Companies · TSLA
Tesla
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 22, 2026
Tesla Q3 2026: Automotive gross margin expands to 18.5% as Robotaxi launch and $2.76B R&D surge signal full pivot to SI-driven revenue model
Tesla's Q3 2026 filing marks a structural inflection point: automotive gross margin reached 18.5% (up from 17.0% in Q3 2025) despite flat quarterly revenue of $28.05 billion, while R&D spend surged 69% year-over-year to $2.76 billion — now 10% of revenue — driven entirely by super intelligence, Optimus, and silicon programs. The Cybercab launched in September 2026 and the Robotaxi service (live since June 2025) are now central to Tesla's stated business model, with management framing fleet growth as a compounding data flywheel. A $30 billion credit facility entered in September 2026 and capex guidance exceeding $20 billion for full-year 2026 — more than double the prior-year pace — confirm that Tesla is in an aggressive investment phase that will structurally suppress near-term net income.
Tone: bullishRevenue
$94.8B
TSLA 10-K · FY 2025
Employees
134,785
Revenue FY2024
$97.7B
Founded
2003
Profile
TSLA 10-K Item 1 · Jan 29, 2026Tesla designs, manufactures, and sells fully electric vehicles, energy generation systems, and energy storage products, while developing AI-driven autonomous driving, robotaxi services, and humanoid robots. The company operates through two reportable segments — automotive and energy generation and storage — and sells directly to consumers globally. Tesla is increasingly positioning itself as an AI and software company that uses its vehicle fleet and manufacturing infrastructure as the foundation for autonomous and robotic commercialization.
Read filing description ↓ Collapse description ↑
We are focused on bringing artificial intelligence into the real world, through products and services like Full Self-Driving (FSD) (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots (Bots) (including Optimus). We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced software and services to our customers, to achieve that objective. We generally sell our products directly to customers, and continue to grow our global retail, service and charging footprint to accelerate the widespread adoption of our products. We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety. We also strive to lower the cost of ownership for our customers through continuous efforts to reduce manufacturing costs and by offering financial and other services tailored to our products. Our mission is building a world of amazing abundance. We believe that this mission, along with our engineering expertise, advancements in real-world AI, vertically integrated business model, and focus on user experience differentiate us from other companies. We operate as two reportable segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles as well as sales of automotive regulatory credits, and also includes services and other. The energy generation and storage segment includes sales, leasing, and financing of energy generation and storage products, services related to such products and sales of energy generation incentives.
Primary products
- Model 3
- Model Y
- Model S
- Model X
- Cybertruck
- Tesla Semi
Business segments
End markets
Geographies
“We believe that our engineering expertise, advancements in real-world AI, vertically integrated business model, and focus on user experience differentiate us from other companies.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues decreased by $2.86 billion in 2025 compared to the prior year, driven primarily by a decline in automotive sales revenue, partially offset by growth in energy generation and storage and services and other.
The rest of TSLA is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.