Q3 2026 Earnings Consensus

Oct 19, 2026

Please find below the latest company-compiled earnings consensus estimates of sell-side analysts. Tesla does not endorse any information, recommendations or conclusions made by the analysts. Q3-2026 and 2026 data represent company-compiled consensus estimates.

Estimates provided by: Baird, Barclays, BofA, BNP Paribas, Cantor Fitzgerald, Canaccord, Cowen, Daiwa, DB, Evercore ISI, GS, HSBC, Jefferies, JPM, Mizuho, Morgan Stanley, OpCo, RBC, StoneX, Truist, UBS, William Blair, Wolfe

	Q3-2026				2026
P&L	Average	Median	St. Deviation	# of Inputs	Average	Median	St. Deviation	# of Inputs
Automotive	20,272	20,428	731	23	76,454	76,362	2,063	22
Energy generation and storage	3,720	3,556	634	23	13,736	13,482	1,222	22
Services and other	4,349	4,391	367	23	16,970	16,724	836	22
Total revenues	28,341	28,264	746	23	107,130	106,908	2,279	23
COGS	-23,280	-23,388	664	23	-87,457	-87,850	1,957	23
Gross profit	5,061	5,022	262	23	19,673	19,506	633	23
Gross margin	17.9%	18.0%	0.8%	23	18.4%	18.4%	0.5%	23
Operating Expenses GAAP	-4,340	-4,387	242	23	-16,829	-16,887	581	23
Income (loss) from operations	721	687	349	23	2,844	2,848	862	23
Operating margin	2.5%	2.5%	1.2%	23	2.6%	2.7%	0.8%	23
Interest and other	392	341	260	23	1,518	1,388	486	23
Income (loss) before income taxes	1,113	1,011	489	23	4,362	4,135	1,129	23
Taxes	-285	-244	127	23	-1,113	-989	312	23
Net income (loss)	828	768	390	23	3,323	3,248	910	22
Net income (loss) attributable to NCI and redeemable NCI	12	14	5	23	51	56	10	23
Net income (loss) attributable to common stockholders	815	755	390	23	3,221	3,187	921	23
Share count (diluted)	3,584	3,543	144	23	3,594	3,542	158	23
EPS - GAAP	0.23	0.21	0.11	23	0.90	0.90	0.26	23
Total SBC, net of tax	890	875	195	23	3,600	3,552	494	22
Digital assets unrealized (gain) loss, net of tax	-288	-217	390	7	-333	-14	968	13
SpaceX equity investment unrealized gain, net of tax	111	280	405	6	-813	-763	220	12
EPS - non-GAAP	0.45	0.45	0.10	23	1.69	1.67	0.28	23

Cash Flow and Energy	Average	Median	St. Deviation	# of Inputs	Average	Median	St. Deviation	# of Inputs
Operating CF	3,267	3,246	1,522	20	15,622	14,908	2,178	20
Capex	-7,771	-8,000	564	21	-25,354	-25,546	838	21
FCF	-4,506	-4,385	1,511	20	-9,717	-9,800	2,319	20
Cash, cash equivalents and marketable securities	39,009	39,087	1,553	19	34,799	34,623	2,704	19

Energy GWh					52.4	53.1	9.2	20

Other Models deliveries					55,107	43,389	45,068	21
Model 3/Y deliveries					1,730,717	1,747,892	72,670	21
Total deliveries					1,783,692	1,790,181	37,714	23