In millions of USD or shares as applicable, except per share dataQ4-2024Q1-2025Q2-2025Q3-2025Q4-2025
REVENUES
Automotive sales18,65912,92515,78720,35916,750
Automotive regulatory credits692595439417542
Automotive leasing447447435429401
Total automotive revenues19,79813,96716,66121,20517,693
Energy generation and storage3,0612,7302,7893,4153,837
Services and other2,8482,6383,0463,4753,371
Total revenues25,70719,33522,49628,09524,901
COST OF REVENUES
Automotive sales16,26811,46113,56717,36513,874
Automotive leasing242239228225206
Total automotive cost of revenues16,51011,70013,79517,59014,080
Energy generation and storage2,2891,9451,9432,3422,739
Services and other2,7292,5372,8803,1093,073
Total cost of revenues21,52816,18218,61823,04119,892
Gross profit4,1793,1533,8785,0545,009
OPERATING EXPENSES
Research and development1,2761,4091,5891,6301,783
Selling, general and administrative1,3131,2511,3661,5621,655
Restructuring and other794—238162
Total operating expenses2,5962,7542,9553,4303,600
INCOME FROM OPERATIONS1,5833999231,6241,409
Interest income442400392439449
Interest expense(96)(91)(86)(76)(85)
Other income (expense), net (1)595(119)320(28)(592)
INCOME BEFORE INCOME TAXES (1)2,5245891,5491,9591,181
Provision for income taxes (1)381169359570325
NET INCOME (1)2,1434201,1901,389856
Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries1511181616
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (1)2,1284091,1721,373840
Less: Buy-out of noncontrolling interest3————
NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK (1)2,1254091,1721,373840
Net income per share of common stock attributable to common stockholders
Basic (1)$ 0.66$ 0.13$ 0.36$ 0.43$ 0.26
Diluted (1)$ 0.60$ 0.12$ 0.33$ 0.39$ 0.24
Weighted average shares used in computing net income per share of common stock
Basic3,2133,2183,2233,2273,231
Diluted3,5173,5213,5193,5263,539