Tesla Q3: $28.05B Revenue, $787M Net Income, and 1.74 Million Paying FSD Customers

Tesla reported third-quarter 2026 revenue of $28.05 billion, essentially flat year over year, with adjusted earnings of $0.48 per share beating the consensus estimate of $0.45. GAAP net income fell 43 percent year over year to $787 million as operating expenses rose 39 percent. Global vehicle deliveries totaled 486,532, and energy storage deployments reached 13.7 GWh in the quarter.

Full Self-Driving was the demand story management emphasized. Paid FSD customers climbed 67 percent year over year to 1.74 million, with subscriptions accounting for about half, and more than 75 percent of North American deliveries included a paid FSD sign-up. CEO Elon Musk identified FSD as a major driver of vehicle demand, and Tesla ended the quarter with its largest passenger vehicle backlog in four years.

Capital spending is also being reined in: management cut 2026 capital expenditure guidance to about $20 billion from about $25 billion, citing more efficient deployment. Robotaxi expansion, Optimus commercialization targeted for late 2027, and the Dallas Cybercab launch remain the forward catalysts — but the quarter itself shows a company whose profit engine is under pressure while its software attach rate keeps climbing.