Tesla Q3 2026 results: revenue $28.05B, profit down 43%

Tesla reported Q3 2026 revenue of $28.05 billion, essentially flat year-over-year, with non-GAAP EPS of $0.48, down 4%. Automotive gross margin excluding credits rebounded to 18.1%, but operating income fell 56% as spending on AI and Optimus surged.

• Revenue $28.05B; GAAP net income fell 43% to $787M
• Auto gross margin ex-credits rose to 18.1% from 15.4% a year ago
• Operating expenses up 39%, R&D up 69% to $2.76B
• Deliveries 486,532 units (-2.1%), largest order backlog in four years