0001628280-26-066738
SEC filing特斯拉Q3营收28.0B基本持平，营业利润降至0.7B，AI与机器人研发及SBC推高费用是头号拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $28,046M | $28,095M | — |
| Total gross profit | $5,494M | $5,054M | — |
| Total GAAP gross margin | 19.6% | — | +160 bp |
| Income from operations | $718M | $1,624M | — |
| Operating margin | — | — | -322 bp |
| Net income attributable to common stockholders (GAAP) | $787M | $1,373M | — |
| Net income attributable to common stockholders (non-GAAP) | $1,697M | $1,770M | — |
| EPS attributable to common stockholders, diluted (GAAP) | $0.22 | $0.39 | — |
| EPS attributable to common stockholders, diluted (non-GAAP) | $0.48 | $0.50 | — |
| Adjusted EBITDA (non-GAAP) | $3,900M | $4,227M | — |
| Adjusted EBITDA margin (non-GAAP) | 13.9% | 15.0% | -114 bp |
| Net cash provided by operating activities | $6,263M | $6,238M | — |
| Capital expenditures | $(4,732)M | $(2,248)M | — |
| Free cash flow | $1,531M | $3,990M | — |
| Cash, cash equivalents and short-term investments | $45,447M | $41,647M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| — | — | — | — |
本季营收$28,046M同比基本持平，但盈利端明显承压：GAAP营业利润降至$718M、营业利润率同比下滑322 bp，净利润$787M、摊薄EPS $0.22均低于去年同期。费用是主要拖累——研发费用升至$2,761M、SG&A $2,015M，公司明确归因于SI及其他研发项目、SBC（含2025 CEO Performance Award）与SG&A增加；同时监管积分收入下降、能源毛利走弱（含关税相关客户退款）也构成压力。正面因素包括车辆区域与产品结构改善、服务及其他毛利创纪录$734M（FSD订阅带动）以及$0.1B汇兑顺风，推动总毛利率同比提升160 bp至19.6%。
分部动能上，汽车营收$20,560M、交付486,532辆同比降2%，但公司称季末乘用车订单积压为四年最高，FSD在已开放市场需求形成支撑；能源订单率与积压创历史新高，Megafactory Texas投产（规划50 GWh）；Cybercab已进入Austin Robotaxi车队，累计无人监督里程近200万英里。现金流方面，经营现金流$6,263M、自由现金流$1,531M，资本开支升至$4,732M，现金及投资环比增$1.9B至$45,447M。本次发布未给出具体业绩指引，管理层仅强调最大化工厂产能利用、并预期硬件利润将逐步伴随SI、软件与车队业务利润加速；Semi与Optimus已启动生产，电池供应仍是产量爬坡的限制因素。