- Tesla Q3 net income was $787M, down from $1.37B a year earlier and above the $782M analyst estimate.
- Tesla Q3 sales were $28.05B, versus $28.1B a year earlier and $28.06B forecast by analysts per FactSet.
- Tesla generated more than $1.5B in free cash flow in Q3 and ended the quarter with over $45B in cash and investments, per CFO Vaibhav Taneja.
- Musk said vehicle demand is exceeding production, with Full Self-Driving as the main driver, and Tesla is ramping production.
- Tesla raised its 2026 capital expenditure guidance to approximately $20B.
- Tesla plans to launch Cybercab service in Dallas in November 2026, with a goal of delivering Cybercabs to customers by end of 2026, mostly kept in Tesla's fleet.
- Tesla is seeking EU-wide approval for Full Self-Driving, with Musk saying it could take a few months.
- Shares turned lower in after-hours trading after the report, per WSJ.
- Musk declined further comment on possible merger talks between Tesla and SpaceX, after earlier calling a merger a good idea and saying both companies formed special committees of independent directors.
Quotes
“Demand is growing rapidly for our vehicles. It's exceeding our production by a significant margin”
“In a nutshell, after many years of sort of grind and things being fairly flat, I think we're now headed for a lot of fun and significant growth”
“Tap dancing through a minefield there.”