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⏱️ · First published 2026-10-23
💼 Business › Tesla Q3 2026 earnings
Tesla Q3 2026 earnings
By The Trends Incoming team
Tesla beat profit estimates in Q3 2026, but car revenue fell 3% and free cash flow dropped 62%. Plus the SpaceX merger talk. The key numbers, explained. Not investment advice.
What's trending in Tesla Q3 2026 earnings
Tesla x SpaceX merger talk
A Barclays note says a Tesla-SpaceX merger could be announced before Tesla's December annual meeting, and Musk's "Tesla x SpaceX" post poured fuel on it. Nothing has been announced.
Tesla beats on profit, stock slips
Adjusted EPS of $0.48 topped the $0.43 estimate and revenue hit $28.05B, but car revenue fell 3% and free cash flow dropped 62%. Shares fell more than 3% after hours. Musk called a SpaceX merger a good idea; nothing is agreed. Not investment advice.
The quick version
Tesla beat on profit, but the details were mixed. In its October 21 report, adjusted earnings came in at $0.48 a share versus $0.43 expected and revenue at $28.05 billion, per CNBC. Auto revenue fell 3%, energy fell 16%, and free cash flow dropped 62%. Shares slipped more than 3% after hours.
| Adjusted EPS | $0.48 vs. $0.43 expected (CNBC) |
|---|---|
| Revenue | $28.05B vs. $27.9B expected |
| Automotive revenue | $20.56B, down 3% |
| Energy revenue | $2.88B, down 16% |
| Services and other | $4.61B, up 33% |
| GAAP net income | $787M |
| Free cash flow | $1.53B, down 62% |
| 2026 capex | About $20B |
| After hours, Oct 21 | Down more than 3% |
The SpaceX question
On SpaceX's own call, Elon Musk called a combination of the two companies a "good idea", and both boards have formed special committees, according to CNBC. Nothing has been agreed. If it moves forward, expect a long process with independent reviews.
What to watch
The big swing factors are car demand, the energy business after a down quarter, and how much of that roughly $20 billion spending plan goes to AI and robotaxi work. Tesla's update letter has the details.
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Quick answers
Did Tesla beat earnings in Q3 2026?
Yes on profit: adjusted EPS of $0.48 versus $0.43 expected, and revenue of $28.05 billion versus $27.9 billion, per CNBC.
How did Tesla's car business do in Q3 2026?
Automotive revenue fell 3% to $20.56 billion.
Is Tesla merging with SpaceX?
Nothing is agreed. Musk called a merger a good idea, and both boards formed special committees, per CNBC.