Q3 2025 results: record revenue and free cash flow; recall 12,963 Model 3/Y
October 22, 2025000
- Total revenue: $28.095B (+12% YoY); Automotive revenue: $21.205B; Energy generation & storage: $3.415B (+44% YoY); Services & other: $3.475B (+25% YoY)
- Total GAAP gross margin: 18.0%; Operating income: $1.624B; Operating margin: 5.8%
- GAAP net income: $1.373B; Non-GAAP net income: $1.770B; Diluted EPS: $0.39 GAAP / $0.50 non-GAAP
- Operating cash flow: $6.238B; Capital expenditures: $2.248B; Free cash flow: $3.990B (record); Cash, cash equivalents & investments: $41.647B (up $4.9B QoQ)
- Company began deploying FSD (Supervised) v14 in October; improved handling of complex scenarios; expanded Austin robotaxi service area and fleet; launched Bay Area ride-hailing service
- Robotaxi iOS app opened to all users in U.S. and Canada to join waitlist
- Announced deal to manufacture advanced AI semiconductors in U.S. with Samsung; expanded AI training compute capacity to 81k H100-equivalent GPUs (“Cortex”)
- Added over 3,500 net new Supercharging stalls in Q3; network up 18% YoY; launched first v4 Supercharger cabinets with 3× power density and 2× stalls per cabinet; v4 supports 500 kW passenger charging and 1,200 kW for Tesla Semi
- Energy segment: unveiled Megablock (pre-engineered medium-voltage product integrating four Megapack 3 units); Megapack 3 production planned at Megafactory Houston in 2026 with up to 50 GWh/year capacity; energy gross profit reached a record $1.1B (sequential and YoY increase)
- Automotive product notes: launched Model 3 and Model Y Standard; introduced Model Y Performance (0–60 mph in 3.3 s); leasing for certified pre-owned Model 3/Y; Model YL launched in China; India deliveries of Model Y began
- Regulatory: U.S. recall of 12,963 vehicles (Model 3 and Model Y; certain 2024–2025) due to battery pack component defect that could cause sudden loss of drive power; remedy via over-the-air update