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Tesla (TSLA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Tesla (TSLA) reported revenue of $22.5B for the second quarter 2025 (Q2 2025), -12% from a year earlier and +16% from the quarter before. Operating margin was 4.1%, net earnings $1.2B (5.3% of revenue).
Tesla, Q2 2025: revenue $22.5B (-12% year over year), operating margin 4.1%, net earnings $1.2B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.5B | +16% | -12% |
| Gross profit | $3.9B | +23% | -15% |
| Operating profit | $923M | +131% | -42% |
| Net earnings | $1.2B | +183% | -16% |
| Operating cash flow | $2.5B | +18% | -30% |
| Free cash flow | $146M | -78% | -89% |
What changed
Revenue was $22.5B in Q2 2025, down 12% year over year and up 16% from the previous quarter. Automotive sales was the largest line at 70% of revenue. Automotive sales lost $2.7B year over year (down 15%), 91% of the total change.
Gross margin was 17.2%, down 0.7 points from a year earlier. Operating profit was $0.92B, a 4.1% margin (down 2.2 points year over year). Operating expenses fell 1% while revenue fell 12%. The fastest-growing cost line was Research & development (+48%). Net earnings were $1.2B, down 16% year over year. The effective tax rate was 23.2%. Non-operating items added $0.63B, 40% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $2.5B (down 30% year over year), 213% of net earnings. Non-cash charges added back $1.1B of depreciation and $0.64B of share-based compensation. Working capital and other items used $0.43B. Capital expenditures of $2.4B left free cash flow of $0.15B.
Questions
What was Tesla's revenue in the second quarter 2025?
Tesla (TSLA) reported revenue of $22.5B for the second quarter 2025 (Q2 2025), -12% from a year earlier and +16% from the quarter before.
Was Tesla profitable in the second quarter 2025?
Operating profit was $923M (4.1% of revenue) and net earnings $1.2B.
Source: Tesla 10-Q on SEC EDGAR.