Financials
Financial Statements
As filed with the SEC — statements parsed verbatim from EDGAR (line items, order and subtotals exactly as reported). 10-K filed 2026-01-29 · 10-Q filed 2026-04-23.
01
Income Statement
Consolidated Statements of Operations — shares in Millions, $ in Millions
| Line Item | 12 Months Ended · Dec. 31, 2025 | 12 Months Ended · Dec. 31, 2024 | 12 Months Ended · Dec. 31, 2023 |
|---|---|---|---|
| Revenues | |||
| Revenues | $ 94,827 | $ 97,690 | $ 96,773 |
| Cost of revenues | |||
| Total cost of revenues | 77,733 | 80,240 | 79,113 |
| Gross profit | 17,094 | 17,450 | 17,660 |
| Operating expenses | |||
| Research and development | 6,411 | 4,540 | 3,969 |
| Selling, general and administrative | 5,834 | 5,150 | 4,800 |
| Restructuring and other | 494 | 684 | 0 |
| Total operating expenses | 12,739 | 10,374 | 8,769 |
| Income from operations | 4,355 | 7,076 | 8,891 |
| Interest income | 1,680 | 1,569 | 1,066 |
| Interest expense | (338) | (350) | (156) |
| Other (expense) income, net | (419) | 695 | 172 |
| Income before income taxes | 5,278 | 8,990 | 9,973 |
| Provision for (benefit from) income taxes | 1,423 | 1,837 | (5,001) |
| Net income | 3,855 | 7,153 | 14,974 |
| Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 61 | 62 | (23) |
| Net income attributable to common stockholders | $ 3,794 | $ 7,091 | $ 14,997 |
| Net income per share of common stock attributable to common stockholders | |||
| Basic (in dollars per share) | $ 1.18 | $ 2.23 | $ 4.73 |
| Diluted (in dollars per share) | $ 1.08 | $ 2.04 | $ 4.30 |
| Weighted average shares used in computing net income per share of common stock | |||
| Basic (in shares) | 3,225 | 3,197 | 3,174 |
| Diluted (in shares) | 3,528 | 3,498 | 3,485 |
| Automotive Revenues | |||
| Revenues | |||
| Revenues | $ 69,526 | $ 77,070 | $ 82,419 |
| Cost of revenues | |||
| Total cost of revenues | 57,165 | 62,873 | 66,389 |
| Automotive sales | |||
| Revenues | |||
| Revenues | 65,821 | 72,480 | 78,509 |
| Cost of revenues | |||
| Total cost of revenues | 56,267 | 61,870 | 65,121 |
| Automotive regulatory credits | |||
| Revenues | |||
| Revenues | 1,993 | 2,763 | 1,790 |
| Automotive leasing | |||
| Revenues | |||
| Revenues | 1,712 | 1,827 | 2,120 |
| Cost of revenues | |||
| Total cost of revenues | 898 | 1,003 | 1,268 |
| Energy generation and storage | |||
| Revenues | |||
| Revenues | 12,771 | 10,086 | 6,035 |
| Cost of revenues | |||
| Total cost of revenues | 8,969 | 7,446 | 4,894 |
| Services and other | |||
| Revenues | |||
| Revenues | 12,530 | 10,534 | 8,319 |
| Cost of revenues | |||
| Total cost of revenues | $ 11,599 | $ 9,921 | $ 7,830 |
Consolidated Statements of Operations — shares in Millions, $ in Millions
| Line Item | 3 Months Ended · Mar. 31, 2026 | 3 Months Ended · Sep. 30, 2025 |
|---|---|---|
| Revenues | ||
| Revenues | $ 22,387 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | 17,667 | $ 3,109 |
| Gross profit | 4,720 | 5,054 |
| Operating expenses | ||
| Research and development | 1,946 | 1,630 |
| Selling, general and administrative | 1,833 | 1,562 |
| Restructuring and other | 0 | 238 |
| Total operating expenses | 3,779 | 3,430 |
| Income from operations | 941 | 1,624 |
| Interest income | 434 | 439 |
| Interest expense | (92) | (76) |
| Other expense, net | (535) | — |
| Income before income taxes | 748 | 1,959 |
| Provision for income taxes | 257 | — |
| Net income | 491 | 1,389 |
| Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 14 | 16 |
| Net income attributable to common stockholders | $ 477 | $ 1,373 |
| Net income per share of common stock attributable to common stockholders | ||
| Basic (in dollars per share) | $ 0.15 | $ 0.43 |
| Diluted (in dollars per share) | $ 0.13 | $ 0.39 |
| Weighted average shares used in computing net income per share of common stock | ||
| Basic (in shares) | 3,234 | 3,227 |
| Diluted (in shares) | 3,538 | 3,526 |
| Automotive Revenues | ||
| Revenues | ||
| Revenues | $ 16,234 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | 12,812 | $ 3,109 |
| Automotive sales | ||
| Revenues | ||
| Revenues | 15,473 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | 12,616 | $ 3,109 |
| Automotive regulatory credits | ||
| Revenues | ||
| Revenues | 380 | 3,475 |
| Automotive leasing | ||
| Revenues | ||
| Revenues | 381 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | 196 | $ 3,109 |
| Energy generation and storage | ||
| Revenues | ||
| Revenues | 2,408 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | 1,456 | $ 3,109 |
| Services and other | ||
| Revenues | ||
| Revenues | 3,745 | 3,475 |
| Cost of revenues | ||
| Total cost of revenues | $ 3,399 | $ 3,109 |
02
Balance Sheet
Consolidated Balance Sheets — $ in Millions
| Line Item | Dec. 31, 2025 | Dec. 31, 2024 |
|---|---|---|
| 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 |
| Total current assets | 68,642 | 58,360 |
| Property, plant and equipment, net | 40,643 | 35,836 |
| Operating lease right-of-use assets | 6,027 | 5,160 |
| Digital assets | 1,008 | 1,076 |
| Deferred tax assets | 6,925 | 6,524 |
| Other non-current assets | 5,045 | 4,609 |
| Total assets | 137,806 | 122,070 |
| Current liabilities | ||
| Accounts payable | 13,371 | 12,474 |
| Accrued liabilities and other | 13,279 | 10,723 |
| Deferred revenue | 3,424 | 3,168 |
| Current portion of debt and finance leases | 1,640 | 2,456 |
| Total current liabilities | 31,714 | 28,821 |
| Debt and finance leases, net of current portion | 6,736 | 5,757 |
| Deferred revenue, net of current portion | 3,631 | 3,317 |
| Other long-term liabilities | 12,860 | 10,495 |
| Total liabilities | 54,941 | 48,390 |
| Commitments and contingencies (Note 13) | ||
| Redeemable noncontrolling interests in subsidiaries | 58 | 63 |
| Stockholders’ equity | ||
| Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding | 0 | 0 |
| Common stock; $0.001 par value; 6,000 shares authorized; 3,751 and 3,216 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 3 | 3 |
| Additional paid-in capital | 42,770 | 38,371 |
| Accumulated other comprehensive income (loss) | 361 | (670) |
| Retained earnings | 39,003 | 35,209 |
| Total stockholders’ equity | 82,137 | 72,913 |
| Noncontrolling interests in subsidiaries | 670 | 704 |
| Total liabilities and equity | 137,806 | 122,070 |
| Operating lease vehicles, net | ||
| Current assets | ||
| Operating lease vehicles, net | 4,912 | 5,581 |
| Energy generation and storage systems, net | ||
| Current assets | ||
| Energy generation and storage systems, net | $ 4,604 | $ 4,924 |
Consolidated Balance Sheets — $ in Millions
| Line Item | Mar. 31, 2026 | Dec. 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 16,603 | $ 16,513 |
| Short-term investments | 28,140 | 27,546 |
| Accounts receivable, net | 3,959 | 4,576 |
| Inventory | 14,434 | 12,392 |
| Prepaid expenses and other current assets | 6,612 | 7,615 |
| Total current assets | 69,748 | 68,642 |
| Property, plant and equipment, net | 43,213 | 40,643 |
| Operating lease right-of-use assets | 6,332 | 6,027 |
| Digital assets | 786 | 1,008 |
| Deferred tax assets | 7,060 | 6,925 |
| Other non-current assets | 7,490 | 5,045 |
| Total assets | 143,724 | 137,806 |
| Current liabilities | ||
| Accounts payable | 14,696 | 13,371 |
| Accrued liabilities and other | 14,554 | 13,279 |
| Deferred revenue | 3,441 | 3,424 |
| Current portion of debt and finance leases | 1,447 | 1,640 |
| Total current liabilities | 34,138 | 31,714 |
| Debt and finance leases, net of current portion | 7,782 | 6,736 |
| Deferred revenue, net of current portion | 3,847 | 3,631 |
| Other long-term liabilities | 13,155 | 12,860 |
| Total liabilities | 58,922 | 54,941 |
| Commitments and contingencies (Note 10) | ||
| Redeemable noncontrolling interests in subsidiaries | 57 | 58 |
| Stockholders’ equity | ||
| Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding | 0 | 0 |
| Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 3 | 3 |
| Additional paid-in capital | 44,299 | 42,770 |
| Accumulated other comprehensive income | 334 | 361 |
| Retained earnings | 39,480 | 39,003 |
| Total stockholders’ equity | 84,116 | 82,137 |
| Noncontrolling interests in subsidiaries | 629 | 670 |
| Total liabilities and equity | 143,724 | 137,806 |
| Operating lease vehicles, net | ||
| Current assets | ||
| Operating lease vehicles, net | 4,530 | 4,912 |
| Energy generation and storage systems, net | ||
| Current assets | ||
| Energy generation and storage systems, net | $ 4,565 | $ 4,604 |
03
Cash Flow
Consolidated Statements of Cash Flows — $ in Millions
| Line Item | 12 Months Ended · Dec. 31, 2025 | 12 Months Ended · Dec. 31, 2024 | 12 Months Ended · Dec. 31, 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 |
| Foreign currency transaction net unrealized loss (gain) | 452 | (73) | (144) |
| Deferred income taxes | 123 | 477 | (6,349) |
| Non-cash interest and other operating activities | 272 | 172 | 81 |
| Digital assets loss (gain), net | 68 | (589) | 0 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (261) | (1,083) | (586) |
| Inventory | (630) | 937 | (1,195) |
| Operating lease vehicles | (25) | (590) | (1,952) |
| Prepaid expenses and other assets | (3,181) | (3,273) | (2,652) |
| Accounts payable, accrued and other liabilities | 4,376 | 3,588 | 2,605 |
| Deferred revenue | 363 | 502 | 1,532 |
| Net cash provided by operating activities | 14,747 | 14,923 | 13,256 |
| Cash Flows from Investing Activities | |||
| Purchases of property and equipment excluding finance leases, net of sales | (8,527) | (11,342) | (8,899) |
| Purchases of investments | (37,109) | (35,955) | (19,112) |
| Proceeds from maturities of investments | 30,158 | 28,310 | 12,353 |
| Proceeds from sales of investments | 0 | 200 | 138 |
| Business combinations, net of cash acquired | 0 | 0 | (64) |
| Net cash used in investing activities | (15,478) | (18,787) | (15,584) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuances of debt | 5,586 | 5,744 | 3,931 |
| Repayments of debt | (5,546) | (2,500) | (1,351) |
| Proceeds from exercises of stock options and other stock issuances, net of issuance costs | 1,186 | 1,241 | 700 |
| Principal payments on finance leases | (104) | (381) | (464) |
| Proceeds received from directors in shareholder settlement | 277 | 0 | 0 |
| Payment of legal fees associated with shareholder settlement | (176) | 0 | 0 |
| Debt issuance costs | (6) | (14) | (29) |
| Distributions paid to noncontrolling interests in subsidiaries | (78) | (104) | (144) |
| Payments for buy-outs of noncontrolling interests in subsidiaries | 0 | (133) | (54) |
| Net cash provided by financing activities | 1,139 | 3,853 | 2,589 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 171 | (141) | 4 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 579 | (152) | 265 |
| Cash and cash equivalents and restricted cash, beginning of period | 17,037 | 17,189 | 16,924 |
| Cash and cash equivalents and restricted cash, end of period | 17,616 | 17,037 | 17,189 |
| Supplemental Non-Cash Investing and Financing Activities | |||
| Acquisitions of property and equipment included in liabilities | 1,913 | 1,410 | 2,272 |
| Supplemental Disclosures | |||
| Cash paid during the period for interest | $ 292 | $ 277 | $ 126 |
Consolidated Statements of Cash Flows — $ in Millions
| Line Item | 3 Months Ended · Mar. 31, 2026 | 9 Months Ended · Sep. 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | $ 491 | $ 2,999 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, amortization and impairment | 1,590 | 4,505 |
| Stock-based compensation | 1,030 | 1,871 |
| Inventory write-downs | 77 | — |
| Foreign currency transaction net unrealized loss | 287 | 160 |
| Deferred income taxes | (136) | 234 |
| Digital assets loss, net | 222 | — |
| Non-cash interest and other operating activities | 1 | 235 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 561 | (306) |
| Inventory | (2,255) | (416) |
| Operating lease vehicles | 174 | 54 |
| Prepaid expenses and other assets | 231 | (2,280) |
| Accounts payable, accrued and other liabilities | 1,401 | 2,979 |
| Deferred revenue | 263 | 825 |
| Net cash provided by operating activities | 3,937 | 10,934 |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment excluding finance leases, net of sales | (2,493) | (6,134) |
| Purchase of SpaceX equity investment | (2,002) | — |
| Purchases of short-term investments | (8,318) | — |
| Proceeds from maturities of short-term investments | 7,790 | — |
| Net cash used in investing activities | (5,023) | (8,950) |
| Cash Flows from Financing Activities | ||
| Proceeds from issuances of debt | 4,331 | 4,232 |
| Repayments of debt | (3,530) | (4,798) |
| Proceeds from exercises of stock options and other stock issuances | 361 | 1,040 |
| Principal payments on finance leases | (18) | (85) |
| Proceeds received from directors in shareholder settlement | 0 | 277 |
| Recovery (payment) of legal fees associated with shareholder settlement | 98 | — |
| Distributions paid to noncontrolling interests in subsidiaries | (70) | (56) |
| Net cash provided by (used in) financing activities | 1,172 | — |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (47) | 134 |
| Net increase in cash and cash equivalents and restricted cash | 39 | 2,547 |
| Cash and cash equivalents and restricted cash, beginning of period | 17,616 | 17,037 |
| Cash and cash equivalents and restricted cash, end of period | 17,655 | 19,584 |
| Supplemental Non-Cash Investing and Financing Activities | ||
| Acquisitions of property and equipment included in liabilities | 2,814 | 1,631 |
| Leased assets obtained in exchange for finance lease liabilities | 6 | 0 |
| Leased assets obtained in exchange for operating lease liabilities | $ 565 | $ 1,171 |