EarningsQ3 2026 Earnings Report
MX:TSLA Q3 2026 EPS Results
Actual EPS$8.97
Consensus EPS$8.50
Beat/MissBeat by +$0.47
One Year Ago EPS$9.34
MX:TSLA Q3 2026 Revenue Results
Actual Revenue$524.00B
Expected Revenue$524.20B
Beat/MissMissed by -$201.65M
YoY Revenue Growth-0.17%
Earnings Announcement Details
QuarterQ3 2026
Date10/21/2026
TimeAfter Close
Conference CallWednesday, October 21, 2026
MX:TSLA Upcoming Earnings
Tesla's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:TSLA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic, with management highlighting record vehicle delivery performance, substantial demand, improving automotive and energy margins, rapid FSD and Robotaxi adoption, strong liquidity and significant progress across Semi, Cybercab, Optimus and Terafab. The principal challenges were production constraints, rising operating expenses, regulatory approvals, continued Optimus development work, Robotaxi economics below target and very large future capital requirements. The breadth and strength of the reported growth initiatives and operating metrics significantly outweighed the stated challenges.Company Guidance
Strong Vehicle Demand and Production Expansion
Management described the third quarter as very strong, with vehicle demand growing rapidly and exceeding production by a significant margin. Tesla is ramping production meaningfully and is laying the groundwork for additional manufacturing capacity, with an aim of reaching approximately 5 million vehicles annually by 2030.
Record Vehicle Delivery Performance and Backlog
Tesla achieved two consecutive quarters with vehicle deliveries above 480,000. The automotive business exited the quarter with its highest backlog in four years, with deliveries constrained primarily by production. Factories operated at record rates during the quarter.
Model Y Market Performance
The Model Y set delivery records in several key markets. Based on preliminary data, management believes it was the number one selling BEV in Europe and the number one selling passenger car in South Korea, while also setting records in Australia, Japan and Taiwan.
FSD Demand and Customer Adoption
Full Self-Driving was identified as the biggest driver of vehicle demand. More than 75% of North American deliveries included a paid FSD subscription sign-up at delivery, approximately 20% higher than in Q2. Paid FSD customers globally exceeded 1.7 million, with subscriptions representing 50% for the first time.
FSD Expansion and Product Development
Tesla is approved for FSD in many European countries and is seeking EU-wide approval and approval in additional markets. The company is building its own AI-based mapping and navigation architecture, with the start and end of trips expected to use the technology as part of the v15 release and broader navigation functions expected to transition over the following several months.
Automotive Margin Improvement
Automotive gross margin excluding credits increased sequentially from 16.3% to 18.1%, driven by a higher mix of deliveries in APAC. Tesla adjusted vehicle financing programs to partially offset commodity price increases and interest-rate changes.
Strong Energy Storage Demand and Margin Expansion
Energy demand was described as very strong, with Tesla almost sold out of all Megapacks for 2027. Energy storage deployments reached 13.7 gigawatt-hours, the company's second-best quarter. Energy gross margin improved sequentially from 20.4% to 33.1%, primarily due to tariff refunds and warranty true-downs related to vendor reimbursement of certain cell-related costs.
In-House LFP Battery Deliveries
Tesla began deliveries of Megapacks using its in-house LFP batteries during the quarter.
Services and Other Margin Record
Services and other margin improved sequentially from 14.1% to 15.9%, an all-time high, due to strength across several businesses, including supercharging and insurance.
Robotaxi Network Growth
Cumulative unsupervised Robotaxi miles increased eightfold during the quarter, with weekly double-digit growth. The Cybercab fleet in Austin grew by a factor of 10 since its launch about one month earlier, and management said fully autonomous miles were scaling exponentially.
Robotaxi Geographic and Operational Expansion
Tesla plans to launch Cybercab service in Dallas the following month and then scale the same software to additional cities, including cities using Model Y Robotaxis. Management said Robotaxi availability is being expanded from an initial 6:00 a.m. to 9:00 p.m. schedule toward later hours, with 24/7 operation, higher-speed roads and additional weather and driving conditions targeted by the end of the year.
Robotaxi Technology and Scaling Investments
Management attributed Robotaxi scaling to technology investments made over several years and the v15 software stack. Tesla said it sees a path toward millions of vehicles over the next several months and expects Robotaxi to become a significant part of revenue and profitability in 2027, becoming noticeable around Q2 and potentially a big deal by Q3 or Q4.
Cybercab Manufacturing Advantages
Tesla began producing Cybercabs in Texas and said the vehicle has 50% fewer parts than any other vehicle the company has built. Management stated that the actual capacity of the Cybercab line is significantly higher than its listed capacity of more than 125,000 units annually, although current production is being matched to Robotaxi service needs.
Semi and Roadster Progress
Tesla began production of the Tesla Semi in Q3, started a new Semi factory in Reno and conducted a new Roadster demonstration.
Optimus Production and Development Progress
Tesla began early production on a high-volume Optimus line in Fremont and has landed the vast majority of a 1-million-unit-per-line production line there. The company is also constructing an Austin factory expected to produce substantially more robots than the Fremont facility. Tesla is developing Optimus production, supply chain, design and AI software in parallel.
Optimus Training and AI5 Road Map
Tesla is building an Optimus Academy and plans to produce approximately 10,000 to 20,000 robots to support self-play and reinforcement-learning data collection. Management expects to integrate the AI5 chip into Optimus around April of next year, with approximately an order of magnitude more compute than AI4, and said a non-preprogrammed Optimus demonstration could be released in roughly one to two months.
Terafab Development
The Austin-based Terafab research fab is progressing quickly, with machinery commissioning expected in the first half of next year and a first test chip potentially around May or June. Tesla's aspiration is to produce a useful chip at volume around Q3 2028, while management characterized late 2028 as the target for real production.
Cash Generation and Liquidity
Tesla ended the quarter with positive free cash flow of more than $1.5 billion and cash and investments exceeding $45 billion. The company secured capacity to borrow up to $30 billion to support expected CapEx growth, while stating that it does not plan to draw under the new facilities during the current calendar year.
Capital Deployment and Capacity Investments
Tesla revised current-year CapEx guidance to approximately $20 billion and plans to fund it primarily from operating cash flow. Tariff refunds are being reinvested to expand U.S. production capacity. The company is continuing investments in Robotaxi fleets, Optimus production, solar manufacturing, additional compute infrastructure and semiconductor manufacturing.
Factory Expansion and Capacity Initiatives
Tesla has made strategic global investments to increase rates at existing factories, is ramping Cybercab production in Giga Texas, has applied for permits to expand its Berlin factories and has begun the new Semi factory in Reno.
MX:TSLA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed