Tesla Balance Sheet Analysis 2025: Latest Assets, Liabilities, Cash Position & Debt Trends
## Tesla — latest balance sheets (USD, **$ millions**)
From Tesla’s most recent 10-Qs (unaudited), the latest balance sheet dates available in filings are **Sep 30, 2025**, **Jun 30, 2025**, and **Mar 31, 2025**. ["September 30, 2025"](0001628280-25-045968|0) ["June 30, 2025"](0001628280-25-035806|0) ["March 31, 2025"](0001628280-25-018911|0)
### Key lines (selected)
| Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 |
|---|---:|---:|---:|
| Cash & cash equivalents | 18,289 ["Cash and cash equivalents"](0001628280-25-045968|0) | 15,587 ["Cash and cash equivalents"](0001628280-25-035806|0) | 16,352 ["Cash and cash equivalents"](0001628280-25-018911|0) |
| Short-term investments | 23,358 ["Short-term investments"](0001628280-25-045968|0) | 21,195 ["Short-term investments"](0001628280-25-035806|0) | 20,644 ["Short-term investments"](0001628280-25-018911|0) |
| **Cash + short-term investments (computed)** | 41,647 (computed) ["Cash and cash equivalents"](0001628280-25-045968|0) ["Short-term investments"](0001628280-25-045968|0) | 36,782 (computed) ["Cash and cash equivalents"](0001628280-25-035806|0) ["Short-term investments"](0001628280-25-035806|0) | 36,996 (computed) ["Cash and cash equivalents"](0001628280-25-018911|0) ["Short-term investments"](0001628280-25-018911|0) |
| Total current assets | 64,653 ["Total current assets"](0001628280-25-045968|0) | 61,133 ["Total current assets"](0001628280-25-035806|0) | 59,389 ["Total current assets"](0001628280-25-018911|0) |
| Property, plant & equipment, net | 39,407 ["Property, plant and equipment"](0001628280-25-045968|0) | 38,574 ["Property, plant and equipment"](0001628280-25-035806|0) | 37,088 ["Property, plant and equipment"](0001628280-25-018911|0) |
| **Total assets** | **133,735** ["Total assets"](0001628280-25-045968|0) | **128,567** ["Total assets"](0001628280-25-035806|0) | **125,111** ["Total assets"](0001628280-25-018911|0) |
| Total current liabilities | 31,290 ["Total current liabilities"](0001628280-25-045968|0) | 30,008 ["Total current liabilities"](0001628280-25-035806|0) | 29,753 ["Total current liabilities"](0001628280-25-018911|0) |
| Total liabilities | 53,019 ["Total liabilities"](0001628280-25-045968|0) | 50,495 ["Total liabilities"](0001628280-25-035806|0) | 49,693 ["Total liabilities"](0001628280-25-018911|0) |
| Stockholders’ equity | 79,970 ["Total stockholders’ equity"](0001628280-25-045968|0) | 77,314 ["Total stockholders’ equity"](0001628280-25-035806|0) | 74,653 ["Total stockholders’ equity"](0001628280-25-018911|0) |
| Current portion of debt & finance leases | 1,924 ["Current portion of debt"](0001628280-25-045968|0) | 2,040 ["Current portion of debt"](0001628280-25-035806|0) | 2,237 ["Current portion of debt"](0001628280-25-018911|0) |
| Debt & finance leases, net of current portion | 5,778 ["Debt and finance leases"](0001628280-25-045968|0) | 5,180 ["Debt and finance leases"](0001628280-25-035806|0) | 5,292 ["Debt and finance leases"](0001628280-25-018911|0) |
| **Total debt & finance leases (computed)** | 7,702 (computed) ["Current portion of debt"](0001628280-25-045968|0) ["Debt and finance leases"](0001628280-25-045968|0) | 7,220 (computed) ["Current portion of debt"](0001628280-25-035806|0) ["Debt and finance leases"](0001628280-25-035806|0) | 7,529 (computed) ["Current portion of debt"](0001628280-25-018911|0) ["Debt and finance leases"](0001628280-25-018911|0) |
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## What changed (and what it implies)
**1) Balance sheet expanded meaningfully over 2025 YTD, with liquidity building.** Total assets increased from **$125.1B (Mar 31, 2025)** to **$133.7B (Sep 30, 2025)**, while cash + short-term investments rose from **$37.0B** to **$41.6B (computed)**. ["Total assets"](0001628280-25-018911|0) ["Total assets"](0001628280-25-045968|0) ["Cash and cash equivalents"](0001628280-25-018911|0) ["Short-term investments"](0001628280-25-018911|0) ["Cash and cash equivalents"](0001628280-25-045968|0) ["Short-term investments"](0001628280-25-045968|0)
**2) Capex footprint still growing (PP&E up), consistent with continued investment.** PP&E (net) increased from **$37.1B** to **$39.4B** between Mar 31 and Sep 30, 2025. ["Property, plant and equipment"](0001628280-25-018911|0) ["Property, plant and equipment"](0001628280-25-045968|0)
**3) Leverage remains modest versus liquidity, and total debt/leases is broadly stable.** Total debt & finance leases are ~**$7.2B–$7.7B (computed)** across the three dates, while cash + short-term investments are **~$37.0B–$41.6B (computed)**—suggesting Tesla’s liquidity materially exceeds its on-balance-sheet debt/lease obligations. ["Current portion of debt"](0001628280-25-045968|0) ["Debt and finance leases"](0001628280-25-045968|0) ["Cash and cash equivalents"](0001628280-25-045968|0) ["Short-term investments"](0001628280-25-045968|0) ["Current portion of debt"](0001628280-25-035806|0) ["Debt and finance leases"](0001628280-25-035806|0) ["Cash and cash equivalents"](0001628280-25-035806|0) ["Short-term investments"](0001628280-25-035806|0) ["Current portion of debt"](0001628280-25-018911|0) ["Debt and finance leases"](0001628280-25-018911|0) ["Cash and cash equivalents"](0001628280-25-018911|0) ["Short-term investments"](0001628280-25-018911|0)
If you tell me whether you want a **liquidity/solvency ratio cut** (current ratio, quick ratio, net cash, etc.) or a **drivers view** (what specifically moved within “other non-current assets,” accrued liabilities, etc.), I’ll extend the analysis around those lines using the same filings.