Free cash flow remains highly sensitive to operational cycles, evidenced by a wide range of margins from a negative 11.9% in 2024Q1 to a peak of 14.2% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 16.53B | 14.75B | 14.92B | 13.26B | 14.72B | 11.5B | 5.94B | 2.4B | 2.1B | -61M | -123.83M | -524.5M | -57.34M | 264.8M | -263.81M | -114.36M | -127.82M | -80.83M | -52.41M | -53.47M |
| Operating CF Margin % | - | 15.55% | 15.28% | 13.7% | 18.07% | 21.36% | 18.85% | 9.79% | 9.78% | -0.52% | -1.77% | -12.96% | -1.79% | 13.15% | -63.84% | -55.99% | -109.48% | -72.2% | -355.53% | -73245.21% |
| Operating CF Growth % | 31.86% | -1.18% | 12.58% | -9.97% | 28.07% | 93.45% | 147.11% | 14.63% | 3539.34% | 50.74% | 76.39% | -814.77% | -121.65% | 200.37% | -130.68% | 10.53% | -58.14% | -54.21% | 1.98% | - |
| Net Income | 3.88B | 3.85B | 7.13B | 15B | 12.58B | 5.52B | 690M | -775M | -1.06B | -2.24B | -773.05M | -888.66M | -294.04M | -74.01M | -396.21M | -254.41M | -154.33M | -55.74M | -82.78M | -78.16M |
| Depreciation & Amortization | 6.29B | 6.15B | 5.37B | 4.67B | 3.54B | 2.91B | 2.32B | 2.15B | 1.9B | 1.64B | 947.1M | 422.59M | 231.93M | 120.78M | 28.82M | 0 | 10.62M | 6.94M | 4.16M | 2.9M |
| Stock-Based Compensation | 3.28B | 2.83B | 2B | 1.81B | 1.56B | 2.12B | 1.73B | 898M | 749.02M | 466.76M | 334.23M | 198M | 156.5M | 83.66M | 50.15M | 0 | 21.16M | 1.43M | 437K | 198K |
| Deferred Taxes | 30M | 123M | 477M | -6.35B | 0 | -149M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.51M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.97B | 1.15B | -155M | 400M | 777M | 428M | 1.01B | 477M | 452.51M | 573.84M | 61.75M | 236.86M | 105.1M | -14.58M | -31.02M | 64.82M | 5.91M | 4.08M | 9.54M | 2.38M |
| Working Capital Changes | 1.05B | 642M | 81M | -2.25B | -3.71B | 667M | 184M | -349M | 58M | -496.6M | -693.86M | -493.29M | -256.82M | 148.96M | 44.94M | 75.23M | -11.18M | -37.54M | 16.23M | 19.21M |
| Change in Receivables | -330M | -261M | -1.08B | -586M | -1.12B | -130M | -652M | 0 | -496.73M | -25M | -216.56M | 0 | -183.66M | -21.7M | -17.3M | -2.83M | -3.22M | -168K | -3.26M | -59K |
| Change in Inventory | -1.18B | -630M | 937M | -1.2B | -6.46B | -1.71B | -422M | -429M | -1.02B | -179M | -632.87M | 0 | -1.05B | -460.56M | 4.93M | -13.64M | -20.11M | -7.92M | -18.84M | -2.11M |
| Change in Payables | 5.07B | 4.38B | 3.59B | 2.6B | 6.03B | 4.58B | 930M | 646M | 1.72B | 0 | 0 | 0 | 252.78M | 0 | 187.82M | 19.89M | -212K | 902K | 8.81M | 523K |
| Cash from Investing | -18.85B | -15.48B | -18.79B | -15.58B | -11.97B | -7.87B | -3.13B | -1.44B | -2.34B | -4.2B | -1.08B | -1.67B | -990.44M | -249.42M | -206.93M | -175.93M | -180.3M | -14.24M | -11.59M | -9.76M |
| Capital Expenditures | -9.53B | -8.53B | -11.34B | -8.9B | -7.16B | -6.51B | -3.23B | -1.43B | -2.32B | -4.08B | -1.44B | -1.63B | -969.88M | -264.22M | -239.23M | -184.23M | -40.2M | -11.88M | -10.63M | -9.8M |
| CapEx % of Revenue | 9.73% | 8.99% | 11.61% | 9.2% | 8.79% | 12.1% | 10.25% | 5.83% | 10.81% | 34.71% | 20.58% | 40.41% | 30.32% | 13.12% | 57.89% | 90.2% | 34.44% | 10.62% | 72.11% | 13427.4% |
| Acquisitions | 0 | 0 | 0 | -64M | 0 | 0 | -13M | -45M | -17.91M | -115M | 342.72M | -12.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1B | -1.22B | 113M | 41M | 428K | 223.44M | 0 | -26.44M | -3.85M | 14.81M | 7.29M | 33.25M | -140.09M | -2.36M | -960K | 40K |
| Cash from Financing | 2.64B | 1.14B | 3.85B | 2.59B | -3.53B | -5.2B | 9.97B | 1.53B | 574M | 4.42B | 3.74B | 1.52B | 2.14B | 635.42M | 419.63M | 446M | 338.05M | 155.42M | 56.07M | 45.04M |
| Debt Issued (Net) | -1.64B | -3.16B | 2.86B | 2.12B | -3.87B | -5.73B | -2.49B | 798M | 89M | 3.38B | 1.72B | 683.94M | 1.69B | 199.24M | 173.25M | 204.42M | 71.51M | 25.15M | 55.59M | 0 |
| Equity Issued (Net) | 270M | 222M | 1.24B | 700M | 541M | 707M | 12.27B | 848M | 295.72M | 400M | 1.7B | 750M | 489.62M | 415M | 221.5M | 231.47M | 268.84M | 131.82M | 477K | 44.94M |
| Dividends Paid | -70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.08B | 4.08B | -251M | -227M | -202M | -178M | 192M | -117M | 189.28M | 630M | 324.05M | 89.59M | -31.88M | 21.18M | 24.89M | 10.11M | -2.31M | -1.55M | 0 | 100K |
| Net Change in Cash | 405M | 579M | -152M | 265M | -1.22B | -1.76B | 13.12B | 2.51B | 312M | 198M | 2.53B | -708.8M | 1.06B | 644M | -53.38M | 155.71M | 29.93M | 60.35M | -7.93M | -18.19M |
| Free Cash Flow | 7B | 6.22B | 3.58B | 4.36B | 7.55B | 3.48B | 2.7B | 968M | -221M | -4.14B | -1.56B | -2.16B | -1.03B | 580K | -503.04M | -312.26M | -168.02M | -92.71M | -63.04M | -63.27M |
| FCF Margin % | 7.15% | 6.56% | 3.67% | 4.5% | 9.27% | 6.47% | 8.56% | 3.94% | -1.03% | -35.22% | -22.35% | -53.37% | -32.12% | 0.03% | -121.73% | -152.89% | -143.92% | -82.82% | -427.64% | -86672.6% |
| FCF Growth % | 3.24% | 73.69% | -17.81% | -42.31% | 116.82% | 28.95% | 179.03% | 538.01% | 94.66% | -164.78% | 27.56% | -110.21% | -177207.24% | 100.12% | -61.1% | -85.85% | -81.23% | -47.06% | 0.36% | - |
| FCF per Share | 1.98 | 1.76 | 1.02 | 1.25 | 2.17 | 1.03 | 0.83 | 0.36 | -0.09 | -1.67 | -0.72 | -1.12 | -0.55 | 0.00 | -0.31 | -0.21 | -0.22 | -0.05 | -0.03 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.81x | 3.89x | 2.09x | 0.88x | 1.17x | 2.08x | 8.24x | -2.79x | -2.15x | 0.03x | 0.18x | 0.59x | 0.19x | -3.58x | 0.67x | 0.45x | 0.83x | 1.45x | 0.63x | 0.68x |
| Interest Paid | 0 | 0 | 277M | 126M | 152M | 266M | 444M | 455M | 381M | 183M | 38.69M | 32.06M | 20.54M | 9.04M | 6.94M | 3.47M | 1.14M | 70K | 41K | 9K |
| Taxes Paid | 0 | 0 | 1.33B | 1.12B | 1.2B | 561M | 115M | 54M | 35M | 66M | 16.39M | 9.46M | 3.12M | 257K | 117K | 282K | 9K | 171K | 0 | 0 |
Automotive margin compression
According to recent quarterly filings, the ratio of operating cash flow to net income has exhibited extreme volatility, reaching a high of 8.02 in 2026Q1, which suggests that reported net income significantly understates the company's underlying ability to generate cash from its core manufacturing operations.
The wide divergence between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are heavily distorting the bottom line. Investors should monitor whether this gap reflects sustainable operational efficiency or merely the accounting impact of aggressive depreciation and stock-based compensation.
As reported in financial statements, Tesla's free cash flow margins have fluctuated wildly, ranging from a negative 11.9% in 2024Q1 to a peak of 14.2% in 2025Q3, highlighting the inherent difficulty in maintaining consistent cash generation amidst aggressive pricing strategies and cyclical demand shifts.
The inconsistency in free cash flow generation suggests that the company's capital-intensive business model remains highly sensitive to volume fluctuations. This volatility warrants further investigation into whether the current cash flow profile can support the company's ambitious long-term investments in autonomous platforms and robotics.
Based on Tesla's reported figures, capital expenditures have remained elevated, consistently exceeding 8% of revenue over the last ten quarters, which indicates a persistent need for heavy reinvestment to maintain manufacturing capacity and support the ongoing expansion of the global Gigafactory footprint.
The sustained high level of capital intensity suggests that the company is still in a growth-oriented phase rather than a mature cash-harvesting stage. Analysts should interpret this as a commitment to structural cost leadership, though it places significant pressure on the company's ability to generate surplus cash.
Data from recent SEC filings reveals significant swings in working capital, with a notable $2.1B inflow in 2025Q3 followed by a $673M outflow in 2025Q2, suggesting that inventory management and payment cycles remain primary drivers of short-term cash flow variability for the automotive segment.
These fluctuations imply that the company's cash position is highly susceptible to logistical bottlenecks and shifts in vehicle delivery timing. Investors should monitor these working capital movements as a leading indicator of potential demand softening or supply chain inefficiencies within the manufacturing process.
Financial statements indicate that stock-based compensation has consistently trended upward, reaching $1.0B in 2026Q1, which effectively masks the true cash cost of talent acquisition and dilutes the quality of the company's reported operating cash flow metrics over the observed ten-quarter period.
The reliance on stock-based compensation as a non-cash add-back to operating cash flow suggests that the company's reported cash generation may be overstated when viewed through a traditional lens. This practice warrants close scrutiny, as it obscures the real economic cost of the company's human capital strategy.
Quick answers to the most common questions about buying TSLA stock.
Tesla, Inc. (TSLA) generated $14.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tesla, Inc. (TSLA) generated $6.22B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tesla, Inc. (TSLA) spent $8.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.