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Tesla (TSLA) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 23, 2025
Tesla (TSLA) reported revenue of $19.3B for the first quarter 2025 (Q1 2025), -9% from a year earlier and -25% from the quarter before. Operating margin was 2.1%, net earnings $420M (2.2% of revenue).
Tesla, Q1 2025: revenue $19.3B (-9% year over year), operating margin 2.1%, net earnings $420M, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.3B | -25% | -9% |
| Gross profit | $3.2B | -25% | -15% |
| Operating profit | $399M | -75% | -66% |
| Net earnings | $420M | -80% | -70% |
| Operating cash flow | $2.2B | -55% | +791% |
| Free cash flow | $664M | -67% | — |
What changed
Revenue was $19.3B in Q1 2025, down 9% year over year and down 25% from the previous quarter. Automotive sales was the largest line at 67% of revenue. Automotive sales lost $3.5B year over year (down 21%), 180% of the total change.
Gross margin was 16.3%, down 1.0 points from a year earlier. Operating profit was $0.40B, a 2.1% margin (down 3.4 points year over year). Operating expenses grew 9% against a revenue fall of 9%. The fastest-growing cost line was Research & development (+22%). Net earnings were $0.41B, down 71% year over year. The effective tax rate was 28.7%. Non-operating items added $0.19B, 32% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.2B (up 791% year over year), 513% of net income including minority interests. Non-cash charges added back $1.1B of depreciation and $0.57B of share-based compensation. Capital expenditures of $1.5B left free cash flow of $0.66B.
Questions
What was Tesla's revenue in the first quarter 2025?
Tesla (TSLA) reported revenue of $19.3B for the first quarter 2025 (Q1 2025), -9% from a year earlier and -25% from the quarter before.
Was Tesla profitable in the first quarter 2025?
Operating profit was $399M (2.1% of revenue) and net earnings $420M.
Source: Tesla 10-Q on SEC EDGAR.