Tesla Q3 2026 update: $28.0B revenue (flat YoY), $0.7B GAAP operating income, $1.5B free cash flow; capex run-rate tracking below prior $25B+ FY 2026 guide
Capital expenditures (FY 2026) was maintained. Tesla's actual Q3 2026 results are being assessed against prior full-year 2026 guidance rather than a quarterly guide, as no formal Q3 2026 guidance was issued. On the only formally guided full-year 2026 metric with a numeric target, capex of in excess of $25 billion, the run-rate is tracking below that prior guide: 2026 capex through Q3 totals $13.0B ($2.5B + $5.8B + $4.7B), implying a Q4 2026 need of approximately $12B to hit $25B, an unlikely outcome versus the Q...
Guidance updates
Forward guidance
Key takeaways
Volume production: Tesla began volume production of Tesla Semi in Nevada and produced first production-quality Optimus bots in Fremont, consistent with prior full-year 2026 volume-production guidance for Cybercab, Tesla Semi and Megapack 3.
Capex tracking: Q3 2026 capex of $4.7B brings 2026 capex to $13.0B through nine months, well below the implied pace needed for the prior full-year 2026 guide of in excess of $25B; the company did not formally update that guide in this release.
Revenue: Total revenue of $28.0B was roughly flat YoY ($28.1B in Q3 2025), with automotive $20.6B, energy generation and storage $2.9B and services and other $4.6B.
Profitability: GAAP operating income of $0.7B vs $1.6B, operating margin compressed 322 bps YoY; GAAP net income $0.8B; non-GAAP net income $1.7B; adjusted EBITDA $3.9B (13.9% margin, -114 bps YoY).
EPS: GAAP diluted EPS of $0.22 vs $0.39 in Q3 2025; non-GAAP diluted EPS of $0.48 vs $0.50.
Cash flow: Operating cash flow $6.3B (vs $6.2B), free cash flow $1.5B (vs $4.0B) after $4.7B capex; quarter-end cash and investments rose $1.9B sequentially to $45.4B.
Deliveries: Total deliveries of 486,532 units were down 2% YoY; total production of 464,391 was up 4% YoY; company cited battery availability as the limiting factor on auto volumes.
Key metrics
Primary source
TickerStar generated this brief from an official company, investor-relations, earnings-call, or regulatory source. Review the primary material before making an investment decision.
Open SEC filingFollow TSLA in real time
Get material earnings, filing, IR, and earnings-call alerts by email.