download has all of them.
Table 45 after “The following table summarizes our stock option and RSU activity for the year ended December 31, 2025:”
| Stock Options | RSUs | | | | | | | | | |
| Number ofOptions(in thousands) | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (years) | | AggregateIntrinsicValue(in billions) | | Numberof RSUs(in thousands) | | Weighted- Average Grant Date Fair Value | | |
| Beginning of period | 344,535 | $40.41 | | | | | | 18,661 | | $233.02 | |
| Granted | 13,128 | $338.43 | | | | | | 8,444 | | $360.99 | |
| Exercised or released | (7,289) | $112.43 | | | | | | (7,089) | | $241.62 | |
| Cancelled | (6,268) | $187.47 | | | | | | (3,004) | | $254.57 | |
| End of period | 344,106 | $47.58 | | 2.68 | | $138.38 | | | 17,012 | | $289.15 |
| Vested and expected to vest, December 31, 2025 | 340,111 | $43.98 | | 2.60 | | $138.00 | | | 16,628 | | $286.47 |
First 8 of 9 rows. The download has all of them.
| Tranche # | Number of Shares Subject to Tranche | Market Capitalization Milestones (2) | Operational Milestones | Achievement Status |
| 1 | 35,311,992 | $2.0 trillion | Achievement of any 1 of the 12 Operational Milestones | - |
| 2 | 35,311,992 | $2.5 trillion | Achievement of any 2 of the 12 Operational Milestones | - |
| 3 | 35,311,992 | $3.0 trillion | Achievement of any 3 of the 12 Operational Milestones | - |
| 4 | 35,311,992 | $3.5 trillion | Achievement of any 4 of the 12 Operational Milestones | - |
| 5 | 35,311,992 | $4.0 trillion | Achievement of any 5 of the 12 Operational Milestones | - |
| 6 | 35,311,992 | $4.5 trillion | Achievement of any 6 of the 12 Operational Milestones | - |
| 7 | 35,311,992 | $5.0 trillion | Achievement of any 7 of the 12 Operational Milestones | - |
First 8 of 14 rows. The download has all of them.
Table 47 after “The operational milestones generally required for any shares to become Earned Shares are defined as follows:”
| Milestone # | Operational Milestones (3) |
| 1 | 20 million Tesla vehicles delivered |
| 2 | 10 million active FSD subscriptions |
| 3 | 1 million bots delivered |
| 4 | 1 million Robotaxis in commercial operation |
| 5 | $50 billion of Adjusted EBITDA |
| 6 | $80 billion of Adjusted EBITDA |
| 7 | $130 billion of Adjusted EBITDA |
First 8 of 13 rows. The download has all of them.
Table 48 after “The weighted-average assumptions used in the Black-Scholes model for stock options are as follows:”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Risk-free interest rate | 3.95% | | 3.92% | | 3.90% |
| Expected term (in years) | 4.7 | 4.3 | | 4.5 | |
| Expected volatility | 60% | | 59% | | 63% |
| Dividend yield | —% | | —% | | —% |
| Grant date fair value per share | $178.36 | | $114.29 | | $121.62 |
Table 49 after “The weighted-average assumptions used in the Monte Carlo simulation model for the purpose of determining the grant date fair value of the 20”
| Expected award term (in years) (1) | 9.8 |
| Expected share price volatility | 60% |
| Dividend yield | —% |
| Risk-free rate of return | 4.06% |
| Dilution adjustment | 15% |
| Illiquidity discount (2) | 0% - 14% |
| Grant date fair value per share (3) | $284.24 - $337.74 |
Table 50 after “The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions):”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cost of revenues | $870 | | $776 | | $741 |
| Research and development | 1,332 | | 832 | | 689 |
| Selling, general and administrative | 623 | | 389 | | 382 |
| Restructuring and other | — | | 2 | | — |
| Total | $2,825 | | $1,999 | | $1,812 |
Table 51 after “Our income before provision for (benefit from) income taxes for the years ended December 31, 2025, 2024 and 2023 was as follows (in millions”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Domestic | $4,766 | | $2,292 | | $3,196 |
| Noncontrolling interest and redeemable noncontrolling interest | 61 | | 62 | | (23) |
| Foreign | 451 | | 6,636 | | 6,800 |
| Income before income taxes | $5,278 | | $8,990 | | $9,973 |
Table 52 after “The components of the provision for (benefit from) income taxes for the years ended December 31, 2025, 2024 and 2023 consisted of the follow”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Current: | | | | | |
| Federal | $— | | $— | | $48 |
| State | 5 | | 45 | | 57 |
| Foreign | 1,295 | | 1,315 | | 1,243 |
| Total current | 1,300 | | 1,360 | | 1,348 |
| Deferred: | | | | | |
First 8 of 13 rows. The download has all of them.
Table 53 after “, the reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31,”
| Amount | Percent | |
| U.S. federal statutory tax rate | $1,108 | | 21.0% |
| Foreign tax effects | | | |
| China | | | |
| Statutory tax rate difference between China and United States | 60 | | 1.1 |
| Withholding tax | 361 | | 6.8 |
| Other | (37) | | (0.7) |
| Other foreign jurisdictions | 331 | | 6.3 |
First 8 of 19 rows. The download has all of them.
Table 54 after “The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the years ended December 31, ”
| Year Ended December 31, | | |
| 2024 | 2023 | |
| Tax at statutory federal rate | $1,887 | | $2,094 |
| State tax, net of federal benefit | 8 | | (372) |
| Excess tax benefits related to stock-based compensation | (267) | | (288) |
| Nontaxable manufacturing credit | (291) | | (101) |
| Foreign income rate differential | (545) | | (816) |
| U.S. tax credits | (317) | | (593) |
First 8 of 13 rows. The download has all of them.
Table 55 after “, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows (in millions):”
| Federal | $28 |
| State | |
| California | 86 |
| Other states | 65 |
| Foreign | |
| China | 751 |
| Other countries | 302 |
| Total cash paid for income taxes, net of refunds | $1,232 |
Table 56 after “Deferred tax assets (liabilities) as of December 31, 2025 and 2024 consisted of the following (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Deferred tax assets: | | | |
| Net operating loss carry-forwards | $1,083 | | $1,295 |
| Research and development credits | 2,030 | | 1,735 |
| Other tax credits and attributes | 2,090 | | 1,325 |
| Deferred revenue | 999 | | 1,101 |
| Inventory and warranty reserves | 2,269 | | 1,769 |
| Operating lease right-of-use liabilities | 1,376 | | 1,186 |
First 8 of 20 rows. The download has all of them.
Table 57 after “The changes to our gross unrecognized tax benefits were as follows (in millions):”
| December 31, 2022 | $870 |
| Increases in balances related to prior year tax positions | 59 |
| Decreases in balances related to settlement with tax authorities | (6) |
| Increases in balances related to current year tax positions | 255 |
| Decreases in balances related to expiration of the statute of limitations | (4) |
| December 31, 2023 | 1,174 |
| Increases in balances related to prior year tax positions | 51 |
| Decreases in balances related to prior year tax positions | (27) |
First 8 of 18 rows. The download has all of them.
Table 58 after “The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the c”
| December 31, 2025 | December 31, 2024 | |
| Assets | | | |
| Current assets | | | |
| Cash and cash equivalents | $109 | | $49 |
| Accounts receivable, net | 11 | | 18 |
| Prepaid expenses and other current assets | 198 | | 276 |
| Total current assets | 318 | | 343 |
| Operating lease vehicles, net | 456 | | 392 |
First 8 of 20 rows. The download has all of them.
Table 59 after “The following table presents revenues, cost of revenues and gross profit by reportable segment (in millions):”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Automotive segment | | | | | |
| Revenues | $82,056 | | $87,604 | | $90,738 |
| Cost of revenues (1) | $68,764 | | $72,794 | | $74,219 |
| Gross profit | $13,292 | | $14,810 | | $16,519 |
| Energy generation and storage segment | | | | | |
| Revenues | $12,771 | | $10,086 | | $6,035 |
First 8 of 10 rows. The download has all of them.
Table 60 after “The following table presents revenues by geographic area based on the sales location of our products (in millions):”
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| United States | $47,627 | | $47,725 | | $45,235 |
| China | 20,962 | | 20,944 | | 21,745 |
| Other international | 26,238 | | 29,021 | | 29,793 |
| Total | $94,827 | | $97,690 | | $96,773 |
Table 61 after “The following table presents long-lived assets by geographic area (in millions):”
| December 31, 2025 | December 31, 2024 | |
| United States | $35,847 | | $32,461 |
| Germany | 4,775 | | 4,175 |
| Other international | 4,625 | | 4,124 |
| Total | $45,247 | | $40,760 |
Table 62 after “The following table presents inventory by reportable segment (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Automotive | $9,678 | | $9,988 |
| Energy generation and storage | 2,714 | | 2,029 |
| Total | $12,392 | | $12,017 |
| ExhibitNumber | | | | Incorporated by Reference | | FiledHerewith | | | | |
| Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date | |
| 3.1 | | Certificate of Formation of the Registrant | | 10-Q | | 001-34756 | | 3.1 | | July 24, 2024 |
| 3.2 | | Amended and Restated Bylaws of the Registrant. | | 8-K | | 001-34756 | | 3.1 | | May 16, 2025 |
| 4.1 | | Specimen common stock certificate of the Registrant. | | 10-K | | 001-34756 | | 4.1 | | January 30, 2025 |
| 4.2 | | Fifth Amended and Restated Investors’ Rights Agreement, dated as of August 31, 2009, between Registrant and certain holders of the Registrant’s capital stock named therein. | | S-1 | | 333-164593 | | 4.2 | | January 29, 2010 |
| 4.3 | | Amendment to Fifth Amended and Restated Investors’ Rights Agreement, dated as of May 20, 2010, between Registrant and certain holders of the Registrant’s capital stock named therein. | | S-1/A | | 333-164593 | | 4.2A | | May 27, 2010 |
| 4.4 | | Amendment to Fifth Amended and Restated Investors’ Rights Agreement between Registrant, Toyota Motor Corporation and certain holders of the Registrant’s capital stock named therein. | | S-1/A | | 333-164593 | | 4.2B | | May 27, 2010 |
First 8 of 10 rows. The download has all of them.
| ExhibitNumber | | | | Incorporated by Reference | | FiledHerewith | | | | | |
| Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date | | |
| 4.7 | | Waiver to Fifth Amended and Restated Investor’s Rights Agreement, dated as of May 22, 2011, between Registrant and certain holders of the Registrant’s capital stock named therein. | | S-1/A | | 333-174466 | | 4.2E | | June 2, 2011 | |
| 4.8 | | Amendment to Fifth Amended and Restated Investor’s Rights Agreement, dated as of May 30, 2011, between Registrant and certain holders of the Registrant’s capital stock named therein. | | 8-K | | 001-34756 | | 4.1 | | June 1, 2011 | |
| 4.9 | | Sixth Amendment to Fifth Amended and Restated Investors’ Rights Agreement, dated as of May 15, 2013 among the Registrant, the Elon Musk Revocable Trust dated July 22, 2003 and certain other holders of the capital stock of the Registrant named therein. | | 8-K | | 001-34756 | | 4.1 | | May 20, 2013 | |
| 4.10 | | Waiver to Fifth Amended and Restated Investor’s Rights Agreement, dated as of May 14, 2013, between the Registrant and certain holders of the capital stock of the Registrant named therein. | | 8-K | | 001-34756 | | 4.2 | | May 20, 2013 | |
| 4.11 | | Waiver to Fifth Amended and Restated Investor’s Rights Agreement, dated as of August 13, 2015, between the Registrant and certain holders of the capital stock of the Registrant named therein. | | 8-K | | 001-34756 | | 4.1 | | August 19, 2015 | |
| 4.12 | | Waiver to Fifth Amended and Restated Investors’ Rights Agreement, dated as of May 18, 2016, between the Registrant and certain holders of the capital stock of the Registrant named therein. | | 8-K | | 001-34756 | | 4.1 | | May 24, 2016 | |
First 8 of 13 rows. The download has all of them.
| ExhibitNumber | | | | Incorporated by Reference | | FiledHerewith | | | | | |
| Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date | | |
| 10.1** | | Form of Indemnification Agreement between the Registrant and its directors and officers. | | 8-K | | 3000-34756 | | 10.1 | | September 5, 2025 | |
| 10.2** | | 2003 Equity Incentive Plan. | | S-1/A | | 333-164593 | | 10.2 | | May 27, 2010 | |
| 10.3** | | Form of Stock Option Agreement under 2003 Equity Incentive Plan. | | S-1 | | 333-164593 | | 10.3 | | January 29, 2010 | |
| 10.4** | | Amended and Restated 2010 Equity Incentive Plan. | | 10-K | | 001-34756 | | 10.4 | | February 23, 2018 | |
| 10.5** | | Form of Stock Option Agreement under 2010 Equity Incentive Plan. | | 10-K | | 001-34756 | | 10.6 | | March 1, 2017 | |
| 10.6** | | Form of Restricted Stock Unit Award Agreement under 2010 Equity Incentive Plan. | | 10-K | | 001-34756 | | 10.7 | | March 1, 2017 | |
First 8 of 17 rows. The download has all of them.
| ExhibitNumber | | | | Incorporated by Reference | | FiledHerewith | | | | | |
| Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date | | |
| 10.16** | | 2025 CEO Interim Restricted Stock Agreement, dated August 3, 2025 | | 8-K | | 001-34756 | | 10.1 | | August 4, 2025 | |
| 10.17** | | Tesla, Inc. 2025 CEO Performance Award Agreement, dated as of September 3, 2025 | | S-8 | | 333-291402 | | 4.4 | | November 10, 2025 | |
| 10.18† | | Agreement for Tax Abatement and Incentives, dated as of May 7, 2015, by and between Tesla Motors, Inc. and the State of Nevada, acting by and through the Nevada Governor’s Office of Economic Development. | | 10-Q | | 001-34756 | | 10.1 | | August 7, 2015 | |
| 10.19†† | | Grant Contract for State-Owned Construction Land Use Right, dated as of October 17, 2018, by and between Shanghai Planning and Land Resource Administration Bureau, as grantor, and Tesla (Shanghai) Co., Ltd., as grantee (English translation). | | 10-Q | | 001-34756 | | 10.2 | | July 29, 2019 | |
| 10.20 | | Credit Agreement, dated as of January 20, 2023, among Tesla, Inc., the Lenders and Issuing Banks from time to time party thereto, Citibank, N.A., as Administrative Agent and Deutsche Bank Securities, Inc., as Syndication Agent | | 10-K | | 001-34756 | | 10.59 | | January 31, 2023 | |
| 19 | | Insider Trading Policy | | 10-K | | 001-34756 | | 19 | | January 30, 2025 | |
First 8 of 15 rows. The download has all of them.
| ExhibitNumber | | | | Incorporated by Reference | | FiledHerewith | | | | | |
| Exhibit Description | | Form | | File No. | | Exhibit | | Filing Date | | |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document | | — | | — | | — | | — | X |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | | — | | — | | — | | — | X |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | — | | — | | — | | — | X |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document | | — | | — | | — | | — | X |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | — | | — | | — | | — | X |
| 104 | | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | | | | | | | | | |
Table 68 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
| Signature | Title | Date |
| /s/ Elon Musk | Chief Executive Officer and Director (Principal Executive Officer) | January 28, 2026 |
| Elon Musk | | |
| /s/ Vaibhav Taneja | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | January 28, 2026 |
| Vaibhav Taneja | | |
| /s/ Robyn Denholm | Director | January 28, 2026 |
| Robyn Denholm | | |
| /s/ Ira Ehrenpreis | Director | January 28, 2026 |
First 8 of 21 rows. The download has all of them.