Tesla(US:TSLA) Sou Hu Cai Jing·2025-10-22 22:27Core Insights - Tesla reported record revenue of $28.095 billion for Q3 2025, a 12% increase from $25.182 billion in the same period last year, but net profit decreased by 37% to $1.373 billion from $2.173 billion [2][6]. Financial Performance - Total automotive revenue reached $21.205 billion, up 6% from $20.016 billion year-over-year, with carbon credit revenue dropping 44% to $417 million [6]. - Energy generation and storage revenue surged 44% to $3.415 billion compared to $2.376 billion last year [6]. - Service and other revenue increased by 25% to $3.475 billion from $2.790 billion [6]. - Gross profit was $5.054 billion, a slight increase from $4.997 billion, but gross margin fell to 18.0% from 19.8% [6]. - Operating expenses rose by 50% to $3.430 billion from $2.280 billion [6]. - Operating profit decreased by 40% to $1.624 billion, with an operating margin of 5.8%, down from 10.8% [6]. - Adjusted EBITDA was $4.227 billion, down 9% from $4.665 billion, with an adjusted EBITDA margin of 15.0% [6]. - Net cash provided by operating activities was $6.238 billion, remaining stable year-over-year, while capital expenditures decreased by 36% to $2.248 billion [6]. Production and Delivery - Total vehicle production was 447,450 units, a 5% decline from 469,796 units year-over-year, with Model 3/Y production down 2% to 435,826 units [5]. - Total vehicle deliveries increased by 7% to 497,099 units from 462,890 units, with Model 3/Y deliveries rising by 9% [5]. Market Reaction - Tesla's revenue exceeded analyst expectations, but adjusted earnings per share fell short, leading to a post-market stock decline of over 1% [2][4]. Future Outlook - Tesla anticipates challenges in measuring the impact of global trade and fiscal policy changes on supply chains and demand [7]. - The company maintains strong liquidity to support its product roadmap and long-term capacity expansion [7]. - Profitability is expected to improve as Tesla continues to innovate and reduce manufacturing and operational costs [7]. - The company plans to optimize and expand its product lineup, focusing on cost and scale [7][8].