这是用户在 2025-7-24 4:17 为 https://app.immersivetranslate.com/pdf-pro/002486aa-b85e-4ae3-a13a-76009b16cce1/ 保存的双语快照页面，由 沉浸式翻译 提供双语支持。了解如何保存？
Q2 2025 Update  2025 年第二季度更新
Highlights … 03  亮点摘要 … 03
Financial Summary … 04
财务概要 … 04
Operational Summary … 06
运营概况 … 06
Automotive … 07  汽车行业…07
Core Technology … 08
核心技术…08
Energy & Services and Other … 09
能源服务及其他…09
Outlook … 10  展望…10
Photos & Charts … 11
照片与图表 … 11
Key Metrics … 21
关键指标 … 21
Financial Statements … 23
财务报表 … 23
Additional Information … 29
补充信息 … 29
$0.9B GAAP operating income
9 亿美元 GAAP 运营收入
$1.2B GAAP net income
12 亿美元 GAAP 净收入
$1.4B non-GAAP net income 1 1 ^(1){ }^{1}
14 亿美元非 GAAP 净收入
Cash  现金
Operating cash flow of $2.5B
运营现金流 25 亿美元
Free cash flow 2 2 ^(2){ }^{2} of $0.1B
自由现金流 0#为 1 亿美元
$ 0.2 B $ 0.2 B $0.2B\$ 0.2 \mathrm{~B} decrease in our cash and investments 3 3 ^(3){ }^{3} to $ 36.8 B $ 36.8 B $36.8B\$ 36.8 \mathrm{~B}
现金及投资减少 0#至 1#2#
Operations  运营
Launched our Robotaxi service in Austin
在奥斯汀推出 Robotaxi 自动驾驶出租车服务
Delivered first customer vehicle fully autonomously
首次实现完全自动驾驶的客户车辆交付
Deployed first Megapacks from Megafactory Shanghai
上海超级工厂首批 Megapack 储能系统完成交付
Q2 2025 was a seminal point in Tesla’s history: the beginning of our transition from leading the electric vehicle and renewable energy industries to also becoming a leader in AI, robotics and related services. Our first Robotaxi service launched in Austin in June. While the service is limited in initial scope, we believe our approach to autonomy - a camera-only architecture with neural networks trained on data from our global fleet of millions of vehicles - allows us to continually improve safety, rapidly scale the network and improve profitability.
2025 年第二季度成为特斯拉发展史上的关键转折点：我们开始从电动车与可再生能源行业的领导者，转型为同时引领人工智能、机器人及相关服务领域的先锋。6 月，首项 Robotaxi 服务在奥斯汀正式投入运营。虽然初期服务范围有限，但我们坚信基于纯视觉架构的自动驾驶方案——通过全球数百万辆车队数据训练的神经网络——将不断提升安全性，快速扩展服务网络并提高盈利水平。
We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025. Additionally, we continued development of Semi and Cybercab, both slated for volume production in 2026.
我们持续扩充车型阵容，包括将于 6 月首次推出更经济实惠的车型，并计划在 2025 年下半年实现量产。此外，我们持续推进 Semi 电动卡车和 Cybercab 无人出租车的研发，这两款车型均计划于 2026 年投入量产。
The Energy business is more critical than ever. The availability of clean, reliable energy is necessary for economic growth and an imperative for the development and commercialization of AI enabled products and services. As electricity demand grows, our Megapack product helps to increase utilization of existing generation and transmission capacity, resulting in a more efficient use of the electric grid. When paired with solar PV, Megapack is cost competitive with traditional fossil fuel generation assets and can be deployed 4 x faster than traditional fossil fuel plants of the same capacity. Trailing twelve-month Energy storage deployments achieved their 12th consecutive quarterly record.
能源业务比以往任何时候都更加重要。清洁可靠的能源供应不仅是经济增长的必要条件，更是人工智能产品与服务开发商业化的关键前提。随着电力需求增长，我们的 Megapack 储能系统能有效提升现有发电及输电设施的利用率，从而实现电网更高效运行。当与太阳能光伏配套使用时，Megapack 在成本上可媲美传统化石燃料发电设施，且部署速度可达同等容量传统电厂的四倍。过去十二个月的储能部署量已连续第十二个季度创下历史新高。
Despite a sustained uncertain macroeconomic environment resulting from shifting tariffs, unclear impacts from changes to fiscal policy and political sentiment, we continue to make highvalue investments in CapEx and R&D, while ensuring a strong balance sheet. Our priorities remain the same: delivering affordable and compelling autonomy-capable models that maximize our global fleet of vehicles as our autonomy software continues to rapidly progress, growing the Energy business and advancing our robotics efforts.
尽管宏观经济环境持续不确定，包括关税变动、财政政策调整和政治情绪变化带来的不明朗影响，我们仍持续在资本支出和研发领域进行高价值投资，同时保持强劲的资产负债表。我们的优先事项始终如一：在全球车队规模最大化的基础上，持续快速推进自动驾驶软件开发，推出经济实惠且极具吸引力的自动驾驶车型；同时发展能源业务并推进机器人技术项目。
FINANCIAL SUMMARY  财务摘要
(Unaudited)  （未经审计）
($ in millions, except percentages and per share data)
（除百分比和每股数据外，单位：百万美元）		 Q2-2024  2024 年第二季度 Q3-2024  2024 年第三季度 Q4-2024  2024 年第四季度 Q1-2025  2025 年第一季度 Q2-2025  2025 年第二季度 YoY  同比
Total automotive revenues
汽车业务总收入		 19,878 20,016 19,798 13,967 16,661 -16%
Energy generation and storage revenue
能源发电与储能业务收入		 3,014 2,376 3,061 2,730 2,789 -7%
Services and other revenue
服务及其他收入		 2,608 2,790 2,848 2,638 3,046 17%
Total revenues  总收入 25,500 25,182 25,707 19,335 22,496 -12%
Total gross profit  总毛利润 4,578 4,997 4,179 3,153 3,878 -15%
Total GAAP gross margin
总 GAAP 毛利率		 18.0% 19.8% 16.3% 16.3% 17.2% -71 bp  -71 个基点
Operating expenses  运营支出 2,973 2,280 2,596 2,754 2,955 -1%
Income from operations  运营收入 1,605 2,717 1,583 399 923 -42%
Operating margin  运营利润率 6.3% 10.8% 6.2% 2.1% 4.1% -219 bp  -219 个基点
Adjusted EBITDA ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)}  调整后 EBITDA ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)} 3,674 4,665 4,333 2,814 3,401 -7%
Adjusted EBITDA margin ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)}
调整后 EBITDA 利润率 ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)} 		14.4% 18.5% 16.9% 14.6% 15.1% 71 bp  71 个基点
Net income attributable to common stockholders (GAAP) ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的净利润（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1,400 2,173 2,128 409 1,172 -16%
Net income attributable to common stockholders (non-GAAP) ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)}
归属于普通股股东的净利润（非 GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)} 		1,812 2,505 2,107 934 1,393 -23%
EPS attributable to common stockholders, diluted (GAAP) ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的每股收益，稀释后（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		0.40 0.62 0.60 0.12 0.33 -18%
EPS attributable to common stockholders, diluted (non-GAAP) ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)}
归属于普通股股东的每股收益，稀释后（非 GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)} 		0.52 0.72 0.60 0.27 0.40 -23%
Net cash provided by operating activities
经营活动产生的净现金		 3,612 6,255 4,814 2,156 2,540 -30%
Capital expenditures ( 4 ) ( 4 ) ^((4)){ }^{(4)}  资本支出 ( 4 ) ( 4 ) ^((4)){ }^{(4)} ( 2 , 272 ) ( 2 , 272 ) (2,272)(2,272) ( 3 , 513 ) ( 3 , 513 ) (3,513)(3,513) ( 2 , 780 ) ( 2 , 780 ) (2,780)(2,780) ( 1 , 492 ) ( 1 , 492 ) (1,492)(1,492) ( 2 , 394 ) ( 2 , 394 ) (2,394)(2,394) 5%
Free cash flow ( 4 ) ( 4 ) ^((4)){ }^{(4)}  自由现金流 ( 4 ) ( 4 ) ^((4)){ }^{(4)} 1,340 2,742 2,034 664 146 -89%
Cash, cash equivalents and investments
现金、现金等价物及投资		 30,720 33,648 36,563 36,996 36,782 20%
(Unaudited) ($ in millions, except percentages and per share data) Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 YoY Total automotive revenues 19,878 20,016 19,798 13,967 16,661 -16% Energy generation and storage revenue 3,014 2,376 3,061 2,730 2,789 -7% Services and other revenue 2,608 2,790 2,848 2,638 3,046 17% Total revenues 25,500 25,182 25,707 19,335 22,496 -12% Total gross profit 4,578 4,997 4,179 3,153 3,878 -15% Total GAAP gross margin 18.0% 19.8% 16.3% 16.3% 17.2% -71 bp Operating expenses 2,973 2,280 2,596 2,754 2,955 -1% Income from operations 1,605 2,717 1,583 399 923 -42% Operating margin 6.3% 10.8% 6.2% 2.1% 4.1% -219 bp Adjusted EBITDA ^((1)(2)) 3,674 4,665 4,333 2,814 3,401 -7% Adjusted EBITDA margin ^((1)(2)) 14.4% 18.5% 16.9% 14.6% 15.1% 71 bp Net income attributable to common stockholders (GAAP) ^((1)) 1,400 2,173 2,128 409 1,172 -16% Net income attributable to common stockholders (non-GAAP) ^((1)(3)) 1,812 2,505 2,107 934 1,393 -23% EPS attributable to common stockholders, diluted (GAAP) ^((1)) 0.40 0.62 0.60 0.12 0.33 -18% EPS attributable to common stockholders, diluted (non-GAAP) ^((1)(3)) 0.52 0.72 0.60 0.27 0.40 -23% Net cash provided by operating activities 3,612 6,255 4,814 2,156 2,540 -30% Capital expenditures ^((4)) (2,272) (3,513) (2,780) (1,492) (2,394) 5% Free cash flow ^((4)) 1,340 2,742 2,034 664 146 -89% Cash, cash equivalents and investments 30,720 33,648 36,563 36,996 36,782 20%| (Unaudited) | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ($ in millions, except percentages and per share data) | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | YoY | | Total automotive revenues | 19,878 | 20,016 | 19,798 | 13,967 | 16,661 | -16% | | Energy generation and storage revenue | 3,014 | 2,376 | 3,061 | 2,730 | 2,789 | -7% | | Services and other revenue | 2,608 | 2,790 | 2,848 | 2,638 | 3,046 | 17% | | Total revenues | 25,500 | 25,182 | 25,707 | 19,335 | 22,496 | -12% | | Total gross profit | 4,578 | 4,997 | 4,179 | 3,153 | 3,878 | -15% | | Total GAAP gross margin | 18.0% | 19.8% | 16.3% | 16.3% | 17.2% | -71 bp | | Operating expenses | 2,973 | 2,280 | 2,596 | 2,754 | 2,955 | -1% | | Income from operations | 1,605 | 2,717 | 1,583 | 399 | 923 | -42% | | Operating margin | 6.3% | 10.8% | 6.2% | 2.1% | 4.1% | -219 bp | | Adjusted EBITDA ${ }^{(1)(2)}$ | 3,674 | 4,665 | 4,333 | 2,814 | 3,401 | -7% | | Adjusted EBITDA margin ${ }^{(1)(2)}$ | 14.4% | 18.5% | 16.9% | 14.6% | 15.1% | 71 bp | | Net income attributable to common stockholders (GAAP) ${ }^{(1)}$ | 1,400 | 2,173 | 2,128 | 409 | 1,172 | -16% | | Net income attributable to common stockholders (non-GAAP) ${ }^{(1)(3)}$ | 1,812 | 2,505 | 2,107 | 934 | 1,393 | -23% | | EPS attributable to common stockholders, diluted (GAAP) ${ }^{(1)}$ | 0.40 | 0.62 | 0.60 | 0.12 | 0.33 | -18% | | EPS attributable to common stockholders, diluted (non-GAAP) ${ }^{(1)(3)}$ | 0.52 | 0.72 | 0.60 | 0.27 | 0.40 | -23% | | Net cash provided by operating activities | 3,612 | 6,255 | 4,814 | 2,156 | 2,540 | -30% | | Capital expenditures ${ }^{(4)}$ | $(2,272)$ | $(3,513)$ | $(2,780)$ | $(1,492)$ | $(2,394)$ | 5% | | Free cash flow ${ }^{(4)}$ | 1,340 | 2,742 | 2,034 | 664 | 146 | -89% | | Cash, cash equivalents and investments | 30,720 | 33,648 | 36,563 | 36,996 | 36,782 | 20% |
( 1 ) ( 1 ) ^((1)){ }^{(1)} As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
( 1 ) ( 1 ) ^((1)){ }^{(1)} 由于采用了新的加密资产会计准则，2024 年之前报告的季度数据已进行追溯调整。
( 2 ) ( 2 ) ^((2)){ }^{(2)} Beginning in Q1’25, Adjusted EBITDA (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
自 2025 年第一季度起，调整后 EBITDA（非 GAAP）将扣除数字资产损益列报，所有前期数据均已相应调整。
4 ( 3 ) 4 ( 3 ) 4^((3))4{ }^{(3)} Beginning in Q1’25, Net income attributable to common stockholders (non-GAAP) is presented net of digital assets gains and losses and all prior periods have been adjusted.
自 2025 年第一季度起，归属于普通股股东的净利润（非 GAAP）将扣除数字资产损益后列示，所有前期数据均已相应调整。
( 4 ) ( 4 ) ^((4)){ }^{(4)} Beginning in Q1’25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
从 2025 年第一季度开始，资本支出将包含太阳能系统采购金额，所有前期数据均已相应调整。

FINANCIAL SUMMARY  财务摘要

Revenue  收入
Total revenue decreased 12 % 12 % 12%12 \% YoY to $ 22.5 B $ 22.5 B $22.5B\$ 22.5 \mathrm{~B}. YoY, revenue was impacted by the following items:
总收入同比下降 12 % 12 % 12%12 \% 至 $ 22.5 B $ 22.5 B $22.5B\$ 22.5 \mathrm{~B} 。同比收入受到以下项目影响：
  • decline in vehicle deliveries
    车辆交付量下降
  • lower regulatory credit revenue
    监管信用收入下降
  • reduced vehicle average selling price (ASP) (excl. FX impact 1 1 ^(1){ }^{1} ), due to mix
    车辆平均售价（ASP）下降（不含外汇影响 1 1 ^(1){ }^{1} ），主要受产品组合影响
  • decline in Energy Generation and Storage revenue due to lower ASP
    能源发电与储能业务收入下降，主要由于平均售价(ASP)降低
  • growth in Services and Other
    服务及其他业务实现增长
    Profitability Our operating income decreased 42 % 42 % 42%42 \% YoY to $ 0.9 B $ 0.9 B $0.9B\$ 0.9 \mathrm{~B}, resulting in a 4.1 % 4.1 % 4.1%4.1 \% operating margin. YoY, operating income was primarily impacted by the following items:
    盈利能力 我们的营业利润同比下降 42 % 42 % 42%42 \% 至 $ 0.9 B $ 0.9 B $0.9B\$ 0.9 \mathrm{~B} ，营业利润率为 4.1 % 4.1 % 4.1%4.1 \% 。同比来看，营业利润主要受以下因素影响：
  • lower regulatory credit revenue
    监管信用收入下降
  • increase in operating expenses (ex. restructuring and SBC) driven by AI and other R&D projects
    运营支出增加（不包括重组和股权激励），主要源于人工智能及其他研发项目的投入
  • decline in vehicle deliveries
    车辆交付量下降
  • increase in SBC  股权激励费用增加
  • decrease in restructuring charges
    重组费用减少
  • lower cost per vehicle, due to mix and lower raw materials partially offset by lower fixed cost absorption and an increase in tariffs
    单车成本下降，得益于产品组合优化和原材料成本降低，但部分被固定成本分摊减少和关税增加所抵消
  • growth in Energy Generation and Storage gross profit
    能源发电与储能业务毛利增长
    Cash Quarter-end cash, cash equivalents and investments was $ 36.8 B $ 36.8 B $36.8B\$ 36.8 \mathrm{~B}. The sequential decrease of $ 0.2 B $ 0.2 B $0.2B\$ 0.2 \mathrm{~B} was primarily the result of changes inrestricted cash and cash used in financing activities partially offset by free cash flow.
    季度末现金、现金等价物及投资金额为 $ 36.8 B $ 36.8 B $36.8B\$ 36.8 \mathrm{~B} 。环比减少 $ 0.2 B $ 0.2 B $0.2B\$ 0.2 \mathrm{~B} ，主要原因是受限现金变动以及融资活动现金支出，部分被自由现金流所抵消。
OPERATIONAL SUMMARY  运营概要
(Unaudited)  （未经审计）
Q2-2024  2024 年第二季度 Q3-2024  2024 年第三季度 Q4-2024  2024 年第四季度 Q1-2025  2025 年第一季度 Q2-2025  2025 年第二季度 YoY  同比
Model 3/Y production  Model 3/Y 产量 386,576 443,668 436,718 345,454 396,835 3%
Other models production  其他车型产量 24,255 26,128 22,727 17,161 13,409 -45%
Total production  总产量 410,831 469,796 459,445 362,615 410,244 0%
Model 3/Y deliveries  Model 3/Y 交付量 422,405 439,975 471,930 323,800 373,728 -12%
Other models deliveries  其他车型交付量 21,551 22,915 23,640 12,881 10,394 -52%
Total deliveries  总交付量 443,956 462,890 495,570 336,681 384,122 -13%
of which subject to operating lease accounting
其中适用经营租赁会计处理的车辆数量		 10,227 14,449 26,962 13,721 6,670 -35%
Total end of quarter operating lease vehicle count
季度末经营租赁车辆总数		 171,353 168,867 180,523 179,930 172,882 1%
Global vehicle inventory (days of supply) ( 1 ) ( 1 ) ^((1)){ }^{(1)}
全球车辆库存（供应天数） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		18 19 12 22 24 33%
Storage deployed (GWh)  已部署储能容量（千兆瓦时） 9.4 6.9 11.0 10.4 9.6 2%
Tesla locations  特斯拉门店 1,286 1,306 1,359 1,390 1,454 13%
Mobile service fleet  移动服务车队 1,896 1,933 1,895 1,799 1,684 -11%
Supercharger stations  超级充电站 6,473 6,706 6,975 7,131 7,377 14%
Supercharger connectors  超级充电桩 59,596 62,421 65,495 67,316 70,228 18%
(Unaudited) Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 YoY Model 3/Y production 386,576 443,668 436,718 345,454 396,835 3% Other models production 24,255 26,128 22,727 17,161 13,409 -45% Total production 410,831 469,796 459,445 362,615 410,244 0% Model 3/Y deliveries 422,405 439,975 471,930 323,800 373,728 -12% Other models deliveries 21,551 22,915 23,640 12,881 10,394 -52% Total deliveries 443,956 462,890 495,570 336,681 384,122 -13% of which subject to operating lease accounting 10,227 14,449 26,962 13,721 6,670 -35% Total end of quarter operating lease vehicle count 171,353 168,867 180,523 179,930 172,882 1% Global vehicle inventory (days of supply) ^((1)) 18 19 12 22 24 33% Storage deployed (GWh) 9.4 6.9 11.0 10.4 9.6 2% Tesla locations 1,286 1,306 1,359 1,390 1,454 13% Mobile service fleet 1,896 1,933 1,895 1,799 1,684 -11% Supercharger stations 6,473 6,706 6,975 7,131 7,377 14% Supercharger connectors 59,596 62,421 65,495 67,316 70,228 18%| (Unaudited) | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | YoY | | Model 3/Y production | 386,576 | 443,668 | 436,718 | 345,454 | 396,835 | 3% | | Other models production | 24,255 | 26,128 | 22,727 | 17,161 | 13,409 | -45% | | Total production | 410,831 | 469,796 | 459,445 | 362,615 | 410,244 | 0% | | Model 3/Y deliveries | 422,405 | 439,975 | 471,930 | 323,800 | 373,728 | -12% | | Other models deliveries | 21,551 | 22,915 | 23,640 | 12,881 | 10,394 | -52% | | Total deliveries | 443,956 | 462,890 | 495,570 | 336,681 | 384,122 | -13% | | of which subject to operating lease accounting | 10,227 | 14,449 | 26,962 | 13,721 | 6,670 | -35% | | Total end of quarter operating lease vehicle count | 171,353 | 168,867 | 180,523 | 179,930 | 172,882 | 1% | | Global vehicle inventory (days of supply) ${ }^{(1)}$ | 18 | 19 | 12 | 22 | 24 | 33% | | Storage deployed (GWh) | 9.4 | 6.9 | 11.0 | 10.4 | 9.6 | 2% | | Tesla locations | 1,286 | 1,306 | 1,359 | 1,390 | 1,454 | 13% | | Mobile service fleet | 1,896 | 1,933 | 1,895 | 1,799 | 1,684 | -11% | | Supercharger stations | 6,473 | 6,706 | 6,975 | 7,131 | 7,377 | 14% | | Supercharger connectors | 59,596 | 62,421 | 65,495 | 67,316 | 70,228 | 18% |
We continue to make progress preparing for the launch of additional models this year. Our entire model lineup is better than ever with recent updates. Our ongoing focus on supply chain robustness has enabled a resilient vehicle capacity base despite trade and policy uncertainties. We produced our 8-millionth vehicle in June.
我们持续为今年推出更多车型做准备并取得进展。通过近期更新，我们的全系车型表现比以往更出色。尽管面临贸易和政策不确定性，我们始终关注供应链韧性，确保了稳定的产能基础。6 月，我们迎来了第 800 万辆汽车下线。

US: California, Nevada and Texas
美国：加利福尼亚州、内华达州和德克萨斯州

We had record test drives in North America, up 20% sequentially. Given the recent refreshes in our product portfolio and rapid improvement in FSD (Supervised) 1 1 ^(1){ }^{1}, it is paramount we maximize the number of prospective customers experiencing our vehicles. In May, the team launched the Long Range RWD Model Y with 357 miles of range, starting under $45k before incentives, opening the Model Y portfolio to more potential buyers.
北美地区试驾量创下历史新高，环比增长 20%。鉴于产品线近期更新及 FSD（Supervised） 1 1 ^(1){ }^{1} 的快速改进，让更多潜在客户亲身体验我们的车辆至关重要。5 月，团队推出了续航达 357 英里的 Model Y 长续航后驱版，补贴前起售价低于 4.5 万美元，为更多潜在买家敞开了 Model Y 产品线的大门。

APAC: Shanghai  亚太区：上海

Gigafactory Shanghai remains our main export hub and continues to support greater market expansion. We achieved record delivery volumes in South Korea, Malaysia, the Philippines and Singapore. In July, we launched the Model Y in India, marking our entry into the world’s thirdlargest car market. The refreshed Model 3 earned a 5-star Overall Safety Rating from ANCAP, achieving 95% in the Child Occupant Protection pillar - the highest result recorded to date against ANCAP’s 2023-2025 criteria. We continue to prepare for broader release of FSD (Supervised) 1 1 ^(1){ }^{1} in China this year, pending regulatory approval.
上海超级工厂仍是我们的主要出口中心，并持续支持更广阔的市场拓展。我们在韩国、马来西亚、菲律宾和新加坡实现了创纪录的交付量。7 月，我们在印度推出 Model Y，标志着我们正式进入全球第三大汽车市场。焕新版 Model 3 获得 ANCAP 五星整体安全评级，在儿童乘员保护项目中取得 95%的成绩——这是迄今为止按照 ANCAP 2023-2025 标准测试获得的最高分。我们继续为今年在中国更广泛地推出 FSD（Supervised） 1 1 ^(1){ }^{1} 做准备，目前正等待监管批准。

Europe and the Middle East: Berlin-Brandenburg
欧洲和中东：柏林-勃兰登堡工厂

Model Y was the best-selling vehicle in Norway YTD and in Türkiye, Netherlands, Switzerland and Austria in June. The refreshed Model 3 achieved a 5-star Overall Safety Rating from EuroNCAP and is the safest car in Europe based on the latest EuroNCAP test scores. We continue to prepare for the launch of FSD (Supervised) 1 1 ^(1){ }^{1} in Europe this year, pending regulatory approval.
Model Y 成为挪威年内累计销量冠军，并在 6 月成为土耳其、荷兰、瑞士和奥地利最畅销车型。焕新版 Model 3 获得 EuroNCAP 五星整体安全评级，根据最新 EuroNCAP 测试成绩，它是欧洲最安全的汽车。我们继续为今年在欧洲推出 FSD（Supervised） 1 1 ^(1){ }^{1} 做准备，目前正等待监管批准。
Current Installed Annual Vehicle Capacity
当前年化汽车产能
Region  地区 Model  型号 Capacity  产能 Status  状态
California  加利福尼亚州 Model S / Model X 100,000 Production  生产
Model 3 / Model Y >550,000  55 万辆 Production  产量
Shanghai  上海 Model 3 / Model Y
Model 3/Model Y		 >950,000  >95 万辆 Production  产量
Berlin  柏林 Model Y >375,000 Production  产量
Texas  得克萨斯州 Model Y >250,000  >25 万辆 Production  产量
Cybertruck >125,000  >12.5 万辆 Production  生产
Cybercab  赛博出租车 - Construction  建设
Nevada  内华达州 Tesla Semi  特斯拉 Semi 电动卡车 - Construction  建设阶段
TBD  待定 Roadster  Roadster 跑车 - Design development  设计开发
Current Installed Annual Vehicle Capacity Region Model Capacity Status California Model S / Model X 100,000 Production Model 3 / Model Y >550,000 Production Shanghai Model 3 / Model Y >950,000 Production Berlin Model Y >375,000 Production Texas Model Y >250,000 Production Cybertruck >125,000 Production Cybercab - Construction Nevada Tesla Semi - Construction TBD Roadster - Design development| Current Installed Annual Vehicle Capacity | | | | | :--- | :--- | :--- | :--- | | Region | Model | Capacity | Status | | California | Model S / Model X | 100,000 | Production | | | Model 3 / Model Y | >550,000 | Production | | Shanghai | Model 3 / Model Y | >950,000 | Production | | Berlin | Model Y | >375,000 | Production | | Texas | Model Y | >250,000 | Production | | | Cybertruck | >125,000 | Production | | | Cybercab | - | Construction | | Nevada | Tesla Semi | - | Construction | | TBD | Roadster | - | Design development |
Installed capacity ≠ ≠ !=\neq current production rate and there may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors. Construction includes factory and infrastructure buildout as well as tool installation.
当前生产速率下的装机容量可能存在限制，随着生产速率接近产能上限时可能会发现更多制约因素。生产速率取决于多种因素，包括设备运行时间、零部件供应、工厂升级相关的停机时间、监管考量及其他因素。建设内容包括工厂及基础设施扩建以及设备安装。
Source: Tesla estimates based on latest available data from ACEA; Autonews.com; CAAM - lightduty vehicles only; TTM = Trailing twelve months; Q2 data for Europe unavailable as of
来源：特斯拉基于 ACEA 最新可用数据的估算；Autonews.com；中国汽车工业协会（仅含轻型车辆）；TTM=滚动十二个月数据；截至本报告发布时欧洲第二季度数据暂不可用

CORE TECHNOLOGY  核心技术

Artificial Intelligence Software and Hardware
人工智能软件与硬件

In June, we launched our Robotaxi service in the first city, Austin, with a safety rider. We will further improve and expand the service (more vehicles covering a larger area, eventually without a safety rider) while testing in other U.S. cities in anticipation of additional launches. Our efforts to refine the Robotaxi offering in Austin are not location-specific and will allow us to scale to other cities quickly with marginal investment. We achieved the world’s first autonomous delivery to a customer with a new production Model Y driving itself ~30 minutes from the factory across town to its new owner’s home, including on highways. We expanded AI training compute with an additional 16k H200 GPUs at Gigafactory Texas, bringing Cortex to a total of 67k H100 equivalents.
6 月，我们在首座城市奥斯汀推出了配备安全员的 Robotaxi 服务。我们将持续优化并扩大服务范围（增加车辆覆盖更广区域，最终实现无安全员运营），同时在其他美国城市进行测试，为后续推广做准备。我们在奥斯汀完善 Robotaxi 服务的经验具有普适性，只需少量追加投资即可快速复制到其他城市。我们实现了全球首次自动驾驶交付：一辆全新 Model Y 从工厂出发，在包含高速公路的 30 分钟路程中全程自主驾驶，最终抵达新车主家中。此外，我们在得州超级工厂新增了 16,000 块 H200 GPU 用于 AI 训练计算，使 Cortex 算力总量达到 67,000 块 H100 等效算力。

Vehicle and Other Software
车辆及其他软件

Our cars get better over time: a 2017 Model 3 owner today has access to features that did not exist when their car was built - improved security and safety (Sentry Mode, Dashcam Viewer, Automatic Blind Spot Camera, Dog Mode), increased convenience (Tesla Profiles, mobile app Trip Planner, battery preconditioning for faster Supercharging) and entertainment options (Netflix, YouTube, etc.) among many others - all delivered for free via software updates.
我们的车辆会随时间不断升级：2017 款 Model 3 车主如今能享受到车辆出厂时尚未存在的功能——包括增强的安全防护（哨兵模式、行车记录仪查看器、自动盲点摄像头、爱犬模式）、更便捷的体验（特斯拉账户配置、手机应用行程规划、超级充电电池预热）以及娱乐选项（Netflix、YouTube 等）——所有这些都通过免费软件更新实现。
We launched the Robotaxi mobile app, which leverages existing Tesla app features and provides a seamless customer experience. With a Tesla Profile, customers can request a ride, follow the vehicle’s location, preset cabin temperature, unlock the car using their phone, have access to their favorite entertainment and securely pay for the ride with their payment profile.
我们推出了 Robotaxi 移动应用程序，该程序整合了现有特斯拉应用功能，提供无缝的客户体验。通过特斯拉账户，客户可以预约车辆、实时追踪位置、预设车厢温度、使用手机解锁车门、访问个人娱乐收藏，并通过支付资料安全完成行程支付。

Battery, Powertrain and Manufacturing
电池组、动力总成与生产制造

Our lithium refining and cathode production plants remain on track to begin production in 2025, on-shoring production of critical battery materials to the U.S. We are on course to begin domestic
我们的锂精炼与阴极材料工厂仍按计划将于 2025 年投产，实现关键电池材料的美国本土化生产。我们正稳步推进国内
Cumulative miles driven with FSD (Supervised) 1 1 ^(1){ }^{1} (billions)
FSD（监督模式）累计行驶里程 1 1 ^(1){ }^{1} （十亿英里）
Tesla AI training capacity ramp through end of September (H100 equivalent GPUs) production of our first LFP cells for our energy storage products later this year.
特斯拉 AI 训练能力提升至 9 月底（相当于 H100 GPU 数量），今年晚些时候将首次为储能产品生产 LFP 电池。

ENERGY & SERVICES AND OTHER
能源与服务及其他业务

Energy storage deployments continue to grow as we expand capacity for both Megapack and Powerwall to meet demand globally. Services and Other - a collection of businesses that mainly supports vehicle sales - also continues to grow alongside our global fleet of vehicles.
随着我们扩大 Megapack 和 Powerwall 产能以满足全球需求，储能部署持续增长。服务与其他业务——主要支持车辆销售的各类业务——也随着全球车队规模同步增长。

Energy Generation and Storage
能源发电与储能

Energy storage deployments once again increased on a trailing twelve-month (TTM) basis, including record Powerwall deployments for the fifth consecutive quarter. Gross profit increased sequentially and year-over-year, reaching a record of $ 846 $ 846 $846\$ 846 million. We started deploying Megapacks from Megafactory Shanghai as the ramp continues as planned. Regionalizing energy storage manufacturing capacity is critical for meeting demand given shifting tariff, trade and fiscal policies globally.
储能部署量再次实现连续 12 个月(TTM)增长，其中 Powerwall 连续第五个季度创下部署记录。毛利润实现环比和同比双增长，达到创纪录的 $ 846 $ 846 $846\$ 846 百万美元。随着产能按计划持续提升，我们已开始从上海 Megafactory 部署 Megapack 产品。鉴于全球关税、贸易和财政政策的不断变化，实现储能制造产能区域化对满足需求至关重要。

Services and Other  服务与其他业务

Services and Other gross profit grew 64% sequentially, partly due to improved Supercharging gross profit generation from increased volume. We added over 2,900 net new Supercharging stalls, growing the network 18% year-over-year.
服务与其他业务毛利润环比增长 64%，部分得益于充电量提升带来的超级充电业务毛利润改善。我们新增超过 2,900 个超级充电桩，充电网络规模同比增长 18%。
As we continue redefining the vehicle buying and ownership experience, we have integrated Al agents to help resolve customer queries, reduce wait times for service and even provide assistance when placing an order for accessories, parts and products without having to wait for a person. We are leveraging this same technology in our service technician workflow to help improve turnaround times for service.
在我们持续重塑购车与用车体验的过程中，我们已集成 AI 智能助手来处理客户咨询、缩短服务等待时间，甚至能在用户订购配件、零件及产品时提供即时协助，无需人工等待。我们同样将这项技术应用于服务技师的工作流程，以提升维修服务的周转效率。


7 ― 7 ¯ bar(7)\overline{7}
Volume  产量 It is difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains, our cost structure and demand for durable goods and related services. While we are making prudent investments that will set up both our vehicle and energy businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories.
全球贸易与财政政策的转变对汽车及能源供应链、我们的成本结构以及耐用品和相关服务需求的影响难以量化。虽然我们正在进行审慎投资，为车辆和能源业务的增长奠定基础，但实际成效将取决于多重因素，包括整体宏观经济环境、自动驾驶技术的推进速度，以及各工厂的生产爬坡进度。
Cash  现金流 We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.
我们拥有充足的流动性资金来支持产品路线图、长期产能扩张计划及其他支出。此外，我们将通过业务管理确保在这一不确定时期保持强劲的资产负债表。
Profit  利润 While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardwarerelated profits to be accompanied by an acceleration of AI, software and fleet-based profits.
在持续通过创新降低制造与运营成本的同时，我们预计硬件相关利润将随着人工智能、软件及车队业务利润的加速增长而同步提升。
Product  产品 Our focus remains on prudently growing our vehicle volumes in a capex efficient manner by using our existing vehicle production capacity before building new lines. Plans for new vehicles that will launch in 2025 remain on track, including initial production of a more affordable model in 1H25.
我们仍将重点放在通过高效利用现有汽车产能来审慎提升产量，而非急于新建产线。计划于 2025 年推出的新车型（包括 2025 年上半年启动生产的更经济车型）均按计划推进中。
Our purpose-built Robotaxi product - Cybercab - will continue to pursue a revolutionary "unboxed" manufacturing strategy and is scheduled for volume production starting in 2026.
我们的专用 Robotaxi 产品 Cybercab 将继续采用革命性的"无箱式"制造策略，预计 2026 年启动量产。
Volume It is difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains, our cost structure and demand for durable goods and related services. While we are making prudent investments that will set up both our vehicle and energy businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories. Cash We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period. Profit While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardwarerelated profits to be accompanied by an acceleration of AI, software and fleet-based profits. Product Our focus remains on prudently growing our vehicle volumes in a capex efficient manner by using our existing vehicle production capacity before building new lines. Plans for new vehicles that will launch in 2025 remain on track, including initial production of a more affordable model in 1H25. Our purpose-built Robotaxi product - Cybercab - will continue to pursue a revolutionary "unboxed" manufacturing strategy and is scheduled for volume production starting in 2026.| Volume | It is difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains, our cost structure and demand for durable goods and related services. While we are making prudent investments that will set up both our vehicle and energy businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories. | | :--- | :--- | | Cash | We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period. | | Profit | While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardwarerelated profits to be accompanied by an acceleration of AI, software and fleet-based profits. | | Product | Our focus remains on prudently growing our vehicle volumes in a capex efficient manner by using our existing vehicle production capacity before building new lines. Plans for new vehicles that will launch in 2025 remain on track, including initial production of a more affordable model in 1H25. | | | Our purpose-built Robotaxi product - Cybercab - will continue to pursue a revolutionary "unboxed" manufacturing strategy and is scheduled for volume production starting in 2026. |

PHOTOS & CHARTS  图片与图表

THE TESLA ECOSYSTEM - CREATING A CLEANER, SAFER, MORE ENJOYABLE WORLD
特斯拉生态系统——共创更清洁、更安全、更愉悦的世界




TESLA DINER - NOW OPEN FOR CHARGING, DINING AND ENTERTAINMENT
特斯拉餐厅 - 现已开放充电、餐饮及娱乐服务





KEY METRICS QUARTERLY  季度关键指标

(Unaudited)  （未经审计）
KEY METRICS TRAILING 12 MONTHS (TTM)
过去 12 个月(TTM)关键指标
(Unaudited)  （未经审计）
STATEMENT OF OPERATIONS  经营报表
（Unaudited）  （未经审计）
In millions of USD or shares as applicable，except per share data
除每股数据外，金额单位均为百万美元或相应股份数		 Q2－2024  2024 年第二季度 Q3－2024  2024 年第三季度 Q4－2024  2024 年第四季度 Q1－2025  2025 年第一季度 Q2－2025  2025 年第二季度
REVENUES  营收
Automotive sales  汽车销售 18，530 18，831 18，659 12，925 15，787
Automotive regulatory credits
汽车监管积分		 890 739 692 595 439
Automotive leasing  汽车租赁 458 446 447 447 435
Total automotive revenues
汽车业务总收入		 19，878 20，016 19，798 13，967 16，661
Energy generation and storage
能源发电与存储		 3，014 2，376 3，061 2，730 2，789
Services and other  服务及其他 2，608 2，790 2，848 2，638 3，046
Total revenues  总收入 25，500 25，182 25，707 19，335 22，496
COST OF REVENUES  收入成本
Automotive sales  汽车销售 15，962 15，743 16，268 11，461 13，567
Automotive leasing  汽车租赁 245 247 242 239 228
Total automotive cost of revenues
汽车业务总成本		 16，207 15，990 16，510 11，700 13，795
Energy generation and storage
能源发电与储能		 2，274 1，651 2，289 1，945 1，943
Services and other  服务及其他 2，441 2，544 2，729 2，537 2，880
Total cost of revenues
总营收成本		 20，922 20，185 21，528 16，182 18，618
Gross profit  毛利润 4，578 4，997 4，179 3，153 3，878
OPERATING EXPENSES  运营开支
Research and development
研发		 1，074 1，039 1，276 1，409 1，589
Selling，general and administrative
销售、总务和行政		 1，277 1，186 1，313 1，251 1，366
Restructuring and other  重组及其他 622 55 7 94 一
Total operating expenses
总运营费用		 2，973 2，280 2，596 2，754 2，955
INCOME FROM OPERATIONS  营业利润 1，605 2，717 1，583 399 923
Interest income  利息收入 348 429 442 400 392
Interest expense  利息支出 （86） （92） （96） （91） （86）
Other（expense）income，net ( 1 ) ( 1 ) ^((1)){ }^{(1)}
其他（费用）收入净额 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		（80） （263） 595 （119） 320
INCOME BEFORE INCOME TAXES ( 1 ) ( 1 ) ^((1)){ }^{(1)}
税前收入 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1，787 2，791 2，524 589 1，549
Provision for income taxes ( 1 ) ( 1 ) ^((1)){ }^{(1)}
所得税准备金 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		371 602 381 169 359
NET INCOME ( 1 ) ( 1 ) ^((1)){ }^{(1)}  净利润 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 1，416 2，189 2，143 420 1，190
Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries
归属于子公司非控股权益及可赎回非控股权益的净利润		 16 16 15 11 18
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的净利润 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1，400 2，173 2，128 409 1，172
Less：Buy－out of noncontrolling interest
减：非控股权益回购		 一 — 3 一 —
NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK ( 1 ) ( 1 ) ^((1)){ }^{(1)}
用于计算普通股每股收益的净利润 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1，400 2，173 2，125 409 1，172
Net income per share of common stock attributable to common stockholders
归属于普通股股东的每股收益
Basic ( 1 ) ( 1 ) ^((1)){ }^{(1)}  基础 ( 1 ) ( 1 ) ^((1)){ }^{(1)} \＄ 0.44 \＄ 0.68 \＄ 0.66 \＄ 0.13  0.13 美元 \＄ 0.36  0.36 美元
Diluted ( 1 ) ( 1 ) ^((1)){ }^{(1)}  稀释后每股收益 ( 1 ) ( 1 ) ^((1)){ }^{(1)} \＄ 0.40  0.40 美元 \＄ 0.62  0.62 美元 \＄ 0.60  0.60 美元 \＄ 0.12  0.12 美元 \＄ 0.33  0.33 美元
Weighted average shares used in computing net income per share of common stock
用于计算普通股每股净收益的加权平均股数
Basic  基本 3，191 3，198 3，213 3，218 3，223
Diluted  稀释后 3，481 3，497 3，517 3，521 3，519
In millions of USD or shares as applicable，except per share data Q2－2024 Q3－2024 Q4－2024 Q1－2025 Q2－2025 REVENUES Automotive sales 18，530 18，831 18，659 12，925 15，787 Automotive regulatory credits 890 739 692 595 439 Automotive leasing 458 446 447 447 435 Total automotive revenues 19，878 20，016 19，798 13，967 16，661 Energy generation and storage 3，014 2，376 3，061 2，730 2，789 Services and other 2，608 2，790 2，848 2，638 3，046 Total revenues 25，500 25，182 25，707 19，335 22，496 COST OF REVENUES Automotive sales 15，962 15，743 16，268 11，461 13，567 Automotive leasing 245 247 242 239 228 Total automotive cost of revenues 16，207 15，990 16，510 11，700 13，795 Energy generation and storage 2，274 1，651 2，289 1，945 1，943 Services and other 2，441 2，544 2，729 2，537 2，880 Total cost of revenues 20，922 20，185 21，528 16，182 18，618 Gross profit 4，578 4，997 4，179 3，153 3，878 OPERATING EXPENSES Research and development 1，074 1，039 1，276 1，409 1，589 Selling，general and administrative 1，277 1，186 1，313 1，251 1，366 Restructuring and other 622 55 7 94 一 Total operating expenses 2，973 2，280 2，596 2，754 2，955 INCOME FROM OPERATIONS 1，605 2，717 1，583 399 923 Interest income 348 429 442 400 392 Interest expense （86） （92） （96） （91） （86） Other（expense）income，net ^((1)) （80） （263） 595 （119） 320 INCOME BEFORE INCOME TAXES ^((1)) 1，787 2，791 2，524 589 1，549 Provision for income taxes ^((1)) 371 602 381 169 359 NET INCOME ^((1)) 1，416 2，189 2，143 420 1，190 Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries 16 16 15 11 18 NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS ^((1)) 1，400 2，173 2，128 409 1，172 Less：Buy－out of noncontrolling interest 一 — 3 一 — NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK ^((1)) 1，400 2，173 2，125 409 1，172 Net income per share of common stock attributable to common stockholders Basic ^((1)) \＄ 0.44 \＄ 0.68 \＄ 0.66 \＄ 0.13 \＄ 0.36 Diluted ^((1)) \＄ 0.40 \＄ 0.62 \＄ 0.60 \＄ 0.12 \＄ 0.33 Weighted average shares used in computing net income per share of common stock Basic 3，191 3，198 3，213 3，218 3，223 Diluted 3，481 3，497 3，517 3，521 3，519| In millions of USD or shares as applicable，except per share data | Q2－2024 | Q3－2024 | Q4－2024 | Q1－2025 | Q2－2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | REVENUES | | | | | | | Automotive sales | 18，530 | 18，831 | 18，659 | 12，925 | 15，787 | | Automotive regulatory credits | 890 | 739 | 692 | 595 | 439 | | Automotive leasing | 458 | 446 | 447 | 447 | 435 | | Total automotive revenues | 19，878 | 20，016 | 19，798 | 13，967 | 16，661 | | Energy generation and storage | 3，014 | 2，376 | 3，061 | 2，730 | 2，789 | | Services and other | 2，608 | 2，790 | 2，848 | 2，638 | 3，046 | | Total revenues | 25，500 | 25，182 | 25，707 | 19，335 | 22，496 | | COST OF REVENUES | | | | | | | Automotive sales | 15，962 | 15，743 | 16，268 | 11，461 | 13，567 | | Automotive leasing | 245 | 247 | 242 | 239 | 228 | | Total automotive cost of revenues | 16，207 | 15，990 | 16，510 | 11，700 | 13，795 | | Energy generation and storage | 2，274 | 1，651 | 2，289 | 1，945 | 1，943 | | Services and other | 2，441 | 2，544 | 2，729 | 2，537 | 2，880 | | Total cost of revenues | 20，922 | 20，185 | 21，528 | 16，182 | 18，618 | | Gross profit | 4，578 | 4，997 | 4，179 | 3，153 | 3，878 | | OPERATING EXPENSES | | | | | | | Research and development | 1，074 | 1，039 | 1，276 | 1，409 | 1，589 | | Selling，general and administrative | 1，277 | 1，186 | 1，313 | 1，251 | 1，366 | | Restructuring and other | 622 | 55 | 7 | 94 | 一 | | Total operating expenses | 2，973 | 2，280 | 2，596 | 2，754 | 2，955 | | INCOME FROM OPERATIONS | 1，605 | 2，717 | 1，583 | 399 | 923 | | Interest income | 348 | 429 | 442 | 400 | 392 | | Interest expense | （86） | （92） | （96） | （91） | （86） | | Other（expense）income，net ${ }^{(1)}$ | （80） | （263） | 595 | （119） | 320 | | INCOME BEFORE INCOME TAXES ${ }^{(1)}$ | 1，787 | 2，791 | 2，524 | 589 | 1，549 | | Provision for income taxes ${ }^{(1)}$ | 371 | 602 | 381 | 169 | 359 | | NET INCOME ${ }^{(1)}$ | 1，416 | 2，189 | 2，143 | 420 | 1，190 | | Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 16 | 16 | 15 | 11 | 18 | | NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS ${ }^{(1)}$ | 1，400 | 2，173 | 2，128 | 409 | 1，172 | | Less：Buy－out of noncontrolling interest | 一 | — | 3 | 一 | — | | NET INCOME USED IN COMPUTING NET INCOME PER SHARE OF COMMON STOCK ${ }^{(1)}$ | 1，400 | 2，173 | 2，125 | 409 | 1，172 | | Net income per share of common stock attributable to common stockholders | | | | | | | Basic ${ }^{(1)}$ | \＄ 0.44 | \＄ 0.68 | \＄ 0.66 | \＄ 0.13 | \＄ 0.36 | | Diluted ${ }^{(1)}$ | \＄ 0.40 | \＄ 0.62 | \＄ 0.60 | \＄ 0.12 | \＄ 0.33 | | Weighted average shares used in computing net income per share of common stock | | | | | | | Basic | 3，191 | 3，198 | 3，213 | 3，218 | 3，223 | | Diluted | 3，481 | 3，497 | 3，517 | 3，521 | 3，519 |
BALANCE SHEET  资产负债表
(Unaudited)  （未经审计）
In millions of USD
单位：百万美元		 30-Jun-24  2024 年 6 月 30 日 30-Sep-24  2024 年 9 月 30 日 31-Dec-24  2024 年 12 月 31 日 31-Mar-25  2025 年 3 月 31 日 30-Jun-25  2025 年 6 月 30 日
ASSETS  资产
Current assets  流动资产
Cash, cash equivalents and investments
现金、现金等价物及投资		 30,720 33,648 36,563 36,996 36,782
Accounts receivable, net
应收账款净额		 3,737 3,313 4,418 3,782 3,838
Inventory  存货 14,195 14,530 12,017 13,706 14,570
Prepaid expenses and other current assets
预付费用及其他流动资产		 4,325 4,888 5,362 4,905 5,943
Total current assets  流动资产总额 52,977 56,379 58,360 59,389 61,133
Operating lease vehicles, net
经营租赁车辆净值		 5,541 5,380 5,581 5,477 5,230
Solar energy systems, net
太阳能系统净值		 5,102 5,040 4,924 4,855 4,788
Property, plant and equipment, net
不动产、厂房和设备净值		 32,902 36,116 35,836 37,088 38,574
Operating lease right-of-use assets
经营租赁使用权资产		 4,563 4,867 5,160 5,330 5,633
Digital assets ( 2 ) ( 2 ) ^((2)){ }^{(2)}  数字资产 ( 2 ) ( 2 ) ^((2)){ }^{(2)} 722 729 1,076 951 1,235
Goodwill and intangible assets, net
商誉及无形资产净值		 413 411 394 392 396
Deferred tax assets ( 2 ) ( 2 ) ^((2)){ }^{(2)}  递延所得税资产 ( 2 ) ( 2 ) ^((2)){ }^{(2)} 6,573 6,366 6,524 6,687 6,721
Other non-current assets
其他非流动资产		 4,458 4,989 4,215 4,942 4,857
Total assets ( 2 ) ( 2 ) ^((2)){ }^{(2)}  资产总计 ( 2 ) ( 2 ) ^((2)){ }^{(2)} 113,251 120,277 122,070 125,111 128,567
LIABILITIES AND EQUITY  负债与股东权益
Current liabilities  流动负债
Accounts payable  应付账款 13,056 14,654 12,474 13,471 13,212
Accrued liabilities and other
应计负债及其他		 9,616 10,601 10,723 10,802 11,519
Deferred revenue  递延收入 2,793 3,031 3,168 3,243 3,237
Current portion of debt and finance leases (1)
当期债务及融资租赁部分(1)		 2,264 2,291 2,456 2,237 2,040
Total current liabilities
流动负债总额		 27,729 30,577 28,821 29,753 30,008
Debt and finance leases, net of current portion (1)
非流动债务及融资租赁(扣除当期部分)(1)		 5,481 5,405 5,757 5,292 5,180
Deferred revenue, net of current portion
递延收入(扣除当期部分)		 3,357 3,350 3,317 3,610 3,764
Other long-term liabilities
其他长期负债		 9,002 9,810 10,495 11,038 11,543
Total liabilities  负债总额 45,569 49,142 48,390 49,693 50,495
Redeemable noncontrolling interests in subsidiaries
子公司可赎回非控股权益		 72 70 63 62 61
Total stockholders' equity ( 2 ) ( 2 ) ^((2)){ }^{(2)}
股东权益总额 ( 2 ) ( 2 ) ^((2)){ }^{(2)} 		66,887 70,356 72,913 74,653 77,314
Noncontrolling interests in subsidiaries
子公司非控股权益		 723 709 704 703 697
Total liabilities and equity ( 2 ) ( 2 ) ^((2)){ }^{(2)}
负债和权益总额 ( 2 ) ( 2 ) ^((2)){ }^{(2)} 		113,251 120,277 122,070 125,111 128,567
(1) Breakdown of our debt is as follows:
(1) 我们的债务明细如下：
Non-recourse debt  无追索权债务 7,355 7,379 7,871 7,238 6,953
Recourse debt  有追索权债务 7 11 7 6 3
Days sales outstanding  应收账款周转天数 14 13 14 19 15
Days payable outstanding
应付账款周转天数		 60 63 58 72 65
In millions of USD 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 ASSETS Current assets Cash, cash equivalents and investments 30,720 33,648 36,563 36,996 36,782 Accounts receivable, net 3,737 3,313 4,418 3,782 3,838 Inventory 14,195 14,530 12,017 13,706 14,570 Prepaid expenses and other current assets 4,325 4,888 5,362 4,905 5,943 Total current assets 52,977 56,379 58,360 59,389 61,133 Operating lease vehicles, net 5,541 5,380 5,581 5,477 5,230 Solar energy systems, net 5,102 5,040 4,924 4,855 4,788 Property, plant and equipment, net 32,902 36,116 35,836 37,088 38,574 Operating lease right-of-use assets 4,563 4,867 5,160 5,330 5,633 Digital assets ^((2)) 722 729 1,076 951 1,235 Goodwill and intangible assets, net 413 411 394 392 396 Deferred tax assets ^((2)) 6,573 6,366 6,524 6,687 6,721 Other non-current assets 4,458 4,989 4,215 4,942 4,857 Total assets ^((2)) 113,251 120,277 122,070 125,111 128,567 LIABILITIES AND EQUITY Current liabilities Accounts payable 13,056 14,654 12,474 13,471 13,212 Accrued liabilities and other 9,616 10,601 10,723 10,802 11,519 Deferred revenue 2,793 3,031 3,168 3,243 3,237 Current portion of debt and finance leases (1) 2,264 2,291 2,456 2,237 2,040 Total current liabilities 27,729 30,577 28,821 29,753 30,008 Debt and finance leases, net of current portion (1) 5,481 5,405 5,757 5,292 5,180 Deferred revenue, net of current portion 3,357 3,350 3,317 3,610 3,764 Other long-term liabilities 9,002 9,810 10,495 11,038 11,543 Total liabilities 45,569 49,142 48,390 49,693 50,495 Redeemable noncontrolling interests in subsidiaries 72 70 63 62 61 Total stockholders' equity ^((2)) 66,887 70,356 72,913 74,653 77,314 Noncontrolling interests in subsidiaries 723 709 704 703 697 Total liabilities and equity ^((2)) 113,251 120,277 122,070 125,111 128,567 (1) Breakdown of our debt is as follows: Non-recourse debt 7,355 7,379 7,871 7,238 6,953 Recourse debt 7 11 7 6 3 Days sales outstanding 14 13 14 19 15 Days payable outstanding 60 63 58 72 65| In millions of USD | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | 31-Mar-25 | 30-Jun-25 | | :--- | :--- | :--- | :--- | :--- | :--- | | ASSETS | | | | | | | Current assets | | | | | | | Cash, cash equivalents and investments | 30,720 | 33,648 | 36,563 | 36,996 | 36,782 | | Accounts receivable, net | 3,737 | 3,313 | 4,418 | 3,782 | 3,838 | | Inventory | 14,195 | 14,530 | 12,017 | 13,706 | 14,570 | | Prepaid expenses and other current assets | 4,325 | 4,888 | 5,362 | 4,905 | 5,943 | | Total current assets | 52,977 | 56,379 | 58,360 | 59,389 | 61,133 | | Operating lease vehicles, net | 5,541 | 5,380 | 5,581 | 5,477 | 5,230 | | Solar energy systems, net | 5,102 | 5,040 | 4,924 | 4,855 | 4,788 | | Property, plant and equipment, net | 32,902 | 36,116 | 35,836 | 37,088 | 38,574 | | Operating lease right-of-use assets | 4,563 | 4,867 | 5,160 | 5,330 | 5,633 | | Digital assets ${ }^{(2)}$ | 722 | 729 | 1,076 | 951 | 1,235 | | Goodwill and intangible assets, net | 413 | 411 | 394 | 392 | 396 | | Deferred tax assets ${ }^{(2)}$ | 6,573 | 6,366 | 6,524 | 6,687 | 6,721 | | Other non-current assets | 4,458 | 4,989 | 4,215 | 4,942 | 4,857 | | Total assets ${ }^{(2)}$ | 113,251 | 120,277 | 122,070 | 125,111 | 128,567 | | LIABILITIES AND EQUITY | | | | | | | Current liabilities | | | | | | | Accounts payable | 13,056 | 14,654 | 12,474 | 13,471 | 13,212 | | Accrued liabilities and other | 9,616 | 10,601 | 10,723 | 10,802 | 11,519 | | Deferred revenue | 2,793 | 3,031 | 3,168 | 3,243 | 3,237 | | Current portion of debt and finance leases (1) | 2,264 | 2,291 | 2,456 | 2,237 | 2,040 | | Total current liabilities | 27,729 | 30,577 | 28,821 | 29,753 | 30,008 | | Debt and finance leases, net of current portion (1) | 5,481 | 5,405 | 5,757 | 5,292 | 5,180 | | Deferred revenue, net of current portion | 3,357 | 3,350 | 3,317 | 3,610 | 3,764 | | Other long-term liabilities | 9,002 | 9,810 | 10,495 | 11,038 | 11,543 | | Total liabilities | 45,569 | 49,142 | 48,390 | 49,693 | 50,495 | | Redeemable noncontrolling interests in subsidiaries | 72 | 70 | 63 | 62 | 61 | | Total stockholders' equity ${ }^{(2)}$ | 66,887 | 70,356 | 72,913 | 74,653 | 77,314 | | Noncontrolling interests in subsidiaries | 723 | 709 | 704 | 703 | 697 | | Total liabilities and equity ${ }^{(2)}$ | 113,251 | 120,277 | 122,070 | 125,111 | 128,567 | | (1) Breakdown of our debt is as follows: | | | | | | | Non-recourse debt | 7,355 | 7,379 | 7,871 | 7,238 | 6,953 | | Recourse debt | 7 | 11 | 7 | 6 | 3 | | Days sales outstanding | 14 | 13 | 14 | 19 | 15 | | Days payable outstanding | 60 | 63 | 58 | 72 | 65 |
STATEMENT OF CASH FLOWS  现金流量表
(Unaudited)  （未经审计）
In millions of USD
单位：百万美元		 Q2-2024  2024 年第二季度 Q3-2024  2024 年第三季度 Q4-2024  2024 年第四季度 Q1-2025  2025 年第一季度 Q2-2025  2025 年第二季度
CASH FLOWS FROM OPERATING ACTIVITIES
经营活动产生的现金流量
Net income ( 1 ) ( 1 ) ^((1)){ }^{(1)}  净利润 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 1,416 2,189 2,143 420 1,190
Adjustments to reconcile net income to net cash provided by operating activities:
将净利润调整为经营活动提供的净现金流的调整项：
Depreciation, amortization and impairment
折旧、摊销和减值		 1,278 1,348 1,496 1,447 1,433
Stock-based compensation
股权激励支出		 439 457 579 573 635
Deferred income taxes ( 1 ) ( 1 ) ^((1)){ }^{(1)}
递延所得税 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		122 286 6 (43) 52
Digital assets loss (gain), net ( 1 ) ( 1 ) ^((1)){ }^{(1)}
数字资产净损失（收益） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		100 (7) (347) 125 (284)
Other  其他 119 408 (93) 188 187
Changes in operating assets and liabilities
运营资产和负债变动		 138 1,574 1030 (554) (673)
Net cash provided by operating activities
运营活动提供的净现金		 3,612 6,255 4,814 2,156 2,540
CASH FLOWS FROM INVESTING ACTIVITIES
投资活动产生的现金流量
Capital expenditures ( 2 ) ( 2 ) ^((2)){ }^{(2)}  资本支出 ( 2 ) ( 2 ) ^((2)){ }^{(2)} ( 2 , 272 ) ( 2 , 272 ) (2,272)(2,272) ( 3 , 513 ) ( 3 , 513 ) (3,513)(3,513) ( 2 , 780 ) ( 2 , 780 ) (2,780)(2,780) ( 1 , 492 ) ( 1 , 492 ) (1,492)(1,492) ( 2 , 394 ) ( 2 , 394 ) (2,394)(2,394)
Purchases of investments
投资购买		 ( 8 , 143 ) ( 8 , 143 ) (8,143)(8,143) ( 6 , 032 ) ( 6 , 032 ) (6,032)(6,032) ( 15 , 158 ) ( 15 , 158 ) (15,158)(15,158) ( 6 , 015 ) ( 6 , 015 ) (6,015)(6,015) ( 7 , 485 ) ( 7 , 485 ) (7,485)(7,485)
Proceeds from maturities of investments
投资到期收益		 6,990 6,670 10,335 5,856 6,935
Proceeds from sales of investments
投资出售所得		 200 — — — —
Net cash used in investing activities
投资活动所用净现金		 ( 3 , 225 ) ( 3 , 225 ) (3,225)(3,225) ( 2 , 875 ) ( 2 , 875 ) (2,875)(2,875) ( 7 , 603 ) ( 7 , 603 ) (7,603)(7,603) ( 1 , 651 ) ( 1 , 651 ) (1,651)(1,651) ( 2 , 944 ) ( 2 , 944 ) (2,944)(2,944)
CASH FLOWS FROM FINANCING ACTIVITIES
融资活动产生的现金流量
Net cash flows from other debt activities
其他债务活动产生的净现金流		 2,598 (75) (108) (50) (23)
Net (repayments) borrowings under vehicle and energy product financing
汽车和能源产品融资的净（偿还）借款		 (212) (107) 677 (674) (400)
Net cash flows from noncontrolling interests - Solar
太阳能业务非控股权益的净现金流		 (43) (26) (37) (22) (14)
Other  其他 197 340 453 414 215
Net cash provided by (used in) financing activities
融资活动提供的（使用的）净现金		 2,540 132 985 (332) (222)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
汇率变动对现金及现金等价物和受限现金的影响		 (37) 108 (133) 40 111
Net increase (decrease) in cash and cash equivalents and restricted cash
现金及现金等价物和受限现金的净增加（减少）额		 2,890 3,620 ( 1 , 937 ) ( 1 , 937 ) (1,937)(1,937) 213 (515)
Cash and cash equivalents and restricted cash at beginning of period
期初现金及现金等价物和受限现金余额		 12,464 15,354 18,974 17,037 17,250
Cash and cash equivalents and restricted cash at end of period
期末现金及现金等价物和受限现金余额		 15,354 18,974 17,037 17,250 16,735
In millions of USD Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income ^((1)) 1,416 2,189 2,143 420 1,190 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and impairment 1,278 1,348 1,496 1,447 1,433 Stock-based compensation 439 457 579 573 635 Deferred income taxes ^((1)) 122 286 6 (43) 52 Digital assets loss (gain), net ^((1)) 100 (7) (347) 125 (284) Other 119 408 (93) 188 187 Changes in operating assets and liabilities 138 1,574 1030 (554) (673) Net cash provided by operating activities 3,612 6,255 4,814 2,156 2,540 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures ^((2)) (2,272) (3,513) (2,780) (1,492) (2,394) Purchases of investments (8,143) (6,032) (15,158) (6,015) (7,485) Proceeds from maturities of investments 6,990 6,670 10,335 5,856 6,935 Proceeds from sales of investments 200 — — — — Net cash used in investing activities (3,225) (2,875) (7,603) (1,651) (2,944) CASH FLOWS FROM FINANCING ACTIVITIES Net cash flows from other debt activities 2,598 (75) (108) (50) (23) Net (repayments) borrowings under vehicle and energy product financing (212) (107) 677 (674) (400) Net cash flows from noncontrolling interests - Solar (43) (26) (37) (22) (14) Other 197 340 453 414 215 Net cash provided by (used in) financing activities 2,540 132 985 (332) (222) Effect of exchange rate changes on cash and cash equivalents and restricted cash (37) 108 (133) 40 111 Net increase (decrease) in cash and cash equivalents and restricted cash 2,890 3,620 (1,937) 213 (515) Cash and cash equivalents and restricted cash at beginning of period 12,464 15,354 18,974 17,037 17,250 Cash and cash equivalents and restricted cash at end of period 15,354 18,974 17,037 17,250 16,735| In millions of USD | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | Net income ${ }^{(1)}$ | 1,416 | 2,189 | 2,143 | 420 | 1,190 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Depreciation, amortization and impairment | 1,278 | 1,348 | 1,496 | 1,447 | 1,433 | | Stock-based compensation | 439 | 457 | 579 | 573 | 635 | | Deferred income taxes ${ }^{(1)}$ | 122 | 286 | 6 | (43) | 52 | | Digital assets loss (gain), net ${ }^{(1)}$ | 100 | (7) | (347) | 125 | (284) | | Other | 119 | 408 | (93) | 188 | 187 | | Changes in operating assets and liabilities | 138 | 1,574 | 1030 | (554) | (673) | | Net cash provided by operating activities | 3,612 | 6,255 | 4,814 | 2,156 | 2,540 | | CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | Capital expenditures ${ }^{(2)}$ | $(2,272)$ | $(3,513)$ | $(2,780)$ | $(1,492)$ | $(2,394)$ | | Purchases of investments | $(8,143)$ | $(6,032)$ | $(15,158)$ | $(6,015)$ | $(7,485)$ | | Proceeds from maturities of investments | 6,990 | 6,670 | 10,335 | 5,856 | 6,935 | | Proceeds from sales of investments | 200 | — | — | — | — | | Net cash used in investing activities | $(3,225)$ | $(2,875)$ | $(7,603)$ | $(1,651)$ | $(2,944)$ | | CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | Net cash flows from other debt activities | 2,598 | (75) | (108) | (50) | (23) | | Net (repayments) borrowings under vehicle and energy product financing | (212) | (107) | 677 | (674) | (400) | | Net cash flows from noncontrolling interests - Solar | (43) | (26) | (37) | (22) | (14) | | Other | 197 | 340 | 453 | 414 | 215 | | Net cash provided by (used in) financing activities | 2,540 | 132 | 985 | (332) | (222) | | Effect of exchange rate changes on cash and cash equivalents and restricted cash | (37) | 108 | (133) | 40 | 111 | | Net increase (decrease) in cash and cash equivalents and restricted cash | 2,890 | 3,620 | $(1,937)$ | 213 | (515) | | Cash and cash equivalents and restricted cash at beginning of period | 12,464 | 15,354 | 18,974 | 17,037 | 17,250 | | Cash and cash equivalents and restricted cash at end of period | 15,354 | 18,974 | 17,037 | 17,250 | 16,735 |
RECONCILIATION OF GAAP TO NON－GAAP FINANCIAL INFORMATION （Unaudited）
公认会计准则(GAAP)与非公认会计准则(Non-GAAP)财务数据调节表（未经审计）
In millions of USD or shares as applicable，except per share data
除每股数据外，金额单位均为百万美元或相应股份数		 Q2－2024  2024 年第二季度 Q3－2024  2024 年第三季度 Q4－2024  2024 年第四季度 Q1－2025  2025 年第一季度 Q2－2025  2025 年第二季度
Net income attributable to common stockholders（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的净利润（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1，400 2，173 2，128 409 1，172
Stock－based compensation expense，net of tax
税后股权激励费用		 334 338 249 428 443
Digital assets loss（gain），net of tax ( 1 ) ( 1 ) ^((1)){ }^{(1)}
税后数字资产损失（收益） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		78 （6） （270） 97 （222）
Net income attributable to common stockholders（non－GAAP） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)}
归属于普通股股东的净利润（非公认会计准则） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)} 		1，812 2，505 2，107 934 1，393
Less：Buy－outs of noncontrolling interests
减：非控股权益回购		 一 一 3 － 一
Net income used in computing diluted EPS attributable to common stockholders（non－GAAP） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)}
归属于普通股股东的稀释每股收益（非公认会计准则） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)} 		1，812 2，505 2，104 934 1，393
EPS attributable to common stockholders，diluted（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的稀释每股收益（公认会计准则） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		0.40 0.62 0.60 0.12 0.33
Stock－based compensation expense，net of tax，per share
税后股权激励支出，每股		 0.10 0.10 0.08 0.12 0.13
Digital assets loss（gain），net of tax，per share ( 1 ) ( 1 ) ^((1)){ }^{(1)}
税后数字资产净损失（收益），每股 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		0.02 一 （0．08）  （0.08） 0.03 （0．06）  （0.06）
EPS attributable to common stockholders，diluted（non－GAAP） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)}
归属于普通股股东的每股收益（稀释后）（非 GAAP） ( 1 ) ( 2 ) ( 1 ) ( 2 ) ^((1)(2)){ }^{(1)(2)} 		0.52 0.72 0.60 0.27 0.40
Shares used in EPS calculation，diluted（GAAP and non－GAAP）
用于计算每股收益的股份数（稀释后）（GAAP 和非 GAAP）		 3，481 3，497 3，517 3，521 3，519
Net income attributable to common stockholders（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)}
归属于普通股股东的净利润（GAAP） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		1，400 2，173 2，128 409 1，172
Interest expense  利息支出 86 92 96 91 86
Provision for income taxes ( 1 ) ( 1 ) ^((1)){ }^{(1)}
所得税准备金 ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		371 602 381 169 359
Depreciation，amortization and impairment
折旧、摊销和减值		 1，278 1，348 1，496 1，447 1，433
Stock－based compensation expense
股权激励费用		 439 457 579 573 635
Digital assets loss（gain），net ( 1 ) ( 1 ) ^((1)){ }^{(1)}
数字资产净损失（收益） ( 1 ) ( 1 ) ^((1)){ }^{(1)} 		100 （7） （347） 125 （284）
Adjusted EBITDA（non－GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)}
调整后 EBITDA（非 GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)} 		3，674 4，665 4，333 2，814 3，401
Total revenues  总收入 25，500 25，182 25，707 19，335 22，496
Adjusted EBITDA margin（non－GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)}
调整后 EBITDA 利润率（非 GAAP） ( 1 ) ( 3 ) ( 1 ) ( 3 ) ^((1)(3)){ }^{(1)(3)} 		14．4\％  14.4% 18．5\％  18.5% 16．9\％  16.9% 14．6\％  14.6% 15．1\％  15.1%
In millions of USD or shares as applicable，except per share data Q2－2024 Q3－2024 Q4－2024 Q1－2025 Q2－2025 Net income attributable to common stockholders（GAAP）^((1)) 1，400 2，173 2，128 409 1，172 Stock－based compensation expense，net of tax 334 338 249 428 443 Digital assets loss（gain），net of tax ^((1)) 78 （6） （270） 97 （222） Net income attributable to common stockholders（non－GAAP）^((1)(2)) 1，812 2，505 2，107 934 1，393 Less：Buy－outs of noncontrolling interests 一 一 3 － 一 Net income used in computing diluted EPS attributable to common stockholders（non－GAAP）^((1)(2)) 1，812 2，505 2，104 934 1，393 EPS attributable to common stockholders，diluted（GAAP）^((1)) 0.40 0.62 0.60 0.12 0.33 Stock－based compensation expense，net of tax，per share 0.10 0.10 0.08 0.12 0.13 Digital assets loss（gain），net of tax，per share ^((1)) 0.02 一 （0．08） 0.03 （0．06） EPS attributable to common stockholders，diluted（non－GAAP）^((1)(2)) 0.52 0.72 0.60 0.27 0.40 Shares used in EPS calculation，diluted（GAAP and non－GAAP） 3，481 3，497 3，517 3，521 3，519 Net income attributable to common stockholders（GAAP）^((1)) 1，400 2，173 2，128 409 1，172 Interest expense 86 92 96 91 86 Provision for income taxes ^((1)) 371 602 381 169 359 Depreciation，amortization and impairment 1，278 1，348 1，496 1，447 1，433 Stock－based compensation expense 439 457 579 573 635 Digital assets loss（gain），net ^((1)) 100 （7） （347） 125 （284） Adjusted EBITDA（non－GAAP）^((1)(3)) 3，674 4，665 4，333 2，814 3，401 Total revenues 25，500 25，182 25，707 19，335 22，496 Adjusted EBITDA margin（non－GAAP）^((1)(3)) 14．4\％ 18．5\％ 16．9\％ 14．6\％ 15．1\％| In millions of USD or shares as applicable，except per share data | Q2－2024 | Q3－2024 | Q4－2024 | Q1－2025 | Q2－2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income attributable to common stockholders（GAAP）${ }^{(1)}$ | 1，400 | 2，173 | 2，128 | 409 | 1，172 | | Stock－based compensation expense，net of tax | 334 | 338 | 249 | 428 | 443 | | Digital assets loss（gain），net of tax ${ }^{(1)}$ | 78 | （6） | （270） | 97 | （222） | | Net income attributable to common stockholders（non－GAAP）${ }^{(1)(2)}$ | 1，812 | 2，505 | 2，107 | 934 | 1，393 | | Less：Buy－outs of noncontrolling interests | 一 | 一 | 3 | － | 一 | | Net income used in computing diluted EPS attributable to common stockholders（non－GAAP）${ }^{(1)(2)}$ | 1，812 | 2，505 | 2，104 | 934 | 1，393 | | EPS attributable to common stockholders，diluted（GAAP）${ }^{(1)}$ | 0.40 | 0.62 | 0.60 | 0.12 | 0.33 | | Stock－based compensation expense，net of tax，per share | 0.10 | 0.10 | 0.08 | 0.12 | 0.13 | | Digital assets loss（gain），net of tax，per share ${ }^{(1)}$ | 0.02 | 一 | （0．08） | 0.03 | （0．06） | | EPS attributable to common stockholders，diluted（non－GAAP）${ }^{(1)(2)}$ | 0.52 | 0.72 | 0.60 | 0.27 | 0.40 | | Shares used in EPS calculation，diluted（GAAP and non－GAAP） | 3，481 | 3，497 | 3，517 | 3，521 | 3，519 | | Net income attributable to common stockholders（GAAP）${ }^{(1)}$ | 1，400 | 2，173 | 2，128 | 409 | 1，172 | | Interest expense | 86 | 92 | 96 | 91 | 86 | | Provision for income taxes ${ }^{(1)}$ | 371 | 602 | 381 | 169 | 359 | | Depreciation，amortization and impairment | 1，278 | 1，348 | 1，496 | 1，447 | 1，433 | | Stock－based compensation expense | 439 | 457 | 579 | 573 | 635 | | Digital assets loss（gain），net ${ }^{(1)}$ | 100 | （7） | （347） | 125 | （284） | | Adjusted EBITDA（non－GAAP）${ }^{(1)(3)}$ | 3，674 | 4，665 | 4，333 | 2，814 | 3，401 | | Total revenues | 25，500 | 25，182 | 25，707 | 19，335 | 22，496 | | Adjusted EBITDA margin（non－GAAP）${ }^{(1)(3)}$ | 14．4\％ | 18．5\％ | 16．9\％ | 14．6\％ | 15．1\％ |
RECONCILIATION OF GAAP TO NON－GAAP FINANCIAL INFORMATION
GAAP 与非 GAAP 财务指标调节表
（Unaudited）  （未经审计）
In millions of USD
单位：百万美元		 4Q－2021  2021 年第四季度 1Q－2022  2022 年第一季度 2Q－2022  2022 年第二季度 3Q－2022  2022 年第三季度 4Q－2022  2022 年第四季度 1Q－2023  2023 年第一季度 2Q－2023  2023 年第二季度 3Q－2023  2023 年第三季度 4Q－2023  2023 年第四季度 1Q－2024  2024 年第一季度 2Q－2024  2024 年第二季度 3Q－2024  2024 年第三季度 4Q－2024  2024 年第四季度 1Q－2025  2025 年第一季度 2Q－2025  2025 年第二季度
Net cash provided by operating activities（GAAP）
经营活动产生的净现金流（GAAP 准则）		 4，585 3，995 2，351 5，100 3，278 2，513 3，065 3，308 4，370 242 3，612 6，255 4，814 2，156 2，540
Capital expenditures（1）  资本性支出（1） ( 1 , 814 ) ( 1 , 814 ) (1,814)(1,814) ( 1 , 772 ) ( 1 , 772 ) (1,772)(1,772) ( 1 , 730 ) ( 1 , 730 ) (1,730)(1,730) ( 1 , 803 ) ( 1 , 803 ) (1,803)(1,803) ( 1 , 858 ) ( 1 , 858 ) (1,858)(1,858) ( 2 , 073 ) ( 2 , 073 ) (2,073)(2,073) ( 2 , 060 ) ( 2 , 060 ) (2,060)(2,060) ( 2 , 459 ) ( 2 , 459 ) (2,459)(2,459) ( 2 , 307 ) ( 2 , 307 ) (2,307)(2,307) ( 2 , 777 ) ( 2 , 777 ) (2,777)(2,777) ( 2 , 272 ) ( 2 , 272 ) (2,272)(2,272) ( 3 , 513 ) ( 3 , 513 ) (3,513)(3,513) ( 2 , 780 ) ( 2 , 780 ) (2,780)(2,780) ( 1 , 492 ) ( 1 , 492 ) (1,492)(1,492) ( 2 , 394 ) ( 2 , 394 ) (2,394)(2,394)
Free cash flow（non－GAAP）（1）
自由现金流（非 GAAP）（1）		 2，771 2，223 621 3，297 1，420 440 1，005 849 2，063 ( 2 , 535 ) ( 2 , 535 ) (2,535)(2,535) 1，340 2，742 2，034 664 146
In millions of USD
单位：百万美元		 4Q－2021  2021 年第四季度 1Q－2022  2022 年第一季度 2Q－2022  2022 年第二季度 3Q－2022  2022 年第三季度 4Q－2022  2022 年第四季度 1Q－2023  2023 年第一季度 2Q－2023  2023 年第二季度 3Q－2023  2023 年第三季度 4Q－2023  2023 年第四季度 1Q－2024  2024 年第一季度 2Q－2024  2024 年第二季度 3Q－2024  2024 年第三季度 4Q－2024  2024 年第四季度 1Q－2025  2025 年第一季度 2Q－2025  2025 年第二季度
Net income attributable to common stockholders（GAAP）（2）
归属于普通股股东的净利润（GAAP）（2）		 2，321 3，318 2，259 3，292 3，687 2，513 2，703 1，853 7，928 1，390 1，400 2，173 2，128 409 1，172
Interest expense  利息支出 71 61 44 53 33 29 28 38 61 76 86 92 96 91 86
Provision for（benefit from）income taxes ( 2 ) ( 2 ) ^((2)){ }^{(2)}
所得税准备金（收益） ( 2 ) ( 2 ) ^((2)){ }^{(2)} 		292 346 205 305 276 261 323 167 ( 5 , 752 ) ( 5 , 752 ) (5,752)(5,752) 483 371 602 381 169 359
Depreciation，amortization and impairment
折旧、摊销和减值		 848 880 922 956 989 1，046 1，154 1，235 1，232 1，246 1，278 1，348 1，496 1，447 1，433
Stock－based compensation expense
股权激励费用		 558 418 361 362 419 418 445 465 484 524 439 457 579 573 635
Digital assets loss（gain），net（2）
数字资产净损失（收益）（2）		 － － 170 － 34 － 一 一 － （335） 100 （7） （347） 125 （284）
Adjusted EBITDA（non－GAAP）（2）（3）
调整后 EBITDA（非 GAAP）（2）（3）		 4，090 5，023 3，961 4，968 5，438 4，267 4，653 3，758 3，953 3，384 3，674 4，665 4，333 2，814 3，401
In millions of USD
单位：百万美元		 3Q－2022  2022 年第三季度 4Q－2022  2022 年第四季度 1Q－2023  2023 年第一季度 2Q－2023  2023 年第二季度 3Q－2023  2023 年第三季度 4Q－2023  2023 年第四季度 1Q－2024  2024 年第一季度 2Q－2024  2024 年第二季度 3Q－2024  2024 年第三季度 4Q－2024  2024 年第四季度 1Q－2025  2025 年第一季度 2Q－2025  2025 年第二季度
Net cash provided by operating activities－TTM（GAAP）
过去 12 个月经营活动产生的净现金流（GAAP 准则）		 16，031 14，724 13，242 13，956 12，164 13，256 10，985 11，532 14，479 14，923 16，837 15，765
Capital expenditures－TTM（1）
过去 12 个月资本支出（注 1）		 ( 7 , 119 ) ( 7 , 119 ) (7,119)(7,119) ( 7 , 163 ) ( 7 , 163 ) (7,163)(7,163) ( 7 , 464 ) ( 7 , 464 ) (7,464)(7,464) ( 7 , 794 ) ( 7 , 794 ) (7,794)(7,794) ( 8 , 450 ) ( 8 , 450 ) (8,450)(8,450) ( 8 , 899 ) ( 8 , 899 ) (8,899)(8,899) ( 9 , 603 ) ( 9 , 603 ) (9,603)(9,603) ( 9 , 815 ) ( 9 , 815 ) (9,815)(9,815) ( 10 , 869 ) ( 10 , 869 ) (10,869)(10,869) ( 11 , 342 ) ( 11 , 342 ) (11,342)(11,342) ( 10 , 057 ) ( 10 , 057 ) (10,057)(10,057) ( 10 , 179 ) ( 10 , 179 ) (10,179)(10,179)
Free cash flow－TTM（non－GAAP）（1）
过去 12 个月自由现金流（非 GAAP 标准）（1）		 8，912 7，561 5，778 6，162 3，714 4，357 1，382 1，717 3，610 3，581 6，780 5，586
In millions of USD
单位：百万美元		 3Q－2022  2022 年第三季度 4Q－2022  2022 年第四季度 1Q－2023  2023 年第一季度 2Q－2023  2023 年第二季度 3Q－2023  2023 年第三季度 4Q－2023  2023 年第四季度 1Q－2024  2024 年第一季度 2Q－2024  2024 年第二季度 3Q－2024  2024 年第三季度 4Q－2024  2024 年第四季度 1Q－2025  2025 年第一季度 2Q－2025  2025 年第二季度
Net income attributable to common stockholders－TTM（GAAP） ( 2 ) ( 2 ) ^((2)){ }^{(2)}
归属于普通股股东的净利润－过去 12 个月（GAAP） ( 2 ) ( 2 ) ^((2)){ }^{(2)} 		11，190 12，556 11，751 12，195 10，756 14，997 13，874 12，571 12，891 7，091 6，110 5，882
Interest expense－TTM  利息支出－过去 12 个月 229 191 159 143 128 156 203 261 315 350 365 365
Provision for（benefit from）income taxes－TTM（2）
所得税准备金（收益）－过去 12 个月（2）		 1，148 1，132 1，047 1，165 1，027 ( 5 , 001 ) ( 5 , 001 ) (5,001)(5,001) ( 4 , 779 ) ( 4 , 779 ) (4,779)(4,779) ( 4 , 731 ) ( 4 , 731 ) (4,731)(4,731) ( 4 , 296 ) ( 4 , 296 ) (4,296)(4,296) 1，837 1，523 1，511
Depreciation，amortization and impairment－TTM
折旧、摊销及减值－过去 12 个月		 3，606 3，747 3，913 4，145 4，424 4，667 4，867 4，991 5，104 5，368 5，569 5，724
Stock－based compensation expense－TTM
股权激励费用－过去 12 个月		 1，699 1，560 1，560 1，644 1，747 1，812 1，918 1，912 1，904 1，999 2，048 2，244
Digital assets loss（gain），net－TTM（2）
数字资产净损失（收益）－过去 12 个月（2）		 170 204 204 34 34 一 （335） （235） （242） （589） （129） （513）
Adjusted EBITDA－TTM（non－GAAP）（2）（3）
调整后 EBITDA－TTM（非 GAAP）（2）（3）		 18，042 19，390 18，634 19，326 18，116 16，631 15，748 14，769 15，676 16，056 15，486 15，213
In millions of USD 4Q－2021 1Q－2022 2Q－2022 3Q－2022 4Q－2022 1Q－2023 2Q－2023 3Q－2023 4Q－2023 1Q－2024 2Q－2024 3Q－2024 4Q－2024 1Q－2025 2Q－2025 Net cash provided by operating activities（GAAP） 4，585 3，995 2，351 5，100 3，278 2，513 3，065 3，308 4，370 242 3，612 6，255 4，814 2，156 2，540 Capital expenditures（1） (1,814) (1,772) (1,730) (1,803) (1,858) (2,073) (2,060) (2,459) (2,307) (2,777) (2,272) (3,513) (2,780) (1,492) (2,394) Free cash flow（non－GAAP）（1） 2，771 2，223 621 3，297 1，420 440 1，005 849 2，063 (2,535) 1，340 2，742 2，034 664 146 In millions of USD 4Q－2021 1Q－2022 2Q－2022 3Q－2022 4Q－2022 1Q－2023 2Q－2023 3Q－2023 4Q－2023 1Q－2024 2Q－2024 3Q－2024 4Q－2024 1Q－2025 2Q－2025 Net income attributable to common stockholders（GAAP）（2） 2，321 3，318 2，259 3，292 3，687 2，513 2，703 1，853 7，928 1，390 1，400 2，173 2，128 409 1，172 Interest expense 71 61 44 53 33 29 28 38 61 76 86 92 96 91 86 Provision for（benefit from）income taxes ^((2)) 292 346 205 305 276 261 323 167 (5,752) 483 371 602 381 169 359 Depreciation，amortization and impairment 848 880 922 956 989 1，046 1，154 1，235 1，232 1，246 1，278 1，348 1，496 1，447 1，433 Stock－based compensation expense 558 418 361 362 419 418 445 465 484 524 439 457 579 573 635 Digital assets loss（gain），net（2） － － 170 － 34 － 一 一 － （335） 100 （7） （347） 125 （284） Adjusted EBITDA（non－GAAP）（2）（3） 4，090 5，023 3，961 4，968 5，438 4，267 4，653 3，758 3，953 3，384 3，674 4，665 4，333 2，814 3，401 In millions of USD 3Q－2022 4Q－2022 1Q－2023 2Q－2023 3Q－2023 4Q－2023 1Q－2024 2Q－2024 3Q－2024 4Q－2024 1Q－2025 2Q－2025 Net cash provided by operating activities－TTM（GAAP） 16，031 14，724 13，242 13，956 12，164 13，256 10，985 11，532 14，479 14，923 16，837 15，765 Capital expenditures－TTM（1） (7,119) (7,163) (7,464) (7,794) (8,450) (8,899) (9,603) (9,815) (10,869) (11,342) (10,057) (10,179) Free cash flow－TTM（non－GAAP）（1） 8，912 7，561 5，778 6，162 3，714 4，357 1，382 1，717 3，610 3，581 6，780 5，586 In millions of USD 3Q－2022 4Q－2022 1Q－2023 2Q－2023 3Q－2023 4Q－2023 1Q－2024 2Q－2024 3Q－2024 4Q－2024 1Q－2025 2Q－2025 Net income attributable to common stockholders－TTM（GAAP）^((2)) 11，190 12，556 11，751 12，195 10，756 14，997 13，874 12，571 12，891 7，091 6，110 5，882 Interest expense－TTM 229 191 159 143 128 156 203 261 315 350 365 365 Provision for（benefit from）income taxes－TTM（2） 1，148 1，132 1，047 1，165 1，027 (5,001) (4,779) (4,731) (4,296) 1，837 1，523 1，511 Depreciation，amortization and impairment－TTM 3，606 3，747 3，913 4，145 4，424 4，667 4，867 4，991 5，104 5，368 5，569 5，724 Stock－based compensation expense－TTM 1，699 1，560 1，560 1，644 1，747 1，812 1，918 1，912 1，904 1，999 2，048 2，244 Digital assets loss（gain），net－TTM（2） 170 204 204 34 34 一 （335） （235） （242） （589） （129） （513） Adjusted EBITDA－TTM（non－GAAP）（2）（3） 18，042 19，390 18，634 19，326 18，116 16，631 15，748 14，769 15，676 16，056 15，486 15，213| In millions of USD | 4Q－2021 | 1Q－2022 | 2Q－2022 | 3Q－2022 | 4Q－2022 | 1Q－2023 | 2Q－2023 | 3Q－2023 | 4Q－2023 | 1Q－2024 | 2Q－2024 | 3Q－2024 | 4Q－2024 | 1Q－2025 | 2Q－2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net cash provided by operating activities（GAAP） | 4，585 | 3，995 | 2，351 | 5，100 | 3，278 | 2，513 | 3，065 | 3，308 | 4，370 | 242 | 3，612 | 6，255 | 4，814 | 2，156 | 2，540 | | Capital expenditures（1） | $(1,814)$ | $(1,772)$ | $(1,730)$ | $(1,803)$ | $(1,858)$ | $(2,073)$ | $(2,060)$ | $(2,459)$ | $(2,307)$ | $(2,777)$ | $(2,272)$ | $(3,513)$ | $(2,780)$ | $(1,492)$ | $(2,394)$ | | Free cash flow（non－GAAP）（1） | 2，771 | 2，223 | 621 | 3，297 | 1，420 | 440 | 1，005 | 849 | 2，063 | $(2,535)$ | 1，340 | 2，742 | 2，034 | 664 | 146 | | In millions of USD | 4Q－2021 | 1Q－2022 | 2Q－2022 | 3Q－2022 | 4Q－2022 | 1Q－2023 | 2Q－2023 | 3Q－2023 | 4Q－2023 | 1Q－2024 | 2Q－2024 | 3Q－2024 | 4Q－2024 | 1Q－2025 | 2Q－2025 | | Net income attributable to common stockholders（GAAP）（2） | 2，321 | 3，318 | 2，259 | 3，292 | 3，687 | 2，513 | 2，703 | 1，853 | 7，928 | 1，390 | 1，400 | 2，173 | 2，128 | 409 | 1，172 | | Interest expense | 71 | 61 | 44 | 53 | 33 | 29 | 28 | 38 | 61 | 76 | 86 | 92 | 96 | 91 | 86 | | Provision for（benefit from）income taxes ${ }^{(2)}$ | 292 | 346 | 205 | 305 | 276 | 261 | 323 | 167 | $(5,752)$ | 483 | 371 | 602 | 381 | 169 | 359 | | Depreciation，amortization and impairment | 848 | 880 | 922 | 956 | 989 | 1，046 | 1，154 | 1，235 | 1，232 | 1，246 | 1，278 | 1，348 | 1，496 | 1，447 | 1，433 | | Stock－based compensation expense | 558 | 418 | 361 | 362 | 419 | 418 | 445 | 465 | 484 | 524 | 439 | 457 | 579 | 573 | 635 | | Digital assets loss（gain），net（2） | － | － | 170 | － | 34 | － | 一 | 一 | － | （335） | 100 | （7） | （347） | 125 | （284） | | Adjusted EBITDA（non－GAAP）（2）（3） | 4，090 | 5，023 | 3，961 | 4，968 | 5，438 | 4，267 | 4，653 | 3，758 | 3，953 | 3，384 | 3，674 | 4，665 | 4，333 | 2，814 | 3，401 | | In millions of USD | | | | 3Q－2022 | 4Q－2022 | 1Q－2023 | 2Q－2023 | 3Q－2023 | 4Q－2023 | 1Q－2024 | 2Q－2024 | 3Q－2024 | 4Q－2024 | 1Q－2025 | 2Q－2025 | | Net cash provided by operating activities－TTM（GAAP） | | | | 16，031 | 14，724 | 13，242 | 13，956 | 12，164 | 13，256 | 10，985 | 11，532 | 14，479 | 14，923 | 16，837 | 15，765 | | Capital expenditures－TTM（1） | | | | $(7,119)$ | $(7,163)$ | $(7,464)$ | $(7,794)$ | $(8,450)$ | $(8,899)$ | $(9,603)$ | $(9,815)$ | $(10,869)$ | $(11,342)$ | $(10,057)$ | $(10,179)$ | | Free cash flow－TTM（non－GAAP）（1） | | | | 8，912 | 7，561 | 5，778 | 6，162 | 3，714 | 4，357 | 1，382 | 1，717 | 3，610 | 3，581 | 6，780 | 5，586 | | In millions of USD | | | | 3Q－2022 | 4Q－2022 | 1Q－2023 | 2Q－2023 | 3Q－2023 | 4Q－2023 | 1Q－2024 | 2Q－2024 | 3Q－2024 | 4Q－2024 | 1Q－2025 | 2Q－2025 | | Net income attributable to common stockholders－TTM（GAAP）${ }^{(2)}$ | | | | 11，190 | 12，556 | 11，751 | 12，195 | 10，756 | 14，997 | 13，874 | 12，571 | 12，891 | 7，091 | 6，110 | 5，882 | | Interest expense－TTM | | | | 229 | 191 | 159 | 143 | 128 | 156 | 203 | 261 | 315 | 350 | 365 | 365 | | Provision for（benefit from）income taxes－TTM（2） | | | | 1，148 | 1，132 | 1，047 | 1，165 | 1，027 | $(5,001)$ | $(4,779)$ | $(4,731)$ | $(4,296)$ | 1，837 | 1，523 | 1，511 | | Depreciation，amortization and impairment－TTM | | | | 3，606 | 3，747 | 3，913 | 4，145 | 4，424 | 4，667 | 4，867 | 4，991 | 5，104 | 5，368 | 5，569 | 5，724 | | Stock－based compensation expense－TTM | | | | 1，699 | 1，560 | 1，560 | 1，644 | 1，747 | 1，812 | 1，918 | 1，912 | 1，904 | 1，999 | 2，048 | 2，244 | | Digital assets loss（gain），net－TTM（2） | | | | 170 | 204 | 204 | 34 | 34 | 一 | （335） | （235） | （242） | （589） | （129） | （513） | | Adjusted EBITDA－TTM（non－GAAP）（2）（3） | | | | 18，042 | 19，390 | 18，634 | 19，326 | 18，116 | 16，631 | 15，748 | 14，769 | 15，676 | 16，056 | 15，486 | 15，213 |

WEBCAST INFORMATION  网络直播信息

Tesla will provide a live webcast of its second quarter 2025 financial results conference call beginning at 4:30 p.m. CT on July 23, 2025 at ir.tesla.com. This webcast will also be available for replay for approximately one year thereafter.
特斯拉将于 2025 年 7 月 23 日中部时间下午 4:30 开始，在其投资者关系网站 ir.tesla.com 上直播 2025 年第二季度财报电话会议。该网络直播将提供约一年的回放。

CERTAIN TERMS  特定术语说明






currency impacts are calculated by comparing actuals against current results converted into USD using average exchange rates from the prior period.
货币影响通过将实际数据与使用上一期间平均汇率折算为美元的当期业绩进行比较计算得出。

NON-GAAP FINANCIAL INFORMATION
非公认会计准则财务信息






financial information reported under U.S. GAAP when understanding Tesla’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided above.
根据美国通用会计准则(GAAP)报告财务信息时理解特斯拉运营业绩。上文已提供 GAAP 与非 GAAP 财务信息调节表。

FORWARD-LOOKING STATEMENTS
前瞻性声明














Tesla disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.
特斯拉不承担更新这些前瞻性声明所含信息的义务，无论该等信息更新是由于新信息、未来事件或其他原因导致。
T ≡ Ξ L T ≡ Ξ L T-=Xi LT \equiv \Xi L ウ
  1. (1) As a result of the adoption of the new crypto assets standard, the previously reported quarterly periods in 2024 have been recast.
    (1) 由于采用了新的加密资产会计准则，2024 年已报告季度数据已进行追溯调整。
    26 ( 2 ) 26 ( 2 ) 26^((2))26{ }^{(2)} Beginning in Q1’25, Capital expenditures is presented inclusive of purchases of solar energy systems and all prior periods have been adjusted.
    从 2025 年第一季度开始，资本支出将包含太阳能系统采购金额，所有前期数据均已相应调整。