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 stock (NASDAQ: TSLA) just got a price target boost from its biggest bear, Gordon Johnson of GLJ Research, who raised his expected trading level to one that is 95 percent lower than its current trading level.
Johnson pushed his Tesla price target from $19.05 to $25.28 on Wednesday, while maintaining the ‘Sell’ rating that has been present on the stock for a long time. GLJ has largely been recognized as the biggest skeptic of Elon Musk’s company, being particularly critical of the automotive side of things.
Tesla has routinely been called out by Johnson for negative delivery growth, what he calls “weakening demand,” and price cuts that have occurred in past years, all pointing to them as desperate measures to sell its cars.
Johnson has also said that Tesla is extremely overvalued and is too reliant on regulatory credits for profitability. Other analysts on the bullish side recognize Tesla as a company that is bigger than just its automotive side.
Many believe it is a leader in autonomous driving, like Dan Ives of Wedbush, who believes Tesla will have a widely successful 2026, especially if it can come through on its targets and schedules for Robotaxi and Cybercab.
Justifying the price target this week, Johnson said that the revised valuation is based on “reality rather than narrative.” Tesla has been noted by other analysts and financial experts as a stock that trades on narrative, something Johnson obviously disagrees with.
Dan Nathan, a notorious skeptic of the stock, turned bullish late last year, recognizing the company’s shares trade on “technicals and sentiment.” He said, “From a trading perspective, it looks very interesting.”
Tesla bear turns bullish for two reasons as stock continues boost
Johnson has remained very consistent with this sentiment regarding Tesla and his beliefs regarding its true valuation, and has never shied away from putting his true thoughts out there.
Tesla shares closed at $431.40 today, about 95 percent above where Johnson’s new price target lies.
Tesla (NASDAQ: TSLA) stock received a price target update from Pierre Ferragu of Wall Street firm New Street Research, citing the company’s growing lead in self-driving and autonomy.
On Tuesday, Ferragu bumped his price target from $520 to $600, stating that the consensus from the Consumer Electronics Show in Las Vegas was that Tesla’s lead in autonomy has been sustained, is growing, and sits at a multiple-year lead over its competitors.
CES 2026 validates Tesla’s FSD strategy, but there’s a big lag for rivals: analyst
“The signal from Vegas is loud and clear,” the analyst writes. “The industry isn’t catching up to Tesla; it is actively validating Tesla’s strategy…just with a 12-year lag.”
The note shows that the company’s prowess in vehicle autonomy is being solidified by lagging competitors that claim to have the best method. The only problem is that Tesla’s Vision-based approach, which it adopted back in 2022 with the Model 3 and Model Y initially, has been proven to be more effective than competitors’ approach, which utilizes other technology, such as LiDAR and sensors.
Currently, Tesla shares are sitting at around $433, as the company’s stock price closed at $432.96 on Tuesday afternoon.
Ferragu’s consensus on Tesla shares echoes that of other Wall Street analysts who are bullish on the company’s stock and position within the AI, autonomy, and robotics sector.
Dan Ives of Wedbush wrote in a note in mid-December that he anticipates Tesla having a massive 2026, and could reach a $3 trillion valuation this year, especially with the “AI chapter” taking hold of the narrative at the company.
Ives also said that the big step in the right direction for Tesla will be initiating production of the Cybercab, as well as expanding on the Robotaxi program through the next 12 months:
“…as full-scale volume production begins with the autonomous and robotics roadmap…The company has started to test the all-important Cybercab in Austin over the past few weeks, which is an incremental step towards launching in 2026 with important volume production of Cybercabs starting in April/May, which remains the golden goose in unlocking TSLA’s AI valuation.”
Tesla analyst breaks down delivery report: ‘A step in the right direction’
Tesla has transitioned from an automaker to a full-fledged AI company, and its Robotaxi and Cybercab programs, fueled by the Full Self-Driving suite, are leading the charge moving forward. In 2026, there are major goals the company has outlined. The first is removing Safety Drivers from vehicles in Austin, Texas, one of the areas where it operates a ride-hailing service within the U.S.
Ultimately, Tesla will aim to launch a Level 5 autonomy suite to the public in the coming years.
Investor's Corner
Tesla Q4 delivery numbers are better than they initially look: analyst
The Deepwater Asset Management Managing Partner shared his thoughts in a post on his website.
Longtime Tesla analyst and Deepwater Asset Management Managing Partner Gene Munster has shared his insights on Tesla’s Q4 2025 deliveries. As per the analyst, Tesla’s numbers are actually better than they first appear.
Munster shared his thoughts in a post on his website.
Normalized December Deliveries
Munster noted that Tesla delivered 418k vehicles in the fourth quarter of 2025, slightly below Street expectations of 420k but above the whisper number of 415k. Tesla’s reported 16% year-over-year decline, compared to +7% in September, is largely distorted by the timing of the tax credit expiration, which pulled forward demand.
“Taking a step back, we believe September deliveries pulled forward approximately 55k units that would have otherwise occurred in December or March. For simplicity, we assume the entire pull-forward impacted the December quarter. Under this assumption, September growth would have been down ~5% absent the 55k pull-forward, a Deepwater estimate tied to the credit’s expiration.
“For December deliveries to have declined ~5% year over year would imply total deliveries of roughly 470k. Subtracting the 55k units pulled into September results in an implied December delivery figure of approximately 415k. The reported 418k suggests that, when normalizing for the tax credit timing, quarter-over-quarter growth has been consistently down ~5%. Importantly, this ~5% decline represents an improvement from the ~13% declines seen in both the March and June 2025 quarters.“
Tesla’s United States market share
Munster also estimated that Q4 as a whole might very well show a notable improvement in Tesla’s market share in the United States.
“Over the past couple of years, based on data from Cox Automotive, Tesla has been losing U.S. EV market share, declining to just under 50%. Based on data for October and November, Cox estimates that total U.S. EV sales were down approximately 35%, compared to Tesla’s just reported down 16% for the full quarter. For the first two months of the quarter, Cox reported Tesla market share of roughly a 65% share, up from under 50% in the September quarter.
“While this data excludes December, the quarter as a whole is likely to show a material improvement in Tesla’s U.S. EV market share.“
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