Quarterly Report — Q3 2025
Filed October 23, 2025
Revenue streams span automotive sales, energy generation & storage, and services, with the filing covering Q3 2025 (period ending September 30, 2025). The company carries a mix of recourse and non-recourse debt including automotive and energy asset-backed notes plus a China working capital facility, and holds digital assets (Bitcoin) on its balance sheet. Without the actual dollar figures embedded in this XBRL-tagged filing, the key structural signal is Tesla's continued diversification beyond car sales into energy storage and leasing revenue, with multiple debt facilities supporting expansion across segments.
Filing details
Performance by segment
Automotive
Automotive segment revenue (including services and other) was $24.68B in Q3 2025, up 8% YoY from $22.81B, but nine-month revenue declined 6% to $60.99B from $64.96B due to ~49,000 fewer Model 3/Y cash deliveries, the simultaneous New Model Y factory changeover, lower average selling prices, and a $620M drop in regulatory credits. Automotive gross margin compressed to 17.0% in Q3 from 20.1% a year ago, driven by lower fixed cost absorption, higher tariffs, and reduced regulatory credit contributions. The company launched its Robotaxi service in June 2025, recognized $238M in restructuring charges for convergence of AI chip design efforts, and noted the OBBBA's removal of EV tax credits may further impact consumer demand.
“We have continued to expand and refine our Robotaxi service after its June 2025 launch, 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 surged 44% YoY to $3.42B in Q3 2025 and 27% YoY to $8.93B for the nine months, driven by increased Megapack and Powerwall deployments totaling 32.5 GWh through Q3. Gross margin expanded to 31.4% in Q3 from 30.5% a year ago, benefiting from lower raw material costs and the ramp of Shanghai Megafactory, partially offset by higher tariffs. The company launched Megapack 3 and Megablock in Q3, and energy storage remaining performance obligations reached $9.71B, with deferred revenue growing to $2.41B from $1.77B at year-end 2024.
“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 25% YoY to $3.48B in Q3 2025 and 19% YoY to $9.16B for the nine months, driven by increases in used vehicle sales volume, paid Supercharging sessions, non-warranty maintenance and collision services, and insurance business revenue. While the segment remains margin-negative, profitability improved as the gap between revenue growth (25%) and cost growth (22%) narrowed in Q3.