As the smoke clears from its outrageous Roadster demo , Tesla reported Q3 earnings on Wednesday — and the cold reality is that revenue has flatlined.

Tesla said it earned $1.7 billion in net income on $28.0 billion in revenue in the quarter that ended in September 2026. Revenues were flat, while profits dropped 4 percent compared to the third quarter of 2025 , when the company earned $1.4 billion in net income on $28.1 billion in revenue. Tesla’s revenue came in above Wall Street expectations of $27.9 billion, according to data compiled by LSEG . Tesla’s own company-compiled expectations predicted Q3 revenues of $28.3 billion.

The earnings come on the heels of a disappointing Q3 sales report , in which Tesla reported a 2.1 percent drop in customer deliveries compared to the blockbuster third quarter of 2025.…