特斯拉三季度营收280.5亿美元基本持平：营业利润降56%至7.18亿美元 FSD订阅同比增67%至174万

特斯拉（Tesla）10月21日盘后发布2026年第三季度业绩：总营收280.5亿美元，与去年同期基本持平；按美国通用会计准则（GAAP）计算的净利润为7.87亿美元、每股收益0.22美元；非GAAP净利润17亿美元、每股收益0.48美元，高于市场预期的约0.44至0.45美元。公司当日在投资者关系网站发布《第三季度更新》，业绩问答网络直播定于美东时间17时30分举行。

利润端承压明显：营业利润7.18亿美元、同比下降56%，营业利润率2.6%；营业费用同比增长39%至47.8亿美元，公司称主要来自超级智能（SI）等研发项目、股权激励与销售及管理费用。总毛利率则升至19.6%，汽车业务毛利率为18.5%，剔除监管积分后为18.1%，均高于第二季度。

分业务看，汽车营收同比下降3%至约206亿美元，其中监管积分收入从去年同期的4.17亿美元降至1.13亿美元；能源发电与储能营收下降16%至约29亿美元，公司称部分原因是与关税相关的客户退款；服务及其他营收增长33%至约46亿美元，成为本季亮点。

运营数据方面，特斯拉第三季度生产464,391辆、交付486,532辆，交付量同比下降2%，储能产品部署13.7吉瓦时。公司称，季度内生产并交付了第1,000万辆整车，加拿大、澳大利亚、日本与台湾交付量创季度纪录，期末乘用车积压订单为四年来最高。

现金流方面，经营现金流62.6亿美元，资本开支47.3亿美元，自由现金流15.3亿美元；季度末现金、现金等价物与短期投资合计454.5亿美元，较上季增加约19亿美元。

软件与新业务进展是本季另一条主线：北美新交付车辆中逾75%搭载FSD（监督版），较上季提升近20个百分点；活跃FSD订阅同比增长67%至174万。克罗地亚、斯洛文尼亚、捷克与斯洛伐克自第二季度末以来新批准FSD，欧洲已有九国逾10万名客户累计行驶逾1.6亿公里。无人驾驶出租车方面，Cybercab自9月3日起在 Austin 提供Robotaxi载客服务，无人监督累计里程季度内增长约八倍、至近200万英里。特斯拉还表示，Semi电动卡车已在内华达州量产，Optimus人形机器人已在 Fremont 工厂的高量产线投产、首批为生产品质机器人；储能订单率与积压量创历史最高，德克萨斯州的 Megafactory 已开始生产，规划产能50吉瓦时；电池供应仍是整车扩产的主要制约。

展望方面，特斯拉未给出具体销量目标，仅表示将聚焦于把各工厂产能利用率做到最大，并预计硬件利润未来将伴随SI、软件与车队相关利润的加速增长。

关联：财报前瞻：特斯拉三季度业绩周三盘后公布：预期每股收益约0.45美元、营收约279亿美元，交付48.65万辆已先行披露

Tesla Q3 Revenue Holds Flat at $28.05 Billion as Operating Income Falls 56%; FSD Subscriptions Jump 67% to 1.74 Million

Tesla reported third-quarter 2026 results after the market close on Wednesday, October 21, posting total revenue of $28.05 billion, roughly flat from a year earlier. GAAP net income was $787 million, or $0.22 per share, while non-GAAP net income was $1.70 billion, or $0.48 per share, ahead of analyst estimates of about $0.44 to $0.45. The company published its Q3 2026 Update on its investor relations site, with the earnings Q&A webcast scheduled for 5:30 p.m. Eastern.

Profitability came under pressure: operating income fell 56% year over year to $718 million, a 2.6% operating margin, as operating expenses climbed 39% to $4.78 billion, driven by superintelligence (SI) and other R&D projects, stock-based compensation and SG&A. Total GAAP gross margin rose to 19.6%, and automotive gross margin was 18.5%, or 18.1% excluding regulatory credits, both up from the second quarter.

By segment, automotive revenue declined 3% to about $20.6 billion, with regulatory credit revenue falling to $113 million from $417 million a year earlier. Energy generation and storage revenue fell 16% to about $2.9 billion, which Tesla said was partly due to tariff-related customer refunds. Services and other revenue rose 33% to about $4.6 billion.

Tesla produced 464,391 vehicles and delivered 486,532 in the quarter, with deliveries down 2% year over year, and deployed 13.7 GWh of energy storage. The company said it produced and delivered its 10 millionth vehicle during the quarter, set quarterly delivery records in Canada, Australia, Japan and Taiwan, and ended the quarter with its largest passenger-vehicle backlog in four years.

Operating cash flow was $6.26 billion and capital expenditures were $4.73 billion, leaving free cash flow of $1.53 billion. Cash, cash equivalents and short-term investments reached $45.45 billion, up about $1.9 billion over the quarter.

Software and new businesses were the other headline: FSD (Supervised) was attached to over 75% of new vehicle deliveries in North America, a jump of nearly 20 percentage points from last quarter, and active FSD subscriptions grew 67% year over year to 1.74 million. Croatia, Slovenia, the Czech Republic and Slovakia have approved FSD since the end of Q2, bringing it to nine European countries where more than 100,000 customers have logged over 160 million kilometers. Cybercab robotaxi rides began in Austin on September 3, and cumulative unsupervised robotaxi miles grew about eightfold in the quarter to nearly 2 million. Tesla also said Semi production has begun in volume in Nevada, Optimus production has started on high-volume lines in Fremont with its first production-quality bots, energy-storage order rates and backlog hit record highs, and Megafactory Texas has begun production with planned capacity of 50 GWh, while battery supply remains the main limit on vehicle output growth.

Tesla again gave no specific volume target, saying it is focused on maximum capacity utilization at its factories and expects hardware profits to be accompanied over time by an acceleration of SI, software and fleet-based profits.

Related: Earnings Preview: Tesla Q3 Results Due After Wednesday's Close

来源：GSM·美国（原文链接）

图片来源：特斯拉加州 Fremont 工厂总装线资料图。照片：Maurizio Pesce 摄，CC BY 2.0，经维基共享资源。 / File photo: Assembly line at Tesla's Fremont, California factory. Photo by Maurizio Pesce, CC BY 2.0, via Wikimedia Commons.

GSM Global · 本篇英文版 English edition of this story

本频道最新更多 ›

FBI正式认定：60多亿美元币安被盗案系朝鲜所为2026-10-31英国电信运营商Virgin Media O2据报将裁员数千人：1.6万名员工中最多4000人受影响2026-10-31

← 返回金融　全部新闻　关于我们