Tesla Q4 and Full-Year 2025 Earnings Report

[Profitability]

·2025 GAAP operating income was $4.4 billion; $1.4 billion for Q4

GAAP net profit for 2025 is $3.8 billion; $800 million for the fourth quarter

·2025 non-GAAP net income was $5.9 billion; $1.8 billion for Q4

[Cash]

·2025 operating cash flow was $14.7 billion; $3.8 billion for Q4

·2025 free cash flow was $6.2 billion; $1.4 billion for Q4

·In 2025, our cash and investments increased by $7.5 billion to $44.1 billion

[Operations]

In January 2026, the removal of safety drivers for Tesla's autonomous ride-hailing vehicles will begin in the Austin area.

Energy storage installations hit record highs in Q4 and for the full year of fiscal 2025.

Electric vehicle deliveries in the Asia-Pacific market reached an all-time high.

[Summary]

The year 2025 is crucial for Tesla. While further expanding its corporate mission, Tesla continues to push forward the transformation from a hardware-centric business to a physical artificial intelligence company.

The progress made over the past year has laid a solid foundation for Tesla's next phase of development: advancing the development of intelligent driver-assistance systems, officially launching the Tesla Robotaxi autonomous ride-hailing service, beginning the deployment of production lines for the Tesla Cybercab autonomous electric vehicle, and further optimizing the design of Tesla's humanoid robot, which is ready for mass production, while expanding the artificial intelligence training infrastructure

Tesla's development path for autonomous vehicles and humanoid robots follows the same approach it took to advance electric vehicles and energy storage businesses — starting from a system-level perspective, identifying key limiting factors, and developing customized, scalable solutions (such as batteries, power electronics, inverters, software, AI chips, etc.), thereby achieving the optimal balance between cost, functionality, efficiency, and safety. This highly vertically integrated model allows us to achieve economies of scale while maintaining profitability, quickly identify and resolve production bottlenecks, and continuously iterate and optimize at a faster pace than other companies.

By 2025, Tesla will complete the update of its entire vehicle lineup by launching the refreshed Model Y (including other derivative models). Tesla believes that the right strategy to win the overall vehicle market is to maintain an efficient and streamlined product portfolio, while consistently focusing on high-value propositions such as long-range capability, industry-leading software, and autonomous driving. At the same time, Tesla will continue to advance the iteration of its energy products for commercial, utility, and retail customers, further solidifying its position as the preferred supplier of clean, affordable, and rapidly deployable energy solutions in anticipation of long-term growth in electricity demand.

By 2026, we will further increase investments in infrastructure supporting clean energy, transportation, and automated robotics. This includes ramping up capacity on six new production lines across vehicle manufacturing, robotics, energy storage, and battery production, while also fully leveraging our existing factories, charging networks, and service center layouts to support future growth.

Thank you to all the car owners and everyone who supports and follows Tesla.

Tesla Q4 and Full-Year 2025 Earnings Report

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