--- title: "Tesla | 10-K: FY2025 Revenue Beats Estimate at USD 94.83 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/274138164.md" datetime: "2026-01-29T11:07:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274138164.md) - [en](https://longbridge.com/en/news/274138164.md) - [zh-HK](https://longbridge.com/zh-HK/news/274138164.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/274138164.md) | [繁體中文](https://longbridge.com/zh-HK/news/274138164.md) # Tesla | 10-K: FY2025 Revenue Beats Estimate at USD 94.83 B 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. ### Overall Company Performance - **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. - **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. - **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. - **Total Gross Margin**: Total gross margin was 18.0% in 2025, 17.9% in 2024, and 18.2% in 2023. - **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. - **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. - **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. - **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. ### Automotive Segment - **Production & Deliveries**: In 2025, Tesla, Inc. produced approximately 1.66 million consumer vehicles and delivered approximately 1.64 million consumer vehicles. - **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. - **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. - **Automotive Leasing Revenue**: Automotive leasing revenue was $1,712 million in 2025, a decrease of $115 million (6%) from $1,827 million in 2024. - **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. - **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. - **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. - **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. - **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. ### Energy Generation and Storage Segment - **Deployments**: Tesla, Inc. deployed 46.7 GWh of energy storage products in 2025. - **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. - **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. - **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. - **Gross Margin**: Gross margin for energy generation and storage increased from 26.2% in 2024 to 29.8% in 2025. ### Services and Other Segment - **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. - **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. ### Operational Costs - **Research and Development Expense**: R&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&D expense as a percentage of revenues increased from 5% in 2024 to 7% in 2025. - **Selling, General and Administrative Expense**: SG&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. - **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. ### Other Financial Metrics - **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. - **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. - **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%. ### Outlook / Guidance 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. ### Related Stocks - [Tesla, Inc. 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