The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Tesla reported $22.5 billion in revenue and $1.17 billion in net income attributable to common stockholders for the quarter ended June 30, 2025. Revenue fell 12% year over year, while net income was $228 million lower than in Q2 2024. The figures measure different things: revenue is sales and other income before expenses; net income is what remained for common stockholders after expenses and other items.
What Tesla reported for Q2 2025
Tesla posted its earnings update on July 23, 2025, covering the quarter ended June 30. The rounded figures below are company-reported; the detailed financial statements and management discussion are in Tesla’s Form 10-Q.
| Measure | Q2 2025 | Change from Q2 2024 |
|---|---|---|
| Total revenue | $22.5 billion | Down 12% |
| Net income attributable to common stockholders (GAAP) | $1.17 billion | Down $228 million |
| Operating income | $0.9 billion | Down 42% |
| Operating margin | 4.1% | Not stated in the update figures summarized here |
| Total gross margin | 17.2% | 18.0% in Q2 2024 |
| Vehicle deliveries | 384,122 | Down 13% |
| Storage deployments | 9.6 GWh | Not stated in the update figures summarized here |
The table’s revenue, income, and margin figures are not interchangeable. Operating income reflects operating activity before non-operating items and taxes; gross margin compares revenue with the cost of goods sold; net income is the GAAP bottom-line measure attributable to common stockholders. The $1.17 billion figure is quarterly net income, not earnings per share or an adjusted earnings measure.
Why revenue and profit declined
Tesla attributed the revenue decline to lower vehicle deliveries, lower regulatory credit revenue, a lower average vehicle selling price, and lower Energy Generation and Storage revenue. Services and Other revenue grew, partially offsetting those pressures.
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Vehicle sales and average selling price
Automotive sales revenue declined 15% year over year, which Tesla attributed to fewer deliveries and a lower average selling price driven by sales mix. Deliveries fell 13% to 384,122 vehicles. These are related but distinct measures: delivery counts do not show the price or revenue associated with each vehicle.
Regulatory credits
Automotive regulatory credit revenue fell $451 million, or 51%, year over year. Tesla says this revenue can vary with the supply of credits and changes in regulation, production, and sales. In its filing, Tesla also disclosed that 2025 legislation changed certain tax provisions and regulatory-credit-related penalties and said it was evaluating the effects; it did not quantify a future revenue impact.
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Energy, services, and operating performance
Energy Generation and Storage revenue declined 7%, primarily because of a lower average selling price for Megapack, partly offset by increased Powerwall deployments. Growth in Services and Other provided a counterweight, but did not fully make up for declines elsewhere.
Operating income was $0.9 billion, down 42% year over year, and operating margin was 4.1%. Total gross margin was 17.2%, compared with 18.0% in Q2 2024. These margins describe different stages of the income statement: gross margin excludes operating expenses, while operating margin accounts for them.
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Did Tesla’s EV sales decline?
Vehicle deliveries were down 13% year over year. Total revenue fell 12%, a separate company-wide measure that includes more than vehicle sales. Tesla cautioned in its Q2 delivery announcement that vehicle deliveries and storage deployments alone should not be relied on as indicators of quarterly financial results, which also depend on average selling price, cost of sales, foreign exchange movements, and other factors disclosed in its 10-Q.
Cash position at quarter-end
Tesla reported $36.8 billion in cash, cash equivalents, and investments at June 30, 2025. The company described this as a sequential decrease of $0.2 billion from the prior quarter; that is a quarter-over-quarter comparison, unlike the year-over-year changes above.
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How to read the headline numbers
- Revenue: $22.5 billion, down 12% year over year.
- Profit: $1.17 billion in GAAP net income attributable to common stockholders, down $228 million year over year.
- Vehicle volume: 384,122 deliveries, down 13%; this does not by itself determine revenue or profit.
- One source of pressure: automotive regulatory credit revenue declined $451 million, or 51%, year over year.
The earnings update presents Tesla’s reported quarterly results; its 10-Q supplies the detailed filing basis. The headline revenue and net income values should be read alongside the declines in vehicle deliveries, selling price, and regulatory credit revenue, rather than as standalone measures of how the business performed.
Quick Recap
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