Q3 24 EPS
$0.72
BEAT +24.14%
Est. $0.58
Q3 24 Revenue
$25.18B
MISS 0.75%
Est. $25.37B
vs S&P Since Q3 24
+38.8%
BEATING MARKET
TSLA +63.2% vs S&P +24.4%
Market Reaction
Did TSLA Beat Earnings? Q3 2024 Results
Tesla delivered a standout third quarter, posting non-GAAP earnings per share of $0.72 against a consensus estimate of $0.58, a beat of 24.14%, even as revenue of $25.18 billion rose 7.8% year-over-year but came in just shy of the $25.37 billion anal… Read more Tesla delivered a standout third quarter, posting non-GAAP earnings per share of $0.72 against a consensus estimate of $0.58, a beat of 24.14%, even as revenue of $25.18 billion rose 7.8% year-over-year but came in just shy of the $25.37 billion analysts had expected. The headline profitability story was a sharp recovery in margins: GAAP operating income surged 54% year-over-year to $2.72 billion, producing a 10.8% operating margin, driven by aggressive cost discipline that pushed the cost of goods sold per vehicle to its lowest level yet and trimmed operating expenses 6% year-over-year to $2.28 billion. Free cash flow of $2.74 billion, up 223% year-over-year, underscored the improving financial engine beneath the surface. While rival automakers continue to absorb losses from their EV divisions, Tesla's energy segment added further lift, with revenue growing 52% year-over-year to $2.38 billion. Looking ahead, Tesla expects slight vehicle delivery growth for full-year 2024 and reaffirmed that more affordable new models remain on track for a first-half 2025 production start.
Key Takeaways
- • Record third-quarter vehicle deliveries of 462,890 units (6% YoY growth)
- • Lowest-ever COGS per vehicle at approximately $35,100
- • Second-highest quarter of regulatory credit revenues ($739M)
- • Energy business record gross margin of 30.5% (up 596 bps sequentially)
- • Services and Other record gross profit, growing over 90% YoY
- • Lower raw material costs, freight, duties and other cost reductions
- • Higher FSD revenue recognition from Cybertruck and Actually Smart Summon
- • Operating expenses decreased 6% YoY including cost-reduction efforts
- • Cybertruck achieved positive gross margin for the first time
TSLA YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
TSLA Revenue by Segment
With YoY comparisons, source: SEC Filings
TSLA Earnings Trends
TSLA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TSLA EPS Trend
Earnings per share: estimate vs actual
TSLA Revenue Trend
Quarterly revenue: estimate vs actual
TSLA Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.36 | $0.41 | +14.14% | $22.39B | +0.18% |
| Q4 25 BEAT FY | $0.47 | $0.50 | +6.38% | $24.90B | +0.65% |
| FY Full Year | $1.64 | $1.66 | +1.52% | $94.83B | +0.17% |
| Q3 25 MISS | $0.56 | $0.50 | -10.35% | $28.10B | +5.21% |
| Q2 25 MISS | $0.40 | $0.40 | -1.11% | $22.50B | +1.67% |
| Q1 25 MISS | $0.42 | $0.27 | -35.71% | $19.34B | -9.70% |
| Q4 24 MISS FY | $0.76 | $0.73 | -3.95% | $25.71B | -6.70% |
| FY Full Year | $2.48 | $2.42 | -2.47% | $97.69B | -1.85% |
| Q3 24 BEAT | $0.58 | $0.72 | +24.14% | $25.18B | -0.75% |
| Q2 24 MISS | $0.62 | $0.52 | -16.13% | $25.50B | +2.94% |