Tesla shares fell 3.08% on October 22, the day after its third-quarter earnings release, despite results that beat market expectations, as the point at which robotaxis and the humanoid robot Optimus generate profit was pushed back to the second half of 2027 and beyond. Third-quarter deliveries topped 480,000 units for a second consecutive quarter, with the order backlog at its highest level in four years, but revenue stayed roughly flat from a year earlier while operating profit fell by more than half. Revenue was essentially unchanged at $28.046 billion, gross profit rose 8.7%, and R&D spending increased by $1.13 billion year over year to $2.761 billion, exceeding operating profit of $718 million. Selling, general and administrative expenses rose 29.0%, pushing operating profit down 55.8% and net income down 42.7% to $787 million. Adjusted earnings per share of $0.48 beat the expected $0.45, and free cash flow was a positive $1.53 billion versus a forecast $4.51 billion deficit. Automotive revenue fell 3.0% and energy revenue dropped 15.6%, while services and other revenue rose 32.5% on FSD subscription growth. Regulatory credit sales fell to $113 million from $417 million. Tesla cut its 2026 capex plan to more than $20 billion from more than $25 billion.