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Consumer discretionary · Automakers · Nasdaq

TSLATesla, Inc.

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The 10-K against last year's

143 changes: 19 added, 16 removed, 106 reworded, 2 quiet changes

10-K Jan 29, 2026 vs Jan 30, 2025
Risk FactorsRedline ↓
15.6%
of the text changed · 12,485 words now
29.0%
of the text changed · 7,618 words now
Legal ProceedingsRedline ↓
39.9%
of the text changed · 2,536 words now
Accounting PoliciesRedline ↓
17.2%
of the text changed · 9,951 words now

10-K 0001628280-26-003952 (2026-01-29) vs 10-K 0001628280-25-003063 (2025-01-30)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 236 words changed in this paragraph; it is 74% similar to last year's version.
We are also subject to various lawsuits that seek monetary and other injunctive relief. These lawsuits include proposed class actions and other consumer claims that allege, among other things, purported defects and misrepresentations related to our products and services. For example, on September 14, 2022, a proposed class action was filed against Tesla, Inc. and related entities in the U.S. District Court for the Northern District of California, alleging various claims about the Company’s driver assistance technology systems under state and federal law. This case was later consolidated with several other proposed class actions, and a Consolidated Amended Complaint was filed on October 28, 2022, which seeks damages and other relief on behalf of all persons who purchased or leased from Tesla between January 1, 2016, to the present. On October 5, 2022, a proposed class action complaint was filed in the U.S. District Court for the Eastern District of New York asserting similar state and federal law claims against the same defendants. On September 30, 2023, the Court dismissed this action with leave to amend the complaint. On November 20, 2023, the plaintiff moved to amend the complaint, which Tesla opposed. On August 8, 2024, the Court denied the plaintiff’s motion for leave to file an amended complaint and entered judgment for Tesla. On September 5, 2024, the plaintiff filed a notice of appeal to United States Court of Appeals for the Second Circuit, and the parties are briefing the matter. On March 22, 2023, the plaintiffs in the Northern District of California consolidated action filed a motion for a preliminary injunction to order Tesla to (1) cease using the term “Full Self-Driving Capability” (FSD Capability), (2) cease the sale and activation of FSD Capability and deactivate FSD Capability on Tesla vehicles, and (3) provide certain notices to consumers about proposed court-findings about the accuracy of the use of the terms Autopilot and FSD Capability. Tesla opposed the motion. On September 30, 2023, the Court denied the request for a preliminary injunction, compelled four of five plaintiffs to arbitration, and dismissed the claims of the fifth plaintiff with leave to amend the complaint. On October 31, 2023, the remaining plaintiff in the Northern District of California action filed an amended complaint, which Tesla moved to dismiss, and on May 15, 2024, the Court granted in part and denied in part Tesla’s motion. On May 6, 2025, the plaintiff filed a motion for class certification, which Tesla opposed, and on August 18, 2025, the Court certified a limited class comprised of California consumers who are not subject to an arbitration agreement. On September 1, 2025, Tesla filed a petition in the United States Court of Appeals for the Ninth Circuit for permission to appeal the class certification order, and on December 18, 2025, the Ninth Circuit granted Tesla’s petition. On January 5, 2026, the district court stayed the case pending resolution of the proceedings before the Ninth Circuit. Tesla’s opening brief in the Ninth Circuit is due on March 12, 2026. On October 2, 2023, a similar proposed class action was filed in San Diego County Superior Court in California. Tesla subsequently removed the San Diego County case to federal court and on January 8, 2024, the federal court granted Tesla’s motion to transfer the case to the U.S. District Court for the Northern District of California. Tesla moved to compel arbitration, which the plaintiff did not oppose, and on June 27, 2024, the Court stayed the case pending arbitration.

Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0001628280-26-003952 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001628280-25-003063

Risk Factors 236 words changed in this paragraph; it is 61% similar to last year's version.
We are subject to legal and regulatory requirements, political uncertainty and social, environmental and economic conditions in numerous jurisdictions, including markets in which we generate significant sales, over which we sales. We have little control and over these matters which are inherently unpredictable. Our operations in such jurisdictions, particularly as a company based in the U.S., with additional manufacturing operations in China and Europe, create risks relating to conforming our products to regulatory and safety requirements and charging and other electric infrastructures; organizing local operating entities; establishing, staffing and managing foreign business locations; attracting local customers; navigating U.S. and foreign government taxes, regulations and permit requirements; enforceability of our contractual rights; trade restrictions, customs regulations, tariffs and price or exchange controls; and preferences in foreign nations for domestically manufactured products. For example, we monitor tax legislation changes on a global basis, including changes arising as a result of the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. Such Further, the United States has recently announced changes to U.S. trade policy, including increasing tariffs on imports, in many cases significantly, and potentially renegotiating or terminating existing trade agreements. The exact scope of any such tariffs that will ultimately be implemented is not known at this time, and the impacts on our business and costs of our products is uncertain. Retaliatory tariffs imposed by other countries on U.S. exports, further increases in U.S. tariffs, and the uncertainties surrounding domestic and foreign tariffs have impacted the pricing for our products, which could adversely impact demand. We cannot predict whether, and to what extent, there may be changes to international trade agreements, such as those with China, or whether, or to what extent, quotas, duties, additional tariffs, export controls or other restrictions will be changed or imposed by the United States or by other countries. Historically, U.S. special tariff actions have increased our costs for vehicles manufactured in the United States and increased costs for those same vehicles when exported from the United States. Further, as it pertains to electric vehicles and lithium-ion batteries for our energy storage products, while the Company has continuously aimed for a strong domestic supply chain, certain parts and components are difficult or impossible to source within the United States. A change on any of these conditions may increase our costs, impact our ability to sell our products and require significant management attention, and may harm our business business, prospects, financial condition and operating results if we are unable to manage them effectively.

Source: Item 1A, 10-K 0001628280-26-003952 vs Item 1A, 10-K 0001628280-25-003063

MD&A 166 words changed in this paragraph; it is 37% similar to last year's version.
We use the fair value method of accounting for our restricted stock awards (“RSAs”), stock options and restricted stock units (“RSUs”) granted to employees and for our employee stock purchase plan (the “ESPP”) (“the ESPP”) to measure the cost of employee services received in exchange for the stock-based awards. The fair value Stock-based compensation expense for equity awards is a non-cash expense and is recorded in Cost of stock option awards with only service and/or performance conditions is estimated on revenues, Research and development expense and Selling, general and administrative expense in the grant or offering date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires inputs such as the risk-free interest rate, expected term and expected volatility. These inputs are subjective and generally require significant judgment. The fair value consolidated statements of RSUs is measured on the grant date operations based on the closing fair market value function of our common stock. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options and RSUs and six months for the ESPP. Stock-based compensation expense is recognized on a straight-line basis, net of actual forfeitures in the period. employee.

Source: Item 7, 10-K 0001628280-26-003952 vs Item 7, 10-K 0001628280-25-003063

Accounting Policies 141 words changed in this paragraph; it is 30% similar to last year's version.
In December 2023, 2025, the Financial Accounting Standards Board (“FASB”) FASB issued Accounting Standards Update (“ASU”) ASU No. 2023-09, Improvements to Income Tax Disclosures 2025-11, Interim Reporting (Topic 740). 270): Narrow-Scope Improvements. The ASU requires disaggregated information clarifies interim disclosure requirements and the applicability of Topic 270. The objective of the amendments is to provide further clarity about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. the current interim disclosure requirements. The ASU is effective on a prospective basis for interim reporting periods within annual reporting periods beginning after December 15, 2024. 2027. Adoption of this ASU can be applied either a prospective or a retrospective approach. Early adoption is also permitted for annual financial statements that permitted. We are currently evaluating the provisions of this ASU and do not expect this ASU to have not yet been issued or made available for issuance. This ASU will likely result in the required additional disclosures being included in a material impact on our consolidated financial statements, once adopted. statements.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001628280-26-003952 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001628280-25-003063

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of TSLA's Risk Factors and MD&A, 10-K 2026-01-29 against 10-K 2025-01-30. Each links to the text at sec.gov.

RemovedRisk Factors
Our ability to increase production of our vehicles on a sustained basis, make them affordable globally by accessing local supply chains and workforces and streamline delivery logistics is dependent on the construction and ramp of our current and future factories. The construction of and commencement and ramp of production at these factories are subject

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
unable to do so, we may have to curtail our planned vehicle and energy storage product production or procure additional cells from suppliers at potentially greater costs, either of which may harm our business and operating results.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
We must manage ongoing obligations under our agreement with the Research Foundation for the State University of New York relating to our Gigafactory New York.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
We are party to an operating lease and a research and development agreement through the State University of New York (the “SUNY Foundation”). These agreements provide for the construction and use of our Gigafactory New York, which we have primarily used for the development and production of our Solar Roof and other solar products and components, energy storage components and Supercharger components, and for other lessor-approved functions. Under this agreement, we are obligated to, among other things, meet employment targets as well as specified minimum numbers of personnel in the State of New York and in Buffalo, New York and spend or incur $5.00 billion in combined capital, operational expenses, costs of goods sold and other costs in the State of New York during a period that was initially 10 years beginning April 30, 2018. As of December 31, 2024, we have met and expect to meet the requirements under this arrangement, as may be modified and discussed from time to time, based on our current and anticipated level of operations. While we expect to have and grow significant operations at Gigafactory New York and the surrounding Buffalo area, any failure by us in any year over the course of the term of the agreement to meet all applicable future obligations may result in our incurring financial liabilities in the form of “program payments” which would not be expected to have a material adverse effect to our financial operations, the termination of our lease at Gigafactory New York, and/or the need to adjust certain of our operations. Any of the foregoing events may harm our business, financial condition and operating results.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
Increased scrutiny and changing expectations from stakeholders with respect to the Company’s ESG practices may result in additional costs or risks.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
Companies across many industries are facing increasing scrutiny related to their environmental, social and governance (ESG) practices. Investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the non-financial impacts of their investments. While our mission is to accelerate the world’s transition to sustainable

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
energy, if our ESG practices do not meet investor or other industry stakeholder expectations, which continue to evolve, we may incur additional costs and our brand, ability to attract and retain qualified employees and business may be harmed. Compliance with any current or future legal requirements on these topics may result in additional costs or risks to us, including harm to our reputation, reduction in customer demand, and increased legal and operational risks.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
Finally, we and our fund investors claim these U.S. federal tax credits and certain state incentives in amounts based on independently appraised fair market values of our solar and energy storage systems. Some governmental authorities have audited such values and in certain cases have determined that these values should be lower, and they may do so again in the future. Such determinations may result in adverse tax consequences and/or our obligation to make indemnification or other payments to our funds or fund investors.

Read it in 10-K 2025-01-30 at sec.gov ↗

Show the other 8
RemovedRisk Factors
Our business operations are and will continue to be subject to complex environmental, occupational, health and safety laws and regulations at numerous jurisdictional levels in the U.S., China, Germany and other locations abroad, including laws relating to the use, handling, storage, recycling, disposal and/or human exposure to hazardous materials,

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedRisk Factors
class action litigation has been filed against us. While we defend such actions vigorously, any judgment against us or any future stockholder litigation could result in substantial costs and a diversion of our management’s attention and resources.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
Our mission is to accelerate the world’s transition to sustainable energy. We design, develop, manufacture, lease and sell high-performance fully electric vehicles, solar energy generation systems and energy storage products. We also offer maintenance, installation, operation, charging, insurance, financial and other services related to our products. Additionally, we are increasingly focused on products and services based on AI, robotics and automation.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
The following is a summary of the status of production of each of our announced vehicle models in production and under development, as of the date of this Annual Report on Form 10-K:

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
Region Vehicle Model(s) Production Status California Model S / Model X Active Model 3 / Model Y Active Shanghai Model 3 / Model Y Active Berlin Model Y Active Texas Model Y Active Cybertruck Active Cybercab In development Nevada Tesla Semi Pilot production TBD Roadster In development

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
For performance-based awards, stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
As we accumulate additional employee stock-based awards data over time and as we incorporate market data related to our common stock, we may calculate significantly different volatilities and expected lives, which could materially impact the valuation of our stock-based awards and the stock-based compensation expense that we will recognize in future periods. Stock-based compensation expense is recorded in Cost of revenues, Research and development expense and Selling, general and administrative expense in the consolidated statements of operations.

Read it in 10-K 2025-01-30 at sec.gov ↗

RemovedMD&A
We monitor the realizability of our deferred tax assets taking into account all relevant factors at each reporting period. In the fourth quarter of 2023, based on the relevant weight of positive and negative evidence, including the amount of our taxable income in recent years which was objective and verifiable, and consideration of our expected future taxable earnings, we concluded that it is more likely than not that most of our U.S. federal and certain state deferred tax assets are realizable and released $6.54 billion of our valuation allowance. As of December 31, 2024, we continue to conclude that it is more likely than not that our deferred tax assets are realizable, except for our California deferred tax assets, U.S. foreign tax credits and certain foreign operating losses.

Read it in 10-K 2025-01-30 at sec.gov ↗

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