Tesla reported third-quarter figures on Wednesday after the close. Adjusted EPS was $0.48, above the consensus Yahoo cited ($0.44) and CNBC/LSEG ($0.43). Revenue was $28.05 billion. Yahoo puts the Bloomberg consensus at $28.13 — below. CNBC puts LSEG at $27.9 billion — above. An EPS beat. On revenue, it depends on the house. Net income attributable fell 29%, to $787 million, from $1.11 billion. That is not profit growth. It is not a SpaceX merger.

Free cash flow: +$1.53 billion, after a negative second quarter. Yahoo: the estimate was −$4.92 billion. Capex $4.73 billion, under the ~$8 billion Yahoo cited; more than double a year earlier. Auto revenue: $20.56 billion, −3% versus Q3 2025. Deliveries 486,532, −2% on the year, above the volume consensus. Energy storage: 13.7 GWh, from 12.5.

Services and other: +33%, to $4.61 billion, CNBC writes. Energy: −16%, to $2.88 billion. Capital spending and AI lift the bill. CNBC ties the profit drop to robotics and intelligence. Active FSD: 1.74 million subscriptions. Optimus, Yahoo writes, has started production in Fremont; that is a sentence from the letter, not the whole quarter.

On Tuesday, on SpaceX’s call, Musk said a merger with Tesla would be a good idea and that both boards have special committees, he being a conflicted party. It is not an agreement. It is not the 50% vote he called a high hurdle. Thursday’s Roadster, NHTSA on the Cybercab, Terafab with Intel — other files. The quarter is $28.05 billion and $787 million net.

In the United States, Cox Automotive estimates about 144,100 Tesla EVs in Q3, nearly −20% on the year, after the $7,500 credit expired. Shanghai in September: 95,366 wholesale, the best month of 2026 in Yahoo’s account; exports +58%, domestic sales −9%. The investor call was set for 5:30 p.m. ET. The after-close figures are not the merger.

Source consulted: Tesla reports Q3 earnings beat, positive free cash flow, and better-than-expected capex — Yahoo Finance.

Image: the Tesla factory, Fremont, California, 1 October 2011, Maurizio Pesce, CC BY 2.0, Wikimedia Commons. The plant, not Wednesday’s report.

Sources consulted: Tesla beats on earnings and sales even as auto revenue declines — CNBC.