Meta, Tesla Earnings Setup Ahead of Q3 2026 Results

3-line summary

• Meta and Tesla both report third-quarter results after market close on Wednesday, October 21, 2026, with stock reactions expected Thursday, October 22; analyst consensus calls for Meta EPS of $6.58 on revenue of $63.34 billion, and Tesla EPS of $0.45 on revenue of $27.92 billion.
• For Meta, investors want proof that 2026 capital expenditures of $13-14.5 billion are translating into returns, after free cash flow came in at just $780 million in Q2; Meta reports first among major Big Tech companies, setting the tone for the AI sector, with 90-day EPS estimates cut 7.7% and the stock down 9.4% over the past week; over the last four quarters, average post-earnings stock moves were about 9.8%, with declines in three of the last four reactions.
• For Tesla, focus is on Cybercab, Robotaxi, and Optimus updates, plus any mention of SpaceX collaboration (not reflected in financial estimates); the stock's forward P/E of 241.5x leaves little room for disappointment, 90-day EPS estimates have been cut 18.7%, annual cash burn is projected at about $4.29 billion, and the prior quarter's EPS miss of 32.65% sent shares down 15.63%. The setup comes amid broader market volatility, with the Nasdaq posting its worst week since June and the VIX above 22.

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