Q3 2025 Earnings — Results of Operations

Record Q3 revenue of $28.1B and record free cash flow of nearly $4.0B powered by all-time-high vehicle deliveries (497,099 units, +7% YoY) and energy storage deployments (12.5 GWh, +81% YoY), pushing Tesla's cash pile to $41.6B. Despite the top-line strength, operating income fell 40% YoY to $1.6B on surging operating expenses (+50% YoY) driven by AI and R&D spending, tariff headwinds, and lower regulatory credit revenue — signaling Tesla is betting heavily on its autonomy and energy future at the cost of near-term margins.