Filing Flows › Tesla (TSLA) › Q3 2026 › vs Q3 2025
Tesla (TSLA) Q3 2026 vs Q3 2025 (year over year)
Tesla's revenue fell $49.0M (-0.2%) from $28.1B in Q3 2025 to $28.0B in Q3 2026. The biggest changes: Total revenues from sales and services +$331M (+1%); Automotive regulatory credits −$304M (-73%); Automotive leasing −$76.0M (-18%). Gross margin 19.6% against 18.0% (+1.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 19.6% | 18.0% | +1.6 pts |
| Operating margin | 2.6% | 5.8% | -3.2 pts |
| Net margin | 2.9% | 4.9% | -2.1 pts |
| Free cash flow margin | 5.5% | 14.2% | -8.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Automotive sales | $20.1B | $20.4B | −$265M | -1% |
| Services and other | $4.6B | $3.5B | $1.1B | +33% |
| Energy generation and storage sales | $2.7B | $3.3B | −$536M | -16% |
| Energy generation and storage leasing | $136M | $134M | $2.0M | +1% |
| Total revenues from sales and services | $27.6B | $27.2B | $331M | +1% |
| Automotive leasing | $353M | $429M | −$76.0M | -18% |
| Automotive regulatory credits | $113M | $417M | −$304M | -73% |
| Revenue | $28.0B | $28.1B | −$49.0M | -0.2% |
| Gross profit | $5.5B | $5.1B | $440M | +9% |
| Cost of revenue | $22.6B | $23.0B | −$489M | -2% |
| Other income, net | $238M | $335M | −$97.0M | -29% |
| Operating profit | $718M | $1.6B | −$906M | -56% |
| Operating expenses | $4.8B | $3.4B | $1.3B | +39% |
| Pre-tax earnings | $956M | $2.0B | −$1.0B | -51% |
| Research & development | $2.8B | $1.6B | $1.1B | +69% |
| SG&A | $2.0B | $1.6B | $453M | +29% |
| Net earnings | $804M | $1.4B | −$585M | -42% |
| Income tax | $152M | $570M | −$418M | -73% |
| Depreciation | $1.6B | $1.4B | $230M | +17% |
| Share-based compensation | $1.2B | $663M | $502M | +76% |
| Working capital & other | $2.7B | $2.8B | −$122M | -4% |
| Operating cash flow | $6.3B | $6.2B | $25.0M | +0.4% |
| Free cash flow (OCF − capex) | $1.5B | $4.0B | −$2.5B | -62% |
| Capital expenditures | $4.7B | $2.2B | $2.5B | +110% |
Questions
How much did Tesla's revenue grow year over year in Q3 2026?
Tesla's revenue fell $49.0M (-0.2%) from $28.1B in Q3 2025 to $28.0B in Q3 2026.
What drove Tesla's revenue change in Q3 2026?
Total revenues from sales and services +$331M (+1%); Automotive regulatory credits −$304M (-73%); Automotive leasing −$76.0M (-18%).