Tesla earnings summary

Source: Dukascopy Bank SA
Tesla's fourth-quarter and full-year 2025 results show a company in the middle of a major strategic shift from being primarily an electric-vehicle manufacturer to what it calls a physical AI company. While financial performance weakened in 2025, with total revenue falling 3% to $94.8 billion and GAAP net income dropping 46% to $3.8 billion, Tesla used the year to lay the groundwork for its AI- and robotics-driven future.

Automotive revenue declined 10% and vehicle deliveries fell 9% to 1.64 million units, reflecting softer EV demand and pricing pressure, but profitability improved late in the year as fourth-quarter gross margin rebounded to 20.1%. Tesla ended 2025 with a strong balance sheet, holding $44.1 billion in cash and investments, giving it flexibility to fund aggressive expansion plans.



Operationally, the energy business emerged as a key bright spot, with record storage deployments of 46.7 GWh, up 49% year over year, and energy generation and storage revenue rising 27%, reinforcing clean energy as a second growth engine alongside AI. Looking ahead to 2026, Tesla plans to accelerate its autonomy and robotics ambitions by expanding its robotaxi service beyond Austin after removing safety monitors, beginning production ramps for the Cybercab and Tesla Semi, and unveiling the mass-production-ready Gen 3 Optimus humanoid robot with volume manufacturing targeted before year-end.

The company is also deepening its AI capabilities through a planned $2 billion investment in xAI, doubling AI compute capacity in Texas, developing next-generation inference chips, and advancing new battery production lines in the U.S., all of which underscore Tesla's push to monetize software, autonomy, and robotics even as its traditional EV business works through a period of slower growth.
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