Tesla (TSLA) releases Q3 2025 financing results: earnings decline despite record revenue

Tesla (TSLA) released its financial results and shareholders’ letter for the third quarter (Q4) 2025 after market close today.

We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.

Tesla Q3 2025 earnings expectations

As we reported in our Tesla Q3 2025 earnings preview yesterday, the Wall Street consensus for this quarter was $26.457 billion in revenue and earnings of $0.55 per share.

It would represent a record quarter in terms of revenue, thanks to record deliveries due to demand being pulled forward into Q3 in the US, amid the end of the federal tax credit for electric vehicles.

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However, the expectations suggest that Tesla’s earnings are continuing to erode despite the positive temporary circumstances of the third quarter.

How did Tesla do compared to expectations?

Tesla Q3 2025 financial results

After the market closed today, Tesla released its financial results for the first quarter and confirmed that it delivered on expectations with earnings of $0.50 per share (non-GAAP), and it exceeded revenue expectations with $28,095 billion during the last quarter.

This is quite disappointing, considering Tesla’s operating income decreased by 40% year over year, despite record revenue.

Bulls also can’t explain by Tesla investing in the future as capex is significantly down year-over-year.

We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):

Here’s Tesla’s Q3 2025 shareholder presentation in full:

Here’s Tesla’s conference call for the Q3 2025 results: