Tesla reported $19.335 billion in revenue and $409 million in net income for the first quarter of 2025, both sharply lower than a year earlier. Revenue also came in below Wall Street’s forecast, while profit was far below analyst estimates, according to the Associated Press. On the April 22 earnings call, Elon Musk said he would devote far more time to Tesla starting the following month; that was a pledge, not evidence that his schedule later changed or that the business improved.
What Tesla reported for Q1 2025
Tesla released results for the quarter ended March 31, 2025, on April 22. Its filing reported the following year-over-year comparisons:
| Measure | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Total revenue | $19.335 billion | $21.301 billion | Down 9% |
| Net income attributable to common stockholders | $409 million | $1.390 billion | Lower by $981 million |
| Diluted earnings per share | $0.12 | $0.41 | Down $0.29 |
| Automotive revenue | $13.967 billion | not stated in the cited summary (Tesla, 2025) | Down 20% |
| Energy generation and storage revenue | $2.730 billion | not stated in the cited summary (Tesla, 2025) | Up 67% |
The figures show a steep decline in earnings alongside weaker automotive revenue, partly offset by growth in energy generation and storage. Tesla also reported 10.4 GWh of energy storage deployments in the quarter.
Did Tesla miss analysts’ expectations?
Yes, according to the Associated Press: Q1 revenue was below Wall Street’s forecast and profit was far below analyst estimates. AP compared reported revenue of about $19.3 billion with $21.3 billion, but that latter number is the prior-year actual, not the analyst forecast. The forecast-consensus source and methodology are not identified here, and no comparable diluted-EPS consensus estimate is established.
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The earnings release and live results Q&A webcast took place on April 22, 2025. “Live” in this context refers to that historical earnings event and its coverage, not a current live report.
Why did automotive revenue fall?
Tesla’s Form 10-Q said automotive sales revenue declined $3.54 billion, or 21%, year over year. The company attributed the change to fewer vehicle deliveries and lower average selling prices.
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Fewer Model 3 and Model Y deliveries
Tesla cited approximately 51,000 fewer combined Model 3 and Model Y cash deliveries. It included the simultaneous factory changeover for the New Model Y as one factor. Deliveries of other models also fell.
Lower average selling prices
The company said sales mix, customer incentives, and a stronger U.S. dollar against foreign currencies lowered average selling prices. Tesla also reported $595 million in regulatory-credit revenue, up from $442 million a year earlier; it attributed the increase to North American demand as other automakers scaled back battery-electric vehicle plans. Regulatory credits are separate from vehicle sales revenue.
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Energy revenue moved in the opposite direction
While automotive revenue declined, energy generation and storage revenue rose 67% year over year to $2.730 billion. Tesla reported 10.4 GWh of storage deployments for the quarter. That growth helped distinguish the quarter’s business mix, but it did not prevent total revenue and earnings from falling.
What Musk said about spending more time at Tesla
On the April 22 call, Musk said he expected to continue spending a day or two per week on government matters, then said he would be “allocating far more of my time to Tesla” beginning the following month. AP reported that Musk described the major work of establishing the Department of Government Efficiency as done.
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This was a stated plan at the time of the call. The cited reporting does not establish whether Musk later followed that schedule. Nor does the pledge itself show that Tesla’s operating or financial performance would improve.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Tesla’s outlook and financial context
Tesla said it expected 2025 capital expenditures to exceed $10 billion, while warning that changing trade policy could affect project timelines and spending expectations. Its filing also described macroeconomic, trade-policy, and demand uncertainty. The company reported $37.00 billion in cash, cash equivalents, and investments as of March 31, 2025.
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These are company-reported expectations and risks, not guarantees about future spending or results.
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