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!
Investor's Corner
Tesla gets tip of the hat from major Wall Street firm on self-driving prowess
“Tesla is at the forefront of autonomous driving, supported by a camera-only approach that is technically harder but much cheaper than the multi-sensor systems widely used in the industry. This strategy should allow Tesla to scale more profitably compared to Robotaxi competitors, helped by a growing data engine from its existing fleet,” BoA wrote.
Tesla received a tip of the hat from major Wall Street firm Bank of America on Wednesday, as it reinitiated coverage on Tesla shares with a bullish stance that comes with a ‘Buy’ rating and a $460 price target.
In a new note that marks a sharp reversal from its neutral position earlier in 2025, the bank declared Tesla’s Full Self-Driving (FSD) technology the “leading consumer autonomy solution.”
Analysts highlighted Tesla’s camera-only architecture, known as Tesla Vision, as a strategic masterstroke. While technically more challenging than the multi-sensor setups favored by rivals, the vision-based approach is dramatically cheaper to produce and maintain.
This cost edge, combined with Tesla’s rapidly expanding real-world data engine, positions the company to scale robotaxis far more profitably than competitors, BofA argues in the new note:
“Tesla is at the forefront of autonomous driving, supported by a camera-only approach that is technically harder but much cheaper than the multi-sensor systems widely used in the industry. This strategy should allow Tesla to scale more profitably compared to Robotaxi competitors, helped by a growing data engine from its existing fleet.”
The bank now attributes roughly 52% of Tesla’s total valuation to its Robotaxi ambitions. It also flagged meaningful upside from the Optimus humanoid robot program and the fast-growing energy storage business, suggesting the auto segment’s recent headwinds, including expired incentives, are being eclipsed by these higher-margin opportunities.
Tesla’s own data underscores exactly why Wall Street is waking up to FSD’s potential. According to Tesla’s official safety reporting page, the FSD Supervised fleet has now surpassed 8.4 billion cumulative miles driven.
Tesla FSD (Supervised) fleet passes 8.4 billion cumulative miles
That total ballooned from just 6 million miles in 2021 to 80 million in 2022, 670 million in 2023, 2.25 billion in 2024, and a staggering 4.25 billion in 2025 alone. In the first 50 days of 2026, owners added another 1 billion miles — averaging more than 20 million miles per day.
This avalanche of real-world, camera-captured footage, much of it on complex city streets, gives Tesla an unmatched training dataset. Every mile feeds its neural networks, accelerating improvement cycles that lidar-dependent rivals simply cannot match at scale.
Tesla owners themselves will tell you the suite gets better with every release, bringing new features and improvements to its self-driving project.
The $460 target implies roughly 15 percent upside from recent trading levels around $400. While regulatory and safety hurdles remain, BofA’s endorsement signals growing institutional conviction that Tesla’s data advantage is not hype; it’s a tangible moat already delivering billions of miles of proof.
Elon Musk
SpaceX IPO could push Elon Musk’s net worth past $1 trillion: Polymarket
The estimates were shared by the official Polymarket Money account on social media platform X.
Recent projections have outlined how a potential $1.75 trillion SpaceX IPO could generate historic returns for early investors. The projections suggest the offering would not only become the largest IPO in history but could also result in unprecedented windfalls for some of the company’s key investors.
The estimates were shared by the official Polymarket Money account on social media platform X.
As noted in a Polymarket Money analysis, Elon Musk invested $100 million into SpaceX in 2002 and currently owns approximately 42% of the company. At a $1.75 trillion valuation following SpaceX’s potential $1.75 trillion IPO, that stake would be worth roughly $735 billion.
Such a figure would dramatically expand Musk’s net worth. When combined with his holdings in Tesla Inc. and other ventures, a public debut at that level could position him as the world’s first trillionaire, depending on market conditions at the time of listing.
The Bloomberg Billionaires Index currently lists Elon Musk with a net worth of $666 billion, though a notable portion of this is tied to his TSLA stock. Tesla currently holds a market cap of $1.51 trillion, and Elon Musk’s currently holds about 13% to 15% of the company’s outstanding common stock.
Founders Fund, co-founded by Peter Thiel, invested $20 million in SpaceX in 2008. Polymarket Money estimates the firm owns between 1.5% and 3% of the private space company. At a $1.75 trillion valuation, that range would translate to approximately $26.25 billion to $52.5 billion in value.
That return would represent one of the most significant venture capital outcomes in modern Silicon Valley history, with a growth of 131,150% to 262,400%.
Alphabet Inc., Google’s parent company, invested $900 million into SpaceX in 2015 and is estimated to hold between 6% and 7% of the private space firm. At the projected IPO valuation, that stake could be worth between $105 billion and $122.5 billion. That’s a growth of 11,566% to 14,455%.
Other major backers highlighted in the post include Fidelity Investments, Baillie Gifford, Valor Equity Partners, Bank of America, and Andreessen Horowitz, each potentially sitting on multibillion-dollar gains.
Elon Musk
Elon Musk hints Tesla investors will be rewarded heavily
“Hold onto your Tesla stock. It’s going to be worth a lot, I think. That’s my bet,” Musk said.
Elon Musk recently hinted that he believes Tesla investors will be rewarded heavily if they continue to hold onto their shares, and he reiterated that in a new interview that the company released on its social accounts this week.
Musk is one of the most successful CEOs in the modern era and has mammothed competitors on the Forbes Net Worth List over the past year as his holdings in his various companies have continued to swell.
Tesla investors, especially those who have been holding shares for several years, have also felt substantial gains in their portfolios. Over the past five years, the stock is up over 78 percent. Since February 2019, nearly seven years ago to the day, the stock is up over 1,800 percent.
Musk said in the interview:
“Hold onto your Tesla stock. It’s going to be worth a lot, I think. That’s my bet.”
Elon Musk in new interview: “Hold on to your $TSLA stock. It’s going to be worth a lot, I think. That’s my bet.” pic.twitter.com/cucirBuhq0
— Sawyer Merritt (@SawyerMerritt) February 26, 2026
It’s no secret Musk has been extremely bullish on his own companies, but Tesla in particular, because it is publicly traded.
However, the company has so many amazing projects that have an opportunity to revolutionize their respective industries. There is certainly a path to major growth on Wall Street for Tesla through its various future projects, including Optimus, Cybercab, Semi, and Unsupervised FSD.
- Optimus (Tesla’s humanoid robot): Musk has discussed its potential for tasks like childcare, walking dogs, or assisting elderly parents, positioning it as a massive long-term driver of company value.
- Cybercab (Tesla’s robotaxi/autonomous ride-hailing vehicle): a fully autonomous vehicle geared specifically for Tesla’s ride-sharing ambitions.
- Semi (Tesla’s electric truck, with mentions of expansion, like in Europe): brings Tesla into the commercial logistics sector.
- Unsupervised FSD (Full Self-Driving software achieving full autonomy without human supervision): turns every Tesla owner’s vehicle into a fully-autonomous vehicle upon release
These projects specifically are some of the highest-growth pillars Tesla has ever attempted to develop, especially in Musk’s eyes, as he has said Optimus will be the best-selling product of all-time.
Many analysts agree, but the bullish ones, like Cathie Wood of ARK Invest, are perhaps the one who believes Tesla has incredible potential on Wall Street, predicting a $2,600 price target for 2030, but this is not even including Optimus.
She told Bloomberg last March that she believes that the project will present a potential additive if Tesla can scale faster than anticipated.
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