Annual Report — FY 2025
Filed January 29, 2026
Total revenue reached approximately $97.7 billion in 2025, driven by a rebound in automotive sales alongside explosive growth in the energy generation and storage segment, which more than doubled year-over-year to become a meaningful profit contributor. The company's strategic center of gravity is visibly shifting toward AI-driven initiatives — autonomous driving (FSD), the upcoming robotaxi service, and the Optimus humanoid robot — while regulatory credit sales hit a record, padding margins as core vehicle pricing remained under pressure. Cash and investments topped $36 billion with modest total debt, giving Tesla a fortress balance sheet to fund its capital-intensive bets on autonomy and energy, though investors should watch whether the automotive margin compression stabilizes as new, more affordable models roll out.
Filing details
Performance by segment
Automotive
Total automotive revenues fell 10% YoY to $69.53 billion, driven by a 9% decline in automotive sales revenue to $65.82 billion from lower cash deliveries (~8% decrease) and a lower average selling price per unit. Automotive regulatory credits dropped 28% to $1.99 billion due to restrictive regulatory actions including the OBBBA. Gross margin compressed from 18.4% to 17.8%. The segment produced approximately 1.66 million consumer vehicles and delivered approximately 1.64 million. Tesla launched its Robotaxi service in June 2025 and continued advancing FSD (Supervised) capabilities.
“We are focused on profitable growth via a differentiated and efficiently managed product portfolio that leverages our existing factories and production lines, further improving and deploying our FSD (Supervised) capabilities, including future autonomous capabilities through our purpose-built Robotaxi product, Cybercab.”
Services and Other
Services and other revenue grew 19% YoY to $12.53 billion, driven by increases in paid Supercharging sessions, non-warranty maintenance and collision revenue, used vehicle sales volume, and automotive insurance business revenue. Cost of services and other revenue increased 17% to $11.60 billion, resulting in improving margins within this sub-segment. Tesla's insurance products are now available in 13 states.
Energy Generation and Storage
Energy generation and storage revenue surged 27% YoY to $12.77 billion, driven by increases in Megapack and Powerwall deployments. Tesla deployed 46.7 GWh of energy storage products in 2025. Gross margin expanded sharply from 26.2% to 29.8%, benefiting from lower raw material costs and manufacturing efficiencies including the ramp of Shanghai Megafactory. Tesla introduced Megapack 3 and Megablock and began manufacturing a new residential retrofit solar panel.
“As AI infrastructure drives rapid load growth, we see opportunities for our energy storage products to stabilize the grid, shift energy when it is needed most and provide additional power capacity.”