Tesla (TSLA) FY2025 results: revenue $94.8 billion, down 2.9% on the year

Tesla designs, makes, sells and leases fully electric vehicles and energy generation and storage systems, and sells software and services on top of them. It reports two segments: automotive, and energy generation and storage. The automotive segment also holds regulatory credit sales and a services line covering used vehicles, non-warranty maintenance and collision work, paid Supercharging, insurance, parts and merchandise. The company states its focus as bringing artificial intelligence into the real world through Full Self-Driving (Supervised), the Robotaxi service and AI robots including Optimus. Vehicles are generally sold directly to customers rather than through dealers. Headcount worldwide was 134,785 at the end of 2025.

The vehicles

Five consumer vehicles are in production: Model 3, a mid-size saloon designed for manufacturability at a mass-market base price; Model Y, a compact sport utility vehicle on the Model 3 platform seating up to seven; Model S, a full-size saloon; Model X, a mid-size sport utility vehicle seating up to seven; and the Cybertruck, a full-size pickup with a stainless steel exterior. Model S and Model X carry the highest performance and longest range of the saloon and sport utility ranges. Early production and deliveries of the Tesla Semi, a commercial vehicle, began in 2022.

Robotaxi and driver assistance

The Robotaxi service, an autonomous ride-hailing platform, launched in June 2025 and currently runs on Model Y vehicles, with the purpose-built Cybercab to follow. In customer vehicles the company offers advanced driver assistance, and the filing is explicit that the driver remains responsible for staying fully engaged in driving. Those functions are improved through over-the-air software updates. Neural networks are trained on vision-based systems and run on Tesla's own inference chips, and the same learning is being applied to Optimus, a general purpose humanoid robot in development. Training compute sits in Cortex, the cluster at Gigafactory Texas, expanded in 2025 and now followed by Cortex 2; a collaboration with Samsung to make semiconductors for AI inference and training in the U.S. was announced in 2025.

Energy storage and generation

Component technologies from the vehicles are reused in the storage products, built as modules so manufacturing capacity can be tuned, with power electronics that let the battery systems connect to grids and inject or absorb power quickly. Storage systems are dispatched remotely and every product can be upgraded by firmware; Powerhub runs distributed resources including Powerwall-based virtual power plants, Autobidder runs Megapack batteries. On the generation side it makes solar panels, Solar Roof, which combines glass roof tiles with generation, and its own inverter, buying in many other components. A new residential retrofit solar panel went into manufacture in 2025 with first customer deliveries in January 2026. Both generation products are designed to work with Powerwall.

Batteries and powertrain

Powertrains are designed in-house, with dual-motor all-wheel drive and three-motor versions of Model S, Model X, Cybertruck and the Tesla Semi. It runs its own testing and research on battery cells, packs and systems, and has developed a new lithium-ion cell and manufacturing process for more energy density at lower cost. Engineering work includes stamping, casting and thermal systems, and integrating batteries into the body structure rather than as a separate pack.

Selling, charging and upgrading

Sales are direct, through a retail, service and charging network the company keeps extending. The used vehicle business takes trade-ins of Tesla and non-Tesla vehicles alongside a new sale and remarkets them, with cars coming back at lease end, directly or through other firms. Superchargers are its own high-speed chargers, placed along busy routes and around city centres and where possible beside its solar and storage systems; use is charged for, or free under certain sales programmes. Non-Tesla vehicles are given access, and major carmakers have announced adoption of the North American Charging Standard in certain markets. Under Supercharger for Business, outside parties buy and install Superchargers and set their own price while Tesla keeps responsibility for software, network operations, maintenance and driver support. The first Tesla Diner opened in California in 2025, offering Supercharging alongside food and merchandise. Because vehicles update over the air, owners can buy extra features through the Tesla app or the in-vehicle screen, some of them on subscription.

Making it

Energy products go to residential, commercial, industrial and utility customers through the website, stores and galleries, through channel partners, and for some commercial customers through power purchase agreements charging per kilowatt-hour produced; residential customers can buy, or lease under a product launched in the fourth quarter of 2025. Factory work is aimed at maximum capacity utilisation, with vehicle designs and production localised to particular markets. The company states that in 2026 it will be ramping six new production lines across vehicle, Bots, energy storage and battery manufacturing.

From Tesla's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 29 January 2026: read the full 10-K.