Tesla 8-K
NegativeEarnings
Agrees to invest ≈$2B in xAI preferred stock; limited safety-monitor removal begins on Austin Robotaxi rides.
Filed 2026-01-28 16:11 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results, with operational updates and an xAI investment. Q4 revenue fell 3% Y/Y as lower vehicle deliveries and regulatory-credit revenue offset growth in energy storage, services and other automotive sales; the overall GAAP gross margin improved to 20.1%. Tesla reported record quarterly energy-storage deployments and said it began limited removal of safety monitors from Austin Robotaxi rides in January. It also agreed to invest ≈$2B in xAI preferred stock, with closing expected in Q1 2026.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $24.9B | $25.7B | -3% |
| Operating income | $1.41B | $1.58B | -11% |
| Net income attributable to common stockholders (GAAP) | $840M | $2.13B | -61% |
| Net income attributable to common stockholders (non-GAAP) | $1.76B | $2.11B | -16% |
| Diluted EPS (GAAP) | $0.24 | $0.60 | -60% |
| Diluted EPS (non-GAAP) | $0.50 | $0.60 | -17% |
| Operating cash flow | $3.81B | $4.81B | -21% |
| Free cash flow | $1.42B | $2.03B | -30% |
| Vehicle deliveries | 418,227 | 495,570 | -16% |
- FY2025 revenue was $94.8B (-3% Y/Y); operating income $4.36B (-38%); net income attributable to common stockholders was $3.79B GAAP (-46%) and $5.86B non-GAAP (-26%); diluted EPS was $1.08 GAAP (-47%) and $1.66 non-GAAP (-28%).
- FY operating cash flow was $14.7B (-1%) and free cash flow $6.22B (+74%). Cash, cash equivalents and investments rose $7.5B during the year to $44.1B. Q4 energy storage deployments reached a record 14.2 GWh; FY deployments were 46.7 GWh.
- xAI investment: ≈$2B for Series E Preferred Stock on market terms consistent with other investors; subject to customary regulatory conditions, with closing expected in Q1 2026. The related framework agreement provides for evaluating potential AI collaborations.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch the expected Q1 2026 closing of the xAI investment and the development of potential AI collaborations.
- Tesla plans Cybercab, Tesla Semi and Megapack 3 volume production to start in 2026; execution against those schedules is a key milestone.
- Robotaxi expansion is planned across several additional U.S. metros in 1H 2026, while Optimus production is planned to start before year-end 2026.
The summary is written by an AI model reading the filing.
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