Tesla Inc. (NASDAQ:TSLA)

Total assets exhibited a consistent upward trend from 2021 through 2025. However, adjusted total assets reveal a slightly different pattern, indicating potential adjustments impacting the reported asset value. The difference between reported and adjusted total assets appears to be widening over the observed period.

Overall Trend

Reported total assets increased from US$62,131 million in 2021 to US$137,806 million in 2025, representing a cumulative growth of approximately 122%. Adjusted total assets also increased over the same period, rising from US$62,042 million to US$130,881 million, a cumulative growth of approximately 111%.

Year-over-Year Growth

The growth rate in total assets decelerated over time. From 2021 to 2022, total assets grew by 32.5%. This growth slowed to 29.3% from 2022 to 2023, 18.5% from 2023 to 2024, and 12.9% from 2024 to 2025. Adjusted total assets followed a similar pattern of decelerating growth: 32.2% (2021-2022), 21.7% (2022-2023), 16.9% (2023-2024), and 13.4% (2024-2025).

Adjustment Impact

The difference between total assets and adjusted total assets was US$89 million in 2021. This difference increased to US$328 million in 2022, US$6,733 million in 2023, US$6,524 million in 2024, and US$6,925 million in 2025. The increasing magnitude of the adjustment suggests a growing impact from the items being adjusted, potentially related to intangible assets, goodwill, or other non-current assets.

Growth Discrepancy

While both reported and adjusted total assets demonstrate growth, the adjusted figures consistently lag behind the reported figures, particularly in later years. This indicates that adjustments are reducing the reported asset value. The largest reduction occurred in 2023, with adjusted total assets being US$6,733 million lower than reported total assets.

The consistent increase in the difference between total and adjusted assets warrants further investigation to understand the nature and implications of these adjustments. The decelerating growth rates in both reported and adjusted assets may signal changing business dynamics or investment strategies.

Current liabilities exhibited a general upward trend over the five-year period, increasing from US$19,705 million in 2021 to US$31,714 million in 2025. However, the rate of increase was not consistent. A significant jump occurred between 2021 and 2022, followed by more moderate increases in subsequent years. Adjusted current liabilities also demonstrated an upward trajectory, though less pronounced than that of the unadjusted figure, rising from US$17,555 million in 2021 to US$25,815 million in 2025.

Overall Trend

Both current liabilities and adjusted current liabilities increased over the period. The difference between the two values, representing adjustments made to current liabilities, also generally increased, suggesting a growing need for these adjustments.

Growth Rate Analysis

The largest percentage increase in current liabilities occurred between 2021 and 2022, with a growth of approximately 35.5%. Growth rates slowed considerably in the following years, with increases of 7.3% between 2022 and 2023, 0.6% between 2023 and 2024, and 10.0% between 2024 and 2025. Adjusted current liabilities showed a similar pattern of decelerating growth.

Adjustment Impact

The difference between current liabilities and adjusted current liabilities was US$2,150 million in 2021. This difference expanded to US$2,772 million in 2022, US$4,410 million in 2023, US$5,085 million in 2024, and US$5,899 million in 2025. This indicates that the magnitude of adjustments to current liabilities is becoming increasingly substantial.

Recent Performance

The increase in current liabilities between 2023 and 2024 was minimal, representing a growth of less than 1%. However, a more substantial increase was observed between 2024 and 2025, suggesting a potential shift in short-term obligations or accounting practices. The adjusted current liabilities decreased slightly between 2023 and 2024, before increasing in 2025.

The consistent divergence between reported current liabilities and their adjusted values warrants further investigation to understand the nature and implications of these adjustments. The slowing growth rate of current liabilities in 2023 and 2024, followed by a renewed increase in 2025, also merits attention.

Total liabilities exhibited a consistent upward trend from 2021 through 2025, increasing from US$30,548 million to US$54,941 million. This represents a cumulative increase of 79.6% over the five-year period. However, adjusted total liabilities demonstrate a more moderate, yet still positive, trajectory.

Growth Rate Comparison

The growth rate of total liabilities varied annually. The largest year-over-year increase occurred between 2021 and 2022, at 19.3%. Growth decelerated to 18.2% between 2022 and 2023, then to 12.3% between 2023 and 2024, and finally to 13.8% between 2024 and 2025. Adjusted total liabilities showed similar deceleration, with growth rates of 13.7%, 12.2%, 10.8%, and 11.9% respectively.

Discrepancy Between Reported and Adjusted Liabilities

A consistent difference exists between the reported total liabilities and the adjusted total liabilities throughout the period. In 2021, the difference was US$5,624 million. This gap widened to US$8,138 million by 2022, US$11,348 million by 2023, US$13,303 million by 2024, and US$15,788 million by 2025. The increasing divergence suggests that adjustments are becoming a more significant factor in understanding the company’s true liability position.

The adjustments to total liabilities indicate a systematic reduction in the reported liability figure. While total liabilities are increasing in absolute terms, the rate of increase is dampened when considering the adjusted values. Further investigation into the nature of these adjustments would be necessary to fully understand their impact on the company’s financial health and risk profile.

Percentage of Adjustment

The adjustments represent an increasing percentage of total liabilities. In 2021, adjustments accounted for approximately 18.4% of total liabilities. This percentage rose to 22.3% in 2022, 26.4% in 2023, 27.5% in 2024, and 28.8% in 2025. This escalating proportion highlights the growing importance of understanding the basis for these adjustments.

Stockholders’ equity exhibited a consistent upward trajectory between December 31, 2021, and December 31, 2025. Simultaneously, adjusted total equity demonstrated a similar pattern of growth over the same period. The difference between the two equity measures also increased consistently throughout the analyzed timeframe.

Overall Growth

Stockholders’ equity increased from US$30,189 million in 2021 to US$82,137 million in 2025, representing a cumulative growth of approximately 172%. Adjusted total equity experienced a more substantial increase, growing from US$37,118 million in 2021 to US$91,728 million in 2025, a cumulative growth of roughly 147%.

Year-over-Year Changes

The largest year-over-year increase in stockholders’ equity occurred between 2021 and 2022, with an addition of US$14,515 million. The increase between 2022 and 2023 was US$17,930 million, representing the largest single-year increase. Growth slowed slightly between 2023 and 2024 (US$10,279 million) and again between 2024 and 2025 (US$9,224 million), though remained positive.

Adjusted total equity mirrored this pattern. The largest year-over-year increase was observed between 2022 and 2023 (US$14,517 million). The increase between 2021 and 2022 was US$16,589 million. Similar to stockholders’ equity, the rate of increase decelerated in the later years, with increases of US$12,235 million between 2023 and 2024, and US$11,269 million between 2024 and 2025.

Equity Adjustment Impact

The difference between stockholders’ equity and adjusted total equity widened each year. In 2021, adjusted total equity exceeded stockholders’ equity by US$6,929 million. By 2025, this difference had grown to US$9,591 million. This suggests that adjustments to stockholders’ equity consistently added value, and that the magnitude of these adjustments increased over time.

The consistent growth in both equity measures indicates a strengthening financial position. The increasing difference between stockholders’ equity and adjusted total equity warrants further investigation into the nature of the adjustments being made to understand their composition and potential impact on the overall financial picture.

An examination of the financial information reveals notable shifts in the capitalization structure over the five-year period. Reported total debt decreased significantly between 2021 and 2022, then increased steadily through 2025. Stockholders’ equity exhibited consistent growth throughout the period, accelerating from 2022 onwards. Consequently, total reported capital also increased each year.

However, adjustments to both debt and equity result in different figures than those initially reported. The adjusted figures demonstrate a more substantial increase in total debt compared to the reported values, and a higher level of stockholders’ equity. The adjusted total capital also shows a consistent upward trend, exceeding the reported total capital each year.

Debt Trends

Reported total debt decreased from US$6,834 million in 2021 to US$3,099 million in 2022, representing a substantial reduction. It then increased to US$5,230 million in 2023, US$8,213 million in 2024, and US$8,376 million in 2025. The adjusted total debt shows a similar pattern, but at higher levels, starting at US$8,873 million in 2021 and reaching US$14,719 million in 2025. The difference between reported and adjusted debt widens over time.

Equity Trends

Stockholders’ equity increased from US$30,189 million in 2021 to US$82,137 million in 2025, demonstrating strong growth. The adjusted total equity shows an even more pronounced increase, moving from US$37,118 million in 2021 to US$91,728 million in 2025. This suggests the adjustments significantly increase the recognized equity position.

Capital Structure Changes

Total reported capital increased from US$37,023 million in 2021 to US$90,513 million in 2025. The adjusted total capital increased from US$45,991 million in 2021 to US$106,447 million in 2025. The adjusted capital consistently represents a larger proportion of the overall financial structure than the reported capital. The gap between reported and adjusted capital widens each year, indicating the adjustments have a growing impact on the overall capitalization.

The consistent difference between reported and adjusted figures suggests the adjustments relate to items not initially captured in the standard financial reporting, potentially involving reclassifications or the recognition of previously unrecorded assets or liabilities. The increasing magnitude of these adjustments warrants further investigation to understand their underlying causes and implications for the company’s financial position.

Revenues exhibited a strong growth trajectory from 2021 to 2023, followed by a stabilization and slight decline in the subsequent two years. Reported revenues increased from US$53,823 million in 2021 to US$96,773 million in 2023, representing a substantial expansion. However, revenue growth moderated in 2024, reaching US$97,690 million, and experienced a decrease in 2025, settling at US$94,827 million.

Adjusted revenues generally mirrored the trend observed in reported revenues, though with consistently higher values across all periods. The difference between reported and adjusted revenues suggests the presence of certain items impacting the initially reported figures, which are then accounted for in the adjusted calculation.

Revenue Growth Rate

The growth rate in revenues was most pronounced between 2021 and 2022, increasing by approximately 51.3%. Growth continued, albeit at a slower pace, between 2022 and 2023 (approximately 18.7%). The rate of increase diminished significantly between 2023 and 2024 (approximately 0.9%), and a decline of approximately 2.9% was observed between 2024 and 2025.

Adjusted Revenue Growth Rate

Adjusted revenue growth followed a similar pattern to reported revenue growth. The largest increase occurred between 2021 and 2022, with a growth of roughly 51.8%. Growth slowed to approximately 19.1% between 2022 and 2023. The growth rate between 2023 and 2024 was minimal, at approximately 1.6%, and a decrease of approximately 2.8% was noted between 2024 and 2025.

Difference Between Reported and Adjusted Revenues

The difference between adjusted and reported revenues remained relatively stable over the five-year period, ranging from approximately US$761 million to US$1,564 million. This consistency suggests that the nature and magnitude of the adjustments applied to revenues have not undergone substantial changes.

The stabilization and subsequent decline in both reported and adjusted revenues in the later years of the period warrant further investigation. Potential factors contributing to this trend could include increased competition, shifts in consumer demand, or macroeconomic conditions. The consistent difference between the two revenue figures indicates a recurring need for adjustments, the specifics of which would require additional scrutiny.

Net income attributable to common stockholders demonstrated substantial growth from 2021 to 2023, followed by a significant decline in 2024 and a further decrease in 2025. Adjusted net income mirrored this pattern, though the magnitude of the fluctuations differed. A comparison of the two metrics reveals consistent adjustments to reported earnings.

Overall Trend

Both net income and adjusted net income exhibited a period of expansion between 2021 and 2023. However, from 2023 onward, both metrics experienced a contraction. The decline in 2024 and 2025 was more pronounced for net income than for adjusted net income, widening the gap between the two figures.

Growth Rates

Net income attributable to common stockholders increased from US$5,519 million in 2021 to US$12,556 million in 2022, representing a growth of approximately 128%. Further growth was observed in 2023, reaching US$14,997 million, a 19% increase from the prior year. However, 2024 saw a substantial decrease to US$7,091 million, a decline of approximately 52%. This downward trend continued in 2025, with net income falling to US$3,794 million, a 46% decrease from 2024.

Adjusted net income followed a similar trajectory, increasing from US$6,576 million in 2021 to US$14,432 million in 2022 (a 119% increase) and reaching US$12,054 million in 2023 (a 17% increase). The decline in 2024 was less severe than that of net income, falling to US$9,037 million (a 25% decrease). A further decrease was observed in 2025, with adjusted net income reaching US$7,470 million, a 17% decrease from 2024.

Adjustment Impact

In 2021, adjusted net income exceeded reported net income by US$1,057 million. This difference increased to US$1,876 million in 2022 and US$2,943 million in 2023. While the difference remained substantial in 2024 (US$1,946 million), it decreased in 2025 to US$3,676 million. The consistent positive adjustment suggests the presence of recurring non-cash expenses or other items impacting reported earnings that are added back to arrive at the adjusted figure.

The divergence between reported and adjusted net income, and the overall declining trend in both metrics from 2023 onwards, warrants further investigation to understand the underlying drivers of these adjustments and the factors contributing to the recent performance decline.