特斯拉2025年Q3财报（英）

Q3 2025 Update1Highlights03Financial Summary04Operational Summary06Automotive07Core Technology08Energy & Services and Other09Outlook10Photos & Charts11Key Metrics20Financial Statements22Additional Information282S U M M A R YH I G H L I G H T S(1) Excludes SBC (stock-based compensation) & Digital assets gains and losses, net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; Note: all information herein refers to the current quarter unless otherwise noted.Profitability$1.6B GAAP operating income$1.4B GAAP net income$1.8B non-GAAP net income1In Q3, the Tesla team achieved record vehicle deliveries globally, showing strength and growth across all regions, while also achieving record energy storage deployments across the residential, industrial and utility sectors. This strong performance resulted in both record revenue and free cash flow generation in the quarter.We continue to launch new products that excite our customers across automotive and energy. We launched the Model YL and Model Y Performance and further expanded our vehicle offering with the Model 3 and Model Y Standard, our most affordable vehicles. We also unveiled the Megapack 3 and Megablock, which will further simplify large battery installations by reducing cost and time to deploy. We believe our scale and cost structure will enable us to navigate the shifting market dynamics across the globe more effectively than our peers, with advances in AI making our products the most compelling in the market.Our focus remains on scaling our core hardware business by maximizing our deliveries and deployments, as these products will deliver increasing value to our customers over time via services powered by AI. Every Tesla vehicle delivered today is designed for autonomy while every Tesla energy storage product is capable of being enhanced and optimized by our virtual power plant or Autobidder functionality. We continue to deliver a fleet of products that brings AI into the real world as we pursue a future of sustainable abundance as outlined in our Master Plan Part IV.While we face near-term uncertainty from shifting trade, tariff and fiscal policy, we are focused on long-term growth and value creation. We are prudently making the necessary investments in our business, including future business lines, that we believe will drive incredible value for Tesla and the world across transport, energy and robotics.CashOperating cash flow of $6.2BRecord Free cash flow2 of nearly $4.0B$4.9B increase in our cash and investments3 to $41.6BOperationsLaunched ride-hailing service in the Bay Area using Robotaxi technologyRecord energy storage deploymentsRecord vehicle deliveries3F I N A N C I A L S U M M A R Y(Unaudited)($ in millions, except percentages and per share data)Q3-2024Q4-2024Q1-2025Q2-2025Q3-2025YoYTotal automotive revenues20,01619,79813,96716,66121,2056%Energy generation and storage revenue2,3763,0612,7302,7893,41544%Services and other