Revenue: As of FY2025, the actual value is USD 94.83 B, beating the estimate of USD 94.67 B.EPS: As of FY2025, the actual value is USD 1.08, missing the estimate of USD 1.2838.EBIT: As of FY2025, the actual value is USD 3.013 B.<h3>Overall Company Performance</h3><ul><li>Total Revenues: Tesla, Inc.’s total revenues decreased by $2,863 million (3%) to $94,827 million in 2025 from $97,690 million in 2024. In 2023, total revenues were $96,773 million.</li><li>Net Income Attributable to Common Stockholders: Net income attributable to common stockholders was $3,794 million in 2025, a decrease of $3,300 million from $7,091 million in 2024. In 2023, it was $14,997 million.</li><li>Total Gross Profit: Total gross profit was $17,094 million in 2025, compared to $17,450 million in 2024 and $17,660 million in 2023.</li><li>Total Gross Margin: Total gross margin was 18.0% in 2025, 17.9% in 2024, and 18.2% in 2023.</li><li>Income from Operations: Income from operations was $4,355 million in 2025, compared to $7,076 million in 2024 and $8,891 million in 2023.</li><li>Cash and Investments: Tesla, Inc. ended 2025 with $44,056 million in cash and cash equivalents and investments, an increase of $7,493 million from the end of 2024.</li><li>Operating Cash Flow: Net cash provided by operating activities was $14,747 million in 2025, a decrease of $176 million from $14,923 million in 2024. In 2023, it was $13,256 million.</li><li>Capital Expenditures: Capital expenditures amounted to $8,527 million in 2025, a decrease of $2,815 million from $11,342 million in 2024. In 2023, it was $8,899 million.</li></ul><h3>Automotive Segment</h3><ul><li>Production &amp; Deliveries: In 2025, Tesla, Inc. produced approximately 1.66 million consumer vehicles and delivered approximately 1.64 million consumer vehicles.</li><li>Automotive Sales Revenue: Automotive sales revenue was $65,821 million in 2025, a decrease of $6,659 million (9%) from $72,480 million in 2024, primarily due to an approximate 8% decrease in cash deliveries and a lower average selling price per unit.</li><li>Automotive Regulatory Credits Revenue: Automotive regulatory credits revenue decreased by $770 million (28%) to $1,993 million in 2025 from $2,763 million in 2024.</li><li>Automotive Leasing Revenue: Automotive leasing revenue was $1,712 million in 2025, a decrease of $115 million (6%) from $1,827 million in 2024.</li><li>Total Automotive Revenues: Total automotive revenues were $69,526 million in 2025, a decrease of $7,544 million (10%) from $77,070 million in 2024.</li><li>Automotive Sales Cost of Revenues: Cost of automotive sales revenue decreased by $5,603 million (9%) to $56,267 million in 2025 from $61,870 million in 2024.</li><li>Automotive Leasing Cost of Revenues: Cost of automotive leasing revenue decreased by $105 million (10%) to $898 million in 2025 from $1,003 million in 2024.</li><li>Total Automotive Gross Profit: Total automotive gross profit was $12,361 million in 2025, compared to $14,197 million in 2024 and $16,030 million in 2023.</li><li>Total Automotive Gross Margin: Total automotive gross margin decreased from 18.4% in 2024 to 17.8% in 2025, primarily due to a decrease in regulatory credits revenue and changes in sales revenue and cost of sales.</li></ul><h3>Energy Generation and Storage Segment</h3><ul><li>Deployments: Tesla, Inc. deployed 46.7 GWh of energy storage products in 2025.</li><li>Revenue: Energy generation and storage segment revenue increased by $2,685 million (27%) to $12,771 million in 2025 from $10,086 million in 2024, driven by increases in Megapack and Powerwall deployments.</li><li>Cost of Revenues: Cost of energy generation and storage revenue increased by $1,523 million (20%) to $8,969 million in 2025 from $7,446 million in 2024, mainly due to increased deployments.</li><li>Gross Profit: Gross profit for energy generation and storage was $3,802 million in 2025, compared to $2,640 million in 2024 and $1,141 million in 2023.</li><li>Gross Margin: Gross margin for energy generation and storage increased from 26.2% in 2024 to 29.8% in 2025.</li></ul><h3>Services and Other Segment</h3><ul><li>Revenue: Services and other revenue increased by $1,996 million (19%) to $12,530 million in 2025 from $10,534 million in 2024, driven by increases in paid Supercharging sessions, non-warranty maintenance, used vehicle sales, and automotive insurance business revenue.</li><li>Cost of Revenues: Cost of services and other revenue increased by $1,678 million (17%) to $11,599 million in 2025 from $9,921 million in 2024, primarily due to increases in used vehicle sales volume and cost, and other service-related costs.</li></ul><h3>Operational Costs</h3><ul><li>Research and Development Expense: R&amp;D expense increased by $1,871 million (41%) to $6,411 million in 2025 from $4,540 million in 2024, primarily due to increased costs related to AI and other programs, and a $500 million increase in stock-based compensation. R&amp;D expense as a percentage of revenues increased from 5% in 2024 to 7% in 2025.</li><li>Selling, General and Administrative Expense: SG&amp;A expenses increased by $684 million (13%) to $5,834 million in 2025 from $5,150 million in 2024, mainly due to increased operating expenses, employee and labor costs, and stock-based compensation.</li><li>Restructuring and Other Expenses: Restructuring and other expenses were $494 million in 2025, a decrease of $190 million from $684 million in 2024, including $390 million related to supercomputer assets, contract terminations, and employee terminations within the automotive segment.</li></ul><h3>Other Financial Metrics</h3><ul><li>Interest Income: Interest income increased by $111 million (7%) to $1,680 million in 2025 from $1,569 million in 2024, mainly due to higher interest earned on cash and investments.</li><li>Other (Expense) Income, Net: Other (expense) income, net, changed unfavorably by $1,114 million to - $419 million in 2025 from $695 million in 2024, primarily due to mark-to-market adjustments on Bitcoin digital assets and foreign currency fluctuations.</li><li>Provision for Income Taxes: Provision for income taxes decreased by $414 million to $1,423 million in 2025 from $1,837 million in 2024, primarily due to a reduction in income before income taxes. The effective tax rate increased from 20% to 27%.</li></ul><h3>Outlook / Guidance</h3>Tesla, Inc. expects capital expenditures to exceed $20 billion in 2026, driven by AI initiatives, manufacturing expansion, and growth in AI-enabled assets and retail footprint. These investments are intended to position the company for further growth through capital-efficient strategies.

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- Tesla's total revenue for fiscal year 2025 was $94.827 billion, surpassing market expectations, while earnings per share at $1.08 fell short of projections.  
- Revenue from automotive sales dropped to $65.821 billion, a decline of 9% year-over-year, attributed to reduced cash deliveries and lower average selling prices.  
- Looking ahead, Tesla anticipates 2026 capital expenditures exceeding $20 billion, focusing on advancements in AI and expansion of manufacturing capabilities.

Tesla | 10-K: FY2025 Revenue Beats Estimate at USD 94.83 B