Tesla(US:TSLA) 美股IPO·2026-01-28 23:17Core Viewpoint - Tesla's Q4 revenue declined by 3% year-over-year, marking the first annual revenue drop in the company's history, primarily due to a decrease in electric vehicle deliveries, although EPS exceeded expectations and energy deployment reached a record high [1][3][7] Revenue and Financial Performance - Q4 revenue was approximately $24.901 billion, slightly below Wall Street's expectations of around $25 billion [6] - For the full year 2025, Tesla's revenue was $94.827 billion, a 3% decline from the previous year [7] - Automotive revenue in Q4 was $17.693 billion, down 10% year-over-year, while energy generation and storage revenue was $3.837 billion, growing 25% [7] - Q4 gross profit increased by 20% to $5.009 billion, with a gross margin rising to 20.1%, up 386 basis points year-over-year [9] - Q4 GAAP EPS was $0.24, a 17% decline, but non-GAAP EPS was $0.50, which was above some analysts' expectations [10] Energy Business Highlights - Energy deployment reached a record 14.2 GWh in Q4, a 29% increase year-over-year, providing a buffer against automotive revenue decline [5][7] - The energy business is seen as a robust line that can counter seasonal and policy-related fluctuations in the automotive sector, enhancing market confidence in Tesla's diversified growth capabilities [8] Autonomous Driving and AI Initiatives - Tesla plans to begin limited Robotaxi services without human safety supervisors in Austin starting January 2026, with a broader rollout planned [11] - The FSD (Full Self-Driving) system has seen a 38% increase in active subscribers year-over-year, reaching 1.1 million users [12] - Tesla has committed approximately $2 billion to invest in xAI, aiming to integrate AI into real-world products and services [13]