Q4 20258-KItem 2.02

Q4 2025 Earnings — Results of Operations

Filed January 28, 2026

AI Summary

Full-year 2025 revenue fell 3% to $94.8B while operating income dropped 38% to $4.4B, as automotive revenue declined 10% amid lower deliveries and the company ramped spending on AI, robotaxis, and Optimus humanoid robots. The bright spot: free cash flow surged 74% to $6.2B and the cash pile grew to $44.1B, giving Tesla a massive war chest to fund its pivot from automaker to "physical AI company" — with six new production lines planned for 2026 across vehicles, robots, energy storage, and batteries.

Filing details

TypeCurrent Report

FiledJanuary 28, 2026

Developments17 extracted

Q4 2025 Earnings — Results of Operations

Filing details

Extracted developments (17)

AI6 Inference Chip in Development with Production Planned for 2028

Domestic Cathode Material Production at Texas and LFP Lines at Nevada Expected to Begin in 2026

4680 Cells Now Powering Production Model Y Battery Packs

AI5 Inference Chip Targeting 50x Performance Improvement Over AI4, Production Planned for 2027

Optimus Gen 3 Unveil Planned for Q1 2026 with Mass Production Design

First North American Spodumene-to-Lithium-Hydroxide Refinery Commences Pilot Production

Tesla Robotaxi Fully Unsupervised Rides Launch in Austin

Robotaxi Service Operating in Bay Area and Austin, Expanding to 8 More Cities in H1 2026

Cortex AI Training Cluster Expanded at Gigafactory Texas

FSD (Supervised) Transitioning to Subscription-Only Access

Cybercab First Unit Rolls Off Gigafactory Texas Production Line, Mass Production Expected April 2026

FSD (Supervised) Ride-Along Experiences Launched in Italy, Germany, France, and Switzerland

Next-Generation Roadster in Design Development

FSD (Supervised) Launched in South Korea

Optimus Production Line Construction Underway with Start of Production Before End of 2026

FSD (Supervised) v14 Released with End-to-End Foundation Model

Tesla Semi Production Ramp Underway for 2026 Delivery Targets