Filing Flows › Tesla (TSLA) › Q3 2026 › vs Q2 2026
Tesla (TSLA) Q3 2026 vs Q2 2026 (quarter over quarter)
Tesla's revenue fell $190M (-0.7%) from $28.2B in Q2 2026 to $28.0B in Q3 2026. The biggest changes: Total revenues from sales and services −$146M (-0.5%); Automotive regulatory credits −$33.0M (-23%); Automotive leasing −$11.0M (-3%). Gross margin 19.6% against 16.8% (+2.8 pts).
Tesla, Q3 2026: revenue $28.0B (-0.2% year over year), operating margin 2.6%, net earnings $804M, operating cash flow $6.3B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 19.6% | 16.8% | +2.8 pts |
| Operating margin | 2.6% | 1.4% | +1.2 pts |
| Net margin | 2.9% | 4.0% | -1.1 pts |
| Free cash flow margin | 5.5% | -3.9% | +9.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Automotive sales | $20.1B | $20.0B | $88.0M | +0.4% |
| Services and other | $4.6B | $4.6B | $24.0M | +0.5% |
| Energy generation and storage sales | $2.7B | $3.0B | −$253M | -8% |
| Energy generation and storage leasing | $136M | $141M | −$5.0M | -4% |
| Total revenues from sales and services | $27.6B | $27.7B | −$146M | -0.5% |
| Automotive leasing | $353M | $364M | −$11.0M | -3% |
| Automotive regulatory credits | $113M | $146M | −$33.0M | -23% |
| Revenue | $28.0B | $28.2B | −$190M | -0.7% |
| Gross profit | $5.5B | $4.8B | $743M | +16% |
| Cost of revenue | $22.6B | $23.5B | −$933M | -4% |
| Other income, net | $238M | $931M | −$693M | -74% |
| Operating profit | $718M | $398M | $320M | +80% |
| Operating expenses | $4.8B | $4.4B | $423M | +10% |
| Pre-tax earnings | $956M | $1.3B | −$373M | -28% |
| Research & development | $2.8B | $2.4B | $390M | +16% |
| SG&A | $2.0B | $2.0B | $33.0M | +2% |
| Net earnings | $804M | $1.1B | −$324M | -29% |
| Income tax | $152M | $201M | −$49.0M | -24% |
| Depreciation | $1.6B | $1.4B | $210M | +15% |
| Share-based compensation | $1.2B | $1.2B | $14.0M | +1% |
| Working capital & other | $2.7B | $1.0B | $1.7B | +159% |
| Operating cash flow | $6.3B | $4.7B | $1.6B | +33% |
| Free cash flow (OCF − capex) | $1.5B | −$1.1B | $2.6B | — |
| Capital expenditures | $4.7B | $5.8B | −$1.1B | -18% |
Questions
How much did Tesla's revenue grow quarter over quarter in Q3 2026?
Tesla's revenue fell $190M (-0.7%) from $28.2B in Q2 2026 to $28.0B in Q3 2026.
What drove Tesla's revenue change in Q3 2026?
Total revenues from sales and services −$146M (-0.5%); Automotive regulatory credits −$33.0M (-23%); Automotive leasing −$11.0M (-3%).