Tesla posted its third-quarter 2026 results, with revenue at $28.046 billion, roughly flat from a year earlier, while net income attributable to common stockholders fell about 43% to $787 million.
GAAP diluted earnings per share were $0.22, down from $0.39 in the same quarter last year.
Operating income fell about 56% to $718 million. Operating margin was 2.6%, down 3.2 percentage points year over year. Tesla said operating profit was pressured by higher research and other operating expenses, lower regulatory credit revenue, and weaker gross profit in the energy business. Operating expenses rose about 39%.
Overall GAAP gross margin increased to 19.6%, up about 1.6 percentage points from a year earlier and also higher than the previous quarter. Automotive gross margin excluding regulatory credits was about 18.1%, improving from both the prior quarter and the same period last year.
In operating metrics, Tesla delivered 486,500 vehicles in the third quarter, down 2% year over year, while production reached 464,400 vehicles, up 4%.
Automotive revenue declined about 3% from a year earlier. Revenue from energy generation and storage fell about 16%, while services and other revenue rose about 33%.
Cash flow from operations was $6.263 billion in the third quarter. Free cash flow was $1.531 billion, below $3.990 billion in the same period last year.
The company also said battery supply continues to constrain higher vehicle production. It has started Semi volume production in Nevada, begun Optimus production in Fremont, and deployed Cybercab in the Austin Robotaxi fleet.
According to BIT market data, SPCX was down 3.32% in after-hours trading.