Tesla (TSLA) Q3 2026 (USD): Adj. EPS 0.48 (exp. 0.45), Revenue 28.0bln (exp. 28.1bln)

• We expect rising data centre demand to continue driving demand for our products
• Production has begun for Tesla Semi in Nevada and Optimus in Fremont.
• Plan to reach 400MW of SI training compute by end of year, supporting development of vehicle and humanoid Robot autonomy software

A marginal EPS beat alongside a slight revenue miss is the classic mixed print for this name, and historically the stock has traded more on the conference call and the non-automotive narrative than on the quarter itself. The operating pattern in past episodes has been for margins and delivery commentary to drive the first move, with the after-market direction frequently reversing once management speaks, since valuation rests on autonomy, robotics and energy rather than current vehicle economics. The bullet points here are telling: data centre demand, Semi production, Optimus and training compute capacity are all forward investment story rather than Q3 results, which is the typical framing when core auto metrics are soft. The distinction worth drawing is between gross margin ex-credits, the line that tracks the underlying car business, and the energy and services segments that have been carrying an increasing share of gross profit in recent periods. Watch points are the call commentary on margins, any update on robotaxi or Optimus timelines, and whether the compute build-out is framed as capex commitment or aspiration, since prior ambitious timelines from this company have repeatedly slipped without lasting damage to the multiple.