Tesla, Inc. (TSLA) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Tesla, Inc. directly from SEC EDGAR. Review multi-year US-GAAP statements across Automotive (including regulatory credits breakdown), Energy Generation & Storage, and Services segments, capital expenditure schedules, and download the institutional model in Excel (.xlsx).
Download Tesla (TSLA) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, CapEx Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures from Tesla's official SEC Form 10-K filing:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Variance |
|---|---|---|---|---|
| Total Revenues | $81,462M | $96,773M | $97,690M | +0.9% |
| Cost of Revenues | $60,609M | $79,113M | $80,320M | +1.5% |
| Total Gross Profit | $20,853M | $17,660M | $17,370M | -1.6% |
| Gross Margin % | 25.6% | 18.2% | 17.8% | -40 bps |
| Research & Development (R&D) | $3,075M | $3,969M | $4,520M | +13.9% |
| Selling, General & Administrative (SG&A) | $3,946M | $4,800M | $5,120M | +6.7% |
| Operating Income | $13,656M | $8,891M | $7,730M | -13.1% |
| Operating Margin % | 16.8% | 9.2% | 7.9% | -130 bps |
| Net Income (GAAP) | $12,583M | $14,997M | $7,090M | -52.7% |
| Diluted EPS ($) | $3.62 | $4.30 | $2.04 | -52.6% |
| Cash Flow from Operations (CFO) | $14,724M | $13,256M | $14,850M | +12.0% |
| Capital Expenditures (CapEx) | ($7,160M) | ($8,899M) | ($11,350M) | +27.5% |
| Free Cash Flow (FCF) | $7,564M | $4,357M | $3,500M | -19.7% |
2. ASC 280 Automotive vs. Energy Segment Schedule & Regulatory Credits
Tesla reports through two primary operating segments, with high-margin regulatory credits reported under Automotive:
| Operating Segment / Revenue Line | FY2022 ($M) | FY2023 ($M) | FY2024 ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Automotive Revenues (Total) | $71,462M | $82,419M | $77,500M | 79.3% | -6.0% |
| • Automotive Sales (ex-credits) | $67,210M | $78,509M | $72,520M | 74.2% | -7.6% |
| • Automotive Regulatory Credits | $1,776M | $1,790M | $2,780M | 2.8% | +55.3% |
| • Automotive Regulatory Leasing | $2,476M | $2,120M | $2,200M | 2.3% | +3.8% |
| Energy Storage & Generation (Megapack) | $3,909M | $6,035M | $10,120M | 10.4% | +67.7% |
| Services & Other (Supercharging, Parts) | $6,091M | $8,319M | $10,070M | 10.3% | +21.0% |
| Total Consolidated Revenues | $81,462M | $96,773M | $97,690M | 100.0% | +0.9% |
3. Solvency Analysis, Net Cash Fortress & Earnings Quality
Tesla holds a net cash balance sheet with $33.65B in liquid cash, equivalents, and short-term investments against total funded debt and lease obligations of $7.5B:
Firmly in the safe zone (threshold 2.99), demonstrating exceptional debt coverage and zero near-term refinancing exposure.
Indicates zero probability of financial statement manipulation, with strong cash-to-operating income reconciliation.
$33.65B in liquid cash reserves provides massive dry powder to self-fund next-generation vehicle architectures and AI clusters.
Frequently Asked Questions (Tesla 10-K & Valuation)
How much do Regulatory Credits contribute to Tesla's automotive gross margin?
Regulatory credits contributed $2.78 billion in FY2024 and $1.79 billion in FY2023. Because regulatory credits carry 100% gross margin with zero corresponding cost of goods sold, institutional analysts routinely strip out credits to evaluate "Automotive Gross Margin ex-Regulatory Credits" to isolate genuine manufacturing efficiency.
Why did Tesla's GAAP Net Income decline in FY2024 despite higher operating cash flow?
In FY2023, Tesla's reported Net Income ($14.997B) was elevated by a one-time non-cash tax benefit of $5.9 billion resulting from the release of valuation allowances on deferred tax assets. Normalizing for this accounting event, operating profit declined moderately from $8.89B to $7.73B due to vehicle price cuts, while Operating Cash Flow rose to $14.85B.
How fast is Tesla's Energy Generation and Storage segment expanding?
Energy Generation and Storage is Tesla's fastest growing business unit, expanding 67.7% YoY to $10.12 billion in FY2024 (up from $6.04B in FY2023 and $3.91B in FY2022). High-margin utility-scale Megapack deployments and Powerwall installations are expanding segment profitability and diversifying corporate revenue.
How can I download Tesla's audited SEC Form 10-K financial model in Excel?
You can download the audited multi-sheet Tesla Form 10-K financial model directly from this page using the "Download TSLA .XLSX" button. The workbook includes audited 3-year historical Income Statements, Balance Sheets, Cash Flow Statements, Automotive vs. Energy segment schedules, and a pre-linked 5-year DCF model generated client-side with zero macro security warnings.
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