Cash Flow Statement

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.

Tesla Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	7,153)	14,974)	12,587)	5,644)	862)
Depreciation, amortization and impairment	5,368)	4,667)	3,747)	2,911)	2,322)
Stock-based compensation	1,999)	1,812)	1,560)	2,121)	1,734)
Inventory and purchase commitments write-downs	335)	463)	177)	140)	202)
Foreign currency transaction net unrealized (gain) loss	(73)	(144)	81)	(55)	114)
Deferred income taxes	477)	(6,349)	(196)	(149)	—)
Non-cash interest and other operating activities	172)	81)	340)	245)	525)
Digital assets (gain) loss, net	(589)	—)	140)	(27)	—)
Accounts receivable	(1,083)	(586)	(1,124)	(130)	(652)
Inventory	937)	(1,195)	(6,465)	(1,709)	(422)
Operating lease vehicles	(590)	(1,952)	(1,570)	(2,114)	(1,072)
Prepaid expenses and other assets	(3,273)	(2,652)	(3,713)	(1,540)	(595)
Accounts payable, accrued and other liabilities	3,588)	2,605)	8,029)	5,367)	2,604)
Deferred revenue	502)	1,532)	1,131)	793)	321)
Changes in operating assets and liabilities	81)	(2,248)	(3,712)	667)	184)
Adjustments to reconcile net income to net cash provided by operating activities	7,770)	(1,718)	2,137)	5,853)	5,081)
Net cash provided by operating activities	14,923)	13,256)	14,724)	11,497)	5,943)
Purchases of property and equipment excluding finance leases, net of sales	(11,339)	(8,898)	(7,158)	(6,482)	(3,157)
Purchases of solar energy systems, net of sales	(3)	(1)	(5)	(32)	(75)
Purchases of digital assets	—)	—)	—)	(1,500)	—)
Proceeds from sales of digital assets	—)	—)	936)	272)	—)
Purchase of intangible assets	—)	—)	(9)	—)	(10)
Purchases of investments	(35,955)	(19,112)	(5,835)	(132)	—)
Proceeds from maturities of investments	28,310)	12,353)	22)	—)	—)
Proceeds from sales of investments	200)	138)	—)	—)	—)
Receipt of government grants	—)	—)	76)	6)	123)
Business combinations, net of cash acquired	—)	(64)	—)	—)	(13)
Net cash used in investing activities	(18,787)	(15,584)	(11,973)	(7,868)	(3,132)
Proceeds from issuances of common stock in public offerings, net of issuance costs	—)	—)	—)	—)	12,269)
Proceeds from issuances of debt	5,744)	3,931)	—)	8,883)	9,713)
Repayments of debt	(2,500)	(1,351)	(3,364)	(14,167)	(11,623)
Collateralized lease repayments	—)	—)	—)	(9)	(240)
Proceeds from exercises of stock options and other stock issuances	1,241)	700)	541)	707)	417)
Principal payments on finance leases	(381)	(464)	(502)	(439)	(338)
Debt issuance costs	(14)	(29)	—)	(9)	(6)
Proceeds from investments by noncontrolling interests in subsidiaries	—)	—)	—)	2)	24)
Distributions paid to noncontrolling interests in subsidiaries	(104)	(144)	(157)	(161)	(208)
Payments for buy-outs of noncontrolling interests in subsidiaries	(133)	(54)	(45)	(10)	(35)
Net cash provided by (used in) financing activities	3,853)	2,589)	(3,527)	(5,203)	9,973)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(141)	4)	(444)	(183)	334)
Net increase (decrease) in cash and cash equivalents and restricted cash	(152)	265)	(1,220)	(1,757)	13,118)
Cash and cash equivalents and restricted cash, beginning of period	17,189)	16,924)	18,144)	19,901)	6,783)
Cash and cash equivalents and restricted cash, end of period	17,037)	17,189)	16,924)	18,144)	19,901)

Based on: 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), 10-K (reporting date: 2020-12-31).

Net income: Net income exhibited strong growth from 2020 to 2023, increasing substantially from $862 million in 2020 to a peak of $14,974 million in 2023, before declining sharply to $7,153 million in 2024. This indicates a robust profitability trajectory initially, followed by a notable contraction in the most recent year.
Depreciation, amortization, and impairment: There is a consistent upward trend in depreciation, amortization, and impairment expenses over the years, rising from $2,322 million in 2020 to $5,368 million in 2024. This suggests increasing asset base or aging assets leading to higher non-cash charges.
Stock-based compensation: Stock-based compensation showed variability, peaking at $2,121 million in 2021, declining in 2022, then gradually increasing again to $1,999 million in 2024, indicating fluctuations in employee compensation through equity awards.
Inventory and purchase commitments write-downs: The write-downs displayed a less consistent pattern, generally moderate with an increase in 2023 at $463 million, followed by a slight reduction in 2024, reflecting occasional inventory valuation adjustments.
Foreign currency transaction net unrealized gain/loss: The item fluctuated between gains and losses with no clear directional trend, implying exposure to currency volatility but no significant systematic impact.
Deferred income taxes: Deferred income taxes shifted from negative values in 2021-2022 to a substantial negative value in 2023 (-$6,349 million), followed by a positive figure in 2024 ($477 million), indicating significant tax timing differences or adjustments.
Non-cash interest and other operating activities: This item declined sharply from $525 million in 2020 to only $81 million in 2023, before partially recovering to $172 million in 2024, showing lower non-cash adjustments over time.
Digital assets (gain) loss, net: The gains and losses on digital assets were volatile, with a loss of $27 million in 2021, a gain of $140 million in 2022, and a significant loss of $589 million in 2024, underscoring the high volatility of this asset category.
Changes in operating assets and liabilities: There was notable fluctuation in operating working capital changes, ranging from positive changes in early years to a large negative change of -$3,712 million in 2022 and -$2,248 million in 2023, before a near breakeven in 2024, indicating variability in working capital management.
Net cash provided by operating activities: Operating cash flow consistently increased from $5,943 million in 2020 to $14,923 million in 2024, reflecting strong cash generation from core operations despite fluctuations in net income.
Purchases of property and equipment: Capital expenditures showed a rising trend, increasing from $3,157 million in 2020 to $11,339 million in 2024, demonstrating aggressive investment in property and equipment.
Purchases and sales of digital assets: Transactions involving digital assets were sporadic, with purchases recorded only in 2021 ($1,500 million) and sales primarily in 2021 and 2022, indicating selective engagement in this category.
Purchases and sales of investments: Investment activity intensified significantly from 2021 onward, with substantial purchases reaching $35,955 million in 2024, balanced by notable proceeds from maturities and sales, reflecting active portfolio management.
Net cash used in investing activities: Investing cash outflows increased steadily, from $3,132 million in 2020 to nearly $18,787 million by 2024, aligned with elevated capital expenditures and investment purchases.
Net cash provided by (used in) financing activities: Financing cash flows displayed volatility; a large inflow of $9,973 million in 2020 contrasted with outflows in 2021 and 2022, before turning positive in 2023 and 2024, driven by fluctuating debt issuance, repayments, and stock issuance.
Debt activities: Proceeds from debt issuances decreased after 2021 but remained active, while repayments showed a downward trend in magnitude, suggesting a gradual reduction in net debt issuance over time.
Cash and cash equivalents: Cash balances peaked in 2020 at $19,901 million and then gradually declined, stabilizing around $17,000 million in the years 2022-2024, reflecting balanced liquidity management amidst operational and investment demands.
Overall trends: The financial data reflects robust operational cash flow growth alongside substantial capital investments and active investment portfolio management. Profitability showed significant improvement up to 2023 before a marked decline in 2024. Financing activities were variable but ended with positive inflows in the latest years, supporting investment and operational needs. Working capital and tax-related items presented notable volatility, indicating areas for potential focus in management of operations and risk.

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Tesla Inc. (NASDAQ:TSLA)

Cash Flow Statement