Tesla Beats Q3 Estimates, Targets Approximately $20 Billion in 2026 Capex

Tesla generated $1.5 billion in third-quarter free cash flow, beating expectations of a $3.8 billion outflow, while management guided full-year 2026 capital expenditures to approximately $20 billion. The capex outlook was revised from earlier forecasts, with sources conflicting on whether this represented an increase or a cut from prior levels exceeding $25 billion. Third-quarter revenue rose to $28.05 billion and adjusted EPS reached $0.48, beating projections despite a 4% year-over-year EPS decline. Tesla closed the period with nearly $36 billion in net cash alongside $30 billion in secured borrowing capacity.