Tesla’s Q3 2026 results, released October 21, showed flat $28.05 billion revenue and non-GAAP EPS of $0.48 that beat estimates, yet GAAP net income fell 43% to $787 million as operating expenses rose 39% on heavy spending for AI, Optimus, and Cybercab initiatives. Gross margins expanded to 19.6% while automotive revenue slipped 3%, with deliveries down 2% year-over-year at 486,532 units. Elevated capital expenditures of $4.73 billion and ongoing merger discussions with SpaceX have added volatility, with shares trading near $390–$399 in early November after ranging between roughly $340 and $400. Traders are watching potential regulatory updates on autonomy, energy-storage deployment trends, and any further capital-allocation signals ahead of month-end resolution.