Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Tesla Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal	—)	48)	—)	—)	—)
State	45)	57)	62)	9)	4)
Foreign	1,315)	1,243)	1,266)	839)	248)
Current	1,360)	1,348)	1,328)	848)	252)
Federal	831)	(5,246)	26)	—)	—)
State	(49)	(653)	1)	—)	—)
Foreign	(305)	(450)	(223)	(149)	40)
Deferred	477)	(6,349)	(196)	(149)	40)
Provision for (benefit from) income taxes	1,837)	(5,001)	1,132)	699)	292)

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).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Tesla Inc. current increased from 2022 to 2023 and from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Tesla Inc. deferred decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Provision for (benefit from) income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Tesla Inc. provision for (benefit from) income taxes decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Tesla Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Statutory federal tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective tax rate	20.43%	-50.15%	8.25%	11.02%	25.30%

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).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Tesla Inc. effective tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Tesla Inc., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net operating loss carry-forwards	1,295)	2,826)	4,486)	7,607)	2,172)
Research and development credits	1,735)	1,358)	1,184)	923)	624)
Other tax credits and attributes	1,325)	827)	217)	335)	168)
Deferred revenue	1,101)	1,035)	751)	546)	450)
Inventory and warranty reserves	1,769)	1,258)	819)	377)	315)
Operating lease right-of-use liabilities	1,186)	930)	554)	430)	335)
Capitalized research and development costs	2,448)	1,344)	693)	—)	—)
Deferred GILTI tax assets	691)	760)	466)	556)	581)
Others	412)	436)	363)	306)	303)
Deferred tax assets	11,962)	10,774)	9,533)	11,080)	4,948)
Valuation allowance	(1,224)	(892)	(7,349)	(9,074)	(2,930)
Deferred tax assets, net of valuation allowance	10,738)	9,882)	2,184)	2,006)	2,018)
Depreciation and amortization	(2,658)	(2,122)	(1,178)	(1,279)	(1,488)
Operating lease right-of-use assets	(1,097)	(859)	(506)	(391)	(305)
Deferred revenue	—)	—)	—)	(49)	(50)
Other	(561)	(249)	(253)	(222)	(259)
Deferred tax liabilities	(4,316)	(3,230)	(1,937)	(1,941)	(2,102)
Deferred tax assets (liabilities), net of valuation allowance	6,422)	6,652)	247)	65)	(84)

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).

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Item	Description	The company
Deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Tesla Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets, net of valuation allowance	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Tesla Inc. deferred tax assets, net of valuation allowance increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets (liabilities), net of valuation allowance	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Tesla Inc. deferred tax assets (liabilities), net of valuation allowance increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Tesla Inc., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	Deferred tax assets	6,524)	6,733)	328)	89)	67)
	Deferred tax liabilities	102)	81)	82)	24)	151)

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).

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Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Tesla Inc. deferred tax assets increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Tesla Inc. deferred tax liabilities decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Tesla Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	122,070)	106,618)	82,338)	62,131)	52,148)
Less: Noncurrent deferred tax assets, net	6,524)	6,733)	328)	89)	67)
Total assets (adjusted)	115,546)	99,885)	82,010)	62,042)	52,081)
Adjustment to Total Liabilities
Total liabilities (as reported)	48,390)	43,009)	36,440)	30,548)	28,418)
Less: Noncurrent deferred tax liabilities, net	102)	81)	82)	24)	151)
Total liabilities (adjusted)	48,288)	42,928)	36,358)	30,524)	28,267)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	72,913)	62,634)	44,704)	30,189)	22,225)
Less: Net deferred tax assets (liabilities)	6,422)	6,652)	247)	65)	(84)
Stockholders’ equity (adjusted)	66,491)	55,982)	44,457)	30,124)	22,309)
Adjustment to Net Income Attributable To Common Stockholders
Net income attributable to common stockholders (as reported)	7,091)	14,997)	12,556)	5,519)	721)
Add: Deferred income tax expense (benefit)	477)	(6,349)	(196)	(149)	40)
Net income attributable to common stockholders (adjusted)	7,568)	8,648)	12,360)	5,370)	761)

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).

Tesla Inc., Financial Data: Reported vs. Adjusted

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Tesla Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	7.26%	15.50%	15.41%	10.25%	2.29%
Adjusted net profit margin	7.75%	8.94%	15.17%	9.98%	2.41%
Total Asset Turnover
Reported total asset turnover	0.80	0.91	0.99	0.87	0.60
Adjusted total asset turnover	0.85	0.97	0.99	0.87	0.61
Financial Leverage
Reported financial leverage	1.67	1.70	1.84	2.06	2.35
Adjusted financial leverage	1.74	1.78	1.84	2.06	2.33
Return on Equity (ROE)
Reported ROE	9.73%	23.94%	28.09%	18.28%	3.24%
Adjusted ROE	11.38%	15.45%	27.80%	17.83%	3.41%
Return on Assets (ROA)
Reported ROA	5.81%	14.07%	15.25%	8.88%	1.38%
Adjusted ROA	6.55%	8.66%	15.07%	8.66%	1.46%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Tesla Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Tesla Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Profitability Ratio
Net profit margin¹	7.26%	15.50%	15.41%	10.25%	2.29%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,568)	8,648)	12,360)	5,370)	761)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Profitability Ratio
Adjusted net profit margin²	7.75%	8.94%	15.17%	9.98%	2.41%

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).

2024 Calculations

¹ Net profit margin = 100 × Net income attributable to common stockholders ÷ Revenues
= 100 × 7,091 ÷ 97,690 = 7.26%

² Adjusted net profit margin = 100 × Adjusted net income attributable to common stockholders ÷ Revenues
= 100 × 7,568 ÷ 97,690 = 7.75%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Tesla Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Activity Ratio
Total asset turnover¹	0.80	0.91	0.99	0.87	0.60
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Adjusted total assets	115,546)	99,885)	82,010)	62,042)	52,081)
Activity Ratio
Adjusted total asset turnover²	0.85	0.97	0.99	0.87	0.61

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).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 97,690 ÷ 122,070 = 0.80

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 97,690 ÷ 115,546 = 0.85

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Tesla Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Stockholders’ equity	72,913)	62,634)	44,704)	30,189)	22,225)
Solvency Ratio
Financial leverage¹	1.67	1.70	1.84	2.06	2.35
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	115,546)	99,885)	82,010)	62,042)	52,081)
Adjusted stockholders’ equity	66,491)	55,982)	44,457)	30,124)	22,309)
Solvency Ratio
Adjusted financial leverage²	1.74	1.78	1.84	2.06	2.33

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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 122,070 ÷ 72,913 = 1.67

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 115,546 ÷ 66,491 = 1.74

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Tesla Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Stockholders’ equity	72,913)	62,634)	44,704)	30,189)	22,225)
Profitability Ratio
ROE¹	9.73%	23.94%	28.09%	18.28%	3.24%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,568)	8,648)	12,360)	5,370)	761)
Adjusted stockholders’ equity	66,491)	55,982)	44,457)	30,124)	22,309)
Profitability Ratio
Adjusted ROE²	11.38%	15.45%	27.80%	17.83%	3.41%

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).

2024 Calculations

¹ ROE = 100 × Net income attributable to common stockholders ÷ Stockholders’ equity
= 100 × 7,091 ÷ 72,913 = 9.73%

² Adjusted ROE = 100 × Adjusted net income attributable to common stockholders ÷ Adjusted stockholders’ equity
= 100 × 7,568 ÷ 66,491 = 11.38%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Tesla Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common stockholders	7,091)	14,997)	12,556)	5,519)	721)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Profitability Ratio
ROA¹	5.81%	14.07%	15.25%	8.88%	1.38%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,568)	8,648)	12,360)	5,370)	761)
Adjusted total assets	115,546)	99,885)	82,010)	62,042)	52,081)
Profitability Ratio
Adjusted ROA²	6.55%	8.66%	15.07%	8.66%	1.46%

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).

2024 Calculations

¹ ROA = 100 × Net income attributable to common stockholders ÷ Total assets
= 100 × 7,091 ÷ 122,070 = 5.81%

² Adjusted ROA = 100 × Adjusted net income attributable to common stockholders ÷ Adjusted total assets
= 100 × 7,568 ÷ 115,546 = 6.55%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Tesla Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Tesla Inc. (NASDAQ:TSLA)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Tesla Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Tesla Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)