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Tesla (TSLA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Tesla (TSLA) reported revenue of $28.1B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +25% from the quarter before. Operating margin was 5.8%, net earnings $1.4B (4.9% of revenue).
Tesla, Q3 2025: revenue $28.1B (+12% year over year), operating margin 5.8%, net earnings $1.4B, operating cash flow $6.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.1B | +25% | +12% |
| Gross profit | $5.1B | +30% | +1% |
| Operating profit | $1.6B | +76% | -40% |
| Net earnings | $1.4B | +17% | -37% |
| Operating cash flow | $6.2B | +146% | -0.3% |
| Free cash flow | $4.0B | 27× | +46% |
What changed
Revenue was $28.1B in Q3 2025, up 12% year over year and up 25% from the previous quarter. Automotive sales was the largest line at 72% of revenue. Automotive sales added $1.5B year over year (up 8%), 52% of the total change. Automotive regulatory credits declined 44%.
Gross margin was 18.0%, down 1.9 points from a year earlier. Operating profit was $1.6B, a 5.8% margin (down 5.0 points year over year). Operating profit fell $1.1B even though revenue rose $2.9B versus a year earlier, so costs grew faster than sales. Operating expenses grew 50% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+333%). Net earnings were $1.4B, down 37% year over year. The effective tax rate was 29.1%.
Operating cash flow was $6.2B (roughly flat year over year), 449% of net earnings. Non-cash charges added back $1.4B of depreciation and $0.66B of share-based compensation. Working capital and other items added $2.8B. Capital expenditures of $2.2B left free cash flow of $4.0B.
Questions
What was Tesla's revenue in the third quarter 2025?
Tesla (TSLA) reported revenue of $28.1B for the third quarter 2025 (Q3 2025), +12% from a year earlier and +25% from the quarter before.
Was Tesla profitable in the third quarter 2025?
Operating profit was $1.6B (5.8% of revenue) and net earnings $1.4B.
Source: Tesla 10-Q on SEC EDGAR.