Tesla Gains On EPS Beat, Crushes FCF Estimates... By Spending $3 Billion Less Than Expected

What happened: Tesla reported Q3 adjusted EPS of 48 cents versus a 44 cent consensus, with revenue of $28.05 billion in line and flat year over year. Free cash flow of $1.53 billion beat a consensus estimate of negative $4.99 billion. Key numbers: Adjusted EPS 48 cents vs 44 cent consensus. Revenue $28.05 billion. Why it matters: The content attributes roughly half the cash beat to CapEx that was not spent, and notes that hitting the $25 billion 2026 CapEx target would require about $12 billion in Q4. It also says a SpaceX merger is hanging over the stock.

Tesla beat EPS and crushed free cash flow estimates by spending $3 billion less than expected.

Tesla beat EPS and crushed free cash flow estimates by spending $3 billion less than expected. — impact context not separately stored; see What changed.