Tesla Inc. reported second-quarter 2025 revenue of $22.50 billion, down 12 percent year-over-year, driven by a 16 percent decline in automotive sales to $16.66 billion and a 7 percent drop in energy generation and storage to $2.79 billion. Services and other revenue rose 17 percent to $3.05 billion. GAAP gross margin was 17.2 percent, with total operating income of $923 million and an operating margin of 4.1 percent.
Net income attributable to common stockholders reached $1.17 billion, or $0.33 per diluted share, compared with $1.40 billion, or $0.40 per share, in Q2 2024. Adjusted EBITDA was $3.40 billion, and free cash flow stood at $146 million. Operating cash flow was $2.54 billion, leaving Tesla with cash, cash equivalents and investments of $36.8 billion at quarter end.
On the vehicle front, Tesla produced 410,244 cars and delivered 384,122—a 13 percent drop from the year-earlier quarter. Model 3 and Y deliveries totaled 373,728 units, while other models accounted for 10,394. Days of supply rose to 24 (from 18 a year ago), reflecting slower delivery trends.
Tesla marked several operational milestones. In June, it launched its Robotaxi service in Austin—with safety operators onboard—and completed the world’s first fully autonomous customer delivery: a Model Y that drove itself approximately 30 minutes from the factory to its new owner’s home. The company also deployed its first Megapacks from its Shanghai Megafactory and built its eight-millionth vehicle.
Capacity expansions remain on track. Tesla’s global annual vehicle capacity now exceeds 2 million units across factories in California, Shanghai, Berlin and Texas. In June, the automaker began initial builds of its more affordable model, with volume production slated for H2 2025. Development of the Semi and the Cybercab Robotaxi platform continues toward volume production in 2026.
In energy storage, Tesla deployed 9.6 gigawatt-hours of capacity over the trailing twelve months, achieving a record twelfth consecutive quarterly high. Services and other gross profit rose 64 percent sequentially, buoyed by Supercharging volume and the addition of nearly 3,000 new stalls, a year-over-year increase of 18 percent.
Looking ahead, Tesla reiterated its focus on scaling autonomy-capable models, expanding its energy business, and advancing robotics, while maintaining a strong balance sheet to navigate macroeconomic uncertainties.
