Tesla published its financial results for 2025 this afternoon. If 2024 was a bad year for the electric automaker, 2025 was far worse: For the first time in Tesla's history, revenues fell year over year.

A bad quarter

Earlier this month , Tesla revealed its sales and production numbers for the fourth quarter of 2025, with a 16 percent decline compared to Q4 2024. Now we know the cost of those lost sales: Automotive revenues fell by 11 percent to $17.7 billion.

Happily for Tesla, double-digit growth in its energy storage business ($3.8 billion, an increase of 25 percent) and services ($3.4 billion, an increase of 18 percent) made up some of the shortfall.

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