Quarterly Report — Q2 2025
Filed July 24, 2025
Q2 2025 revenue segments show automotive still dominates but the energy generation and storage business is pulling meaningful weight alongside a growing services line. The filing is an XBRL-tagged 10-Q for the six months ended June 30, 2025, with Tesla maintaining its multi-segment structure across automotive sales, regulatory credits, leasing, and energy — plus notable balance-sheet items including Bitcoin holdings carried at fair value and a mix of recourse and non-recourse debt facilities spanning auto asset-backed notes and China working capital lines.
Filing details
Performance by segment
Automotive
Automotive segment revenue fell 12% to $19.71 billion in Q2 2025 from $22.49 billion in Q2 2024, and 14% to $36.31 billion for the first half. Automotive sales revenue alone dropped 15% QoQ driven by approximately 45,000 fewer combined Model 3/Model Y cash deliveries and ~12,000 fewer deliveries of other models, plus a lower average selling price from sales mix. Gross margin for total automotive compressed from 18.5% to 17.2% in Q2, with regulatory credits revenue plunging 51% to $439 million. R&D spending surged 48% YoY to $1.59 billion in Q2 as the company ramps AI and autonomy investments.
“In June 2025, we launched our Robotaxi service in Austin, capitalizing on our AI investments and scalable mobility infrastructure to advance a service-driven business model.”
Energy Generation and Storage
Energy generation and storage revenue grew 19% to $5.52 billion for the first half of 2025, up from $4.65 billion in H1 2024, driven by increases in both Megapack and Powerwall deployments. Q2 revenue dipped 7% YoY to $2.79 billion due to lower average Megapack selling prices, but gross margin expanded sharply from 24.6% to 30.3% thanks to lower raw material costs per unit. The company deployed 20.0 GWh of energy storage products through the first half of 2025, with remaining performance obligations of $10.38 billion signaling a robust backlog.
“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.”
Services and Other
Services and other revenue grew 17% to $3.05 billion in Q2 2025 and 16% to $5.68 billion for the first half, driven by increases in paid Supercharging revenue, non-warranty maintenance and collision revenue, insurance services, used vehicle revenue and parts sales. However, the segment remains near breakeven as cost of services and other increased 18% to $2.88 billion in Q2, roughly matching the revenue increase.