In This Article:
Electric vehicle (EV) giant Tesla TSLA reported first-quarter 2025 earnings per share of 27 cents, which missed the Zacks Consensus Estimate of 44 cents and also decreased from the year-ago figure of 45 cents. Total revenues of $19.33 billion also lagged the consensus mark of $21 billion and declined 9% year over year.
Despite the significant miss, shares of Tesla were up more than 5% in after-hour trading. TSLA remains committed to starting the production of affordable vehicles in the first half of this year. It also reaffirmed that Cybercab will begin volume production in 2026. The company is also on track for the pilot launch of Robotaxi in Austin by June. However, with the current global tariff chaos and uncertainty with Tesla’s China business, the company will revisit 2025 delivery volume guidance in the second-quarter update.
Tesla, Inc. Price, Consensus and EPS Surprise
Tesla, Inc. price-consensus-eps-surprise-chart | Tesla, Inc. Quote
Key Takeaways
Tesla’s first-quarter production totaled 362,615 units (345,454 Model 3/Y and 17,161 other models), declining 16% year over year and missing our estimate of 426,407 units. The company delivered 336,681 vehicles, which fell 13% year over year and lagged our estimate of 409,584 units. The Model 3/Y registered deliveries of 323,800 vehicles, which declined 12% year over year and fell short of our expectations of 389,255 units.
Total automotive revenues of roughly $14 billion were down 19.6% year over year and lagged our estimate of $18.4 billion. The reported figure also included $595 million from the sale of regulatory credits for electric vehicles, which increased 34.6% year over year. Automotive sales, excluding revenues from leasing and regulatory credits, totaled $12.92 billion, which missed our projection of $17.5 billion on lower-than-expected deliveries. Automotive gross profit (excluding automotive leasing and regulatory credits) came in at $1.46 billion. Automotive gross margin came in at 11.3%, down from 15.5% reported in first-quarter 2024.
Tesla’s operating margin declined 343 basis points year over year to 2.1% in the quarter under discussion and significantly lagged our estimate of 7.5%. (Find the latest earnings estimates and surprises on Zacks Earnings Calendar.)
Energy Generation and Storage revenues came in at $2.73 billion in first-quarter 2025, surging 67% year over year but lagging our estimate of $3 billion. Notably, energy storage deployments came in at 10.4 GWh. Services and Other revenues were $2.64 billion, up 15% year over year. However, the metric fell short of our estimate of $3 billion. Tesla ended first-quarter 2025 with 67,316 Supercharger connectors.