Tesla stock slips as investors weigh deliveries and margins

Tesla (ISIN US88160R1014) stock is being assessed against a business that delivered $25.7 billion in revenue in the second quarter of 2025 and $409 million in GAAP net income, according to Tesla's interim results. The same report showed automotive gross margin excluding credits at 14.6% in Q2 2025, while vehicle deliveries in the quarter reached 384,122 units.

Revenue and margin pressure

Tesla reported $25.7 billion in revenue for Q2 2025, compared with $25.0 billion in Q2 2024, while GAAP net income fell to $409 million from $1.4 billion a year earlier. Automotive gross margin excluding credits was 14.6% in the quarter, a metric that remains central to how the market prices the company.

The delivery count of 384,122 vehicles in Q2 2025 also matters because it gives investors a direct read on volume at the same time that profitability has tightened. That combination leaves the margin line more important than raw unit growth.

Units versus earnings

Deliveries were 384,122 in Q2 2025, and the company’s net income of $409 million was far below the $1.4 billion posted in Q2 2024. Revenue increased by $700 million year on year, but profit did not follow the same path.

For investors, that gap between sales and earnings is the key comparison. Tesla's quarterly figures show that higher revenue alone has not been enough to protect bottom-line momentum.

Model 3 and Model Y

Tesla's core volume still depends heavily on the Model 3 and Model Y lineup, which underpins the company's delivery base. The product mix matters because it feeds the margin line that fell to 14.6% excluding credits in Q2 2025.

When a company posts 384,122 deliveries and only $409 million in net income in the same quarter, the market tends to watch the flagship lineup more closely than the branding story. That is especially true for Tesla stock, where quarterly operating data remains the main valuation anchor.

Quarterly context remains central

Tesla stock is quoted on Nasdaq, and its latest quarterly disclosure is still the most useful reference point for investors comparing revenue, profit, and delivery momentum. In Q2 2025, revenue reached $25.7 billion, deliveries totaled 384,122 units, and net income stood at $409 million.

Those three figures tell the story more clearly than any narrative about long-term ambition. Revenue rose year on year, but earnings and margin did not keep the same pace.