• X generated over $2 billion in revenue for the first nine months of 2025, marking an 18% year-over-year increase.
  • The platform posted a $577 million net loss in Q3 2025, but EBITDA rose 16% year-over-year and 9% sequentially.
  • Ad revenue recovery and subscription growth are driving financial stabilization amid ongoing challenges in the social media landscape.

X, the social media platform owned by Elon Musk, has reported financial results that highlight a mixed but improving trajectory. According to recent filings, revenue for the first nine months of 2025 reached over $2 billion, up roughly 18% from the prior year. This growth aligns with earlier projections of $2.26 billion in advertising revenue for 2025, which would represent a 16.5% increase from 2024.

In the third quarter, X posted a $577 million net loss, a figure that underscores the platform's ongoing struggles to achieve profitability. However, EBITDA—a key measure of operational performance—rose 16% year-over-year and 9% from the previous quarter, signaling potential efficiency gains. People familiar with the matter note that these numbers reflect efforts to stabilize the business after a turbulent period following Musk's $44 billion acquisition in 2022, which initially led to a sharp decline in revenue and advertiser exodus.

Ad revenue remains the primary driver, accounting for 68-75% of total income, with recent data showing a 40% higher return on investment compared to peers despite X's modest market share in U.S. social ads. Engagement metrics have also improved, with a 22% increase in 2024, though the platform faces stiff competition from emerging rivals like Bluesky and Threads. A spokesperson for X, who declined to be named, emphasized that "the focus is on leveraging our verification features and subscription services to build a more sustainable model."

Looking ahead, analysts are cautiously optimistic. Short-term projections suggest Q4 2025 could push annual totals higher, with ad revenue potentially reaching $2.7 billion by 2027. Yet, risks persist, including user decline and reliance on Musk's strategic pivots. The platform's recent valuation rebound to $44 billion under its xAI parent company adds a layer of complexity, as stakeholders weigh long-term viability against immediate financial pressures. Attempts to reach X for further comment were not immediately successful.

*Correction: An earlier version of this article misstated the year-over-year EBITDA growth; it has been updated to reflect the correct figure of 16%.