Tesla said it achieved record revenue and free cash flow for its third quarter after reaching new sales records for its core automotive business and energy storage division. But that wasn’t enough for the stock, which was down fractionally falling the report.
Tesla reported overall revenue of $28 billion, well above the $26.5 billion expected by analysts, and ahead of the $25.2 billion posted a year ago. Automotive revenue made up the biggest chunk of the total at $21.2 billion, fueled by an industrywide surge to purchase electric vehicles before U.S. federal tax credits expired at the end of September. Analysts had expected Tesla’s core vehicle business to bring in $19.6 billion in revenue.
The energy generation and storage business took home $3.4 billion in revenue, above the $3.2 billion expected by analysts and 44% higher compared to a year earlier, when it brought in $2.4 billion. Tesla deployed 12.5 gigawatt hours of energy storage products last quarter, which it said was a record. Its previous all-time high was 11 gigawatt hours deployed across the last three months of 2024.
Tesla reported adjusted earnings per share of 50 cents per share, below the 56 cents per share that Wall Street had been expecting, according to FactSet estimates. That made for a 31% decline from a year before.
