Tesla Q4 2025 Earnings Call Expansion (Jan 28, 2026):[1][2][3]
Financials: Revenue $24.9B (-3% YoY, beat est. $24.74B). GAAP EPS $0.24, adj. $0.50 (beat $0.45). GAAP net $840M. Auto margins excl. credits up to 17.9% (from 15.4%). FY2025 revenue $94.8B (first annual drop), deliveries 1.63M (-8.6%). Energy storage record 14.2 GWh Q4, 46.7 GWh FY.[1][4]
Guidance: 2026 capex >$20B (from ~$9B '25). 6 new production lines (vehicles, robots, energy, batteries). Margin pressure from competition/tariffs. Backlogs strong globally.[1][2]
Key Updates: End Model S/X production Q2 2026 ("honorable discharge"); Fremont line to Optimus. Cybercab/Semi/Megapack 3 volume prod 2026—no wheel/pedals. Robotaxi pilot Austin unsupervised FSD (no safety drivers). Optimus unveil ~3mo, million-unit ramp. Energy "killing it," Megapack/Powerwall demand insane.[1]
Musk Highlights: Mission now "amazing abundance" via AI/robotics → "universal high income." Autonomy/robotics ramps 2026 core. "Cybercabs > all other vehicles long-term." Q&A on FSD, China, xAI/SpaceX.[1][4]
Full transcripts: Seeking Alpha[4] | Tesla IR[5]
RE: LeoThread 2026-01-28 23-57