Tesla’s energy storage business saved a dismal earnings report from turning into a horrible one. Investors anticipated the decline in sales, but Tesla still beat Wall Street earnings and revenue estimates thanks to its energy storage business. Tesla deployed a record 46.7 gigawatt-hours of energy storage products in 2025, a 48% increase from last year, according to the company’s official filings. Large energy storage projects, like those installed for utilities or data centers, tend to be milestone-based, and revenue from the projects is recognized when certain milestones are achieved. That’s more than double what the company recognized in deferred revenue from storage projects in 2025.