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1、Q4 and FY 2025 Update1Highlights03Financial Summary04Operational Summary06Manufacturing&Hardware08Supporting Infrastructure09AI&Software10Services11Other Updates12Outlook13Photos&Charts14Key Metrics24Financial Statements27Additional Information342S U M M A R YH I G H L I G H T S(1)Excludes SBC(stock

2、-based compensation)&Digital assets gains and losses,net of tax;(2)Free cash flow=operating cash flow less capex;(3)Includes cash,cash equivalents and investments;(4)Active driver supervision required;does not make the vehicle autonomous;Note:all information herein refers to the current quarter unle

3、ss otherwise noted.Profitability$4.4B GAAP operating income in 2025;$1.4B in Q4$3.8B GAAP net income in 2025;$0.8B in Q4$5.9B non-GAAP net income1 in 2025;$1.8B in Q42025 marked a critical year for Tesla as we further expanded our mission and continued our transition from a hardware-centric business

4、 to a physical AI company.We laid the foundation for the future of Tesla as we further advanced FSD(Supervised)4,launched our Robotaxi service,began installing production lines for Cybercab and fine-tuned our production-primed Optimus design while expanding our AI training infrastructure.Our approac

5、h to autonomous vehicles and humanoid robots mirrors the way we approached electric vehicles and energy storage at the system level where we identify the limiting factor and develop bespoke and scalable solutions(batteries,power electronics,inverters,software,AI silicon,etc.)to optimize for cost,fun

6、ctionality,efficiency and safety.Our vertical integration has enabled us to achieve economies of scale in a profitable manner,quickly troubleshoot bottlenecks in production and iteratively optimize our technologies more rapidly than others.In 2025,we completed the refresh of our vehicle lineup with