Analysts expect Tesla to report third-quarter revenue of $27.88 billion after market close Wednesday. Benzinga Pro puts revenue in last year's third quarter at $28.09 billion. Analysts expect earnings of 43 cents per share, down from 50 cents per share in last year's third quarter.
Tesla has missed analyst revenue estimates in six of the last 10 quarters. However, Tesla has beaten revenue estimates in three of the last four quarters. Tesla has missed analyst earnings estimates in five of the last seven quarters and seven of the last 10 quarters overall. Tesla has beaten earnings per share or revenue estimates only seven of a possible 20 times over the last 10 quarters.
GLJ Research maintained a Sell rating with a $25 price target. Jefferies maintained a Hold rating and raised the price target from $350 to $400. Tigress Financial maintained a Buy rating with a $550 price target. UBS maintained a Neutral rating and raised the price target from $385 to $391. JPMorgan maintained a Neutral rating and lowered the price target from $445 to $415.
A potential merger with SpaceX is a major topic to watch for management commentary. Elon Musk, the CEO of both companies, will likely remain quiet on the topic, but investors and analysts may raise the question. Tesla and SpaceX are expected to benefit from combining operations. Prediction markets are pricing in a higher likelihood of a combination sooner rather than later.
Tesla previously reported third-quarter deliveries of 486,532 vehicles, beating analyst estimates. However, deliveries fell short of the year-earlier total. Analysts and investors will seek commentary on guidance and demand for the rest of the fiscal year and beyond. Higher gasoline prices could boost demand in the U.S. electric-vehicle market.
Active FSD subscriptions have risen in recent quarters and are another area to watch. FSD subscriptions provide Tesla with a key high-margin recurring revenue stream as Tesla expands electric-vehicle sales in many regions, especially the United States. Tesla said in the second quarter that Optimus Bot production would happen soon. Investors and analysts will look for an update on that timeline. Updates on the Cybertruck and Semi will also draw interest. The Semi was previously on track for volume production this year.
Tesla shares rose 3.8% to $368.06 on Monday. Tesla's 52-week trading range was $297.38 to $498.83. Tesla shares have fallen 1.9% over the last month. Tesla shares have fallen 15.9% year-to-date in 2026.
Tesla Q3 Earnings Preview: Analysts Expect Revenue of $27.88 Billion
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Summary
Tesla is expected to report Q3 revenue of $27.88 billion and EPS of 43 cents after market close on Wednesday. The company has missed revenue estimates in six of the last 10 quarters and earnings in five of the last seven. Analysts have adjusted price targets, with GLJ Research at $25 (Sell), Jefferies at $400 (raised), and Tigress at $550 (Buy). Investors are watching the fear and greed index closely ahead of the report. A potential merger with SpaceX and updates on the Optimus Bot, Cybertruck, and Semi are also expected to be key topics. Altcoins to watch may react sharply depending on the earnings outcome.
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