Tesla
(NASDAQ:TSLA)

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric ve...

Website: http://www.tesla.com

Founded: 2003

IPO Price: $17 (Jun 29, 2010)

Full Time Employees: 127,855 (Dec 2022)

Founder: Elon Musk, Martin Eberhard, Marc Tarpenning

CEO: Elon Musk

Sector: Consumer Cyclical

Industry: Auto Manufacturers

Lithium Battery Electric Vehicles Autonomous Driving

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At a glance:

Margin Pressure Persists Despite Cost Reductions: Automotive gross margin remains under pressure due to pricing actions and a more competitive EV market, partially offset by manufacturing efficiencies and cost-cutting initiatives.
Deliveries and Growth Narrative Tied to Product Cycle and Geography: Unit growth is increasingly dependent on demand conditions across key regions and the pace of refreshes/ramp-ups, with mix and incentives playing a larger role in near-term delivery performance.
Energy Generation & Storage Becoming a More Material Contributor: The energy segment is growing in importance, supported by strong demand for storage deployments, helping diversify revenue and potentially improving overall margin mix over time.
Cash Flow Volatility Influenced by Capex and Working Capital Swings: Free cash flow can be uneven quarter-to-quarter as Tesla balances major investments (new capacity, AI/compute, and product development) with inventory and receivables dynamics.
Valuation Hinges on Autonomy and Software Monetization Execution: A meaningful portion of the bull case depends on successful progress in autonomy/FSD and software-driven recurring revenue, which remains a key execution and regulatory risk area.

Bull Thesis:

Dominant Position in a Growing EV Market: Tesla maintains a leading market share in the rapidly expanding global electric vehicle market, benefiting from its established brand, advanced technology, and extensive charging infrastructure, which provides a significant competitive moat.
Significant Potential of AI and Full Self-Driving (FSD): The ongoing development and eventual widespread adoption of FSD technology, coupled with advancements in AI (e.g., Optimus robot), could unlock massive new revenue streams through robotaxis, software licensing, and enhanced vehicle value, transforming Tesla into an AI company.
Underestimated Growth in Energy Storage and Solar: Tesla Energy, encompassing Powerwall, Megapack, and solar solutions, represents a high-growth, high-margin business segment with the potential to rival or even surpass the automotive division in scale and profitability as the world transitions to renewable energy.
Superior Manufacturing Efficiency and Cost Structure: Tesla's innovative manufacturing processes, including Gigafactories, gigacasting, and vertical integration, provide a significant cost advantage and scalability, allowing for higher production volumes and improved margins over competitors as production scales.

Bear Thesis:

Intensifying Competition and Eroding Market Share: Traditional automakers and new EV startups are rapidly introducing competitive models across various price points, leading to increased price pressure, reduced market share, and potential margin compression for Tesla in key markets.
High Valuation Amidst Slower Growth Prospects: Tesla's stock valuation remains exceptionally high compared to traditional automakers, implying future growth rates that may be difficult to sustain given market saturation, macroeconomic headwinds, and the increasing competitive landscape, leading to potential multiple compression.
Persistent Delays and Regulatory Hurdles for FSD: The long-promised Full Self-Driving capability continues to face development delays, technical challenges, and significant regulatory scrutiny, casting doubt on its timeline for widespread commercialization and its ability to generate substantial revenue in the near term.
Key Person Risk and Leadership Distractions: Tesla's heavy reliance on Elon Musk, coupled with his divided attention across multiple ventures (e.g., X, SpaceX, Neuralink) and controversial public statements, introduces significant key person risk and potential leadership distractions that could impact company performance and brand perception.

Main Competitors:

Volkswagen Group ($VOW.DE) (ID. series (VW), e-tron (Audi), Taycan (Porsche)), Competes across various EV segments from mass-market to luxury with a multi-brand strategy, leveraging vast manufacturing scale, established dealer networks, and a strong global presence to challenge Tesla's market share.
BYD Co. Ltd. ($1211.HK) (Blade Battery, Han, Seal, Atto 3 (EVs and PHEVs)), A vertically integrated Chinese powerhouse that competes directly with Tesla in EV sales (often surpassing in total NEV sales), battery technology (Blade Battery), and global expansion, offering a wide range of vehicles at competitive price points.
Hyundai Motor Group ($005380.KS) (Ioniq 5/6 (Hyundai), EV6 (Kia), GV60 (Genesis)), Challenges Tesla with its highly acclaimed E-GMP dedicated EV platform, offering innovative designs, fast-charging capabilities, and strong value propositions across its Hyundai, Kia, and Genesis brands, gaining significant market share globally.
General Motors ($GM) (Ultium Platform, Cadillac Lyriq, GMC Hummer EV, Chevrolet Equinox EV/Silverado EV), Aims to directly compete with Tesla in the North American market and beyond through its scalable Ultium EV platform, focusing on a diverse portfolio of electric trucks, SUVs, and luxury vehicles, leveraging its extensive dealer network and manufacturing capabilities.

Moat:

Tesla's initial competitive moat was built on early market entry, superior battery technology, software integration, and a dedicated charging network. However, the landscape has rapidly evolved. Traditional automakers (like Volkswagen and GM) are leveraging their immense manufacturing scale, established supply chains, and brand loyalty to launch compelling EV lineups. New entrants, particularly from China like BYD, are vertically integrated, highly cost-competitive, and rapidly expanding globally, often surpassing Tesla in total EV unit sales. Competition is intensifying across all segments, from luxury to mass-market, and in key technologies like battery chemistry, autonomous driving, and charging infrastructure, forcing Tesla to innovate continuously to maintain its leadership position.

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

revenues
automotive sales	16,750,000,000	20,359,000,000	15,787,000,000	12,925,000,000	18,659,000,000	18,831,000,000	18,530,000,000	16,460,000,000	20,630,000,000	18,582,000,000	20,419,000,000	18,878,000,000	20,241,000,000	17,785,000,000	13,670,000,000	15,514,000,000	13,874,000,000	11,672,000,000	9,874,000,000	8,705,000,000	9,034,000,000	7,346,000,000	4,911,000,000	4,893,000,000	6,143,000,000	5,132,000,000	5,168,027,000	3,508,741,000	6,073,471,000	5,878,305,000	3,117,865,000	2,561,881,000	2,409,109,000	2,076,731,000	2,013,852,000	2,035,060,000	1,739,449,000	1,917,442,000	1,181,852,000	1,026,064,000	1,117,008,000	852,555,000	878,090,000	893,320,000	956,661,000	849,009,000	768,242,000	618,811,000	610,852,000	430,196,000	401,535,000	555,203,000	294,376,000	50,023,000	22,054,000	19,245,000	32,677,000	43,235,000	39,028,000	33,628,000	29,172,000	23,350,000	23,971,000
automotive regulatory credits	542,000,000	417,000,000	439,000,000	595,000,000	692,000,000	739,000,000	890,000,000	442,000,000	433,000,000	554,000,000	282,000,000	521,000,000	467,000,000	286,000,000	344,000,000	679,000,000
automotive leasing	401,000,000	429,000,000	435,000,000	447,000,000	447,000,000	446,000,000	458,000,000	476,000,000	500,000,000	489,000,000	567,000,000	564,000,000	599,000,000	621,000,000	588,000,000	668,000,000	628,000,000	385,000,000	332,000,000	297,000,000	280,000,000	265,000,000	268,000,000	239,000,000	225,000,000	221,000,000	208,362,000	215,120,000	249,748,000	220,461,000	239,816,000	173,436,000	293,086,000	286,158,000	272,764,000	254,540,000	254,674,000	231,285,000
total automotive revenues	17,693,000,000	21,205,000,000	16,661,000,000	13,967,000,000	19,798,000,000	20,016,000,000	19,878,000,000	17,378,000,000	21,563,000,000	19,625,000,000	21,268,000,000	19,963,000,000	21,307,000,000	18,692,000,000	14,602,000,000	16,861,000,000	15,967,000,000	12,057,000,000	10,206,000,000	9,002,000,000	9,314,000,000	7,611,000,000	5,179,000,000	5,132,000,000	6,368,000,000	5,353,000,000	5,376,389,000	3,723,861,000	6,323,219,000	6,098,766,000	3,357,681,000	2,735,317,000	2,702,195,000	2,362,889,000	2,286,616,000	2,289,600,000	1,994,123,000	2,148,727,000
energy generation and storage	3,837,000,000	3,415,000,000	2,789,000,000	2,730,000,000	3,061,000,000	2,376,000,000	3,014,000,000	1,635,000,000	1,438,000,000	1,559,000,000	1,509,000,000	1,529,000,000	1,310,000,000	1,117,000,000	866,000,000	616,000,000	688,000,000	806,000,000	801,000,000	494,000,000	752,000,000	579,000,000	370,000,000	293,000,000	436,000,000	402,000,000	368,208,000	324,661,000	371,497,000	399,317,000	374,408,000	410,022,000	298,037,000	317,505,000	286,780,000	213,944,000
services and other	3,371,000,000	3,475,000,000	3,046,000,000	2,638,000,000	2,848,000,000	2,790,000,000	2,608,000,000	2,288,000,000	2,166,000,000	2,166,000,000	2,150,000,000	1,837,000,000	1,701,000,000	1,645,000,000	1,466,000,000	1,279,000,000	1,064,000,000	894,000,000	951,000,000	893,000,000	678,000,000	581,000,000	487,000,000	560,000,000	580,000,000	548,000,000	605,079,000	492,942,000	531,157,000	326,330,000	270,142,000	263,412,000	288,017,000	304,281,000	216,161,000	192,726,000	109,114,000	149,709,000	88,165,000	120,984,000	97,372,000	84,234,000	76,886,000	46,560,000		2,795,000	1,107,000	1,731,000	4,367,000	1,150,000	3,604,000	6,589,000	11,956,000	81,000	4,599,000	10,922,000	6,698,000	14,431,000	19,143,000	15,402,000	7,114,000	7,891,000	4,434,000
total revenues	24,901,000,000	28,095,000,000	22,496,000,000	19,335,000,000	25,707,000,000	25,182,000,000	25,500,000,000	21,301,000,000	25,167,000,000	23,350,000,000	24,927,000,000	23,329,000,000	24,318,000,000	21,454,000,000	16,934,000,000	18,756,000,000	17,719,000,000	13,757,000,000	11,958,000,000	10,389,000,000	10,744,000,000	8,771,000,000	6,036,000,000	5,985,000,000	7,384,000,000	6,303,000,000	6,349,676,000	4,541,464,000	7,225,873,000	6,824,413,000	4,002,231,000	3,408,751,000	3,288,249,000	2,984,675,000	2,789,557,000	2,696,270,000	2,284,631,000	2,298,436,000	1,270,017,000	1,147,048,000	1,214,380,000	936,789,000	954,976,000	939,880,000	956,661,000	851,804,000	769,349,000	620,542,000	615,219,000	431,346,000	405,139,000	561,792,000	306,332,000	50,104,000	26,653,000	30,167,000	39,375,000	57,666,000	58,171,000	49,030,000	36,286,000	31,241,000	28,405,000
yoy	-3.14%	11.57%	-11.78%	-9.23%	2.15%	7.85%	2.30%	-8.69%	3.49%	8.84%	47.20%	24.38%	37.24%	55.95%	41.61%	80.54%	64.92%	56.85%	98.11%	73.58%	45.50%	39.16%	-4.94%	31.79%	2.19%	-7.64%	58.65%	33.23%	119.75%	128.65%	43.47%	26.42%	43.93%	29.86%	119.65%	135.06%	88.13%	145.35%	32.99%	22.04%	26.94%	9.98%	24.13%	51.46%	55.50%	97.48%	89.90%	10.46%	100.83%	760.90%	1420.05%	1762.27%	677.99%	-13.11%	-54.18%	-38.47%	8.51%	84.58%	104.79%
qoq	-11.37%	24.89%	16.35%	-24.79%	2.08%	-1.25%	19.71%	-15.36%	7.78%	-6.33%	6.85%	-4.07%	13.35%	26.69%	-9.71%	5.85%	28.80%	15.04%	15.10%	-3.30%	22.49%	45.31%	0.85%	-18.95%	17.15%	-0.74%	39.82%	-37.15%	5.88%	70.52%	17.41%	3.66%	10.17%	6.99%	3.46%	18.02%	-0.60%	80.98%	10.72%	-5.54%	29.63%	-1.90%	1.61%	-1.75%	12.31%	10.72%	23.98%	0.87%	42.63%	6.47%	-27.88%	83.39%	511.39%	87.99%	-11.65%	-23.39%	-31.72%	-0.87%	18.64%	35.12%	16.15%	9.98%
cost of revenues
total automotive cost of revenues	14,080,000,000	17,590,000,000	13,795,000,000	11,700,000,000	16,510,000,000	15,990,000,000	16,207,000,000	14,166,000,000	17,498,000,000	15,957,000,000	17,179,000,000	15,755,000,000	15,785,000,000	13,480,000,000	10,521,000,000	11,322,000,000	11,085,000,000	8,384,000,000	7,307,000,000	6,617,000,000	7,070,000,000	5,506,000,000	3,862,000,000	3,821,000,000	4,934,000,000	4,131,000,000	4,360,085,000	2,973,301,000	4,786,248,000	4,525,202,000	2,666,654,000	2,195,893,000	2,191,172,000	1,930,846,000	1,648,011,000	1,662,675,000	1,544,422,000	1,517,061,000
total cost of revenues	19,892,000,000	23,041,000,000	18,618,000,000	16,182,000,000	21,528,000,000	20,185,000,000	20,922,000,000	17,605,000,000	20,729,000,000	19,172,000,000	20,394,000,000	18,818,000,000	18,541,000,000	16,072,000,000	12,700,000,000	13,296,000,000	12,872,000,000	10,097,000,000	9,074,000,000	8,174,000,000	8,678,000,000	6,708,000,000	4,769,000,000	4,751,000,000	5,993,000,000	5,112,000,000	5,428,630,000	3,975,721,000	5,782,973,000	5,300,748,000	3,383,301,000	2,952,225,000	2,849,463,000	2,535,535,000	2,122,942,000	2,028,324,000	1,849,353,000	1,661,701,000	995,241,000	894,580,000	995,816,000	705,293,000	741,606,000	679,807,000	694,964,000	599,953,000	556,354,000	465,414,000	458,630,000	328,478,000	304,656,000	465,472,000	282,475,000	58,865,000	21,891,000	19,957,000	31,540,000	40,442,000	39,663,000	31,002,000	24,965,000	21,945,000	22,144,000
gross profit	5,009,000,000	5,054,000,000	3,878,000,000	3,153,000,000	4,179,000,000	4,997,000,000	4,578,000,000	3,696,000,000	4,438,000,000	4,178,000,000	4,533,000,000	4,511,000,000	5,777,000,000	5,382,000,000	4,234,000,000	5,460,000,000	4,847,000,000	3,660,000,000	2,884,000,000	2,215,000,000	2,066,000,000	2,063,000,000	1,267,000,000	1,234,000,000	1,391,000,000	1,191,000,000	921,046,000	565,743,000	1,442,900,000	1,523,665,000	618,930,000	456,526,000	438,786,000	449,140,000	666,615,000	667,946,000	435,278,000	636,735,000	274,776,000	252,468,000	218,564,000	231,496,000	213,370,000	260,073,000	261,697,000	251,851,000	212,995,000	155,128,000	156,589,000	102,868,000	100,483,000	96,320,000	23,857,000	-8,761,000	4,762,000	10,210,000	7,835,000	17,224,000	18,508,000	18,028,000	11,321,000	9,296,000	6,261,000
yoy	19.86%	1.14%	-15.29%	-14.69%	-5.84%	19.60%	0.99%	-18.07%	-23.18%	-22.37%	7.06%	-17.38%	19.19%	47.05%	46.81%	146.50%	134.61%	77.41%	127.62%	79.50%	48.53%	73.22%	37.56%	118.12%	-3.60%	-21.83%	48.81%	23.92%	228.84%	239.24%	-7.15%	-31.65%	0.81%	-29.46%	142.60%	164.57%	99.15%	175.05%	28.78%	-2.92%	-16.48%	-8.08%	0.18%	67.65%	67.12%	144.83%	111.97%	61.05%	556.37%	-1274.16%	2010.10%	843.39%	204.49%	-150.87%	-74.27%	-43.37%	-30.79%	85.28%	195.61%
qoq	-0.89%	30.32%	22.99%	-24.55%	-16.37%	9.15%	23.86%	-16.72%	6.22%	-7.83%	0.49%	-21.91%	7.34%	27.11%	-22.45%	12.65%	32.43%	26.91%	30.20%	7.21%	0.15%	62.83%	2.67%	-11.29%	16.79%	29.31%	62.80%	-60.79%	-5.30%	146.18%	35.57%	4.04%	-2.31%	-32.62%	-0.20%	53.45%	-31.64%	131.73%	8.84%	15.51%	-5.59%	8.50%	-17.96%	-0.62%	3.91%	18.24%	37.30%	-0.93%	52.22%	2.37%	4.32%	303.74%	-372.31%	-283.98%	-53.36%	30.31%	-54.51%	-6.94%	2.66%	59.24%	21.78%	48.47%
gross margin %	20.12%	17.99%	17.24%	16.31%	16.26%	19.84%	17.95%	17.35%	17.63%	17.89%	18.19%	19.34%	23.76%	25.09%	25.00%	29.11%	27.35%	26.60%	24.12%	21.32%	19.23%	23.52%	20.99%	20.62%	18.84%	18.90%	14.51%	12.46%	19.97%	22.33%	15.46%	13.39%	13.34%	15.05%	23.90%	24.77%	19.05%	27.70%	21.64%	22.01%	18.00%	24.71%	22.34%	27.67%	27.36%	29.57%	27.69%	25.00%	25.45%	23.85%	24.80%	17.15%	7.79%	-17.49%	17.87%	33.84%	19.90%	29.87%	31.82%	36.77%	31.20%	29.76%	22.04%
operating expenses
research and development	1,783,000,000	1,630,000,000	1,589,000,000	1,409,000,000	1,276,000,000	1,039,000,000	1,074,000,000	1,151,000,000	1,094,000,000	1,161,000,000	943,000,000	771,000,000	810,000,000	733,000,000	667,000,000	865,000,000	740,000,000	611,000,000	576,000,000	666,000,000	522,000,000	366,000,000	279,000,000	324,000,000	345,000,000	334,000,000	323,898,000	340,174,000	356,297,000	350,848,000	386,129,000	367,096,000	354,637,000	331,622,000	369,774,000	322,040,000	245,960,000	214,302,000	191,664,000	182,482,000	190,243,000	178,791,000	181,712,000	167,154,000	139,565,000	135,873,000	107,717,000	81,544,000	68,453,000	56,351,000	52,312,000	54,859,000	68,832,000	61,901,000	74,854,000	68,391,000	61,205,000	54,083,000	52,531,000	41,162,000	37,617,000	26,698,000	15,416,000
selling, general and administrative	1,655,000,000	1,562,000,000	1,366,000,000	1,251,000,000	1,313,000,000	1,186,000,000	1,277,000,000	1,374,000,000	1,280,000,000	1,253,000,000	1,191,000,000	1,076,000,000	1,032,000,000	961,000,000	961,000,000	992,000,000	1,494,000,000	994,000,000	973,000,000	1,056,000,000	969,000,000	888,000,000	661,000,000	627,000,000	699,000,000	596,000,000	647,261,000	703,929,000	667,452,000	729,876,000	750,759,000	686,404,000	682,290,000	652,998,000	537,757,000	603,455,000	456,016,000	336,811,000	321,152,000	318,210,000	288,654,000	236,367,000	201,846,000	195,365,000	196,970,000	155,107,000	134,031,000	117,551,000	101,489,000	77,071,000	59,963,000	47,045,000	45,908,000	37,798,000	36,083,000	30,582,000	27,557,000	27,618,000	24,716,000	24,212,000	25,349,000	20,432,000	22,207,000
restructuring and other	162,000,000	238,000,000		94,000,000	7,000,000	55,000,000	622,000,000						34,000,000		142,000,000			51,000,000	23,000,000	-101,000,000					-12,000,000		117,345,000	43,471,000	5,615,000	26,184,000	103,434,000
total operating expenses	3,600,000,000	3,430,000,000	2,955,000,000	2,754,000,000	2,596,000,000	2,280,000,000	2,973,000,000	2,525,000,000	2,374,000,000	2,414,000,000	2,134,000,000	1,847,000,000	1,876,000,000	1,694,000,000	1,770,000,000	1,857,000,000	2,234,000,000	1,656,000,000	1,572,000,000	1,621,000,000	1,491,000,000	1,254,000,000	940,000,000	951,000,000	1,032,000,000	930,000,000	1,088,504,000	1,087,574,000	1,029,364,000	1,106,908,000	1,240,322,000	1,053,500,000	1,036,927,000	984,620,000	907,531,000	925,495,000	701,976,000	551,113,000	512,816,000	500,692,000	478,897,000	415,158,000	383,558,000	362,519,000	336,535,000	290,980,000	241,748,000	199,095,000	169,942,000	133,422,000	112,275,000	101,904,000	114,740,000	99,699,000	110,937,000	98,973,000	88,762,000	81,701,000	77,247,000	65,374,000	62,966,000	47,130,000	37,623,000
income from operations	1,409,000,000	1,624,000,000	923,000,000	399,000,000	1,583,000,000	2,717,000,000	1,605,000,000	1,171,000,000	2,064,000,000	1,764,000,000	2,399,000,000	2,664,000,000	3,901,000,000	3,688,000,000	2,464,000,000	3,603,000,000	2,613,000,000	2,004,000,000	1,312,000,000	594,000,000	575,000,000	809,000,000	327,000,000	283,000,000	359,000,000	261,000,000	-167,458,000	-521,831,000	413,536,000	416,757,000	-621,392,000	-596,974,000	-598,141,000	-535,480,000	-240,916,000	-257,549,000	-266,698,000	85,622,000	-238,040,000	-248,224,000	-260,333,000	-183,662,000	-170,188,000	-102,446,000	-74,838,000	-39,129,000	-28,753,000	-43,967,000	-13,353,000	-30,554,000	-11,792,000	-5,584,000	-90,883,000	-108,460,000	-106,175,000	-88,763,000	-80,927,000	-64,477,000	-58,739,000	-47,346,000	-51,645,000	-37,834,000	-31,362,000
yoy	-10.99%	-40.23%	-42.49%	-65.93%	-23.30%	54.02%	-33.10%	-56.04%	-47.09%	-52.17%	-2.64%	-26.06%	49.29%	84.03%	87.80%	506.57%	354.43%	147.71%	301.22%	109.89%	60.17%	209.96%	-295.27%	-154.23%	-13.19%	-37.37%	-73.05%	-12.59%	-169.14%	-177.83%	157.93%	131.79%	124.28%	-725.40%	1.21%	3.76%	2.44%	-146.62%	39.87%	142.30%	247.86%	369.38%	491.90%	133.01%	460.46%	28.07%	143.83%	687.37%	-85.31%	-71.83%	-88.89%	-93.71%	12.30%	68.22%	80.76%	87.48%	56.70%	70.42%	87.29%
qoq	-13.24%	75.95%	131.33%	-74.79%	-41.74%	69.28%	37.06%	-43.27%	17.01%	-26.47%	-9.95%	-31.71%	5.78%	49.68%	-31.61%	37.89%	30.39%	52.74%	120.88%	3.30%	-28.92%	147.40%	15.55%	-21.17%	37.55%	-255.86%	-67.91%	-226.19%	-0.77%	-167.07%	4.09%	-0.20%	11.70%	122.27%	-6.46%	-3.43%	-411.48%	-135.97%	-4.10%	-4.65%	41.75%	7.92%	66.12%	36.89%	91.26%	36.09%	-34.60%	229.27%	-56.30%	159.11%	111.17%	-93.86%	-16.21%	2.15%	19.62%	9.68%	25.51%	9.77%	24.06%	-8.32%	36.50%	20.64%
operating margin %	5.66%	5.78%	4.10%	2.06%	6.16%	10.79%	6.29%	5.50%	8.20%	7.55%	9.62%	11.42%	16.04%	17.19%	14.55%	19.21%	14.75%	14.57%	10.97%	5.72%	5.35%	9.22%	5.42%	4.73%	4.86%	4.14%	-2.64%	-11.49%	5.72%	6.11%	-15.53%	-17.51%	-18.19%	-17.94%	-8.64%	-9.55%	-11.67%	3.73%	-18.74%	-21.64%	-21.44%	-19.61%	-17.82%	-10.90%	-7.82%	-4.59%	-3.74%	-7.09%	-2.17%	-7.08%	-2.91%	-0.99%	-29.67%	-216.47%	-398.36%	-294.24%	-205.53%	-111.81%	-100.98%	-96.57%	-142.33%	-121.10%	-110.41%
interest income	449,000,000	439,000,000	392,000,000	400,000,000	442,000,000	429,000,000	348,000,000	350,000,000	333,000,000	282,000,000	238,000,000	213,000,000	157,000,000	86,000,000	26,000,000	28,000,000	25,000,000	10,000,000	11,000,000	10,000,000	6,000,000	6,000,000	8,000,000	10,000,000	10,000,000	15,000,000	10,362,000	8,762,000	7,348,000	6,907,000	5,064,000	5,214,000	6,280,000	5,531,000	4,785,000	3,090,000	2,179,000	2,858,000	2,242,000	1,251,000	750,000	327,000	247,000	184,000	219,000	300,000	467,000	141,000	92,000	68,000	39,000	10,000	85,000	38,000	74,000	90,000	89,000	80,000	46,000	40,000	63,000	100,000	47,000
interest expense	-85,000,000	-76,000,000	-86,000,000	-91,000,000	-96,000,000	-92,000,000	-86,000,000	-76,000,000	-61,000,000	-38,000,000	-28,000,000	-29,000,000	-33,000,000	-53,000,000	-44,000,000	-61,000,000	-71,000,000	-126,000,000	-75,000,000	-99,000,000	-246,000,000	-163,000,000	-170,000,000	-169,000,000	-170,000,000	-185,000,000	-171,979,000	-157,453,000	-174,723,000	-175,220,000	-163,582,000	-149,546,000	-146,363,000	-117,109,000	-108,441,000	-99,346,000	-65,104,000	-46,713,000	-46,368,000	-40,625,000	-38,617,000	-29,308,000	-24,352,000	-26,574,000	-28,703,000	-29,062,000	-31,238,000	-11,883,000	-6,229,000	-6,492,000	-20,116,000	-118,000	-26,000	-78,000	-84,000	-65,000						-298,000	-464,000
other income	-592,000,000	-28,000,000	320,000,000	-119,000,000	837,000,000	-270,000,000	20,000,000	108,000,000	-145,000,000	37,000,000	328,000,000	-48,000,000	-42,000,000	-85,000,000	28,000,000	56,000,000	68,000,000	-6,000,000	45,000,000	28,000,000	44,000,000	-97,000,000		-54,000,000	-25,000,000	85,000,000	-40,756,000	25,750,000	-14,205,000	22,876,000	50,911,000	-37,716,000	-41,677,000	-24,390,000	-41,208,000	-18,098,000	121,224,000	-11,756,000	-7,373,000	9,177,000	-17,149,000	-15,431,000	13,233,000	-22,305,000	-588,000	-3,090,000	-1,226,000	6,718,000	4,584,000	-740,000	1,668,000	17,091,000	745,000	-2,188,000	691,000	-1,076,000	-496,000	-594,000	-71,000	-1,485,000	187,000	3,180,000	-6,729,000
income before income taxes	1,181,000,000	1,959,000,000	1,549,000,000	589,000,000	2,766,000,000	2,784,000,000	1,887,000,000	1,553,000,000	2,191,000,000	2,045,000,000	2,937,000,000	2,800,000,000	3,983,000,000	3,636,000,000	2,474,000,000	3,626,000,000	2,635,000,000	1,882,000,000	1,293,000,000	533,000,000	379,000,000	555,000,000	150,000,000	70,000,000	174,000,000	176,000,000	-369,831,000	-644,772,000	231,956,000	271,320,000	-728,999,000	-779,022,000	-779,901,000	-671,448,000	-385,780,000	-371,903,000	-208,399,000	30,011,000	-289,539,000	-278,421,000	-315,349,000	-228,074,000	-181,060,000	-151,141,000	-103,910,000	-70,981,000	-60,750,000	-48,991,000	-14,906,000	-37,718,000	-30,201,000	11,399,000	-90,079,000	-110,688,000	-105,494,000	-89,814,000	-81,377,000	-64,991,000	-58,764,000	-48,791,000	-51,395,000	-34,852,000	-38,508,000
provision for income taxes	325,000,000	570,000,000	359,000,000	169,000,000	434,000,000	601,000,000	393,000,000	409,000,000	-5,752,000,000	167,000,000	323,000,000	261,000,000	276,000,000	305,000,000	205,000,000	346,000,000	292,000,000	223,000,000	115,000,000				21,000,000				19,431,000				13,707,000
net income	856,000,000	1,389,000,000	1,190,000,000	420,000,000	2,332,000,000	2,183,000,000	1,494,000,000	1,144,000,000	7,943,000,000	1,878,000,000	2,614,000,000	2,539,000,000	3,707,000,000	3,331,000,000	2,269,000,000	3,280,000,000	2,343,000,000	1,659,000,000	1,178,000,000	464,000,000	296,000,000	369,000,000	129,000,000	68,000,000	132,000,000	150,000,000	-389,262,000	-667,645,000	210,078,000	254,673,000	-742,706,000	-784,627,000	-770,807,000	-671,163,000	-401,427,000	-397,181,000	-219,469,000	21,878,000	-293,188,000	-282,267,000	-320,397,000	-229,858,000	-184,227,000	-154,181,000	-107,629,000	-74,708,000	-61,900,000	-49,800,000	-16,264,000	-38,496,000	-30,502,000	11,248,000	-89,931,000	-110,804,000	-105,603,000	-89,873,000	-81,489,000	-65,078,000	-58,903,000	-48,941,000	-51,358,000	-34,935,000	-38,517,000
yoy	-63.29%	-36.37%	-20.35%	-63.29%	-70.64%	16.24%	-42.85%	-54.94%	114.27%	-43.62%	15.20%	-22.59%	58.22%	100.78%	92.61%	606.90%	691.55%	349.59%	813.18%	582.35%	124.24%	146.00%	-133.14%	-110.19%	-37.17%	-41.10%	-47.59%	-14.91%	-127.25%	-137.95%	85.02%	97.55%	251.21%	-3167.75%	36.92%	40.71%	-31.50%	-109.52%	59.14%	83.08%	197.69%	207.68%	197.62%	209.60%	561.76%	94.07%	102.94%	-542.75%	-81.92%	-65.26%	-71.12%	-112.52%	10.36%	70.26%	79.28%	83.64%	58.67%	86.28%	52.93%
qoq	-38.37%	16.72%	183.33%	-81.99%	6.83%	46.12%	30.59%	-85.60%	322.95%	-28.16%	2.95%	-31.51%	11.29%	46.80%	-30.82%	39.99%	41.23%	40.83%	153.88%	56.76%	-19.78%	186.05%	89.71%	-48.48%	-12.00%	-138.53%	-41.70%	-417.81%	-17.51%	-134.29%	-5.34%	1.79%	14.85%	67.19%	1.07%	80.97%	-1103.15%	-107.46%	3.87%	-11.90%	39.39%	24.77%	19.49%	43.25%	44.07%	20.69%	24.30%	206.20%	-57.75%	26.21%	-371.18%	-112.51%	-18.84%	4.93%	17.50%	10.29%	25.22%	10.48%	20.36%	-4.71%	47.01%	-9.30%
net income margin %	3.44%	4.94%	5.29%	2.17%	9.07%	8.67%	5.86%	5.37%	31.56%	8.04%	10.49%	10.88%	15.24%	15.53%	13.40%	17.49%	13.22%	12.06%	9.85%	4.47%	2.76%	4.21%	2.14%	1.14%	1.79%	2.38%	-6.13%	-14.70%	2.91%	3.73%	-18.56%	-23.02%	-23.44%	-22.49%	-14.39%	-14.73%	-9.61%	0.95%	-23.09%	-24.61%	-26.38%	-24.54%	-19.29%	-16.40%	-11.25%	-8.77%	-8.05%	-8.03%	-2.64%	-8.92%	-7.53%	2.00%	-29.36%	-221.15%	-396.21%	-297.92%	-206.96%	-112.85%	-101.26%	-99.82%	-141.54%	-111.82%	-135.60%
net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries	16,000,000	16,000,000	18,000,000	11,000,000	15,000,000	16,000,000	16,000,000	15,000,000	15,000,000	25,000,000	-89,000,000	26,000,000	20,000,000	39,000,000	10,000,000	-38,000,000	22,000,000	41,000,000	36,000,000	26,000,000	26,000,000	38,000,000	25,000,000	52,000,000	27,000,000	7,000,000	19,072,000	34,490,000	70,595,000	-56,843,000		-75,076,000	-95,457,000	-51,787,000	-65,030,000	-66,904,000
net income per share																																			-2.04	-2.04			-2.09	-2.13	-2.46	-1.78	-1.45	-1.22	-0.86	-0.6	-0.5	-0.4	-0.13	-0.32	-0.26	0.1	-0.78	-1.05	-1	-0.86	-0.78	-0.63	-0.6	-0.51	-0.18	-0.38	-5.04
basic	0.26	0.43	0.36	0.13	0.72	0.68	0.46	0.37	2.5	0.58	0.85	0.8	1.18	1.05	2.18	3.2	2.33	1.62	1.18	0.46	0.29	0.32	0.56	0.09	0.62	0.8	-2.31	-4.1	0.84	1.82	-4.22	-4.19	-4.03	-3.7			-0.985	0.15
diluted	0.24	0.39	0.33	0.12	0.66	0.62	0.42	0.34	2.27	0.53	0.78	0.73	1.07	0.95	1.95	2.86	2.06	1.44	1.02	0.39	0.24	0.27	0.5	0.08	0.62	0.78	-2.31	-4.1	0.84	1.75	-4.22	-4.19	-4.03	-3.7			-0.985	0.14
weighted-average shares used for eps calculation																																			165,212	162,129	144,212		139,983	132,676	128,202	129,006	126,688,755	125,946,657	124,539,343	124,910,569	124,250,428	123,472,782	119,421,414	121,862,497	118,193,608	114,711,899	107,349,188	105,556,162	105,242,452	104,784,343	100,388,815	104,076,830	97,757,266	95,187,345	50,718,302
basic	3,225	3,227	3,223	3,218	3,197	3,198	3,191	3,186	3,174	3,176	3,171	3,166	3,130	3,146	1,037	1,034	986	998	971	961	933	937	186	183	177	179	176,654	172,989	170,525	170,893	169,997	169,146	165,758	167,294				148,991
diluted	3,528	3,526	3,519	3,521	3,498	3,497	3,481	3,484	3,485	3,493	3,478	3,468	3,475	3,468	1,155	1,157	1,129	1,123	1,119	1,133	1,083	1,105	207	199	177	184	176,654	172,989	170,525	178,196	169,997	169,146	165,758	167,294				156,935
less: buy-out of noncontrolling interest																						31,000,000
net income used in computing net income per share of common stock																	799.5	1,618			270	300
benefit from income taxes																				69,000,000	52,250,000	186,000,000		2,000,000	17,000,000	26,000,000		22,873,000	21,878,000	16,647,000		5,605,000	-9,094,000	-285,000	15,647,000	25,278,000	11,070,000	8,133,000	3,649,000	3,846,000	5,048,000	1,784,000	3,167,000	3,040,000	3,719,000	3,727,000	1,150,000	809,000	1,358,000	778,000	301,000	151,000	-148,000	116,000	109,000	59,000	112,000	87,000	139,000	150,000	-37,000	83,000	9,000
other expense																							-15,000,000
net loss attributable to common stockholders																											-408,334,000				-717,539,000
net loss attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries																															-25,167,000
net income per share																																			-2.04	-2.04			-2.09	-2.13	-2.46	-1.78	-1.45	-1.22	-0.86	-0.6	-0.5	-0.4	-0.13	-0.32	-0.26	0.1	-0.78	-1.05	-1	-0.86	-0.78	-0.63	-0.6	-0.51	-0.18	-0.38	-5.04
weighted-average shares used for eps calculation																																			165,212	162,129	144,212		139,983	132,676	128,202	129,006	126,688,755	125,946,657	124,539,343	124,910,569	124,250,428	123,472,782	119,421,414	121,862,497	118,193,608	114,711,899	107,349,188	105,556,162	105,242,452	104,784,343	100,388,815	104,076,830	97,757,266	95,187,345	50,718,302
shares used in computing net income per share of common stock, basic and diluted																																																													9,012,902.5	92,270,721	7,643,465

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30

assets
current assets
cash and cash equivalents	16,513,000,000	18,289,000,000	15,587,000,000	16,352,000,000	16,139,000,000	18,111,000,000	14,635,000,000	11,805,000,000	16,398,000,000	15,932,000,000	15,296,000,000	16,048,000,000	16,253,000,000	19,532,000,000	18,324,000,000	17,505,000,000	17,576,000,000	16,065,000,000	16,229,000,000	17,141,000,000	19,384,000,000	14,531,000,000	8,615,000,000	8,080,000,000	6,268,000,000	5,338,000,000	4,954,740,000	2,198,169,000	3,685,618,000	2,967,504,000	2,236,424,000	2,665,673,000	3,367,914,000	3,530,030,000	3,035,924,000	4,006,593,000	3,393,216,000	3,084,257,000	3,246,301,000	1,441,789,000	1,196,908,000	1,426,036,000	1,150,673,000	1,510,076,000	1,905,713,000	2,370,735,000	2,674,910,000	2,393,908,000	845,889,000	795,116,000	746,057,000	214,417,000	201,890,000	85,693,000	210,554,000	218,570,000	255,266,000	213,328,000	319,380,000	100,655,000	99,558,000	96,563,000	47,304,000
short-term investments	27,546,000,000	23,358,000,000	21,195,000,000	20,644,000,000	20,424,000,000	15,537,000,000	16,085,000,000	15,058,000,000	12,696,000,000	10,145,000,000	7,779,000,000	6,354,000,000	5,932,000,000
accounts receivable	4,576,000,000	4,703,000,000	3,838,000,000	3,782,000,000	4,418,000,000	3,313,000,000	3,737,000,000	3,887,000,000	3,508,000,000	2,520,000,000	3,447,000,000	2,993,000,000	2,952,000,000	2,192,000,000	2,081,000,000	2,311,000,000	1,913,000,000	1,962,000,000	2,129,000,000	1,890,000,000	1,886,000,000	1,757,000,000	1,485,000,000	1,274,000,000	1,324,000,000	1,128,000,000	1,147,100,000	1,046,945,000	949,022,000	1,155,001,000	569,874,000	652,848,000	515,381,000	607,734,000	453,539,000	440,349,000	499,142,000	326,895,000	178,594,000	318,056,000	168,965,000	119,964,000	138,648,000	200,052,000	226,604,000	156,889,000	96,607,000	72,380,000	49,109,000	47,580,000	113,544,000	46,139,000	26,842,000	9,164,000	11,023,000	13,589,000	9,539,000	18,250,000	23,308,000	20,260,000	6,710,000	8,062,000	6,467,000
inventory	12,392,000,000	12,276,000,000	14,570,000,000	13,706,000,000	12,017,000,000	14,530,000,000	14,195,000,000	16,033,000,000	13,626,000,000	13,721,000,000	14,356,000,000	14,375,000,000	12,839,000,000	10,327,000,000	8,108,000,000	6,691,000,000	5,757,000,000	5,199,000,000	4,733,000,000	4,132,000,000	4,101,000,000	4,218,000,000	4,018,000,000	4,494,000,000	3,552,000,000	3,581,000,000	3,382,358,000	3,836,850,000	3,113,446,000	3,314,127,000	3,324,643,000	2,565,826,000	2,263,537,000	2,471,382,000	2,438,111,000	2,220,336,000	2,067,454,000	1,604,571,000	1,609,607,000	1,301,961,000	1,277,838,000	1,293,717,000	1,212,279,000	1,054,840,000	953,675,000	752,492,000	596,927,000	450,730,000	340,355,000	347,545,000	254,891,000	237,618,000	268,504,000	159,048,000	66,669,000	55,427,000	50,082,000	49,216,000	54,312,000	50,823,000	45,182,000	39,508,000	29,518,000
prepaid expenses and other current assets	7,615,000,000	6,027,000,000	5,943,000,000	4,905,000,000	5,362,000,000	4,888,000,000	4,325,000,000	3,752,000,000	3,388,000,000	2,708,000,000	2,997,000,000	3,227,000,000	2,941,000,000	2,364,000,000	2,118,000,000	2,035,000,000	1,723,000,000	1,746,000,000	1,602,000,000	1,542,000,000	1,346,000,000	1,238,000,000	1,218,000,000	1,045,000,000	713,000,000	660,000,000	569,748,000	464,908,000	365,671,000	325,232,000	422,034,000	379,379,000	268,365,000	321,406,000	313,501,000	271,665,000	194,465,000	132,978,000	144,678,000	153,757,000	125,229,000	133,855,000	106,430,000	135,756,000	94,718,000	65,467,000	61,536,000	48,869,000	27,574,000	27,260,000	13,688,000	11,100,000	8,438,000	7,775,000	6,920,000	7,103,000	9,414,000	10,962,000	9,507,000	12,225,000	10,839,000	8,870,000	6,745,000
total current assets	68,642,000,000	64,653,000,000	61,133,000,000	59,389,000,000	58,360,000,000	56,379,000,000	52,977,000,000	50,535,000,000	49,616,000,000	45,026,000,000	43,875,000,000	42,997,000,000	40,917,000,000	35,990,000,000	31,222,000,000	29,050,000,000	27,100,000,000	25,002,000,000	24,693,000,000	24,705,000,000	26,717,000,000	21,744,000,000	15,336,000,000	14,893,000,000	12,103,000,000	10,940,000,000	10,181,952,000	7,677,822,000	8,306,308,000	7,920,491,000	6,699,797,000	6,383,920,000	6,570,520,000	7,068,733,000	6,359,444,000	7,027,889,000	6,259,796,000	5,172,412,000	5,203,705,000	3,239,543,000	2,791,568,000	2,998,795,000	2,628,621,000	2,921,417,000	3,198,657,000	3,362,914,000	3,441,694,000	3,156,047,000	1,265,939,000	1,218,766,000	1,129,542,000	525,993,000	524,768,000	284,541,000	317,126,000	358,897,000	372,838,000	412,121,000	417,758,000	226,906,000	235,886,000	241,133,000	90,034,000
operating lease vehicles	4,912,000,000	5,019,000,000	5,230,000,000	5,477,000,000	5,581,000,000	5,380,000,000	5,541,000,000	5,736,000,000	5,989,000,000	6,119,000,000	5,935,000,000	5,473,000,000	5,035,000,000	4,824,000,000	4,782,000,000	4,745,000,000	4,511,000,000	4,167,000,000	3,748,000,000	3,396,000,000	3,091,000,000	2,742,000,000	2,524,000,000	2,527,000,000	2,447,000,000	2,253,000,000	2,069,540,000	1,972,502,000	2,089,758,000	2,186,137,000	2,282,047,000	2,315,124,000	4,116,604,000	3,834,234,000	3,600,821,000	3,452,595,000	3,134,080,000	2,949,297,000	2,533,726,000	2,244,210,000	1,791,403,000	1,360,725,000	1,120,246,000	912,061,000	766,744,000	617,743,000	531,226,000	451,729,000	382,425,000	268,824,000	131,468,000	9,060,000	10,071,000	11,789,000	11,783,000	12,046,000	11,757,000	11,672,000	10,533,000	9,141,000	7,963,000	5,743,000
energy generation and storage systems	4,604,000,000
property, plant and equipment	40,643,000,000	39,407,000,000	38,574,000,000	37,088,000,000	35,836,000,000	36,116,000,000	32,902,000,000	31,436,000,000	29,725,000,000	27,744,000,000	26,389,000,000	24,969,000,000	23,548,000,000	21,926,000,000	21,093,000,000	20,027,000,000	18,884,000,000	17,298,000,000	15,665,000,000	13,868,000,000	12,747,000,000	11,848,000,000	11,009,000,000	10,638,000,000	10,396,000,000	10,190,000,000	10,082,458,000	9,850,929,000	11,330,077,000	11,246,295,000	10,969,348,000	10,519,226,000	10,027,522,000	9,394,397,000	8,399,229,000	7,016,551,000	5,982,957,000	4,309,048,000	3,993,250,000	3,593,014,000	3,403,334,000	3,103,811,000	2,646,017,000	2,224,191,000	1,829,267,000	1,404,326,000	1,035,822,000	849,389,000	738,494,000	654,482,000	595,579,000	581,997,000	552,229,000	486,248,000	421,859,000	364,128,000	298,414,000	248,122,000	189,647,000	143,372,000	114,636,000
operating lease right-of-use assets	6,027,000,000	5,783,000,000	5,633,000,000	5,330,000,000	5,160,000,000	4,867,000,000	4,563,000,000	4,367,000,000	4,180,000,000	3,637,000,000	3,352,000,000	2,800,000,000	2,563,000,000	2,251,000,000	2,185,000,000	2,181,000,000	2,016,000,000	1,962,000,000	1,734,000,000	1,647,000,000	1,558,000,000	1,375,000,000	1,274,000,000	1,197,000,000	1,218,000,000	1,234,000,000	1,248,277,000	1,253,027,000
digital assets	1,008,000,000	1,315,000,000	1,235,000,000	951,000,000	1,076,000,000	184,000,000	184,000,000	184,000,000	184,000,000	184,000,000	184,000,000	184,000,000	184,000,000	218,000,000	218,000,000	1,261,000,000	1,260,000,000	1,260,000,000	1,311,000,000	1,331,000,000
deferred tax assets	6,925,000,000	6,637,000,000	6,721,000,000	6,687,000,000	6,524,000,000	6,486,000,000	6,692,000,000	6,769,000,000	6,733,000,000
other non-current assets	5,045,000,000	5,860,000,000	4,857,000,000	4,942,000,000	4,215,000,000	4,989,000,000	4,458,000,000	4,616,000,000	4,531,000,000	5,497,000,000	5,026,000,000	4,584,000,000	4,193,000,000	3,236,000,000	2,952,000,000	2,634,000,000	2,138,000,000	1,854,000,000	1,626,000,000	1,587,000,000	1,536,000,000	1,436,000,000	1,415,000,000	1,373,000,000
total assets	137,806,000,000	133,735,000,000	128,567,000,000	125,111,000,000	122,070,000,000	119,852,000,000	112,832,000,000	109,226,000,000	106,618,000,000	93,941,000,000	90,591,000,000	86,833,000,000	82,338,000,000	74,426,000,000	68,513,000,000	66,038,000,000	62,131,000,000	57,834,000,000	55,146,000,000	52,972,000,000	52,148,000,000	45,691,000,000	38,135,000,000	37,250,000,000	34,309,000,000	32,795,000,000	31,872,597,000	28,912,524,000	29,739,614,000	29,262,713,000	27,910,000,000	27,271,429,000	28,655,372,000	28,107,074,000	26,043,705,000	25,053,726,000	22,664,076,000	12,592,397,000	11,868,952,000	9,191,702,000	8,092,460,000	7,547,497,000	6,468,185,000	6,120,030,000	5,849,251,000	5,437,533,000	5,054,463,000	4,500,410,000	2,416,930,000	2,166,209,000	1,887,844,000	1,143,778,000	1,114,190,000	809,177,000	776,869,000	761,100,000	713,448,000	700,250,000	646,155,000	407,289,000	386,082,000	361,621,000	147,974,000
liabilities
current liabilities
accounts payable	13,371,000,000	12,819,000,000	13,212,000,000	13,471,000,000	12,474,000,000	14,654,000,000	13,056,000,000	14,725,000,000	14,431,000,000	13,937,000,000	15,273,000,000	15,904,000,000	15,255,000,000	13,897,000,000	11,212,000,000	11,171,000,000	10,025,000,000	8,260,000,000	7,558,000,000	6,648,000,000	6,051,000,000	4,958,000,000	3,638,000,000	3,970,000,000	3,771,000,000	3,468,000,000	3,133,587,000	3,248,827,000	3,404,451,000	3,596,984,000	3,030,493,000	2,603,498,000	2,390,250,000	2,385,778,000	2,359,316,000	2,075,333,000	1,860,341,000	1,606,284,000	1,114,878,000	1,013,486,000	916,148,000	824,861,000	771,637,000	732,331,000	777,946,000	649,362,000	443,548,000	375,778,000	303,969,000	302,439,000	262,227,000	304,204,000	303,382,000	162,025,000	78,601,000	64,333,000	56,141,000	53,627,000	57,199,000	49,660,000	28,951,000	26,990,000	25,634,000
accrued liabilities and other	13,279,000,000	12,791,000,000	11,519,000,000	10,802,000,000	10,723,000,000	10,601,000,000	9,616,000,000	9,243,000,000	9,080,000,000	7,636,000,000	7,658,000,000	7,321,000,000	7,142,000,000	6,246,000,000	6,037,000,000	5,906,000,000	5,719,000,000	5,443,000,000	4,778,000,000	4,073,000,000	3,855,000,000	3,252,000,000	3,110,000,000	2,825,000,000	2,905,000,000	2,497,000,000	2,622,943,000	2,276,951,000	2,094,253,000	1,990,095,000	1,814,979,000	1,898,431,000	1,731,366,000	1,477,784,000	1,510,744,000	1,460,367,000	1,210,028,000
deferred revenue	3,424,000,000	3,756,000,000	3,237,000,000	3,243,000,000	3,168,000,000	3,031,000,000	2,793,000,000	3,024,000,000	2,864,000,000	2,206,000,000	2,176,000,000	1,750,000,000	1,747,000,000	1,928,000,000	1,858,000,000	1,594,000,000	1,447,000,000	1,801,000,000	1,693,000,000	1,592,000,000	1,458,000,000	1,258,000,000	1,130,000,000	1,186,000,000	1,163,000,000	1,045,000,000	883,293,000	762,810,000	630,292,000	570,920,000	576,321,000	536,465,000	1,015,253,000	951,734,000	913,398,000	841,494,000	763,126,000	625,899,000	558,816,000	516,620,000	423,961,000	348,117,000	288,527,000	226,474,000	191,651,000	161,570,000	139,436,000	112,740,000	91,882,000	63,739,000	29,781,000	3,701,000	1,905,000	2,904,000	2,767,000	2,594,000	2,345,000	2,266,000	3,070,000	3,820,000	4,635,000	3,477,000	8,099,000
current portion of debt and finance leases	1,640,000,000	1,924,000,000	2,040,000,000	2,237,000,000	2,456,000,000	2,291,000,000	2,264,000,000	2,461,000,000	2,373,000,000	1,967,000,000	1,459,000,000	1,404,000,000	1,502,000,000	1,457,000,000	1,532,000,000	1,659,000,000	1,589,000,000	1,716,000,000	1,530,000,000	1,819,000,000	2,132,000,000	3,126,000,000	3,679,000,000	3,217,000,000	1,785,000,000
total current liabilities	31,714,000,000	31,290,000,000	30,008,000,000	29,753,000,000	28,821,000,000	30,577,000,000	27,729,000,000	29,453,000,000	28,748,000,000	26,640,000,000	27,592,000,000	27,436,000,000	26,709,000,000	24,611,000,000	21,821,000,000	21,455,000,000	19,705,000,000	18,051,000,000	16,371,000,000	14,877,000,000	14,248,000,000	13,302,000,000	12,270,000,000	11,986,000,000	10,667,000,000	10,146,000,000	9,588,773,000	9,242,800,000	9,992,136,000	9,775,324,000	9,141,362,000	8,650,359,000	7,674,670,000	6,468,940,000	6,546,355,000	6,245,439,000	5,827,005,000	4,082,390,000	3,766,404,000	3,187,699,000	2,816,274,000	2,553,771,000	2,384,388,000	2,192,381,000	2,107,166,000	1,839,777,000	1,575,850,000	1,413,470,000	675,160,000	1,169,459,000	486,545,000	535,623,000	539,108,000	385,806,000	286,526,000	235,722,000	191,339,000	154,181,000	138,736,000	112,976,000	85,565,000	69,328,000	68,634,000
debt and finance leases, net of current portion	6,736,000,000	5,778,000,000	5,180,000,000	5,292,000,000	5,757,000,000	5,405,000,000	5,481,000,000	2,899,000,000	2,857,000,000	2,426,000,000	872,000,000	1,272,000,000	1,597,000,000	2,096,000,000	2,898,000,000	3,153,000,000	5,245,000,000	6,438,000,000	7,871,000,000	9,053,000,000	9,556,000,000	10,559,000,000	10,416,000,000	10,666,000,000	11,634,000,000
deferred revenue, net of current portion	3,631,000,000	3,746,000,000	3,764,000,000	3,610,000,000	3,317,000,000	3,350,000,000	3,357,000,000	3,214,000,000	3,251,000,000	3,059,000,000	3,021,000,000	2,911,000,000	2,804,000,000	2,265,000,000	2,210,000,000	2,185,000,000	2,052,000,000	1,365,000,000	1,318,000,000	1,294,000,000	1,284,000,000	1,233,000,000	1,198,000,000	1,199,000,000	1,207,000,000	1,140,000,000	1,182,042,000	1,157,343,000	990,873,000	950,126,000	795,820,000	818,250,000	1,177,799,000	1,082,870,000	1,035,579,000	955,078,000	851,790,000
other long-term liabilities	12,860,000,000	12,205,000,000	11,543,000,000	11,038,000,000	10,495,000,000	9,810,000,000	9,002,000,000	8,480,000,000	8,153,000,000	7,321,000,000	6,924,000,000	5,979,000,000	5,330,000,000	4,330,000,000	3,926,000,000	3,839,000,000	3,546,000,000	3,486,000,000	3,336,000,000	3,283,000,000	3,330,000,000	3,049,000,000	2,870,000,000	2,667,000,000	2,655,000,000	2,676,000,000	2,655,720,000	2,475,135,000	2,710,403,000	2,555,319,000	2,607,458,000	2,561,886,000	2,442,970,000	2,382,830,000	2,259,538,000	2,081,822,000	1,891,449,000	737,559,000	612,344,000	426,611,000	364,976,000	336,505,000	258,142,000	228,367,000	173,244,000	125,997,000	98,902,000	70,969,000	58,197,000	53,848,000	115,591,000	35,004,000	25,170,000	18,550,000	16,114,000	15,705,000	14,915,000	14,565,000	13,357,000	13,072,000	12,274,000	6,058,000	5,007,000
total liabilities	54,941,000,000	53,019,000,000	50,495,000,000	49,693,000,000	48,390,000,000	49,142,000,000	45,569,000,000	44,046,000,000	43,009,000,000	39,446,000,000	38,409,000,000	37,598,000,000	36,440,000,000	33,302,000,000	30,855,000,000	30,632,000,000	30,548,000,000	29,340,000,000	28,896,000,000	28,507,000,000	28,418,000,000	28,143,000,000	26,754,000,000	26,518,000,000	26,199,000,000	25,313,000,000	24,722,136,000	22,874,618,000	23,426,010,000	23,409,144,000	22,642,887,000	21,551,021,000	23,022,980,000	21,929,057,000	19,459,902,000	18,885,353,000	16,750,167,000	9,900,639,000	9,311,512,000	8,178,711,000	6,961,471,000	6,186,660,000	5,701,978,000	5,239,756,000	4,879,345,000	4,417,278,000	4,036,047,000	3,518,412,000	1,749,810,000	1,524,546,000	1,258,418,000	975,195,000	989,490,000	837,052,000	714,654,000	607,226,000	489,403,000	406,132,000	297,703,000	239,551,000	179,034,000	141,698,000	138,524,000
commitments and contingencies
redeemable noncontrolling interests in subsidiaries	58,000,000	59,000,000	61,000,000	62,000,000	63,000,000	70,000,000	72,000,000	73,000,000	242,000,000	277,000,000	288,000,000	407,000,000	409,000,000	421,000,000	421,000,000	459,000,000	568,000,000	605,000,000	605,000,000	601,000,000	604,000,000	608,000,000	613,000,000	632,000,000	643,000,000	600,000,000	580,227,000	570,284,000	555,964,000	551,264,000	539,536,000	405,835,000	397,734,000	402,943,000	367,377,000	364,296,000	367,039,000
equity
stockholders’ equity
preferred stock; 0.001 par value...
common stock; 0.001 par value...	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000					179,000	174,000	173,000	171,000	170,000	170,000	169,000	168,000	163,000	161,000	161,000	150,000	148,000	134,000	131,000	131,000	127,000	126,000	126,000	125,000	125,000	124,000	123,000	123,000	121,000	115,000	115,000	106,000	105,000	105,000	104,000	104,000	104,000	96,000	95,000	93,000	8,000
additional paid-in capital	42,770,000,000	41,597,000,000	40,363,000,000	39,456,000,000	38,371,000,000	37,286,000,000	36,443,000,000	35,763,000,000	34,892,000,000	34,201,000,000	33,436,000,000	32,878,000,000	32,177,000,000	31,592,000,000	30,944,000,000	30,485,000,000	29,803,000,000	28,922,000,000	28,205,000,000	27,623,000,000	27,260,000,000	21,574,000,000	15,895,000,000	15,390,000,000	12,737,000,000	12,348,000,000	12,052,458,000	10,563,746,000	10,249,120,000	9,957,711,000	9,656,537,000	9,418,896,000	9,178,024,000	8,989,022,000	8,774,212,000	8,351,514,000	7,773,727,000	5,530,928,000	5,383,731,000	3,561,256,000	3,414,692,000	3,340,436,000	2,502,679,000	2,429,677,000	2,345,266,000	2,284,010,000	2,203,535,000	2,101,352,000	1,806,617,000	1,687,397,000	1,714,163,000	1,222,825,000	1,190,191,000	947,693,000	926,981,000	913,040,000	893,336,000	881,941,000	871,174,000	631,564,000	621,935,000	583,454,000	18,906,000
accumulated other comprehensive income	361,000,000	207,000,000	158,000,000										-361,000,000	-942,000,000	-477,000,000	-50,000,000	54,000,000	120,000,000	206,000,000	143,000,000	363,000,000	125,000,000							-8,218,000	8,271,000								25,310,000	34,193,000
retained earnings	39,003,000,000	38,163,000,000	36,790,000,000	35,618,000,000	35,209,000,000	32,656,000,000	30,489,000,000	29,011,000,000	27,882,000,000	19,954,000,000	18,101,000,000	15,398,000,000	12,885,000,000	9,198,000,000	5,908,000,000	3,649,000,000	331,000,000
total stockholders’ equity	82,137,000,000	79,970,000,000	77,314,000,000	74,653,000,000	72,913,000,000	69,931,000,000	66,468,000,000	64,378,000,000	62,634,000,000	53,466,000,000	51,130,000,000	48,054,000,000	44,704,000,000	39,851,000,000	36,376,000,000	34,085,000,000																														958,094,000	952,333,000	912,056,000	667,120,000	564,165,000	629,426,000	168,583,000	124,700,000	-27,875,000	62,215,000	153,874,000	224,045,000	294,118,000	348,452,000	167,738,000	207,048,000	219,923,000
noncontrolling interests in subsidiaries	670,000,000	687,000,000	697,000,000	703,000,000	704,000,000	709,000,000	723,000,000	729,000,000	733,000,000	752,000,000	764,000,000	774,000,000	785,000,000	852,000,000	861,000,000	862,000,000	826,000,000	836,000,000	841,000,000	847,000,000	850,000,000	861,000,000	869,000,000	867,000,000	849,000,000	842,000,000	854,841,000	862,026,000	834,397,000	793,467,000	821,156,000	863,876,000	997,346,000	1,063,237,000	1,108,986,000	809,075,000	785,175,000
total liabilities and equity	137,806,000,000	133,735,000,000	128,567,000,000	125,111,000,000	122,070,000,000	119,852,000,000	112,832,000,000	109,226,000,000	106,618,000,000	93,941,000,000	90,591,000,000	86,833,000,000	82,338,000,000	74,426,000,000	68,513,000,000	66,038,000,000	62,131,000,000	57,834,000,000	55,146,000,000	52,972,000,000	52,148,000,000	45,691,000,000	38,135,000,000	37,250,000,000	34,309,000,000	32,795,000,000	31,872,597,000	28,912,524,000	29,739,614,000	29,262,713,000	27,910,000,000	27,271,429,000	28,655,372,000	28,107,074,000	26,043,705,000	25,053,726,000	22,664,076,000
solar energy systems		4,673,000,000	4,788,000,000	4,855,000,000	4,924,000,000	5,040,000,000	5,102,000,000	5,162,000,000	5,229,000,000	5,293,000,000	5,365,000,000	5,427,000,000	5,489,000,000	5,562,000,000	5,624,000,000	5,686,000,000	5,765,000,000	5,821,000,000	5,883,000,000	5,933,000,000	5,979,000,000	6,025,000,000	6,069,000,000	6,106,000,000	6,138,000,000	6,168,000,000	6,200,704,000	6,241,637,000
intangible assets		131,000,000	138,000,000	144,000,000	150,000,000	158,000,000	164,000,000	171,000,000	178,000,000	191,000,000	202,000,000	204,000,000	215,000,000	228,000,000	241,000,000	254,000,000	257,000,000	269,000,000	283,000,000	299,000,000	313,000,000	318,000,000	312,000,000	323,000,000	339,000,000	351,000,000	327,358,000	273,568,000	282,492,000	291,476,000	300,406,000	346,428,000	361,502,000	372,238,000	380,847,000	388,608,000	376,145,000
goodwill		257,000,000	258,000,000	248,000,000	244,000,000	253,000,000	249,000,000	250,000,000	253,000,000	250,000,000	263,000,000	195,000,000	194,000,000	191,000,000	196,000,000	200,000,000	200,000,000	201,000,000	203,000,000	206,000,000	207,000,000	203,000,000	196,000,000	193,000,000	198,000,000	186,000,000	153,475,000	74,312,000	68,159,000	65,226,000	64,284,000	61,284,000	60,237,000	45,236,000	43,766,000	40,984,000
accumulated other comprehensive loss				-424,000,000	-670,000,000	-14,000,000	-467,000,000	-399,000,000	-143,000,000	-692,000,000													-40,000,000	-113,000,000	-36,000,000	-120,000,000	-5,605,000	-35,019,000								-20,769,000	-23,740,000			13,565,000	-3,556,000	-23,985,000	-14,804,000	-15,965,000												-6,000	-3,000	-24,000
customer deposits										894,000,000	1,026,000,000	1,057,000,000	1,063,000,000	1,083,000,000	1,182,000,000	1,125,000,000	925,000,000	831,000,000	812,000,000	745,000,000	752,000,000	708,000,000	713,000,000	788,000,000	726,000,000	665,000,000	631,107,000	768,276,000	792,601,000	905,838,000	942,129,000	984,823,000	853,919,000	686,084,000	603,540,000	616,398,000	663,859,000	690,364,000	679,834,000	391,363,000	283,370,000	269,545,000	272,848,000	249,476,000	257,587,000	227,056,000	228,017,000	198,006,000	163,153,000	140,277,000	133,716,000	130,714,000
accumulated other comprehensive											-410,000,000	-225,000,000
short-term marketable securities														1,575,000,000	591,000,000	508,000,000	131,000,000	30,000,000																														189,111,000								25,009,000	25,061,000	65,060,000
convertible senior notes																					51,000,000	48,000,000	44,000,000	60,000,000								2,000	70,000	357,000	1,688,000	7,283,000	8,784,000	11,270,000	37,146,000	42,626,000	42,045,000	46,181,000	50,273,000	54,277,000	601,566,000	597,626,000	593,712,000
stockholders' equity
total stockholders' equity																	30,189,000,000	27,053,000,000	24,804,000,000	23,017,000,000	22,225,000,000	16,031,000,000	9,855,000,000	9,173,000,000	6,618,000,000	6,040,000,000	5,715,393,000	4,605,596,000	4,923,243,000	4,508,838,000	3,906,421,000	4,450,695,000	4,237,242,000	4,711,480,000	5,105,752,000	4,987,719,000	4,752,911,000	2,680,488,000	2,520,294,000	970,365,000	1,088,944,000	1,314,656,000	715,934,000	825,997,000	911,710,000
accumulated deficit																		-1,990,000,000	-3,608,000,000	-4,750,000,000	-5,399,000,000	-5,669,000,000	-6,000,000,000	-6,104,000,000	-6,083,000,000	-6,188,000,000	-6,331,639,000	-5,923,305,000	-5,317,832,000	-5,457,315,000	-5,768,831,000	-5,051,292,000	-4,974,299,000	-4,298,960,000	-3,679,584,000	-3,343,187,000	-2,997,237,000	-2,875,900,000	-2,897,778,000	-2,604,590,000	-2,322,323,000	-2,001,926,000	-1,772,068,000	-1,587,841,000	-1,433,682,000	-1,326,041,000	-1,251,327,000	-1,189,420,000	-1,139,620,000	-1,123,355,000	-1,084,858,000	-1,054,357,000	-1,065,606,000	-975,674,000	-864,871,000	-759,265,000	-669,392,000	-587,903,000	-522,826,000	-463,922,000	-414,982,000	-363,624,000	-328,689,000
restricted cash																									246,000,000	233,000,000	128,006,000	130,950,000	192,551,000	158,627,000	146,822,000	120,194,000	155,323,000	138,181,000	118,369,000	88,946,000	105,519,000	90,994,000	71,621,000	47,783,000	31,522,000	26,355,000	19,774,000	13,846,000	11,374,000	9,090,000	7,247,000	1,049,000	3,012,000	1,265,000	1,362,000	16,719,000	19,094,000	22,861,000	21,960,000	39,199,000	23,476,000	55,305,000	11,251,000	42,943,000	73,597,000	88,130,000	5,361,000
mypower customer notes receivable, net of current portion																									393,000,000	398,000,000	400,308,000	413,181,000	421,548,000	422,897,000	434,841,000	449,754,000	456,652,000	463,878,000	472,663,000	486,350,000	506,302,000
restricted cash, net of current portion																									269,000,000	255,000,000	365,547,000	353,679,000	398,219,000	396,835,000	399,992,000	433,841,000	441,722,000	408,544,000	358,445,000	330,223,000	268,165,000
other assets																									808,000,000	820,000,000	842,978,000	801,867,000	571,657,000	431,819,000	419,254,000	415,478,000	273,123,000	231,849,000	209,986,000	224,536,000	216,751,000	70,646,000	66,650,000	67,152,000	74,633,000	57,811,000	53,527,000	48,515,000	43,209,000	43,460,000	38,474,000	36,143,000	23,637,000	16,027,000	24,196,000	21,684,000	21,963,000	21,911,000	22,128,000	22,224,000	22,371,000	22,581,000	22,784,000	22,936,000	22,730,000	20,100,000	19,423,000
resale value guarantees																									317,000,000	441,000,000	526,758,000	480,225,000	502,840,000	604,949,000	674,255,000	629,112,000	787,333,000	543,336,000	342,824,000	248,536,000	179,504,000	204,054,000	227,838,000	192,423,000	136,831,000	85,580,000
resale value guarantees, net of current portion																									36,000,000	38,000,000	61,200,000	211,390,000	328,926,000	455,762,000	584,857,000	756,800,000	2,309,222,000	2,410,220,000	2,493,024,000	2,444,058,000	2,210,423,000
current portion of long-term debt and finance leases																										2,030,000,000	1,791,085,000	1,705,711,000
long-term debt and finance leases, net of current portion																										11,313,000,000	11,234,401,000	9,787,950,000
solar energy systems, leased and to be leased																													6,271,396,000	6,301,537,000	6,340,031,000	6,346,374,000	6,347,490,000	6,287,965,000	6,218,504,000	6,085,990,000	5,919,880,000
current portion of long-term debt and capital leases																													2,567,699,000	2,106,538,000	2,020,685,000	1,915,530,000	796,549,000	324,224,000	716,533,000	829,080,000	984,211,000	260,771,000	626,826,000	635,285,000
current portion of promissory notes issued to related parties																															82,500,000
long-term debt and capital leases, net of current portion																													9,403,672,000	9,669,879,000	9,510,696,000	8,761,070,000	9,415,700,000	9,581,616,000	7,122,862,000	7,148,416,000	5,860,049,000
solar bonds issued to related parties, net of current portion																														100,000	100,000	100,000	100,000	100,000	100,000	100,000	99,164,000
convertible senior notes issued to related parties																														2,634,000	2,594,000	2,556,000	2,519,000	2,481,000	2,444,000	10,440,000	10,287,000
accumulated other comprehensive gain																															18,545,000	82,921,000	33,348,000	21,250,000	10,961,000
current portion of solar bonds and promissory notes issued to related parties																																82,500,000	100,000,000	100,000,000	100,000,000
liabilities and equity
current portion of solar bonds issued to related parties																																				174,231,000	165,936,000
stockholders' equity:
restricted cash and marketable securities																																						23,711,000	24,525,000	23,980,000	22,628,000	25,223,000	20,591,000	20,693,000	17,947,000	17,331,000	11,714,000
liabilities and stockholders' equity
accrued liabilities																																						695,018,000	558,212,000	438,522,000	422,798,000	373,859,000	345,401,000	353,768,000	268,884,000	194,571,000	161,437,000	128,674,000	108,252,000	74,531,000	55,126,000	40,711,000	39,798,000	28,510,000	33,613,000	33,613,000	32,109,000	32,685,000	24,993,000	19,809,000	20,945,000	10,701,000	8,359,000
long-term debt and capital leases																																						2,443,420,000	2,620,002,000	2,484,329,000	633,166,000
total liabilities and stockholders' equity																																						12,592,397,000	11,868,952,000	9,191,702,000	8,092,460,000	7,547,497,000	6,468,185,000	6,120,030,000	5,849,251,000
resale value guarantee																																									1,293,741,000			606,221,000	487,879,000	397,742,000	345,192,000	290,617,000	236,299,000	159,010,000
capital lease obligations																																										13,000,000
convertible senior notes and other debt																																										638,809,000	632,162,000	620,710,000
capital lease obligations, current portion																																											6,113,000	9,622,000	9,532,000	9,592,000	9,700,000	8,397,000	7,722,000	5,971,000	5,695,000	5,452,000	4,365,000	3,188,000	2,461,000	1,670,000	1,067,000	388,000	287,000	275,000	279,000	291,000	296,000
resale value guarantees, current portion																																											67,700,000
capital lease obligations, less current portion																																											11,254,000	11,265,000	12,267,000	12,806,000	14,099,000	12,572,000	12,855,000	10,931,000	9,249,000	10,460,000	9,965,000	6,278,000	4,720,000	3,721,000	2,830,000	661,000	359,000	421,000	496,000	566,000	639,000
deferred revenue, less current portion																																											334,628,000	312,850,000	292,271,000	254,321,000	234,980,000	210,817,000	181,180,000	131,298,000	68,293,000	5,323,000	3,060,000	2,477,000	2,610,000	3,072,000	3,146,000	3,536,000	3,225,000	3,089,000	2,783,000	2,514,000	2,116,000
convertible senior notes and other debt, less current portion																																											1,988,089,000	1,888,672,000
resale value guarantees, less current portion																																											725,477,000
convertible senior notes, less current portion																																													1,806,518,000	1,786,635,000	1,767,024,000
liabilities and stockholders’ equity
total liabilities and stockholders’ equity																																														5,437,533,000	5,054,463,000	4,500,410,000	2,416,930,000	2,166,209,000	1,887,844,000	1,143,778,000	1,114,190,000	809,177,000	776,869,000	761,100,000	713,448,000	700,250,000	646,155,000	407,289,000
convertible debt																																																589,875,000		582,502,000
long-term debt, net, less current portion																																																1,519,967,000			578,740,000
1.50% convertible senior notes due 2018																																																69,942,000
convertible debt, current portion																																																	182,000
long-term debt, current portion																																																				50,841,000	50,841,000	50,841,000	35,637,000	20,194,000	7,916,000
common stock warrant liability																																																					10,692,000	9,734,000	8,529,000	8,683,000	8,838,000	8,189,000	7,849,000	7,509,000	6,088,000	6,675,000
convertible debt, less current portion																																																	586,119,000
long-term debt, less current portion																																																				388,785,000	401,495,000	414,207,000	396,155,000	340,323,000	268,335,000
stockholders’ equity:
reservation payments																																																					138,817,000	138,338,000	133,447,000	113,318,000	91,761,000	65,215,000	53,187,000	39,412,000	30,755,000	27,869,000	26,246,000
long-term debt																																																										225,000,000	134,177,000	102,484,000	71,828,000	56,557,000	45,419,000
liabilities, convertible preferred stock and stockholders’ equity
deferred development compensation
convertible preferred stock warrant liability																																																															16,709,000
convertible preferred stock; 0.001 par value...
series a convertible preferred stock; 0 and 7,213,000 shares issued and outstanding as of december 31, 2010 and 2009, respectively
series b convertible preferred stock; 0 and 17,459,456 shares issued and outstanding as of december 31, 2010 and 2009, respectively
series c convertible preferred stock; 0 and 35,242,290 shares issued and outstanding as of december 31, 2010 and 2009, respectively
series d convertible preferred stock; 0 and 18,440,449 shares issued and outstanding as of december 31, 2010 and 2009, respectively
series e convertible preferred stock; 0 and 102,776,779 shares issued and outstanding as of december 31, 2010 and 2009, respectively
series f convertible preferred stock; 0 and 27,785,263 shares issued and outstanding as of december 31, 2010 and 2009, respectively
total convertible preferred stock																																																															319,225,000
total liabilities, convertible preferred stock and stockholders’ equity																																																													386,082,000	361,621,000
property and equipment																																																														37,153,000	33,156,000
commitments
series a convertible preferred stock; 0 and 7,213,000 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
series b convertible preferred stock; 0 and 17,459,456 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
series c convertible preferred stock; 0 and 35,242,290 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
series d convertible preferred stock; 0 and 18,440,449 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
series e convertible preferred stock; 0 and 102,776,779 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
series f convertible preferred stock; 0 and 27,785,263 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively
liabilities, convertible preferred stock and stockholders’ deficit
series a convertible preferred stock; 7,213,000 shares issued and outstanding																																																															3,549,000
series b convertible preferred stock; 17,459,456 shares issued and outstanding																																																															12,899,000
series c convertible preferred stock; 35,242,290 shares issued and outstanding																																																															39,789,000
series d convertible preferred stock; 18,440,449 shares issued and outstanding																																																															44,941,000
series e convertible preferred stock; 102,776,779 shares issued and outstanding																																																															135,669,000
series f convertible preferred stock; 27,785,263 shares issued and outstanding																																																															82,378,000
stockholders’ deficit
total stockholders’ deficit																																																															-309,775,000
total liabilities, convertible preferred stock and stockholders’ deficit																																																															147,974,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30

cash flows from operating activities
net income	856,000,000	1,389,000,000	1,190,000,000	420,000,000	2,332,000,000	2,183,000,000	1,494,000,000	1,144,000,000	7,943,000,000	1,878,000,000	2,614,000,000	2,539,000,000	3,707,000,000	3,331,000,000	2,269,000,000	3,280,000,000	2,343,000,000	1,659,000,000	1,178,000,000	464,000,000	296,000,000	369,000,000	129,000,000	68,000,000				-667,645,000	210,078,000			-784,627,000	-770,807,000	-671,163,000	-401,427,000	-397,181,000	-219,469,000	21,878,000	-293,188,000	-282,267,000	-320,397,000	-229,858,000	-184,227,000	-154,181,000	-107,629,000	-74,709,000	-61,902,000	-49,800,000	-16,264,000	-38,496,000	-30,502,000	11,248,000	-89,931,000	-110,806,000	-105,603,000	-89,873,000	-81,489,000	-65,078,000	-58,903,000	-48,941,000	-51,358,000	-34,934,000
adjustments to reconcile net income to net cash from operating activities:
depreciation, amortization and impairment	1,643,000,000	1,625,000,000	1,433,000,000	1,447,000,000	1,496,000,000	1,348,000,000	1,278,000,000	1,246,000,000	1,232,000,000	1,235,000,000	1,154,000,000	1,046,000,000	989,000,000	956,000,000	922,000,000	880,000,000	848,000,000	761,000,000	681,000,000	621,000,000	618,000,000	584,000,000	567,000,000	553,000,000	577,000,000	530,851,000	578,572,000	467,577,000	496,737,000	502,825,000
stock-based compensation	954,000,000	663,000,000	635,000,000	573,000,000	579,000,000	457,000,000	439,000,000	524,000,000	484,000,000	465,000,000	445,000,000	418,000,000	419,000,000	362,000,000	361,000,000	418,000,000	558,000,000	475,000,000	474,000,000	614,000,000	633,000,000	543,000,000	347,000,000	211,000,000	281,000,000	198,759,000	209,863,000	208,378,000	205,313,000	204,728,000	197,344,000	141,639,000	134,348,000	112,653,000	116,042,000	103,717,000	87,713,000	89,543,000	67,311,000	89,658,000	55,640,000	56,032,000	43,301,000	43,026,000	44,516,000	39,158,000	35,784,000	37,038,000	25,171,000	20,984,000	19,714,000	14,868,000	14,416,000	12,475,000	12,543,000	10,711,000	8,682,000	7,885,000	6,926,000	5,926,000	7,843,000	3,811,000
inventory and purchase commitments write-downs	49,000,000	65,000,000	136,000,000	112,000,000	88,000,000	101,000,000	78,000,000	68,000,000	102,000,000	144,000,000	167,000,000	50,000,000	59,000,000	60,000,000	25,000,000	33,000,000	12,000,000	40,000,000	39,000,000	49,000,000	62,000,000	52,000,000	43,000,000	45,000,000
foreign currency transaction net unrealized loss	292,000,000	106,000,000	24,000,000	30,000,000	-270,000,000				173,000,000				80,000,000
deferred income taxes	-111,000,000	225,000,000	52,000,000	-43,000,000	59,000,000	285,000,000	144,000,000	-11,000,000
non-cash interest and other operating activities	37,000,000	162,000,000	27,000,000	46,000,000	89,000,000	20,000,000	68,000,000	-5,000,000	-13,000,000	35,000,000	44,000,000	15,000,000	181,000,000	107,000,000	36,000,000	16,000,000	32,000,000	153,000,000	52,000,000	8,000,000	112,000,000	6,000,000	52,000,000	58,000,000	-3,000,000	30,301,000	42,649,000	116,050,000	26,414,000	16,408,000	9,669,000	-3,984,000	25,508,000	52,706,000	62,202,000	-5,179,000	-29,510,000	5,568,000
digital assets loss				125,000,000									34,000,000	0
changes in operating assets and liabilities:
accounts receivable	45,000,000	-907,000,000	-29,000,000	630,000,000	-1,227,000,000	429,000,000	137,000,000	-422,000,000	-963,000,000	881,000,000	-472,000,000	-32,000,000	-698,000,000	-193,000,000	176,000,000	-409,000,000	18,000,000	135,000,000	-259,000,000	-24,000,000	-102,000,000	-314,000,000	-222,000,000	-14,000,000	-217,000,000	18,312,000	-68,672,000	-99,640,000	189,371,000	-587,594,000	70,633,000	-169,142,000	81,008,000	-182,686,000	-14,498,000	91,541,000	-106,055,000	-109,084,000	157,901,000	-159,327,000	-32,106,000	15,541,000	60,657,000	2,175,000	-74,486,000	-61,241,000	-24,131,000	-23,800,000	-1,179,000	65,964,000	-67,405,000	-19,297,000	-17,678,000	1,858,000	2,567,000	-4,050,000	8,711,000	5,058,000	-3,048,000	-13,550,000	1,353,000	-1,597,000
inventory	-214,000,000	1,991,000,000	-703,000,000	-1,704,000,000	2,044,000,000	-193,000,000	1,783,000,000	-2,697,000,000	758,000,000	163,000,000	-576,000,000	-1,540,000,000	-1,973,000,000	-2,300,000,000	-1,559,000,000	-633,000,000	-534,000,000	-488,000,000	-581,000,000	-106,000,000	180,000,000	-67,000,000	446,000,000	-981,000,000	56,000,000	-132,572,000	456,724,000	-809,152,000	87,347,000																																-3,178,000	-10,290,000
operating lease vehicles	-79,000,000	-11,000,000	141,000,000	-76,000,000	-508,000,000	-33,000,000	-37,000,000	-12,000,000	-94,000,000	-471,000,000	-712,000,000	-675,000,000	-434,000,000	-341,000,000	-333,000,000	-462,000,000	-588,000,000	-610,000,000	-490,000,000	-426,000,000	-432,000,000	-310,000,000	-133,000,000	-197,000,000	-297,000,000	-291,102,000	-188,910,000	13,012,000	-25,799,000	-2,740,000	-89,012,000	-97,196,000	-439,433,000
prepaid expenses and other assets	-901,000,000	-1,143,000,000	-718,000,000	-419,000,000	-634,000,000	-1,009,000,000	-658,000,000	-972,000,000	-2,974,000,000	327,000,000	74,000,000	-79,000,000	-552,000,000	-332,000,000	-244,000,000	-289,000,000	16,000,000	-156,000,000	12,000,000	-143,000,000	39,000,000	11,000,000	-147,000,000	-154,000,000	-52,000,000	-96,859,000	-93,038,000	-46,103,000	-50,593,000	63,662,000	-45,193,000	-50,001,000	51,748,000	-10,640,000	-37,688,000	-75,504,000	22,170,000	15,142,000	28,628,000	-9,134,000	6,367,000	-32,577,000	40,090,000	-43,475,000	-31,120,000	-5,310,000	-12,780,000	-11,427,000	-8,566,000	-5,456,000	-869,000	-2,575,000	-630,000	-829,000	97,000	2,483,000	937,000	-1,343,000	1,581,000	-1,423,000	-1,868,000	-2,253,000
accounts payable, accrued and other liabilities	1,397,000,000	1,646,000,000	627,000,000	706,000,000	1,084,000,000	2,255,000,000	-998,000,000	1,247,000,000	2,629,000,000	-958,000,000	137,000,000	797,000,000	1,370,000,000	3,253,000,000	409,000,000	997,000,000	1,814,000,000	1,172,000,000	920,000,000	672,000,000	1,337,000,000	1,137,000,000	-107,000,000	-265,000,000	540,000,000	92,102,000	77,475,000	-27,577,000	94,853,000	718,277,000	591,737,000	317,983,000	217,880,000	157,092,000	10,703,000	2,531,000	53,112,000	484,579,000	152,356,000	60,593,000	174,107,000	27,977,000																11,881,000	18,376,000	7,742,000
deferred revenue	-462,000,000	507,000,000	9,000,000	309,000,000	271,000,000	125,000,000	-89,000,000	195,000,000	758,000,000	113,000,000	555,000,000	106,000,000	275,000,000	208,000,000	361,000,000	287,000,000	341,000,000	173,000,000	117,000,000	162,000,000	203,000,000	138,000,000	-73,000,000	53,000,000	176,000,000	148,444,000	158,668,000	317,888,000	122,244,000	176,920,000	61,702,000	45,795,000	139,895,000	120,322,000	104,744,000	103,941,000	126,775,000	91,043,000	75,473,000	89,671,000	135,948,000	69,443,000	66,083,000	50,729,000	67,187,000	41,235,000	50,977,000	50,282,000	78,081,000	96,962,000	89,051,000	4,059,000	-417,000	5,000	-290,000	176,000	-311,000	-493,000	-614,000	-509,000	1,427,000	-4,225,000
net cash from operating activities	3,813,000,000	6,238,000,000	2,540,000,000	2,156,000,000	4,814,000,000	6,255,000,000	3,612,000,000	242,000,000	4,370,000,000	3,308,000,000	3,065,000,000	2,513,000,000	3,278,000,000	5,100,000,000	2,351,000,000	3,995,000,000	4,585,000,000	3,147,000,000	2,124,000,000	1,641,000,000	3,019,000,000	2,400,000,000	964,000,000	-440,000,000	1,425,000,000	756,000,000	863,606,000	-639,606,000	1,234,561,000	1,391,281,000	-129,664,000	-398,376,000	509,891,000	-300,562,000	-200,172,000	-69,811,000	-448,209,000	423,649,000	150,336,000	-249,605,000	-29,849,000	-203,340,000	-159,516,000	-131,794,000	-86,402,000	-27,996,000	-3,579,000	60,640,000	129,762,000	102,346,000	-38,193,000	64,079,000	-60,061,000	-94,952,000	-60,981,000	-50,087,000	-27,088,000	-21,491,000	-22,488,000	-43,297,000	-34,284,000	-48,342,000
capital expenditures	-2,111,000,000	-2,256,000,000	-2,336,000,000	89,000,000	-4,100,000,000	-2,885,000,000	-1,602,000,000	-1,342,000,000	-1,751,000,000	-2,574,000,000	-1,422,000,000	-879,000,000	-1,587,000,000	-1,562,000,000	-1,130,000,000	-731,000,000	-1,599,000,000	-1,547,000,000	-798,000,000	-287,000,000	-976,000,000	-760,000,000	-293,000,000	-40,000,000	-225,000,000	-297,393,000	-82,578,000	-160,029,000	-381,811,000	-539,345,000	-561,740,000	-368,687,000	-786,688,000	-1,174,462,000	-959,068,000	101,698,000	-317,313,000	-113,121,000	89,153,000	18,970,000	-457,738,000	-344,523,000	-374,777,000	-190,478,000	63,716,000	-157,359,000	-148,659,000	-104,529,000	0	-72,433,000	-40,515,000	-27,622,000	0	-68,768,000	-61,286,000	-67,467,000	2,135,000	-68,844,000	-54,314,000	-20,476,000	-17,148,000	-5,383,000
free cash flows	1,702,000,000	3,982,000,000	204,000,000	2,245,000,000	714,000,000	3,370,000,000	2,010,000,000	-1,100,000,000	2,619,000,000	734,000,000	1,643,000,000	1,634,000,000	1,691,000,000	3,538,000,000	1,221,000,000	3,264,000,000	2,986,000,000	1,600,000,000	1,326,000,000	1,354,000,000	2,043,000,000	1,640,000,000	671,000,000	-480,000,000	1,200,000,000	458,607,000	781,028,000	-799,635,000	852,750,000	851,936,000	-691,404,000	-767,063,000	-276,797,000	-1,475,024,000	-1,159,240,000	31,887,000	-765,522,000	310,528,000	239,489,000	-230,635,000	-487,587,000	-547,863,000	-534,293,000	-322,272,000	-22,686,000	-185,355,000	-152,238,000	-43,889,000	129,762,000	29,913,000	-78,708,000	36,457,000	-60,061,000	-163,720,000	-122,267,000	-117,554,000	-24,953,000	-90,335,000	-76,802,000	-63,773,000	-51,432,000	-53,725,000
cash flows from investing activities
purchases of property and equipment excluding finance leases, net of sales	-2,393,000,000	-2,248,000,000	-2,394,000,000	-1,492,000,000	-2,783,000,000	-3,513,000,000	-2,270,000,000	-2,773,000,000	-2,306,000,000	-2,460,000,000	-2,060,000,000	-2,072,000,000	-1,858,000,000	-1,803,000,000	-1,730,000,000	-1,767,000,000	-1,810,000,000	-1,819,000,000	-1,505,000,000	-1,348,000,000	-1,151,000,000	-1,005,000,000	-546,000,000	-455,000,000	-412,000,000	-385,391,000	-249,677,000	-279,932,000
purchases of investments	-12,207,000,000	-11,402,000,000	-7,485,000,000	-6,015,000,000	-15,158,000,000	-6,032,000,000	-8,143,000,000	-6,622,000,000	-5,891,000,000	-6,131,000,000	-5,075,000,000	-2,015,000,000
proceeds from maturities of investments	8,072,000,000	9,295,000,000	6,935,000,000	5,856,000,000	10,335,000,000	6,670,000,000	6,990,000,000	4,315,000,000	3,394,000,000	3,816,000,000	3,539,000,000	1,604,000,000
proceeds from sales of investments					0	0			0	0
business combinations, net of cash acquired									0	12,000,000											0				0	-76,012,000	31,662,000	-650,000	-11,108,000	-1,200,000
net cash from investing activities	-6,528,000,000	-4,355,000,000	-2,944,000,000	-1,651,000,000	-7,603,000,000	-2,875,000,000	-3,225,000,000	-5,084,000,000	-4,804,000,000	-4,762,000,000	-3,534,000,000	-2,484,000,000	-6,131,000,000	-2,791,000,000	-884,000,000	-2,167,000,000	-1,916,000,000	-1,855,000,000	-1,515,000,000	-2,582,000,000	-1,047,000,000	-1,039,000,000	-566,000,000	-480,000,000	-403,000,000	-485,612,000	-241,545,000	-305,843,000	-365,009,000	-560,965,000	-682,817,000	-728,637,000	-961,876,000	-1,314,932,000	-1,215,216,000	-926,943,000	-594,751,000	-268,006,000	-319,854,000	-233,819,000	-414,280,000	-404,090,000	-422,837,000	-432,344,000	-372,231,000	-291,643,000	2,610,000	-329,180,000	-89,505,000	-77,502,000	-27,174,000	-55,236,000	-38,187,000	-70,088,000	-19,215,000	-79,440,000	15,253,000	-178,170,000	-23,122,000	10,111,000	-8,550,000	-152,294,000
cash flows from financing activities
proceeds from issuances of debt	1,354,000,000	1,182,000,000	2,425,000,000	625,000,000	1,384,000,000	465,000,000	3,119,000,000	776,000,000	1,405,000,000
repayments of debt	-748,000,000	-669,000,000	-2,828,000,000	-1,301,000,000	-717,000,000	-561,000,000	-631,000,000	-591,000,000	-464,000,000
proceeds from exercises of stock options and other stock issuances, net of issuance costs
principal payments on finance leases	-19,000,000	-18,000,000	-19,000,000	-48,000,000	-90,000,000	-85,000,000	-100,000,000	-106,000,000	-124,000,000	-118,000,000	-116,000,000	-106,000,000	-133,000,000	-118,000,000	-128,000,000	-123,000,000	-128,000,000	-115,000,000	-95,000,000	-101,000,000	-90,000,000	-94,000,000	-54,000,000	-100,000,000	-98,000,000	-80,429,000	-75,915,000	-66,656,000
proceeds received from directors in shareholder settlement	0	0	0	277,000,000
payment of legal fees associated with shareholder settlement	0	0	0	-176,000,000
debt issuance costs	-1,000,000	-4,000,000			-8,000,000	-1,000,000	-2,000,000	-3,000,000	-6,000,000	-10,000,000	0	-13,000,000					0	-4,000,000	0	-5,000,000	0
distributions paid to noncontrolling interests in subsidiaries	-22,000,000	-20,000,000	-14,000,000	-22,000,000	-28,000,000	-26,000,000	-20,000,000	-30,000,000	-39,000,000	-38,000,000	-31,000,000	-36,000,000	-39,000,000	-42,000,000	-34,000,000	-42,000,000	-53,000,000	-43,000,000	-33,000,000	-32,000,000	-45,000,000	-53,000,000	-43,000,000	-67,000,000	-100,000,000	-62,241,000	-63,502,000	-85,257,000	-48,793,000	-68,966,000	-56,603,000	-52,942,000	-71,129,000	-66,842,000	-60,177,000	-63,696,000
payments for buy-outs of noncontrolling interests in subsidiaries					-9,000,000	0	-23,000,000	-101,000,000	-37,000,000	-7,000,000	-3,000,000	-7,000,000	-26,000,000	0	-13,000,000	-6,000,000					-2,000,000	-31,000,000			-1,000,000	-411,000	0	-7,589,000	-3,036,000	0	0	-2,921,000
net cash from financing activities	710,000,000	983,000,000	-222,000,000	-332,000,000	985,000,000	132,000,000	2,540,000,000	196,000,000	887,000,000	2,263,000,000	-328,000,000	-233,000,000	-495,000,000	-712,000,000			-1,257,000,000	-1,381,000,000	-1,549,000,000	-1,016,000,000	2,692,000,000	4,450,000,000	123,000,000	2,708,000,000	-79,000,000	118,178,000	2,142,841,000	-653,019,000	-112,309,000	-84,218,000	398,622,000	371,660,000	285,842,000	2,101,506,000	428,767,000	1,598,749,000	1,372,827,000	-320,870,000	1,976,584,000	715,435,000	225,038,000	893,978,000	218,351,000	186,156,000	11,325,000	33,754,000	281,492,000	1,816,559,000	10,516,000	24,215,000	597,007,000	3,684,000	214,445,000	40,179,000	72,180,000	92,831,000	53,773,000	93,609,000	264,335,000	34,283,000	45,829,000	249,895,000
effect of exchange rate changes on cash and cash equivalents and restricted cash	37,000,000	-17,000,000	111,000,000	40,000,000	-133,000,000	108,000,000	-37,000,000	-79,000,000	146,000,000	-98,000,000	-94,000,000	50,000,000	123,000,000	-335,000,000	-214,000,000	-18,000,000	38,000,000	-42,000,000	42,000,000	-221,000,000	234,000,000	86,000,000	38,000,000	-24,000,000	14,000,000	-11,471,000	593,000	4,878,000	-3,821,000	-6,370,000	-22,611,000	10,102,000
net increase in cash and cash equivalents and restricted cash	-1,968,000,000			213,000,000	-1,937,000,000				599,000,000	711,000,000			-3,225,000,000	1,262,000,000			1,450,000,000	-131,000,000	-898,000,000	-2,178,000,000	4,898,000,000	5,897,000,000	559,000,000	1,764,000,000	957,000,000	377,095,000			753,422,000	739,728,000	-436,470,000	-745,251,000
cash and cash equivalents and restricted cash, beginning of period	0	0	0	17,037,000,000	0	0	0	17,189,000,000	0	0	0	16,924,000,000	0	0	0	18,144,000,000	0	0	0	19,901,000,000	0	0	0	6,783,000,000	0	612,000	0	4,276,388,000	0	0	0	3,964,959,000
cash and cash equivalents and restricted cash, end of period	-1,968,000,000	2,849,000,000	-515,000,000	17,250,000,000	-1,937,000,000	3,620,000,000	2,890,000,000	12,464,000,000	599,000,000	711,000,000	-891,000,000	16,770,000,000	-3,225,000,000	1,262,000,000	847,000,000	18,040,000,000	1,450,000,000	-131,000,000	-898,000,000	17,723,000,000	4,898,000,000	5,897,000,000	559,000,000	8,547,000,000	957,000,000	377,707,000	2,765,495,000	2,682,798,000	753,422,000	739,728,000	-436,470,000	3,219,708,000
supplemental non-cash investing and financing activities
acquisitions of property and equipment included in liabilities	282,000,000	-8,000,000	58,000,000	1,581,000,000	-1,317,000,000	628,000,000	668,000,000	1,431,000,000	555,000,000	-114,000,000	638,000,000	1,193,000,000	271,000,000	241,000,000	600,000,000	1,036,000,000	211,000,000	272,000,000	707,000,000	1,061,000,000	175,000,000	245,000,000	253,000,000	415,000,000	187,000,000	87,998,000	167,099,000	119,903,000	-56,833,000	-29,074,000	48,073,000	286,975,000
supplemental disclosures
cash paid during the period for interest
digital assets gain		-80,000,000															0	51,000,000	23,000,000	-101,000,000
proceeds from exercises of stock options and other stock issuances		512,000,000	215,000,000	313,000,000	453,000,000	340,000,000	197,000,000	251,000,000	152,000,000	254,000,000	63,000,000	231,000,000	67,000,000	229,000,000	43,000,000	202,000,000	262,000,000	192,000,000	70,000,000	183,000,000	56,000,000	144,000,000	57,000,000	160,000,000	96,000,000	71,415,000	17,632,000	77,953,000	75,777,000	94,874,000	31,053,000	94,018,000
leased assets obtained in exchange for finance lease liabilities						4,000,000	8,000,000	20,000,000		-3,000,000				0	16,000,000	20,000,000		178,000,000	113,000,000	64,000,000		62,000,000	22,000,000	32,000,000
leased assets obtained in exchange for operating lease liabilities		387,000,000	442,000,000	342,000,000		435,000,000	391,000,000	406,000,000		465,000,000	721,000,000	362,000,000		246,000,000	174,000,000	271,000,000		329,000,000	162,000,000	179,000,000		146,000,000	127,000,000	60,000,000
net decrease in cash and cash equivalents and restricted cash							2,890,000,000	-4,725,000,000				-154,000,000				-104,000,000												-1,593,590,000
purchases of solar energy systems, net of sales					3,000,000	0	-2,000,000	-4,000,000			0	-1,000,000	0	0	0	-5,000,000	-4,000,000	-6,000,000	-10,000,000	-12,000,000	-13,000,000	-16,000,000	-20,000,000	-26,000,000
proceeds from sales of digital assets													0	0			0	0	0	272,000,000
purchase of intangible assets													0	0	0	-9,000,000					-5,000,000				0	333,000
receipt of government grants																	0	0	0	6,000,000	122,000,000	0	0	1,000,000
cash paid during the period for income taxes, net of refunds
foreign currency transaction net unrealized gain							-27,000,000	-63,000,000			-258,000,000	-25,000,000			-22,000,000	-30,000,000
purchases of digital assets																	0	0	0	-1,500,000,000
collateralized lease repayments																	0	-1,000,000	-2,000,000	-6,000,000	-16,000,000	-56,000,000	-71,000,000	-97,000,000	-87,000,000	-82,677,000
proceeds from investments by noncontrolling interests in subsidiaries																	0	0			1,000,000	4,000,000	0	19,000,000	126,000,000	64,134,000	42,045,000	46,821,000	70,837,000	113,260,000	179,333,000	73,704,000
cash paid during the period for interest, net of amounts capitalized
other non-current assets										-801,000,000	-1,125,000,000	-729,000,000	-971,000,000	-538,000,000	-431,000,000	-611,000,000	-547,000,000	-455,000,000	-121,000,000	-168,000,000	-239,000,000	-89,000,000	-56,000,000	40,000,000	69,000,000	3,835,000	14,101,000	28,064,000
customer deposits										-111,000,000	14,000,000	2,000,000	-96,000,000	-41,000,000	88,000,000	204,000,000	106,000,000	28,000,000	54,000,000	-2,000,000	22,000,000	-20,000,000	-83,000,000	88,000,000	56,000,000	46,376,000	-135,203,000	-25,173,000	-106,156,000	-33,449,000	-24,439,000	67,359,000	166,212,000	74,879,000	-20,060,000	-51,004,000	-20,778,000	10,584,000	297,751,000	100,804,000	16,407,000	741,000	22,585,000	-3,012,000	35,087,000	6,197,000	29,920,000	35,026,000	22,782,000	6,561,000	3,003,000	-8,103,000
other long-term liabilities										442,000,000	1,004,000,000	620,000,000	888,000,000	515,000,000	187,000,000	314,000,000	229,000,000	200,000,000	24,000,000	23,000,000	234,000,000	149,000,000	129,000,000	-17,000,000	-62,000,000	56,085,000	94,941,000	19,974,000	85,734,000	92,308,000	42,484,000	-60,560,000	5,015,000	16,392,000	3,123,000	56,609,000	87,747,000	-21,097,000	50,146,000	15,261,000	-16,533,000	11,200,000	-12,427,000	41,457,000	17,695,000	23,445,000	8,090,000	12,738,000	4,292,000	-61,742,000	80,587,000	9,834,000	6,620,000	2,436,000	409,000	790,000	350,000	1,208,000	285,000	798,000	916,000	1,051,000
repayments of convertible and other debt											-241,000,000	-302,000,000	-364,000,000	-781,000,000	-274,000,000	-1,945,000,000	-2,578,000,000	-4,181,000,000	-3,370,000,000	-4,038,000,000	-4,086,000,000	-3,311,000,000	-1,908,000,000	-2,318,000,000	-3,560,000,000	-1,900,668,000	-1,729,623,000	-1,970,709,000	-2,135,815,000	-842,526,000	-879,328,000	-1,389,388,000	-1,552,542,000	-1,030,656,000	-721,341,000	-690,945,000	-179,119,000
proceeds from issuances of common stock in public offerings, net of issuance costs																					4,987,000,000	4,973,000,000	0	2,309,000,000
cash paid during the period for taxes, net of refunds
purchases of marketable securities														-991,000,000	-90,000,000	-386,000,000	-102,000,000																																				0	0	0	-14,992,000	0
proceeds from maturities of marketable securities
proceeds from issuances of convertible and other debt																	1,250,000,000	2,771,000,000	1,879,000,000	2,983,000,000	1,887,000,000	2,880,000,000	2,144,000,000	2,802,000,000	3,550,000,000	2,111,519,000	3,513,415,000	1,494,066,000	2,229,598,000	903,348,000	1,267,746,000	1,775,481,000
net cash from by financing activities																-1,914,000,000
operating cash flow related to repayment of discounted convertible senior notes
purchase of convertible note hedges																									0	-176,000								0	0	-204,102,000									0	0	-78,708,000	-524,720,000	0	0
proceeds from issuance of warrants																									0	-432,000								0	0	52,883,000									0	0	50,760,000	338,400,000	0	0
equity issued in connection with business combination																									0	-222,000
foreign currency transaction net loss																		9,000,000
foreign currency transaction net (gain) loss																				-2,000,000
amortization of debt discounts and issuance costs																					36,000,000	50,000,000	48,000,000	46,000,000	50,000,000	55,877,000	42,015,000	40,108,000	37,857,000	46,454,000	35,074,000	39,345,000	30,424,000
loss on disposals of fixed assets																					50,000,000	55,000,000	5,000,000	7,000,000	77,000,000	21,069,000	29,510,000	18,421,000	28,722,000	13,789,000	66,613,000	52,237,000
changes in operating assets and liabilities, net of effect of business combinations:
repayments of borrowings issued to related parties
estimated fair value of facilities under build-to-suit leases																													32,736,000	0	5,540,000	56,169,000	34,742,000	105,666,000
foreign currency transaction net gain																						106,000,000	19,000,000	19,000,000
operating cash flow related to repayment of discounted convertible notes																									0	107,000	0	-188,107,000
net loss
adjustments to reconcile net loss to net cash from operating activities:
foreign currency transaction (gains) loss
loss related to solarcity acquisition
resale value guarantee																									-38,000,000	-35,668,000	-28,938,000	-47,394,000	-52,943,000	-18,058,000			67,674,000	-35,461,000	-8,074,000	184,579,000			103,074,000	150,636,000	192,747,000	106,332,000	80,504,000	62,712,000	87,710,000	52,550,000	54,914,000	54,318,000	77,289,000
purchases of solar energy systems																									-37,000,000	-24,542,000	-18,197,000	-25,261,000
proceeds from issuances of common stock in public offerings, net of underwriting discounts
common stock and debt issuance costs																									-5,000,000	-1,624,000	-22,619,000	-7,757,000	-9,852,000	-1,450,000	-758,000	-2,913,000	-12,581,000	-36,842,000	-2,594,000	-11,094,000	-1,970,000	-2,307,000	-14,727,000	-1,038,000		-11,314,000
proceeds from settlement of convertible note hedges																																		17,606,000
payments for settlements of warrants																													-6,000
inventory write-downs																										51,328,000	34,829,000	80,843,000	25,289,000	13,885,000	27,552,000	18,546,000	33,318,000	27,092,000	44,337,000	26,918,000	15,231,000	20,564,000	16,715,000	13,010,000	21,637,000	7,353,000	10,049,000	5,901,000	1,114,000	10,645,000	2,272,000	1,578,000	2,130,000	1,199,000	4,057,000	1,532,000			1,066,000	2,612,000	408,000	768,000	269,000	383,000	299,000	301,000
foreign currency transaction gains
proceeds from issuances of common stock in public offerings																										-232,000
foreign currency transaction losses																															-41,476,000	47,661,000
foreign currency transaction (gains) losses																												-39,130,000	5,103,000
collateralized lease (repayments) borrowings																												-133,891,000	-216,081,000	-142,568,000	-113,426,000	-87,092,000
gain related to solarcity acquisition
other assets and mypower customer notes receivable
purchases of property and equipment excluding capital leases, net of sales																													-324,978,000	-510,271,000	-609,813,000	-655,662,000	-786,688,000	-1,116,434,000	-959,068,000	-552,624,000	-521,612,000	-247,611,000
maturities of short-term marketable securities																																					0	0							0	0							0	0	25,000,000	15,000,000
purchases of solar energy systems, leased and to be leased																													-28,923,000	-49,494,000	-67,400,000	-72,975,000
principal payments on capital leases																													-74,938,000	-57,685,000	-29,395,000	-18,787,000	-33,808,000	-32,639,000	-18,554,000	-18,303,000	-16,442,000	-12,177,000
purchases of convertible note hedges
proceeds from issuances of warrants
shares issued in connection with business combinations and assumed vested awards
mypower customer notes receivable and other assets																														-2,953,000	-1,863,000	-57,583,000	-33,081,000	-8,711,000
repayments of borrowings under solar bonds issued to related parties																														-82,500,000	0	-17,500,000	0	0	-75,000,000	-90,000,000
inventories																															-733,475,000	-322,081,000	240,120,000																											-5,481,000
depreciation and amortization																																416,233,000	469,606,000	400,624,000	389,171,000	376,602,000	326,939,000	280,468,000	183,232,000	156,460,000	143,723,000	110,366,000	91,389,000	77,112,000	67,976,000	64,972,000	54,715,000	44,268,000	37,585,000	28,450,000	22,198,000	17,850,000	12,792,000	7,522,000	4,348,000	4,163,000	4,804,000	4,280,000	4,318,000	3,517,000	2,890,000	3,109,000
increases in restricted cash
collateralized lease borrowings																																	94,894,000	80,752,000	149,320,000	186,355,000
proceeds from settlements of convertible note hedges
proceeds from issuance of common stock in private placement																																																	0	0
effect of exchange rate changes on cash and cash equivalents																																	4,027,000	8,094,000	15,952,000	11,382,000	-20,908,000	3,183,000	-2,554,000	12,870,000	-10,037,000	-11,185,000	4,599,000	-17,655,000	-17,714,000
net increase in cash and cash equivalents																																	-162,116,000	494,106,000	-970,669,000	613,377,000	308,959,000	-162,044,000	1,804,512,000	244,881,000	-229,128,000	275,363,000	-359,403,000	-395,637,000	-482,833,000	-285,885,000	280,523,000	1,548,019,000	50,773,000	49,059,000	531,640,000	12,527,000	116,197,000	-124,861,000	-8,016,000	-36,696,000	41,938,000	-106,052,000	218,725,000	1,097,000	2,995,000	49,259,000
cash and cash equivalents, beginning of period																																	0	0	0	3,393,216,000
cash and cash equivalents, end of period																																	-162,116,000	494,106,000	-970,669,000	4,006,593,000
loss on disposal of fixed assets
foreign currency transaction loss
loss on the acquisition of solarcity																																		18,225,000	0	11,571,000
changes in operating assets and liabilities, net of effect of business combinations
purchase of solar energy systems, leased and to be leased																																		-128,293,000
increase in restricted cash																																		-70,205,000
business combination, net of cash acquired																																		0	0	-109,147,000
proceeds from issuance of common stock in public offering																																		0	0	400,175,000													0	0
proceeds from issuance of convertible and other debt																																		2,992,572,000	570,420,000	1,838,166,000	1,167,685,000	577,279,000	678,000,000	430,000,000	135,000,000	15,726,000	90,585,000	77,661,000
proceeds from exercise of stock options and other stock issuances																																		80,415,000	101,606,000	57,307,000	10,356,000	42,983,000	57,640,000	52,838,000	12,585,000	35,155,000	23,653,000	35,218,000	10,530,000	36,810,000	17,389,000	35,726,000	13,088,000	27,128,000	37,188,000	17,903,000	6,807,000	7,687,000	1,398,000	8,993,000	2,713,000	2,895,000	1,211,000	3,706,000
payments for settlement of warrants																																		-11,345,000
proceeds from investment by noncontrolling interests in subsidiaries																																		108,485,000	441,430,000	142,003,000
supplemental noncash investing and financing activities
acquisition of property and equipment included in liabilities																																		-58,028,000
amortization of debt discounts
loss on disposal of property and equipment																																			12,452,000	41,120,000	22,452,000
foreign currency transaction gain																																			24,330,000	5,064,000											597,000	-807,000
inventories and operating lease vehicles																																			-537,676,000	-583,479,000	-667,489,000	-580,283,000	-705,260,000	-512,671,000	-482,478,000	-385,162,000	-399,011,000	-307,209,000	-377,601,000	-214,531,000	-260,398,000	-197,734,000	-104,853,000	-229,171,000	-147,466,000	18,220,000	-90,694,000	-85,594,000	-12,838,000	-5,600,000	-2,807,000	2,133,000
amortization of discount on convertible debt																																				30,337,000	23,362,000	22,228,000	21,083,000	20,613,000	20,687,000	17,664,000	15,771,000	17,941,000	14,100,000	23,532,000	23,609,000	8,493,000	3,799,000
other assets and mypower notes receivable																																				8,006,000
purchase of solar energy systems, leased to be leased																																				-219,948,000
increase in other restricted cash																																				-45,224,000	-126,993,000	-20,395,000	-41,801,000	-16,960,000	-3,058,000	-11,687,000	-5,412,000	-6,284,000									3,148,000	-1,870,000	-2,145,000	-463,000	-2,314,000	-318,000	-502,000	-67,000	565,000
acquisition of property and equipment included in accounts payable and accrued liabilities																																				654,322,000	204,299,000	134,490,000	89,153,000	235,829,000	-46,516,000	47,880,000	30,388,000	235,582,000	63,716,000	126,816,000	27,026,000	36,835,000		4,115,000
estimated fair value of facilities under build-to-suit lease																																				65,244,000				39,034,000
foreign currency transaction (gain) loss																																							1,275,000	-9,356,000	20,182,000	18,812,000	-11,206,000	27,977,000	816,000
gain on the acquisition of solarcity
mypower notes receivable
other assets																																					-50,235,000	4,861,000	-585,000	-6,862,000	-10,065,000	-5,942,000	-2,300,000	-6,055,000	1,178,000	-5,214,000	-606,000	149,000	-380,000	-266,000	146,000	158,000	-336,000	-67,000	-65,000	-14,000	47,000	40,000	-9,000	-366,000	355,000	-312,000
purchase of solar energy system, leased to be leased
purchases of short-term investments and marketable securities
cash acquired through (used in) business combinations
collateralized lease borrowing																																					212,040,000	173,144,000	142,762,000	241,763,000	208,794,000	163,416,000	118,574,000	77,961,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
supplemental noncash investing activities
shares issued in connection of business combination and assumed vested awards
changes in operating assets and liabilities, net of impact of business acquisition
resale value guarantees
business acquisition																																									0	0
proceeds from issuance of common stock in public offerings																																						0																			0
cash and cash equivalents at beginning of period																																						0	0	1,196,908,000	0	0	0	1,905,713,000	0	0	0	845,889,000	0	0	0	201,890,000	0	0	0	255,266,000	0	0	0	99,558,000	0	0
cash and cash equivalents at end of period																																						-162,044,000	1,804,512,000	1,441,789,000	-229,128,000	275,363,000	-359,403,000	1,510,076,000	-465,022,000	-304,175,000	281,002,000	2,393,908,000	50,773,000	49,059,000	531,640,000	214,417,000	116,197,000	-124,861,000	-8,016,000	218,570,000	41,938,000	-106,052,000	218,725,000	100,655,000	2,995,000	49,259,000
disposal of property and equipment																																							-14,608,000	26,171,000
repayments of other debt
additionally estimated fair value of facilities under build-to-suit lease
other non-cash operating activities																																								7,135,000	15,362,000	4,929,000	3,220,000	2,862,000	2,968,000	841,000	1,100,000	2,562,000	1,406,000
changes in operating assets and liabilities
purchases of property and equipment excluding capital leases																																								-216,859,000	-411,222,000	-392,403,000	-405,165,000	-426,060,000																	-17,148,000	-5,383,000
principal payments on capital leases and other debt																																								-8,128,000	-130,874,000	-59,005,000	-10,175,000	-3,726,000	-2,477,000	-3,056,000	-3,101,000	-2,545,000	-2,045,000	-2,746,000	-2,125,000	-1,509,000	-1,148,000	-763,000	-492,000	-429,000	-191,000	-96,000	-50,000	-79,000	-82,000	-78,000
amortization of department of energy (doe) loan origination costs																																																		0
change in fair value of doe warrant liability																																																	0	0
fixed asset disposal																																											2,238,000	2,753,000
withdrawals out of our dedicated doe account
purchases of short-term marketable securities
principal payments on doe loans																																																	0	0
common stock and convertible debt issuance costs																																																	-527,000
interest paid																																																													295,000	369,000
income taxes paid																																																													28,000	0
estimated fair market value of facilities under build-to-suit lease																																											11,256,000	29,212,000	28,800,000
fixed asset disposals																																														4,747,000
accounts payable																																												-43,242,000	81,583,000	36,674,000	55,991,000	78,533,000	-27,565,000	33,743,000	-32,082,000	25,661,000	91,900,000	75,952,000	14,027,000	5,942,000					-8,205,000	2,035,000
accrued liabilities																																												90,735,000	79,378,000	31,510,000	31,963,000	19,224,000	32,379,000	19,237,000	14,025,000	926,000	11,437,000	-4,712,000	1,930,000	948,000					15,476,000	2,343,000
common stock and convertible other debt issuance costs																																												-958,000
proceeds from issuance of convertible debt																																													0	0	300,000,000	2,000,000,000
proceeds from doe loans
change in fair value of department of energy (doe) warrant liability
amortization of doe loan origination costs
purchases of property and equipment, excluding capital leases																																														-284,175,000	-175,685,000	-141,364,000		-76,548,000	-40,515,000	-57,727,000		-68,472,000	-61,286,000	-67,987,000
purchase of short-term marketable securities																																														-5,563,000
decrease in other restricted cash																																														-1,905,000	321,000	1,295,000
withdrawals out of our dedicated doe accounts																																																		0
convertible debt issuance costs																																														0	-4,848,000	-30,302,000
supplemental disclosure of noncash investing activities:
effect of exchange rate changes on cash
estimated fair market value of manufacturing facility under build-to-suit lease
purchase of marketable securities																																																-189,111,000
write-off of department of energy (doe) loan origination costs
withdrawals out of our dedicated department of energy account																																																											31,694,000	30,654,000
proceeds from convertible debt																																																	0
acquisition of property and equipment																																																				30,105,000				520,000	2,135,000
decrease (increase) in other restricted cash																																																		-954,000	-1,480,000	2,560,000
amortization of discount on 1.50% convertible senior notes
discounts and premiums on short-term marketable securities																																																							15,000	41,000
other																																																			210,000	390,000		357,000	838,000	182,000		-199,000	218,000	11,000
proceeds from 1.50% convertible senior notes
common stock and 1.50% convertible senior notes issuance costs
change in fair value of warrant liability																																																				-10,692,000		1,205,000	-154,000	-155,000
withdrawals out of our dedicated department of energy accounts																																																				-69,000		254,000
principal payments on long-term debt																																																				-12,710,000
proceeds from long-term debt																																																						33,255,000	71,274,000	84,267,000		90,823,000	31,693,000	30,656,000		11,138,000
change in fair value of warrant liabilities																																																									649,000	340,000	340,000	1,421,000	-588,000
excess tax benefits from stock-based compensation
loss on abandonment of fixed assets
deferred development compensation																																																													0	0
reservation payments																																																					479,000	4,891,000	20,129,000	21,557,000	26,546,000	12,029,000	13,774,000	8,657,000	2,886,000	1,623,000
payments related to acquisition of fremont manufacturing facility and related assets																																																													-6,500,000
withdrawals out of (transfers into) our dedicated department of energy account																																																								-10,998,000
proceeds from issuance of common stock in private placements																																																									0	0
proceeds from long-term debt and other long-term liabilities
deferred common stock and loan facility issuance costs
conversion of preferred stock to common stock																																																													0
issuance of common stock upon net exercise of warrants																																																													0
issuance of convertible preferred stock warrant																																																													1,000	0
issuance of common stock warrant
inventory adjustments
proceeds from issuance of common stock in a follow-on offering
acquisition of property and equipment included in accrued liabilities																																																						-296,000
gain on extinguishment of convertible notes and warrants
interest on convertible notes
proceeds from issuance of series f convertible preferred stock, net of issuance costs of 122
proceeds from issuance of series e convertible preferred stock, net of issuance costs of 556
proceeds from issuance of convertible notes and warrants
conversion of notes payable to series e convertible preferred stock
exchange of convertible notes payable
exchange of accrued interest for convertible notes payable
purchases of property and equipment																																																										-68,844,000	-54,314,000	-20,476,000
withdrawals out of (transfer into) our dedicated department of energy account
operating lease assets																																																												-1,482,000	-2,466,000
transfer of restricted cash into our dedicated department of energy account
proceeds from issuance of common stock in initial public offering																																																													0
proceeds from issuance of common stock in toyota private placement
proceeds from issuance of common stock in panasonic private placement
proceeds from exercise of stock options																																																													609,000	161,000
common stock and loan facility issuance costs																																																													-43,000
property and equipment acquired under capital lease
increase in restricted cash in our dedicated department of energy account
issuance of common stock warrants																																																														0
change in fair value of convertible preferred stock warrant liability

Tesla(NASDAQ:TSLA)

Tesla
(NASDAQ:TSLA)