Tesla reported $22.5 billion in total revenue and $1.17 billion in GAAP 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. Vehicle deliveries also declined, and automotive regulatory-credit revenue dropped sharply.
What did Tesla report for Q2 2025?
Tesla posted its Q2 update on July 23, 2025. Its headline figures describe different measures: revenue is the company’s total sales and other reported revenue, while net income attributable to common stockholders is the GAAP profit remaining for common shareholders after expenses and other applicable items.
| Measure | Q2 2025 | Year-over-year comparison |
|---|---|---|
| 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 cited quarterly update as a year-over-year change |
| Total gross margin | 17.2% | 18.0% in Q2 2024 |
The figures are Tesla-reported results. The company’s Q2 2025 earnings update provides the summary, while its Form 10-Q contains the detailed financial statements and management discussion.
Why did Tesla’s revenue decline?
Tesla cited four headwinds: lower vehicle deliveries, lower regulatory-credit revenue, lower average vehicle selling prices, and lower Energy Generation and Storage revenue. Growth in Services and Other partly offset those declines.
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Vehicle sales and deliveries
Tesla reported 384,122 vehicle deliveries, down 13% year over year. In its filing, the company said automotive sales revenue fell 15%, attributing the decrease to fewer deliveries and a lower average selling price driven by sales mix. Delivery counts and automotive sales revenue are related, but they are not interchangeable: revenue also reflects price and product mix.
Regulatory credits
Automotive regulatory-credit revenue fell $451 million, or 51%, year over year, according to Tesla’s Form 10-Q. Tesla says this revenue can vary with credit supply and changes in regulation, production, and sales. The filing also said the company was evaluating the effects of 2025 legislation that changed tax provisions and regulatory-credit-related penalties; it did not provide a quantified forecast of the legislation’s future revenue effect.
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Energy and other businesses
Energy Generation and Storage revenue declined 7%, primarily because Megapack average selling prices were lower. Increased Powerwall deployments partly offset that decline. Services and Other revenue grew, providing an offset to the broader revenue decrease.
What do the profit and margin figures show?
Net income attributable to common stockholders was $1.17 billion, $228 million below Q2 2024. That is the GAAP net-income figure; it should not be confused with operating income or with an adjusted earnings measure.
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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% a year earlier. Gross margin, operating margin, and net income measure different stages or aspects of the company’s financial performance, so none can be substituted for another.
Did Tesla’s sales decline?
Vehicle deliveries declined 13% year over year, while total revenue declined 12%. The percentages differ because delivery volume is only one influence on revenue; average selling prices, sales mix, regulatory credits, energy revenue, and Services and Other also affect the total.
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Tesla cautioned in its delivery announcement that deliveries and storage deployments “represent only two measures” of financial performance and should not be relied on as an indicator of quarterly results. The company specifically pointed to average selling price, cost of sales, and foreign-exchange movements among the other factors that matter.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What else did Tesla disclose?
Tesla reported 9.6 GWh of storage deployments for the quarter. At quarter end, cash, cash equivalents, and investments totaled $36.8 billion, a sequential decrease of $0.2 billion. The cash movement is a quarter-to-quarter comparison, unlike the year-over-year revenue and profit comparisons above.
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