Tesla’s third-quarter 2026 financial results delivered a mixed picture for investors, but its Bitcoin strategy remained steady: the company did not sell any of its $972 million Bitcoin holdings during the quarter. The electric vehicle maker continued to maintain its cryptocurrency position, reinforcing its status as one of the largest corporate holders of BTC.
The earnings figures beat Wall Street expectations on several fronts. Tesla reported adjusted earnings per share of $0.48, above the $0.43 consensus, while total revenue reached $28.05 billion versus an expected $27.88 billion. Adjusted EBITDA was $3.90 billion, also ahead of the $3.71 billion estimate. However, profitability declined: net income attributable to common shareholders fell to $787 million, down 29% from $1.11 billion a year earlier, and operating profit dropped 56% to $718 million with a margin of just 2.6%.
Revenue was uneven across segments. Automotive revenue decreased 3% year-over-year to $20.56 billion, and energy generation and storage revenue fell 16% to $2.88 billion. Services and other revenue was a bright spot, rising 33% to $4.61 billion. Free cash flow declined 62% to $1.53 billion, while capital expenditures nearly doubled to $3.73 billion as Tesla invested heavily in AI and robotics. The company delivered 486,532 vehicles, a 2% decline from the prior year.
Tesla also highlighted progress in autonomous driving and robotics. Active Full Self-Driving subscriptions grew 67% year-over-year to 1.74 million. The company said some customer vehicles could receive FSD Unsupervised around the second quarter of 2027. Robotaxi operations began in Austin in September, and Texas motor vehicle records show 362 Model Y robotaxis and 449 Cybercabs authorized for driverless operations. CFO Vaibhav Taneja noted the company will own most of the Cybercab fleet, with Elon Musk predicting the robotaxi business could become a significant financial contributor by the third or fourth quarter of 2027.
In addition, Tesla confirmed high-volume production of its Optimus humanoid robots at Fremont and a new Texas Megafactory with planned annual capacity of 50 GWh. Musk also addressed the possibility of a Tesla-SpaceX merger, saying both boards have formed special committees, though he offered no new details.
For crypto markets, Tesla’s decision to keep its Bitcoin position unchanged removes a potential source of selling pressure from a high-profile corporate treasury.
