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Tesla (TSLA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Jan 29, 2026
Tesla (TSLA) reported revenue of $24.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -11% from the quarter before. Operating margin was 5.7%, net earnings $856M (3.4% of revenue).
Tesla, Q4 2025: revenue $24.9B (-3% year over year), operating margin 5.7%, net earnings $856M, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $24.9B | -11% | -3% |
| Gross profit | $5.0B | -0.9% | +20% |
| Operating profit | $1.4B | -13% | -11% |
| Net earnings | $856M | -38% | -60% |
| Operating cash flow | $3.8B | -39% | -21% |
| Free cash flow | $1.4B | -64% | -30% |
What changed
Revenue was $24.9B in Q4 2025, down 3% year over year and down 11% from the previous quarter. Automotive sales was the largest line at 67% of revenue.
Gross margin was 20.1%, up 3.9 points from a year earlier. Operating profit was $1.4B, a 5.7% margin (down 0.5 points year over year). Operating expenses grew 39% against a revenue fall of 3%. The fastest-growing cost line was Research & development (+40%). Net earnings were $0.84B, down 61% year over year. The effective tax rate was 27.5%.
Operating cash flow was $3.8B (down 21% year over year), 445% of net earnings. Non-cash charges added back $1.4B of depreciation and $1.0B of share-based compensation. Working capital and other items added $0.62B. Capital expenditures of $2.4B left free cash flow of $1.4B.
Questions
What was Tesla's revenue in the fourth quarter 2025?
Tesla (TSLA) reported revenue of $24.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and -11% from the quarter before.
Was Tesla profitable in the fourth quarter 2025?
Operating profit was $1.4B (5.7% of revenue) and net earnings $856M.
Source: Tesla 10-K on SEC EDGAR.