Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Tesla Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, a decrease in the proportion of total liabilities relative to total equity is observed, although this trend plateaus towards the end of the period. Within liabilities, current liabilities initially increased before declining, while non-current liabilities generally increased over the five years.
- Current Liabilities
- Current liabilities, representing 31.72% of total liabilities and equity in 2021, peaked at 32.44% in 2022 before decreasing to 23.01% in 2025. This decline is attributable to reductions in several components, most notably accounts payable, accrued purchases, and customer deposits. A decrease in the current portion of debt and finance leases also contributed to this trend. However, ‘Other current liabilities’ increased significantly in 2024 and 2025, partially offsetting the declines in other areas.
- Non-Current Liabilities
- Non-current liabilities demonstrated a generally increasing trend, rising from 17.45% in 2021 to 16.85% in 2025. The most significant driver of this increase was ‘Other long-term liabilities’, which nearly doubled over the period. Accrued warranty reserve (net of current portion) and operating lease liabilities (net of current portion) also contributed to the growth in non-current liabilities. Debt and finance leases, net of current portion, showed an initial decline followed by an increase in later years.
- Stockholders’ Equity
- Stockholders’ equity increased as a percentage of total liabilities and equity from 49.92% in 2021 to 60.09% in 2025. This growth was primarily fueled by a substantial increase in retained earnings, which rose from 0.53% to 28.30% over the period. Additional paid-in capital decreased over the period, but remained a significant component. Accumulated other comprehensive income (loss) fluctuated, ending at a positive value in 2025 after being negative in 2022 and 2023. Redeemable noncontrolling interests in subsidiaries decreased substantially, becoming a minimal portion of total equity.
- Specific Liability Accounts
- Accounts payable consistently represented the largest single component of current liabilities, although its proportion decreased from 16.14% in 2021 to 9.70% in 2025. Accrued liabilities and other remained a substantial portion of current liabilities, fluctuating between 8.52% and 10.69%. Deferred revenue, both current and net of current portion, remained relatively stable as a percentage of the total. The proportion of taxes payable decreased consistently throughout the period.
In summary, the company experienced a shift in its capital structure, with a growing reliance on equity financing and a restructuring of its liability profile. The decrease in current liabilities, coupled with the increase in non-current liabilities and equity, suggests a potential move towards more long-term financial stability.