($ in millions, except percentages and per share data)	Q4-2024	Q1-2025	Q2-2025	Q3-2025	Q4-2025	YoY
Total automotive revenues	19,798	13,967	16,661	21,205	17,693	-11%
Energy generation and storage revenue	3,061	2,730	2,789	3,415	3,837	25%
Services and other revenue	2,848	2,638	3,046	3,475	3,371	18%
Total revenues	25,707	19,335	22,496	28,095	24,901	-3%
Total gross profit	4,179	3,153	3,878	5,054	5,009	20%
Total GAAP gross margin	16.3%	16.3%	17.2%	18.0%	20.1%	386 bp
Operating expenses	2,596	2,754	2,955	3,430	3,600	39%
Income from operations	1,583	399	923	1,624	1,409	-11%
Operating margin	6.2%	2.1%	4.1%	5.8%	5.7%	-50 bp
Adjusted EBITDA (1) (2)	4,333	2,814	3,401	4,227	4,154	-4%
Adjusted EBITDA margin (1) (2)	16.9%	14.6%	15.1%	15.0%	16.7%	-17 bp
Net income attributable to common stockholders (GAAP) (1)	2,128	409	1,172	1,373	840	-61%
Net income attributable to common stockholders (non-GAAP) (1) (3)	2,107	934	1,393	1,770	1,761	-16%
EPS attributable to common stockholders, diluted (GAAP) (1)	0.60	0.12	0.33	0.39	0.24	-60%
EPS attributable to common stockholders, diluted (non-GAAP) (1) (3)	0.60	0.27	0.40	0.50	0.50	-17%
Net cash provided by operating activities	4,814	2,156	2,540	6,238	3,813	-21%
Capital expenditures (4)	(2,780)	(1,492)	(2,394)	(2,248)	(2,393)	-14%
Free cash flow (4)	2,034	664	146	3,990	1,420	-30%
Cash, cash equivalents and investments	36,563	36,996	36,782	41,647	44,059	21%