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Want more stock market and economic analysis from Phil Rosen directly in your inbox? Subscribe to Opening Bell Daily’s newsletter. With a refocused Elon Musk at the helm, Tesla is making its move. The 10th largest company in the world announced strong quarterly results after the bell Wednesday: Record revenue: $28.1 billion, up 12 percent from a year ago Record vehicle deliveries: 497,099 cars in Q3, up 7 percent from a year ago Record free cash flow: $3.99 billion, up 46 percent from a year ago Record cash pile: $41.6 billion in cash and investments, up 23.7 percent from a year ago Despite those records, the stock dipped as Tesla missed estimates for $0.54 adjusted earnings per share, coming in at $0.50. Featured Video An Inc.com Featured Presentation After a volatile election season and Musk’s high-profile political ventures, Tesla’s cash engine accelerated once again. The company now has more capital than ever ready to deploy for its pursuits in AI, robotics and energy storage. Operating margins improved slightly in the third quarter, though they remain below levels seen a year ago. Still, narrowing margins also reflect Tesla’s transition from a pure-play car company to a vertically-integrated energy and technology leader. Despite political and tariff-related headwinds, Tesla continues to scale efficiently, as the revenue jump illustrates. Meanwhile, Tesla’s energy revenue is now growing far faster than its automotive, which is helping off-set thinner margins on its still-growing core vehicle business. Tesla is also rebounding from its weaker quarters following President Trump’s election win, as car sales dropped by double-digits in the first half of 2025. With its after-hours choppiness Wednesday, the stock has climbed more than 15 percent so far in 2025. That’s weaker than every Magnificent 7 name except Amazon and Apple. Tesla’s board is set to vote on Musk’s new compensation at the company’s annual meeting on November 6, which could be worth $1 trillion over the next decade. That pay package, according to Tesla, will keep Musk focused and committed to the company, and it’s contingent on unprecedented and unrealistic milestones that no other executive would be able to achieve for the business.
