Investor's Corner
LIVE BLOG: Tesla (TSLA) Q3 2025 earnings call
The following are live updates from Tesla’s Q3 2025 earnings call.
Tesla’s (NASDAQ:TSLA) earnings call comes on the heels of the company’s Q3 2025 update letter, which was released after the closing bell on October 22, 2025.
Tesla’s Q3 2025 Results
As could be seen in Tesla’s Q3 2025 Update Letter, the company posted GAAP EPS of $0.39 and non-GAAP EPS of $0.50 per share. Tesla also posted total revenues of $28.095 billion. GAAP net income is also listed at $1.37 billion.
Tesla’s total revenue increased 12% YoY to $28.1 billion, while operating income decreased 40% YoY to $1.6 billion. This means that for Q3 2025, Tesla’s had a 5.8% operating margin. Tesla’s quarter-end cash, cash equivalents and investments was $41.6 billion by the end of the third quarter.
Earnings call updates
The following are live updates from Tesla’s Q3 2025 earnings call. I will be updating this article in real time, so please keep refreshing the page to view the latest updates on this story.
16:25 CT – Good day to everyone, and welcome to another Tesla earnings call live blog. The Q3 2025 Update Letter seemed to be on the quieter side, but it’s hard not to be impressed with Tesla’s $4 billion free cash flow, an all-time high.
-->Now we just have to see how the earnings call will go.
16:30 CT – Looks like the earnings call’s livestream is up. It hasn’t started yet, but the music’s on. Here’s the livestream:
16:33 CT – One of the most fun things about Tesla earnings call coverages is that you don’t really know what type of Elon Musk you’re gonna get. The questions from investors and analysts are always fun too.
16:35 CT – And here we go. Travis Axelrod takes the floor and introduces Tesla’s executives.
16:36 CT – Elon’s opening remarks begin. He says Tesla is at a critical point because real-world AI is imminent. He states that he believes Tesla has the highest intelligence density. “It’s gonna be like a shockwave,” Elon said, highlighting that there are millions of cars out there that could become full self-driving with a simple software update.
-->16:38 CT – With Tesla achieving clarity on Unsupervised FSD, Musk stated that he feels “confident in expanding Tesla’s production.” He also noted that Tesla Energy is rising quickly, especially with products like the Powerwall and the Megapack. “We see the potential there for Tesla battery packs to improve the energy output per year of any given grid, the US or otherwise.”
16:40 CT – Elon also reiterated his prediction that Tesla Optimus could be the largest product in the world. A good reason for this is the fact that Tesla has scale, Musk stated. Musk also stated that it’s easy for users in the United States to test out FSD V14 for themselves. He also mentioned that Tesla is currently hard at work with Megapack 4.
“We look forward to unveiling Optimus V3 in Q1. I think it will be quite remarkable,” Musk said, adding that V3 will almost seem like a person in a robot suit.
16:45 CT – Musk summed up his opening remarks with a comment on Tesla’s updated mission.
“In conclusion, we’re excited about the updated mission of Tesla, which is sustainable abundance. We’re going beyond sustainable energy. We believe that with Optimus and self-driving, we can actually create a world where there is no poverty, where everyone has access to the finest medical care.
-->“Optimus will be an incredible surgeon. Imagine if everyone had access to an incredible surgeon. I think we’re headed to sustainable abundance, and I’m excited to work with the Tesla team to make that happen,” Musk said, summing up.
16:48 CT – Tesla CFO Vaibhav Taneja discussed the company’s rollout of its expanded Model Y lineup such as the Model Y L, as well as the advantages of the Robotaxi network. He also confirmed that Tesla is looking to secure approvals for FSD tests in several areas across the globe.
He also discussed Tesla’s regulatory credits. “”While regulatory credits declined sequentially, we entered into new contracts and delivered on previous contracts,” he said.
16:54 CT – Investor questions are asked about demand for Megapack and Powerwall. Tesla noted that Tesla is seeing a lot of interest and demand for Megapack and its related products. There is also a surge in demand for residential batteries.
Looks like the Tesla Solar Roof is coming alive as well.
-->16:59 CT – A question about the challenges of Optimus’ rollout was asked. Elon Musk noted that bringing Optimus to market would not be a walk in the park. It will be a very difficult endeavor. “It’s an incredibly difficult thing,” Musk said, adding that the hands of Optimus are very difficult to design and produce due to its complexity.
Tesla is really putting a ton of work on Optimus’ hands, likely because the robot will need to be very dexterous to be useful in both residential and industrial applications. He noted that for Optimus to be successful, Tesla must really be vertically integrated.
Elon also mentioned that Optimus is one of the reasons behind his goals with his 2025 compensation plan. He needs control of Tesla if the company is building a literal robot army.
17:05 CT – A question about Tesla’s chip deal with Samsung. Elon noted that he has nothing but good things to say about Samsung. He then clarified that Tesla will be focusing both TSMC and Samsung on AI5.
“The AI5 chip design by Tesla is an amazing design. I have spent every weekend for the last few months with the chip design team working with AI5,” Musk said. “By some metrics, the AI5 chip will be 40x better than the AI4 chip.” This is because the hardware is designed for Tesla’s software stack.
-->There is also a lot of efficiencies and deletions that have been implemented on AI5. “This is a beautiful chip,” Musk said, reiterating that both Samsung and TSMC will be producing AI5. Tesla wants an oversupply of AI5 chips. If there’s an oversupply, Musk said that the chips could just be used for training in Tesla’s data center.
17:09 CT – A question was asked about Tesla abandoning HW3 was asked. The CFO stated that Tesla is not abandoning HW3. “We will definitely take care of you guys,” he said, adding that he himself is driving a HW3 car. Tesla executives also noted that the company is developing a V14 “Lite” for HW3 cars.
17:13 CT – A question about the Tesla Semi’s autonomy was asked. Tesla noted that things are progressing with the Semi program. Analyst questions now begin. First up is Wolfe Research, which asked about Elon’s comment about Tesla now focusing on volume with FSD now developed.
Elon Musk responded that Tesla’s capacity today is not at 3 million cars yet, but Tesla can probably achieve that level in 24 months or less. “We’re gonna expand production as fast as we can, and as fast as our suppliers can keep up with it,” he said.
He added that the Cybercab will be a big project since it’s a your de force of engineering optimization due to its driverless nature. He also stated that Cybercab production will start in Q2 2026.
-->17:21 CT – Barclays asked about markets that are outside of Tesla’s core competencies. Elon noted that Tesla had zero core competency when it started. He highlighted that Tesla today is still a bunch of startups that are working together. He did also state that “Optimus at scale is an infinite money glitch” since it could 5X a person’s productivity.
17:27 CT – Lightshed asks about the Robotaxi program and the removal of safety drivers in Austin by year end. Musk noted that Tesla will be very cautious with FSD’s rollout. He noted that Tesla will be paranoid about safety. He noted that Tesla typically rolls out its FSD updates with safety at the forefront, so first builds of a major release tend to be safe but not as smooth.
“This car will feel like a living creature,” Musk reiterated, adding that Teslas will eventually be able to find parking spots on their own intelligently.
17:34 CT – Oppenheimer asked about the timeline of Optimus production. Musk noted that the hardware design of Optimus will not be frozen even after the humanoid robot starts its production. “We’ll have a production-intent prototype ready to show in Q1,” Musk said, adding that hopefully, Optimus will enter production late next year.
17:37 CT – Questions for this earnings call are done, and in closing, the CFO urged shareholders to vote on the Board’s recommendations. Tesla’s future depends on it.
-->17:41 CT – And that wraps up Tesla’s third quarter 2025 earnings call! Thank you so much for following along as we covered this event. Until the next time!
Tesla bear Michael Burry got blunt with his beliefs over the company’s valuation, which he called “ridiculously overvalued” in a newsletter to subscribers this past weekend.
“Tesla’s market capitalization is ridiculously overvalued today and has been for a good long time,” Burry, who was the inspiration for the movie The Big Short, and was portrayed by Christian Bale.
Burry went on to say, “As an aside, the Elon cult was all-in on electric cars until competition showed up, then all-in on autonomous driving until competition showed up, and now is all-in on robots — until competition shows up.”
Tesla bear Michael Burry ditches bet against $TSLA, says ‘media inflated’ the situation
For a long time, Burry has been skeptical of Tesla, its stock, and its CEO, Elon Musk, even placing a $530 million bet against shares several years ago. Eventually, Burry’s short position extended to other supporters of the company, including ARK Invest.
Tesla has long drawn skepticism from investors and more traditional analysts, who believe its valuation is overblown. However, the company is not traded as a traditional stock, something that other Wall Street firms have recognized.
While many believe the company has some serious pull as an automaker, an identity that helped it reach the valuation it has, Tesla has more than transformed into a robotics, AI, and self-driving play, pulling itself into the realm of some of the most recognizable stocks in tech.
Burry’s Scion Asset Management has put its money where its mouth is against Tesla stock on several occasions, but the firm has not yielded positive results, as shares have increased in value since 2020 by over 115 percent. The firm closed in May.
In 2020, it launched its short position, but by October 2021, it had ditched that position.
Tesla has had a tumultuous year on Wall Street, dipping significantly to around the $220 mark at one point. However, it rebounded significantly in September, climbing back up to the $400 region, as it currently trades at around $430.
It closed at $430.14 on Monday.
Investor's Corner
Mizuho keeps Tesla (TSLA) “Outperform” rating but lowers price target
As per the Mizuho analyst, upcoming changes to EV incentives in the U.S. and China could affect Tesla’s unit growth more than previously expected.
Mizuho analyst Vijay Rakesh lowered Tesla’s (NASDAQ:TSLA) price target to $475 from $485, citing potential 2026 EV subsidy cuts in the U.S. and China that could pressure deliveries. The firm maintained its Outperform rating for the electric vehicle maker, however.
As per the Mizuho analyst, upcoming changes to EV incentives in the U.S. and China could affect Tesla’s unit growth more than previously expected. The U.S. accounted for roughly 37% of Tesla’s third-quarter 2025 sales, while China represented about 34%, making both markets highly sensitive to policy shifts. Potential 50% cuts to Chinese subsidies and reduced U.S. incentives affected the firm’s outlook.
With those pressures factored in, the firm now expects Tesla to deliver 1.75 million vehicles in 2026 and 2 million in 2027, slightly below consensus estimates of 1.82 million and 2.15 million, respectively. The analyst was cautiously optimistic, as near-term pressure from subsidies is there, but the company’s long-term tech roadmap remains very compelling.
Despite the revised target, Mizuho remained optimistic on Tesla’s long-term technology roadmap. The firm highlighted three major growth drivers into 2027: the broader adoption of Full Self-Driving V14, the expansion of Tesla’s Robotaxi service, and the commercialization of Optimus, the company’s humanoid robot.
“We are lowering TSLA Ests/PT to $475 with Potential BEV headwinds in 2026E. We believe into 2026E, US (~37% of TSLA 3Q25 sales) EV subsidy cuts and China (34% of TSLA 3Q25 sales) potential 50% EV subsidy cuts could be a headwind to EV deliveries.
-->“We are now estimating TSLA deliveries for 2026/27E at 1.75M/2.00M (slightly below cons. 1.82M/2.15M). We see some LT drivers with FSD v14 adoption for autonomous, robotaxi launches, and humanoid robots into 2027 driving strength,” the analyst noted.
Tesla stock (NASDAQ: TSLA) has landed an elusive “must own” status from Wall Street firm Melius, according to a new note released early this week.
Analyst Rob Wertheimer said Tesla will lead the charge in world-changing tech, given the company’s focus on self-driving, autonomy, and Robotaxi. In a note to investors, Wertheimer said “the world is about to change, dramatically,” because of the advent of self-driving cars.
He looks at the industry and sees many potential players, but the firm says there will only be one true winner:
“Our point is not that Tesla is at risk, it’s that everybody else is.”
The major argument is that autonomy is nearing a tipping point where years of chipping away at the software and data needed to develop a sound, safe, and effective form of autonomous driving technology turn into an avalanche of progress.
Wertheimer believes autonomy is a $7 trillion sector,” and in the coming years, investors will see “hundreds of billions in value shift to Tesla.”
A lot of the major growth has to do with the all-too-common “butts in seats” strategy, as Wertheimer believes that only a fraction of people in the United States have ridden in a self-driving car. In Tesla’s regard, only “tens of thousands” have tried Tesla’s latest Full Self-Driving (Supervised) version, which is v14.
Tesla Full Self-Driving v14.2 – Full Review, the Good and the Bad
When it reaches a widespread rollout and more people are able to experience Tesla Full Self-Driving v14, he believes “it will shock most people.”
Citing things like Tesla’s massive data pool from its vehicles, as well as its shift to end-to-end neural nets in 2021 and 2022, as well as the upcoming AI5 chip, which will be put into a handful of vehicles next year, but will reach a wider rollout in 2027, Melius believes many investors are not aware of the pace of advancement in self-driving.
Tesla’s lead in its self-driving efforts is expanding, Wertheimer says. The company is making strategic choices on everything from hardware to software, manufacturing, and overall vehicle design. He says Tesla has left legacy automakers struggling to keep pace as they still rely on outdated architectures and fragmented supplier systems.
Tesla shares are up over 6 percent at 10:40 a.m. on the East Coast, trading at around $416.
Tesla bear gets blunt with beliefs over company valuation
Tesla is making a change to its exterior cameras with a potential upgrade
