Profitability | $4.4B GAAP operating income in 2025; $1.4B in Q4 | 2025 marked a critical year for Tesla as we further expanded our mission and continued our transition from a hardware-centric business to a physical AI company. We laid the foundation for the future of Tesla as we further advanced FSD (Supervised) $^{4}$ , launched our Robotaxi service, began installing production lines for Cybercab and fine-tuned our production-primed Optimus design while expanding our AI training infrastructure.
$3.8B GAAP net income in 2025; $0.8B in Q4
$5.9B non-GAAP net income $^{1}$ in 2025; $1.8B in Q4
Cash | Operating cash flow of $14.7B in 2025; $3.8B in Q4 | Our approach to autonomous vehicles and humanoid robots mirrors the way we approached electric vehicles and energy storage – at the system level where we identify the limiting factor and develop bespoke and scalable solutions (batteries, power electronics, inverters, software, AI silicon, etc.) to optimize for cost, functionality, efficiency and safety. Our vertical integration has enabled us to achieve economies of scale in a profitable manner, quickly troubleshoot bottlenecks in production and iteratively optimize our technologies more rapidly than others.
Free cash flow $^{2}$ of $6.2B in 2025; $1.4B in Q4 | In 2025, we completed the refresh of our vehicle lineup with the launch of the new Model Y, including additional variants. We believe that maintaining an optimized and efficient product portfolio, with a continued focus on high-value features such as long range, best-in-class software and autonomy, is the correct strategy to win the autos market of the future. Similarly, we continued to evolve our energy offerings for commercial, utility and retail customers, as we position ourselves as a supplier of choice for clean, affordable and rapidly deployable energy capacity ahead of expected sustained demand growth for electricity.
$7.5B increase in our cash and investments $^{3}$ in 2025 to $44.1B
Operations | Began removing safety monitor from our Robotaxis in Austin in January | In 2026, we will further invest in the infrastructure needed to support clean energy and transport and autonomous robots, including the ramp of six new production lines across vehicle, robots, energy storage and battery manufacturing, while further leveraging our existing factory, charging and service center footprint to support future growth.
Record Q4 & FY'25 energy storage deployments
Record vehicle deliveries in APAC