Tesla, Inc. (TSLA) Cash Flow Statement
Where TSLA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $14.75B −1.2% vs 2024
- Capital expenditures
- $8.53B 9.0% of revenue
- Free cash flow
- $6.22B 6.6% margin
- Returned to shareholders
- —
- Change in cash
- $579.0M cash at year-end $17.62B
Cash from operations
$14.75B
Capital expenditures
−$8.53B
Investments (net)
−$6.95B
Share buybacks (net)
+$1.19B
Net borrowing (repayment)
−$64.0M
Currency & other
+$188.0M
Change in cash
$579.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TSLA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TSLA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$123.8M2016 | $14.75B2025 | — | |
| Capital expenditures | $1.44B2016 | $8.53B2025 | +21.8%/yr | |
| Free cash flow | −$1.56B2016 | $6.22B2025 | — | |
| Free cash flow margin | −22.3%2016 | 6.6%2025 | +28.9 pts | |
| Operating cash flow / net income | 8.612020 | 3.832025 | −4.79 | |
| Stock-based compensation | $334.2M2016 | $2.83B2025 | +26.8%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 20.6%2016 | 9.0%2025 | −11.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSLA cash flow by activity
OperatingInvestingFinancingChange in cash
TSLA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TSLA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.85B | $7.13B | $15.00B | $12.58B | $5.52B | $690.0M | −$775.0M | −$1.06B | −$2.24B | −$773.0M |
| Depreciation & amortization | $6.15B | $5.37B | $4.67B | $3.54B | $2.91B | $2.32B | $2.15B | $1.90B | $1.64B | $947.1M |
| Stock-based compensation | $2.83B | $2.00B | $1.81B | $1.56B | $2.12B | $1.73B | $898.0M | $749.0M | $466.8M | $334.2M |
| Change in working capital | $642.0M | $81.0M | −$2.25B | −$3.71B | $518.0M | $184.0M | −$349.0M | $58.0M | −$496.6M | −$693.9M |
| Other non-cash items | $1.28B | $345.0M | −$5.97B | $750.0M | $428.0M | $1.01B | $477.0M | $452.6M | $573.8M | $61.8M |
| Cash from operating activities | $14.75B | $14.92B | $13.26B | $14.72B | $11.50B | $5.94B | $2.40B | $2.10B | −$61.0M | −$123.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$8.53B | −$11.34B | −$8.90B | −$7.17B | −$8.01B | −$3.24B | −$1.44B | −$2.32B | −$4.08B | −$1.44B |
| Investments (net) | −$6.95B | −$18.79B | −$15.58B | −$11.97B | −$132.0M | −$3.13B | −$1.44B | −$2.34B | −$4.42B | −$1.42B |
| Acquisitions & other investing | $0 | $11.34B | $8.90B | $7.17B | $278.0M | $3.24B | $1.44B | $2.32B | $4.30B | $1.78B |
| Cash from investing activities | −$15.48B | −$18.79B | −$15.58B | −$11.97B | −$7.87B | −$3.13B | −$1.44B | −$2.34B | −$4.20B | −$1.08B |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | $1.19B | $1.24B | $700.0M | $541.0M | $548.0M | $12.50B | $1.28B | $505.5M | $1.01B | $2.05B |
| Net borrowing (repayment) | −$64.0M | $2.86B | $2.12B | −$3.87B | $8.87B | $9.47B | $798.0M | $5.32B | $3.38B | $1.72B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $12.27B | $848.0M | $0 | $0 | $0 |
| Other financing | $17.0M | −$251.0M | −$227.0M | −$202.0M | −$14.62B | −$24.27B | −$1.40B | −$5.25B | $20.4M | −$20.0M |
| Cash from financing activities | $1.14B | $3.85B | $2.59B | −$3.53B | −$5.20B | $9.97B | $1.53B | $574.0M | $4.42B | $3.74B |
| Summary | ||||||||||
| Net change in cash | $579.0M | −$152.0M | $265.0M | −$1.22B | −$1.76B | $13.12B | $2.51B | $312.0M | $198.0M | $2.53B |
| Cash at end of period | $17.62B | $17.04B | $17.19B | $16.92B | $18.14B | $19.90B | $6.78B | $4.28B | $3.96B | $3.77B |
| Free cash flow | $6.22B | $3.58B | $4.36B | $7.55B | $3.48B | $2.70B | $968.0M | −$221.0M | −$4.14B | −$1.56B |
| Free cash flow margin | 6.6% | 3.7% | 4.5% | 9.3% | 6.5% | 8.6% | 3.9% | −1.0% | −35.2% | −22.3% |
| Capex / revenue | 9.0% | 11.6% | 9.2% | 8.8% | 14.9% | 10.3% | 5.8% | 10.8% | 34.7% | 20.6% |
| Operating cash flow / net income | 3.83 | 2.09 | 0.88 | 1.17 | 2.08 | 8.61 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.13B | $491.0M | $840.0M | $1.37B | $1.17B | $409.0M | $2.31B | $2.17B | $1.40B | $1.14B | $7.93B | $1.85B |
| Depreciation & amortization | $1.62B | $1.59B | $1.64B | $1.62B | $1.43B | $1.45B | $1.50B | $1.35B | $1.28B | $1.25B | $1.23B | $1.24B |
| Stock-based compensation | $1.15B | $1.03B | $954.0M | $663.0M | $635.0M | $573.0M | $579.0M | $457.0M | $439.0M | $524.0M | $484.0M | $465.0M |
| Change in working capital | $1.69B | −$146.0M | −$214.0M | $2.08B | −$673.0M | −$554.0M | $1.03B | $1.57B | $138.0M | −$2.66B | $798.0M | −$302.0M |
| Other non-cash items | −$888.0M | $972.0M | $590.0M | $494.0M | −$27.0M | $281.0M | −$605.0M | $703.0M | $357.0M | −$11.0M | −$6.07B | $59.0M |
| Cash from operating activities | $4.70B | $3.94B | $3.81B | $6.24B | $2.54B | $2.16B | $4.81B | $6.25B | $3.61B | $242.0M | $4.37B | $3.31B |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.79B | −$2.49B | −$2.39B | −$2.25B | −$2.39B | −$1.49B | −$2.78B | −$3.51B | −$2.27B | −$2.78B | −$2.31B | −$2.46B |
| Investments (net) | $1.87B | −$2.53B | −$4.13B | −$4.36B | −$2.94B | −$1.65B | −$7.60B | −$2.88B | −$3.23B | −$5.08B | −$4.80B | −$4.76B |
| Acquisitions & other investing | −$2.01B | $0 | $0 | $2.25B | $2.39B | $1.49B | $2.78B | $3.51B | $2.27B | $2.78B | $2.31B | $2.46B |
| Cash from investing activities | −$5.93B | −$5.02B | −$6.53B | −$4.36B | −$2.94B | −$1.65B | −$7.60B | −$2.88B | −$3.23B | −$5.08B | −$4.80B | −$4.76B |
| Financing activities | ||||||||||||
| Dividends paid | −$70.0M | −$70.0M | — | — | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | $1.19B | $1.04B | $528.0M | $313.0M | $1.24B | $788.0M | — | — | — | $548.0M |
| Net borrowing (repayment) | −$63.0M | $783.0M | $587.0M | $495.0M | −$422.0M | −$724.0M | $577.0M | −$181.0M | — | — | — | $2.05B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $170.0M | $459.0M | −$1.06B | −$552.0M | −$328.0M | $79.0M | −$833.0M | −$475.0M | $2.54B | $196.0M | $887.0M | −$339.0M |
| Cash from financing activities | $37.0M | $1.17B | $710.0M | $983.0M | −$222.0M | −$332.0M | $985.0M | $132.0M | $2.54B | $196.0M | $887.0M | $2.26B |
| Summary | ||||||||||||
| Net change in cash | −$1.23B | $39.0M | −$1.97B | $2.85B | −$515.0M | $213.0M | −$1.94B | $3.62B | $2.89B | −$4.72B | $599.0M | $711.0M |
| Cash at end of period | $16.43B | $17.66B | $17.62B | $19.58B | $16.73B | $17.25B | $17.04B | $18.97B | $15.35B | $12.46B | $17.19B | $16.59B |
| Free cash flow | −$1.09B | $1.44B | $1.42B | $3.99B | $146.0M | $664.0M | $2.03B | $2.74B | $1.34B | −$2.54B | $2.06B | $849.0M |
| Free cash flow margin | −3.9% | 6.5% | 5.7% | 14.2% | 0.6% | 3.4% | 7.9% | 10.9% | 5.3% | −11.9% | 8.2% | 3.6% |
| Capex / revenue | 20.5% | 11.1% | 9.6% | 8.0% | 10.6% | 7.7% | 10.8% | 14.0% | 8.9% | 13.0% | 9.2% | 10.5% |
| Operating cash flow / net income | 4.16 | 8.02 | 4.54 | 4.54 | 2.17 | 5.27 | 2.08 | 2.88 | 2.58 | 0.21 | 0.55 | 1.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TSLA cash generation
In fiscal 2025 (ended December 31, 2025), Tesla generated $14.7 billion of cash from operations (down 1.2%) and spent $8.5 billion on capital expenditures, leaving free cash flow of $6.2 billion, 6.6% of revenue. Cash and equivalents rose by $579.0 million over the year.
Related: TSLA income statement, TSLA balance sheet. See the TSLA stock overview for the latest quote and news.
TSLA cash flow FAQ
What is Tesla's free cash flow?
Tesla's free cash flow was $6.2 billion in fiscal 2025: $14.7 billion of operating cash flow minus $8.5 billion of capital expenditures It was $3.6 billion a year earlier..
How much cash does Tesla generate from operations?
Tesla generated $14.7 billion of cash from operating activities in fiscal 2025, 3.83 times its net income of $3.9 billion.
How much does Tesla spend on capital expenditures?
Tesla spent $8.5 billion on capital expenditures in fiscal 2025, 9.0% of revenue, compared with $11.3 billion the year before.