Tesla(US:TSLA) 3 6 Ke·2026-01-30 00:25Core Viewpoint - Tesla's Q4 2025 financial report shows a total revenue of $24.901 billion, a year-over-year decline of 3.1%, slightly exceeding analysts' pessimistic expectations, with an operating profit of $1.409 billion and a Non-GAAP EPS of $0.50, slightly below analyst forecasts [1] Group 1: Financial Performance - Total revenue for Q4 2025 was $24.901 billion, down 3.1% year-over-year, but slightly above expectations [1] - Operating profit was recorded at $1.409 billion, with a Non-GAAP EPS of $0.50, which was slightly below analyst expectations [1] - The automotive sales revenue for Q4 was $17.7 billion, a decline of 10.6% year-over-year, primarily due to subsidy reductions [8] - Tesla delivered 418,200 vehicles in Q4, a decline of approximately 15% both year-over-year and quarter-over-quarter [10] - The gross margin for automotive business reached a peak level since Q1 2023, despite the overall revenue decline [12] Group 2: Business Segments - The energy storage business was the best-performing segment, with Q4 revenue of $3.837 billion, a year-over-year increase of 25.4% [15] - The overall growth rate for the energy storage business in 2025 was 26.62%, with a gross margin increase of 360 basis points [15] - Tesla's operating expenses remained high, with R&D and SG&A expenses reaching $1.783 billion and $1.655 billion respectively, both setting quarterly records [24] Group 3: Future Outlook - Tesla is transitioning from traditional automotive business to focus on advanced technologies like Robotaxi and Optimus, indicating a shift in narrative [6][34] - The company plans to significantly increase capital expenditures in 2026 to $20 billion, more than double the previous year's guidance, to support new projects [32] - The FSD (Full Self-Driving) penetration rate was reported at 12.4%, with expectations for growth through subscription models [22] - Tesla's Robotaxi service has launched in Austin, with over 500 vehicles expected to be operational by the end of 2025, although progress has been slower than anticipated [28]