Slide 1: Q4 and FY 2025 Update
Q4 and FY 2025 Update 1
Slide 2: Contents
Highlights 03 Financial Summary 04 Operational Summary 06 Manufacturing & Hardware 08 Supporting Infrastructure 09 AI & Software 10 Services 11 Other Updates 12 Outlook 13 Photos & Charts 14 Key Metrics 24 Financial Statements 27 Additional Information 34 2
Slide 3: Highlights Summary
HIGHLIGHTS SUMMARY Profitability $4.4B GAAP operating income in 2025; $1.4B in Q4 2025 marked a critical year for Tesla as we further expanded our mission and continued our transition from a hardware-centric business to a physical AI company. We laid the foundation $3.8B GAAP net income in 2025; $0.
Slide 4: Financial Summary (Quarterly)
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY Total automotive revenues 19,798 13,967 16,661 21,205 17,693 -11% Energy generation and storage revenue 3,061 2,730 2,789 3,415 3,837 25% Services and other revenue 2,848
Slide 5: Financial Summary (Annual)
FINANCIAL SUMMARY (Unaudited) ($ in millions, except percentages and per share data) 2021 2022 2023 2024 2025 YoY Total automotive revenues 47,232 71,462 82,419 77,070 69,526 -10% Energy generation and storage revenue 2,789 3,909 6,035 10,086 12,771 27% Services and other revenue 3,802 6,091 8,319 1
Slide 6: Operational Summary (Quarterly)
OPERATIONAL SUMMARY (Unaudited) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY Model 3/Y production 436,718 345,454 396,835 435,826 422,652 -3% Other models production 22,727 17,161 13,409 11,624 11,706 -48% Total production 459,445 362,615 410,244 447,450 434,358 -5% Model 3/Y deliveries 471,930 323,8
Slide 7: Operational Summary (Annual)
OPERATIONAL SUMMARY (Unaudited) 2021 2022 2023 2024 2025 YoY Model 3/Y production 906,032 1,298,434 1,775,159 1,679,338 1,600,767 -5% Other models production 24,390 71,177 70,826 94,105 53,900 -43% Total production 930,422 1,369,611 1,845,985 1,773,443 1,654,667 -7% Model 3/Y deliveries 911,242 1,24
Slide 8: Manufacturing & Hardware
MANUFACTURING & HARDWARE Installed Annual Manufacturing Capacity Automotive Region Product Capacity Status While automotive sales declined sequentially, gross margin (even when excluding the impact of Automotive regulatory credits) improved. The APAC region continued to show strength across multiple
Slide 9: Supporting Infrastructure
SUPPORTING INFRASTRUCTURE Installed Annual Capacity AI Training Compute Region Product Capacity Status We are currently building Cortex 2 at Gigafactory Texas to further increase our AI training AI Training Compute compute capacity. In the first half of 2026, we plan to more than double the size of
Slide 10: AI & Software
AI & SOFTWARE AI Software 8.0 FSD Miles on V12 and Beyond FSD Miles on V11 and Before We continue to enhance FSD (Supervised)1 via our end-to-end foundation model trained on both 7.0 customer and Robotaxi real-world data with our latest version, v14. FSD (Supervised)1 increasingly 6.0 provides safet
Slide 11: Services
SERVICES Robotaxi 700,000 We began testing driverless Robotaxis in Austin in December and began removing the safety 600,000 monitor from customer rides in January on a limited basis, which will unlock further expansion of 500,000 our Robotaxi fleet and coverage area in the Austin-metro. Our Bay Area
Slide 12: Other Updates
OTHER UPDATES On January 16, 2026, Tesla entered into an agreement to invest approximately $2 billion to acquire shares of Series E Preferred Stock of xAI as part of their recent publicly-disclosed financing round. Tesla’s investment was made on market terms consistent with those previously agreed t
Slide 13: Outlook
OUTLOOK Volume We are focused on maximum capacity utilization at our factories. Deliveries and deployments will be impacted by aggregate demand for our products, supply chain readiness and allocation decisions between sale to customers or use for our owned and operated fleet. Cash We will manage the
Slide 14: Photos & Charts
PHOTOS & CHARTS
Slide 15: Model Y – 2025 Best in Class Euro NCAP
M O D E L Y – 2 0 2 5 B E S T I N C L A S S E U R O N C A P (1) S M A L L S U V (1) EURO NCAP: European New Car Assessment Programme 15 .
Slide 16: Model 3 – 2025 Best in Class Euro NCAP
M O D E L 3 – 2 0 2 5 B E S T I N C L A S S E U R O N C A P (1) L A R G E F A M I L Y C A R (1) EURO NCAP: European New Car Assessment Programme 16
Slide 17: FSD (Supervised) – V14 Offers Unparalleled Driver Assistance
F S D ( S U P E R V I S E D )1 – V 1 4 O F F E R S U N P A R A L L E L E D D R I V E R A S S I S T A N C E (1) Active driver supervision required; does not make the vehicle autonomous. 17
Slide 18: Driverless Robotaxi – Testing in Austin
DRIVERLESS ROBOTAXI – TESTING IN AUSTIN 18
Slide 19: Cybercab – Cold Weather Testing in Alaska
CYBERCAB – COLD WEATHER TESTING IN ALASKA 19
Slide 20: Tesla Semi – Production Beginning in 2026
TESLA SEMI – PRODUCTION BEGINNING IN 2026 20
Slide 21: Tesla Semi – Megacharger Network Planned Sites for 2026
TESLA SEMI – MEGACHARGER NETWORK PLANNED SITES FOR 2026 21
Slide 22: Gigafactory Shanghai – Millionth Vehicle Produced
GIGAFACTORY SHANGHAI – 9 MILLIONTH VEHICLE PRODUCED (GLOBALLY) 22
Slide 23: Gigafactory Nevada – Millionth Drive Unit Produced
GIGAFACTORY NEVADA – 6 MILLIONTH DRIVE UNIT PRODUCED 23
Slide 24: Key Metrics Quarterly
KEY METRICS QUARTERLY (Unaudited) 0.5 7 8 6 7 0.4 5 6 4 5 0.3 3 2 4 0.2 1 3 0 2 0.1 -1 1 -2 0.0 -3 0 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2023
Slide 25: Key Metrics Trailing Twelve Months
KEY METRICS TRAILING 12 MONTHS (TTM) (Unaudited) 2.0 18 20 1.8 16 18 1.6 14 16 1.4 14 12 1.2 12 10 1.0 10 8 0.8 8 6 0.6 6 0.4 4 4 0.2 2 2 0.0 0 0 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q
Slide 26: Key Metrics Year-Over-Year Financial Summary
KEY METRICS YEAR–OVER–YEAR FINANCIAL SUMMARY Revenue Total quarterly revenue decreased 3% YoY to $24.9B. YoY, revenue was impacted by the following items(1): - decrease in vehicle deliveries - lower regulatory credit revenue + growth in Energy Generation and Storage + growth in Services and Other +
Slide 27: Financial Statements
FINANCIAL STATEMENTS
Slide 28: Statement of Operations
STATEMENT OF OPERATIONS (Unaudited) In millions of USD or shares as applicable, except per share data Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 REVENUES Automotive sales 18,659 12,925 15,787 20,359 16,750 Automotive regulatory credits 692 595 439 417 542 Automotive leasing 447 447 435 429 401 Total au
Slide 29: Balance Sheet
BALANCE SHEET (Unaudited) In millions of USD 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 ASSETS Current assets Cash, cash equivalents and investments 36,563 36,996 36,782 41,647 44,059 Accounts receivable, net 4,418 3,782 3,838 4,703 4,576 Inventory 12,017 13,706 14,570 12,276 12,392 Prepaid e
Slide 30: Statement of Cash Flows
STATEMENT OF CASH FLOWS (Unaudited) In millions of USD Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income (1) 2,143 420 1,190 1,389 856 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,4
Slide 31: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD or shares as applicable, except per share data Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Net income attributable to common stockholders (GAAP) (1) 2,128 409 1,172 1,373 840 Stock-based compensation expense, net of
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD or shares as applicable, except per share data 2021 2022 2023 2024 2025 Net income attributable to common stockholders (GAAP) 5,519 12,556 14,997 7,091 3,794 Stock-based compensation expense, net of tax 2,121 1,5
Slide 33: Reconciliation of GAAP to Non-GAAP Financial Information
RECONCILIATION OF GAAP TO NON–GAAP FINANCIAL INFORMATION (Unaudited) In millions of USD 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 3Q-2025 4Q-2025 Net cash provided by operating activities (GAAP) 2,351 5,100 3,278 2,513 3,065 3,308 4,370 2
Slide 34: Additional Information
ADDITIONAL INFORMATION WEBCAST INFORMATION Tesla will provide a live webcast of its fourth quarter 2025 financial results conference call beginning at 4:30 p.m. CT on January 28, 2026 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter. CERTAIN TERMS
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