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Quarterly Report — Q2 2025
Filed July 24, 2025
Q2 2025 revenue segments show automotive still dominates but the energy generation and storage business is pulling meaningful weight alongside a growing services line. The filing is an XBRL-tagged 10-Q for the six months ended June 30, 2025, with Tesla maintaining its multi-segment structure across automotive sales, regulatory credits, leasing, and energy — plus notable balance-sheet items including Bitcoin holdings carried at fair value and a mix of recourse and non-recourse debt facilities spanning auto asset-backed notes and China working capital lines.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (5)
AI Infrastructure CapEx Reaches $6.6B on Balance Sheet
Tesla's AI infrastructure property, plant and equipment grew from $5.15B at year-end 2024 to $6.62B as of September 30, 2025, reflecting significant ongoing investment in compute capacity for FSD and other AI workloads.
Regulatory Credit Program Repeals Reduce Remaining Obligations by $1.11B
Recent governmental and regulatory actions repealed and/or restricted certain regulatory credit programs tied to Tesla's products, contributing to a $1.11B decrease in remaining performance obligations for automotive regulatory credits as of June 30, 2025 compared to March 31, 2025.
OBBBA Legislation Repeals Certain Regulatory Credit Programs Tied to Tesla Products
The U.S. OBBBA enacted on July 4, 2025 repealed and/or restricted certain Inflation Reduction Act tax credits and regulatory credit programs tied to Tesla's products, contributing to a $1.41B decrease in remaining performance obligations for automotive regulatory credits.
FSD Deferred Revenue Grows to $3.83B
Deferred revenue related to FSD (Supervised) features, internet connectivity, free Supercharging programs, and over-the-air software updates grew to $3.83B as of September 30, 2025, up from $3.60B at year-end 2024, indicating continued customer uptake of FSD.
Energy Generation and Storage Backlog Reaches $10.38B
Tesla's unsatisfied or partially unsatisfied performance obligations for energy generation and storage contracts with original expected length exceeding one year reached $10.38B as of June 30, 2025, with $5.47B expected to be recognized in the next 12 months.