Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Current Ratio since 2010
- Total Asset Turnover since 2010
- Analysis of Debt
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Tesla Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial trajectory over the observed period reveals a company in a phase of aggressive capital expansion characterized by high volatility in operating cash flows and a strategic shift in financing activities. While net cash provided by operating activities remains positive, the margins and consistency of these inflows have fluctuated significantly, particularly during 2024 and 2025.
- Operating Cash Flow and Profitability Trends
- Net income exhibited a strong growth phase, peaking at 7,943 million US$ in the quarter ending December 31, 2023, before entering a downward trend that reached 491 million US$ by March 31, 2026. This decline in profitability is contrasted by a general increase in non-cash charges; depreciation and amortization grew steadily from 621 million US$ in early 2021 to 1,590 million US$ by early 2026. Stock-based compensation also showed a marked increase in the latter part of the period, exceeding 1 billion US$ per quarter by late 2025.
- Working Capital Dynamics
- Significant volatility is observed in changes to operating assets and liabilities. Inventory management shows a pattern of heavy cash outflows followed by periodic recoveries, with a notable spike in inventory spending of 2,697 million US$ in March 2024. Accounts payable and accrued liabilities have frequently served as a primary source of cash to offset these inventory builds, though the magnitude of these swings suggests fluctuating supply chain and payment terms.
- Capital Expenditure and Investment Strategy
- A consistent upward trend in capital intensity is evident. Purchases of property and equipment, net of sales, rose from 1,360 million US$ in March 2021 to 2,493 million US$ by March 2026, indicating a sustained commitment to scaling infrastructure. The investment profile also expanded beyond core operations, as evidenced by a 2,002 million US$ equity investment in SpaceX in the final quarter of the data set. Treasury management remained highly active, with substantial quarterly movements in short-term investments, often involving purchases exceeding 10 billion US$ offset by corresponding maturities.
- Financing and Liquidity Management
- The financing strategy transitioned from a period of aggressive debt repayment in 2021 and 2022 to a more balanced approach involving new debt issuances. A significant increase in debt proceeds is noted in the final quarter, totaling 4,331 million US$. This shift suggests a move toward leveraging the balance sheet to fund growth or investments, diverging from the earlier trend of reducing total debt obligations.
Overall, the data indicates a transition from a period of rapid profit acceleration to one of higher capital expenditure and fluctuating operating efficiency. The increasing reliance on debt issuance and the scale of capital investments suggest a strategic pivot toward long-term capacity building, despite the recent compression in quarterly net income.