Tesla Inc., adjustment to net income attributable to common stockholders

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to common stockholders (as reported)	7,091)	14,997)	12,556)	5,519)	721)
Add: Unrealized net gain (loss) on investments, net of tax	12)	16)	(23)	(1)	—)
Net income attributable to common stockholders (adjusted)	7,103)	15,013)	12,533)	5,518)	721)

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Tesla Inc., adjusted profitability 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	7.27%	15.51%	15.39%	10.25%	2.29%
Return on Equity (ROE)
Reported ROE	9.73%	23.94%	28.09%	18.28%	3.24%
Adjusted ROE	9.74%	23.97%	28.04%	18.28%	3.24%
Return on Assets (ROA)
Reported ROA	5.81%	14.07%	15.25%	8.88%	1.38%
Adjusted ROA	5.82%	14.08%	15.22%	8.88%	1.38%

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

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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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,103)	15,013)	12,533)	5,518)	721)
Revenues	97,690)	96,773)	81,462)	53,823)	31,536)
Profitability Ratio
Adjusted net profit margin²	7.27%	15.51%	15.39%	10.25%	2.29%

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 × 7,103 ÷ 97,690 = 7.27%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Tesla Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,103)	15,013)	12,533)	5,518)	721)
Stockholders’ equity	72,913)	62,634)	44,704)	30,189)	22,225)
Profitability Ratio
Adjusted ROE²	9.74%	23.97%	28.04%	18.28%	3.24%

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 ÷ Stockholders’ equity
= 100 × 7,103 ÷ 72,913 = 9.74%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common stockholders	7,103)	15,013)	12,533)	5,518)	721)
Total assets	122,070)	106,618)	82,338)	62,131)	52,148)
Profitability Ratio
Adjusted ROA²	5.82%	14.08%	15.22%	8.88%	1.38%

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 ÷ Total assets
= 100 × 7,103 ÷ 122,070 = 5.82%

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

Tesla Inc. (NASDAQ:TSLA)

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