About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

[Highlights](index=3&type=section&id=Highlights) Q2 2025 marked Tesla's strategic shift to AI and robotics with the Robotaxi launch, achieving $0.9 billion GAAP operating income and key operational milestones Q2 2025 Key Financial & Cash Highlights | Category | Metric | Value | | :--- | :--- | :--- | | **Profitability** | GAAP operating income | $0.9B | | | GAAP net income | $1.2B | | | Non-GAAP net income | $1.4B | | **Cash** | Operating cash flow | $2.5B | | | Free cash flow | $0.1B | | | Cash and investments (end of quarter) | $36.8B | - The company launched its first **Robotaxi service** in Austin, Texas in June, marking the beginning of its transition to becoming a leader in AI, robotics, and related services[6](index=6&type=chunk) - Operational achievements include the **first fully autonomous delivery** of a customer vehicle and the deployment of the **first Megapacks** from the Shanghai Megafactory[6](index=6&type=chunk) - Development continues on future products, with first builds of a **more affordable model** in June (volume production planned for H2 2025), and ongoing work on the **Semi and Cybercab** (volume production slated for 2026)[7](index=7&type=chunk) [Financial Summary](index=4&type=section&id=Financial%20Summary) In Q2 2025, Tesla reported $22.5 billion in total revenues, a 12% year-over-year decrease, with operating income falling 42% to $0.9 billion, while maintaining a strong $36.8 billion cash position Q2 2025 Financial Performance Summary | Financial Metric | Q2-2025 | YoY Change | | :--- | :--- | :--- | | Total Revenues | $22,496M | -12% | | Total Gross Profit | $3,878M | -15% | | Income from Operations (GAAP) | $923M | -42% | | Operating Margin (GAAP) | 4.1% | -219 bp | | Net Income (GAAP) | $1,172M | -16% | | Diluted EPS (GAAP) | $0.33 | -18% | | Net Income (Non-GAAP) | $1,393M | -23% | | Diluted EPS (Non-GAAP) | $0.40 | -23% | | Free Cash Flow | $146M | -89% | - The **12% YoY decrease in total revenue** was driven by a decline in vehicle deliveries, lower vehicle average selling price (ASP) due to mix, and a decline in Energy Generation and Storage revenue, partially offset by growth in Services and Other revenue[13](index=13&type=chunk) - The **42% YoY decrease in operating income** was primarily impacted by lower regulatory credit revenue, an increase in operating expenses for AI and R&D, and the decline in vehicle deliveries[13](index=13&type=chunk) - The company's quarter-end cash, cash equivalents, and investments stood at **$36.8 billion**, a sequential decrease of $0.2 billion[13](index=13&type=chunk) [Operational Summary](index=6&type=section&id=Operational%20Summary) Q2 2025 saw flat vehicle production at 410,000 units, a 13% decrease in deliveries to 384,000, and increased global vehicle inventory, while the Supercharger network and energy storage deployments continued to expand Q2 2025 Key Operational Metrics | Metric | Q2-2025 | YoY Change | | :--- | :--- | :--- | | Total Production | 410,244 | 0% | | Total Deliveries | 384,122 | -13% | | Global Vehicle Inventory (Days of Supply) | 24 | +33% | | Storage Deployed (GWh) | 9.6 | +2% | | Supercharger Stations | 7,377 | +14% | | Supercharger Connectors | 70,228 | +18% | - Production of Model 3/Y increased by **3% YoY**, but production of other models (S/X) decreased by **45% YoY**[14](index=14&type=chunk) - Deliveries for Model 3/Y were down **12% YoY**, and deliveries for other models were down **52% YoY**[14](index=14&type=chunk) [Automotive](index=7&type=section&id=Automotive) The automotive division achieved its 8-millionth vehicle production milestone, prepared for new model launches, and expanded regionally, while readying FSD (Supervised) for broader release [Regional Updates](index=7&type=section&id=Automotive.Regional_Updates) Tesla saw strong regional performance with record test drives in North America, record delivery volumes in several APAC markets, and Model Y remaining a top seller in parts of Europe - **North America:** Achieved **record test drives**, up 20% sequentially, and launched the Long Range RWD Model Y[16](index=16&type=chunk) - **APAC:** Gigafactory Shanghai remains the main export hub, with Model Y launched in India and **record delivery volumes** in South Korea, Malaysia, the Philippines, and Singapore, while preparing for FSD (Supervised) release in China[17](index=17&type=chunk) - **Europe & Middle East:** Model Y was the **best-selling vehicle** in Norway (YTD) and several other countries in June, with preparations for FSD (Supervised) launch in Europe underway[18](index=18&type=chunk) [Vehicle Capacity](index=7&type=section&id=Automotive.Vehicle_Capacity) Tesla's current installed annual vehicle capacity exceeds 2.35 million units across its global factories, with Cybercab and Semi production under construction Installed Annual Vehicle Capacity | Factory Location | Model | Capacity | | :--- | :--- | :--- | | California | Model S / Model X | 100,000 | | | Model 3 / Model Y | >550,000 | | Shanghai | Model 3 / Model Y | >950,000 | | Berlin | Model Y | >375,000 | | Texas | Model Y | >250,000 | | | Cybertruck | >125,000 | | | Cybercab | Construction | | Nevada | Tesla Semi | Construction | [Core Technology](index=8&type=section&id=Core%20Technology) Tesla's core technology efforts focus on advancing AI and autonomy, launching Robotaxi, expanding AI training compute, and on-shoring battery cell and material production [AI and Software](index=8&type=section&id=Core_Technology.AI_and_Software) Key software and AI milestones include the launch of the Robotaxi service, the world's first autonomous vehicle delivery, and significant expansion of AI training compute capacity - Launched **Robotaxi service in Austin** with a safety rider, with plans to expand coverage and eventually remove the rider[24](index=24&type=chunk) - Achieved the **world's first autonomous delivery** of a new production Model Y to a customer's home[24](index=24&type=chunk) - Expanded AI training compute capacity at Gigafactory Texas, bringing the total to **67,000 H100 equivalents**[24](index=24&type=chunk) - Cumulative miles driven with FSD (Supervised) have surpassed **4.5 billion**, with the vast majority of recent miles driven on the V12 architecture[29](index=29&type=chunk) [Battery, Powertrain and Manufacturing](index=8&type=section&id=Core_Technology.Battery_Powertrain_and_Manufacturing) Tesla is advancing vertical integration in its battery supply chain, with U.S. lithium refining and cathode production plants on track for 2025, and domestic LFP cell production beginning later this year - Lithium refining and cathode production plants are on schedule to begin production in **2025**, on-shoring critical battery materials to the U.S[27](index=27&type=chunk) - The company is on course to begin domestic U.S. production of its first **LFP cells for energy storage products** later this year[27](index=27&type=chunk) [Energy & Services and Other](index=9&type=section&id=Energy%20%26%20Services%20and%20Other) The Energy and Services segments demonstrated strong growth, with energy storage deployments achieving a 12th consecutive quarterly record and Services gross profit growing 64% sequentially [Energy Generation and Storage](index=9&type=section&id=Energy_Services_and_Other.Energy_Generation_and_Storage) The energy business achieved record profitability with $846 million in gross profit, record TTM deployments for the 12th consecutive quarter, and began deploying Megapacks from the Shanghai Megafactory - Energy storage deployments on a trailing twelve-month (TTM) basis achieved their **12th consecutive quarterly record**[8](index=8&type=chunk)[32](index=32&type=chunk) - Gross profit for the segment reached a **record $846 million**[32](index=32&type=chunk) - The company started deploying Megapacks from the new **Megafactory in Shanghai**[32](index=32&type=chunk) [Services and Other](index=9&type=section&id=Energy_Services_and_Other.Services_and_Other) This segment's gross profit grew 64% sequentially, driven by improved Supercharging profitability and network expansion, with AI agents being integrated to enhance customer service - Gross profit grew **64% sequentially**, partly due to improved Supercharging gross profit from increased volume[33](index=33&type=chunk) - The Supercharger network grew **18% year-over-year**, with over 2,900 net new stalls added[33](index=33&type=chunk) - AI agents are being integrated into customer service workflows to resolve queries, reduce wait times, and assist technicians[34](index=34&type=chunk) [Outlook](index=10&type=section&id=Outlook) Tesla's outlook focuses on prudently growing vehicle volumes and the energy business, with plans for a more affordable model in 1H 2025 and Cybercab volume production in 2026, expecting AI and software to increasingly supplement hardware profits - **Profit:** The company expects that over time, hardware-related profits will be accompanied by an acceleration of AI, software, and fleet-based profits[39](index=39&type=chunk) - **Product:** Plans for new vehicles remain on track, including initial production of a **more affordable model in 1H 2025**[39](index=39&type=chunk) - **Robotaxi:** The purpose-built Robotaxi product, named **Cybercab**, is scheduled for volume production starting in 2026 and will use a revolutionary "unboxed" manufacturing strategy[39](index=39&type=chunk) - **Cash:** Management states the company has sufficient liquidity to fund its product roadmap and long-term capacity expansion plans while maintaining a strong balance sheet[39](index=39&type=chunk) [Photos & Charts](index=11&type=section&id=Photos%20%26%20Charts) This section visually showcases Tesla's expanding ecosystem and recent milestones, including FSD (Supervised) testing, autonomous vehicle delivery, the Tesla Diner, the world's largest Supercharger site, and the 8-millionth vehicle production - Images display FSD (Supervised) testing in Paris, London, Sydney, and Rome[43](index=43&type=chunk) - A photo documents the **first autonomous delivery** of a Model Y in Austin, TX[46](index=46&type=chunk) - Photos feature the newly opened **Tesla Diner**, which offers charging, dining, and entertainment[50](index=50&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - An image shows progress on the **world's largest Supercharger site** in Lost Hills, CA, with 168 stalls powered by solar and Megapack[56](index=56&type=chunk) - A photo from Gigafactory Berlin-Brandenburg celebrates the production of Tesla's **8-millionth vehicle**[58](index=58&type=chunk) [Key Metrics](index=21&type=section&id=Key%20Metrics) This section provides graphical representations of key performance indicators on both a quarterly and trailing twelve months (TTM) basis, illustrating trends in vehicle deliveries, cash flow, net income, and Adjusted EBITDA [Quarterly Key Metrics](index=21&type=section&id=Key_Metrics.Quarterly) The quarterly charts visualize key metrics, showing a dip in deliveries, cash flow, and profitability in Q1 2025, followed by a partial recovery in Q2 2025, with free cash flow significantly declining in recent quarters - Presents quarterly charts for Vehicle Deliveries, Operating Cash Flow, Free Cash Flow, Net Income, and Adjusted EBITDA[60](index=60&type=chunk)[62](index=62&type=chunk) [Trailing 12 Months (TTM) Key Metrics](index=22&type=section&id=Key_Metrics.TTM) The TTM charts smooth out quarterly fluctuations, illustrating longer-term trends of continued growth in vehicle deliveries and operating cash flow, while TTM net income and Adjusted EBITDA have moderated from their peaks - Presents trailing twelve month (TTM) charts for Vehicle Deliveries, Operating Cash Flow, Free Cash Flow, Net Income, and Adjusted EBITDA[64](index=64&type=chunk)[66](index=66&type=chunk) [Financial Statements](index=23&type=section&id=Financial%20Statements) This section contains the unaudited consolidated financial statements for Q2 2025, including the Statement of Operations, Balance Sheet, and Statement of Cash Flows, along with a detailed reconciliation of GAAP to non-GAAP financial measures [Statement of Operations](index=24&type=section&id=Financial_Statements.Statement_of_Operations) For Q2 2025, Tesla reported total revenues of $22.5 billion, a gross profit of $3.9 billion, income from operations of $923 million, and net income attributable to common stockholders of $1.17 billion Q2 2025 Statement of Operations Highlights (in millions) | Line Item | Q2-2025 | | :--- | :--- | | Total Automotive Revenues | $16,661 | | Total Revenues | $22,496 | | Gross Profit | $3,878 | | Income from Operations | $923 | | Net Income Attributable to Common Stockholders | $1,172 | [Balance Sheet](index=25&type=section&id=Financial_Statements.Balance_Sheet) As of June 30, 2025, Tesla's balance sheet showed total assets of $128.6 billion, total liabilities of $50.5 billion, and $36.8 billion in cash, cash equivalents, and investments, with total stockholders' equity at $77.3 billion Balance Sheet Highlights as of June 30, 2025 (in millions) | Line Item | Amount | | :--- | :--- | | Cash, cash equivalents and investments | $36,782 | | Total Current Assets | $61,133 | | Total Assets | $128,567 | | Total Current Liabilities | $30,008 | | Total Liabilities | $50,495 | | Total Stockholders' Equity | $77,314 | [Statement of Cash Flows](index=26&type=section&id=Financial_Statements.Statement_of_Cash_Flows) In Q2 2025, net cash provided by operating activities was $2.54 billion, capital expenditures were $2.39 billion, resulting in a free cash flow of $146 million, with cash used in investing and financing activities totaling $2.94 billion and $222 million, respectively Q2 2025 Cash Flow Highlights (in millions) | Line Item | Q2-2025 | | :--- | :--- | | Net cash provided by operating activities | $2,540 | | Capital expenditures | ($2,394) | | Net cash used in investing activities | ($2,944) | | Net cash used in financing activities | ($222) | [Reconciliation of GAAP to Non-GAAP Financial Information](index=27&type=section&id=Financial_Statements.Reconciliation_of_GAAP_to_Non-GAAP) This section reconciles GAAP results to non-GAAP measures, showing Q2 2025 non-GAAP net income of $1.39 billion ($0.40 diluted EPS) and Adjusted EBITDA of $3.4 billion with a 15.1% margin Q2 2025 GAAP to Non-GAAP Reconciliation (in millions, except per share data) | Metric | GAAP | Non-GAAP | | :--- | :--- | :--- | | Net Income Attributable to Common Stockholders | $1,172 | $1,393 | | Diluted EPS | $0.33 | $0.40 | | Adjusted EBITDA | - | $3,401 | | Adjusted EBITDA Margin | - | 15.1% | Free Cash Flow Reconciliation (in millions) | Line Item | Q2-2025 | | :--- | :--- | | Net cash provided by operating activities (GAAP) | $2,540 | | Capital expenditures | ($2,394) | | Free cash flow (non-GAAP) | $146 | [Additional Information](index=29&type=section&id=Additional%20Information) This final section provides investor webcast details, defines key non-GAAP and operational terms, explains the rationale for non-GAAP measures, and includes the standard forward-looking statements disclaimer outlining potential business and market risks - Provides details for the live webcast of the Q2 2025 financial results conference call[75](index=75&type=chunk) - Defines certain terms used in the report, such as "Free cash flow" (operating cash flow less capital expenditures) and "Adjusted EBITDA (non-GAAP)"[76](index=76&type=chunk) - Includes a forward-looking statements disclaimer, which lists important factors and risks that could cause actual results to differ materially from projections[78](index=78&type=chunk)

Elon Musk, chief executive officer of SpaceX and Tesla, attends the Viva Technology conference at the Porte de Versailles exhibition center in Paris, June 16, 2023.Tesla will report second-quarter results after the close of regular trading on Wednesday.Here's what Wall Street expects, according to an average of estimates compiled by LSEG:Earnings per share: 43 centsRevenue: $22.74 billionRevenue in the period is expected to drop 11% from a year earlier, marking a second straight quarterly decline. In early ...

Core Viewpoint - Analysts anticipate a significant decline in Tesla's earnings and revenue for the second quarter, following a historic drop in vehicle deliveries attributed to Elon Musk's recent political affiliations and their consequences [1][3]. Financial Projections - Tesla is projected to report earnings per share of $0.40 and revenue of $22.28 billion for Q2, reflecting year-over-year declines of 23% and 13%, respectively [2]. - The company's operating profit is expected to decrease by 31% year-over-year to $1.1 billion, with the core automotive business anticipated to plunge by 16.5% [2]. Delivery Performance - Tesla reported a 13% decline in second-quarter deliveries, marking a record year-over-year drop that exceeded the previous largest decline recorded in Q1 [3]. Analyst Insights - Wedbush Securities analyst Dan Ives noted that the current earnings setup for Tesla is markedly different from three months ago, emphasizing that Tesla's AI initiatives will be a focal point during the earnings call [4]. Earnings Call Information - Tesla's earnings call is scheduled to be livestreamed at 5:30 p.m. EDT on its investor relations website [5]. Market Context - Tesla's stock experienced a surge in recent months after Musk's role with the Trump administration ended, although it has declined over 4% in the past month. New car registrations for Tesla fell in key markets including Europe, China, and California [6]. - Despite challenges, there is some optimism surrounding Tesla due to the limited launch of its robotaxi driverless vehicle service in Austin, Texas, in June [6]. Industry Outlook - Tesla and Alphabet are among the first of the "Magnificent Seven" stocks to report Q2 earnings, with expectations for earnings growth of 14% for these firms compared to 3.5% for the remaining S&P 500 companies [7].

Core Viewpoint - Tesla is set to release its earnings report, with expectations of a gain of $0.29 per share on revenue of $22.61 billion, while the Whisper number suggests a gain of $0.27 per share [3]. Financial Performance - Tesla's earnings have fluctuated over the years: $0.75 in 2020, $2.26 in 2021, $4.07 in 2022, $3.12 in 2023, and projected to be $2.28 in 2024, with a further decline to $1.84 in 2025, before an expected rise to $2.82 in 2026 [4]. - The current price-to-earnings (P/E) ratio stands at 157, approximately 6.5 times higher than the S&P 500 benchmark [4]. Stock Performance - Tesla's stock reached a record high of $488.54 per share in December 2024 and is currently trading around $333, which is 31% below its 52-week high [2][6]. - The stock has shown significant volatility, with a dramatic increase from approximately $34 in March 2020 to its current price, despite recent declines [10]. Company Overview - Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems globally, operating in two segments: Automotive and Energy Generation and Storage [11]. - The Automotive segment includes electric vehicles, automotive regulatory credits, and various after-sales services, while the Energy Generation and Storage segment focuses on solar energy products and related services [12][13]. - Tesla was incorporated in 2003 and rebranded from Tesla Motors, Inc. to Tesla, Inc. in February 2017, with its headquarters in Austin, Texas [14].

Core Insights - The automotive industry is experiencing significant changes due to President Trump's recent budget bill, prompting Wall Street analysts to adjust their ratings and price targets for electric vehicle stocks, particularly Tesla and Lucid Group [1] Tesla (TSLA) Analysis - Analysts have provided a range of price targets for Tesla, with the most optimistic projection reaching $500 and the most pessimistic at $19.05, indicating a potential downside of -94.26% from the current levels [3][6] - On July 21, Piper Sandler and Cantor Fitzgerald maintained their "Buy" ratings, with Cantor Fitzgerald lowering its target price from $355 to $335 [2] - Bank of America reiterated its "Hold" rating while raising its target from $305 to $334, suggesting a 2.68% upside [2] - As of the latest data, TSLA shares were trading at $333.24, reflecting a 3.31% gain over the past five days, with an average target price of $299.52 indicating a potential 10.12% downside [4] Lucid Group (LCID) Analysis - Lucid Group's price projections are notably lower than Tesla's, with the highest target set at $7 and the lowest at $1 [10] - On July 17, Morgan Stanley, Bank of America, and Benchmark Co. provided mixed ratings of "Hold," "Sell," and "Buy," respectively, with Benchmark Co. upgrading its target from $5 to $7 [7] - TD Cowen maintained a "Hold" rating with a target price of $2.3, while Stifel Nicolaus lowered its projection from $3.04 to $4 [7] - LCID stock was priced at $3.14, up 4.82% in the past five days, with an average target price of $2.91, indicating a potential 7.32% decline from current levels [8]

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices involving Tesla and its officers or directors, following a significant drop in Tesla's stock price due to an NHTSA investigation into its robotaxi service [1][3]. Group 1: Investigation Details - Pomerantz LLP is representing investors of Tesla, urging them to come forward regarding potential securities fraud [1]. - The investigation is focused on whether Tesla and its leadership have engaged in unlawful business practices [1]. Group 2: Recent Events Impacting Tesla - Tesla launched its robotaxi service on June 22, 2025, in Austin, Texas, which was highly publicized [3]. - Following the launch, the NHTSA contacted Tesla due to reports of robotaxis driving erratically and violating traffic laws, leading to a sharp decline in Tesla's stock price [3].

FX Empire Logo English check-icon Italiano Español Português Deutsch العربية Français Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial ...

Core Insights - Tesla, Inc. is set to release its second-quarter earnings results on July 23, with expected earnings of 40 cents per share, a decrease from 52 cents per share in the same period last year [1] - The projected quarterly revenue is $22.13 billion, down from $25.5 billion a year earlier [1] - Tesla has missed analyst revenue estimates for three consecutive quarters and six out of the last seven quarters [2] Analyst Ratings - Goldman Sachs analyst Mark Delaney has maintained a Neutral rating and reduced the price target from $315 to $285 [4] - Mizuho analyst Vijay Rakesh has kept an Outperform rating but lowered the price target from $390 to $375 [4] - William Blair analyst Jed Dorsheimer downgraded the stock from Outperform to Market Perform [4] - Canaccord Genuity analyst George Gianarikas maintained a Buy rating with a price target of $303 [4] - Argus Research analyst Bill Selesky downgraded the stock from Buy to Hold [4]

Core Insights - Tesla's stock closed at $332.11, gaining 6.09% over the past five days, but remains down 12.44% year-to-date due to a deteriorating relationship between CEO Elon Musk and President Trump [1] - The upcoming earnings report is set against a backdrop of broader market gains, with the S&P 500 and Nasdaq reaching all-time highs [2] - Investor focus has shifted to Tesla's core automotive business struggles and the future of its robotaxi rollout [2] Analyst Perspectives - Dan Ives from Wedbush Securities maintains a $500 price target for Tesla, indicating a potential 50% upside, citing a fundamental shift in Musk's leadership approach [3] - Ives notes that the current earnings setup is significantly different from three months ago, with Musk now focused on the Robotaxi expansion and other initiatives [4] - Ives believes Tesla is at a "positive crossroads" with multiple catalysts, including AI initiatives and a potential xAI investment requiring shareholder approval [4] Market Performance - Tesla's performance in China is highlighted as crucial, with a rebound in sales in June after months of decline, driven by demand for the updated Model Y [5] - Wall Street's 12-month price targets for Tesla show a divided sentiment, with an average target of $299.52, indicating an 8.82% downside from current levels [6] - The range of price targets varies widely from Ives's high of $500 to a bear case low of $19.05 [6] Financial Expectations - For the upcoming quarter, Wall Street anticipates total revenues of approximately $22 billion, with automotive revenues around $16 billion, and earnings per share of $0.39 [7] - Despite near-term numbers being unremarkable, investor focus is on Tesla's AI-driven future with a motivated Musk at the helm [8]