Tesla Reports Q3 2026 Financial Results: $28.0B Revenue, Cybercab Robotaxi Launch in Austin

Executive Summary

On October 21, 2026, Tesla, Inc. filed a Form 8-K under Item 2.02 (Results of Operations and Financial Condition) disclosing its financial and operational results for the third quarter ended September 30, 2026, accompanied by its Q3 2026 shareholder update (Exhibit 99.1).

Key Financial Highlights

• Revenues: Total revenues were $28,046 million, roughly flat compared to $28,095 million in Q3 2025.
  • Automotive Revenues: $20,560 million (Automotive Sales: $20,094M, Regulatory Credits: $113M, Leasing: $353M).
  • Energy Generation and Storage: $2,881 million (down from $3,415M in Q3 2025).
  • Services and Other: $4,605 million (up from $3,475M in Q3 2025).
• Profitability & Margins:
  • Gross Profit: $5,494 million, representing an automotive gross margin of 18.5% (18.1% excluding regulatory credits).
  • Operating Income: $718 million, down from $1,624 million in Q3 2025, driven by increased R&D ($2,761 million) and SG&A ($2,015 million).
  • Adjusted EBITDA: $3,900 million (13.9% margin).
  • GAAP Net Income: $787 million ($0.22 per diluted share).
  • Non-GAAP Net Income: $1,697 million ($0.48 per diluted share).
• Cash Flow & Balance Sheet:
  • Operating Cash Flow: $6,263 million.
  • Capital Expenditures: $4,732 million.
  • Free Cash Flow: $1,531 million.
  • Cash & Short-Term Investments: Ended the quarter at $45,447 million (sequential increase of $1.9 billion).

Operational & Strategic Developments

• Automotive Volumes: Total vehicle production reached 464,391 units (+4% YoY), with deliveries totaling 486,532 units (-2% YoY). Cumulative all-time deliveries crossed 10.2 million units.
• Autonomous Driving & Robotaxi: Deployed Cybercab into the Austin Robotaxi fleet starting September 3, with cumulative unsupervised miles approaching two million. Active FSD subscriptions reached 1.74 million.
• Energy Storage: Deployed 13.7 GWh of storage in Q3 2026. Megafactory Texas commenced production with planned capacity of 50 GWh.
• Robotics & Next-Gen Hardware: Optimus production began on high-volume manufacturing lines in Fremont, California. Volume production of the Tesla Semi launched on high-volume lines in Nevada.