$TSLA Q3’26 Earnings: Core Margins Rebound & Cash Flow Flips Positive ​Everyone came into this print worried about cash burn and auto margins. Tesla beat on both. ​Headline Numbers: 🔹 Revenue: $28.05B (Est. $27.88B) 🟢 | Flat YoY 🔹 Adj. EPS: $0.48 (Est. $0.43) 🟢 | -4% YoY 🔹 Adj. EBITDA: $3.90B (Est. $3.71B) 🟢 | -8% YoY 🔹 GAAP Gross Margin: 19.6% (+160 bps YoY, up from 16.8% in Q2) 🔹 Auto Margin (ex-credits): 18.1% (up from 15.4% YoY) ​Cash & CapEx: 🔹 Operating Cash Flow: $6.26B 🔹 CapEx: $4.73B (Street feared ~$7.7B) 🔹 Free Cash Flow: $1.53B (Back in the green after Q2 burn) 🔹 Cash & Investments: $45.4B (+$1.9B QoQ) ​ Operating income dropped 56% YoY to $718M (2.6% margin), but don't confuse that with weak unit economics. Gross profit actually grew 9% to $5.49B. The operating margin compression is self-inflicted OpEx ($4.78B) to fund AI compute, Cybercab, and Optimus. ​Meanwhile, high-margin Active FSD Subscriptions hit 1.74M (+67% YoY), Cybercabs are running paid rides in Austin, Optimus is on high-volume lines in Fremont, and Megafactory Texas (50 GWh capacity) is officially producing. ​The auto business is funding the AI buildout without touching the $45.4B war chest. $TSLA up 2% AH.