Reported vs. Adjusted Margin: Tesla reported 3Q26 ex-credit Auto GPM of 18.1% (vs. 16.3% in 2Q26, 15.4% in 3Q25) and Energy GPM of 33.1%[2]. Form 10-Q Note 11 discloses Feb 2026 Supreme Court IEEPA tariff refunds cutting Auto COGS by $260M and Energy COGS by $526M, minus a $339M Energy customer refund deducted from revenue [1].
Arithmetic Reversal (Calc.): Backing out those one-offs lowers ex-credit Auto GPM to ~16.8% and Energy GPM to ~23.8%[1][2].
Checklist Item
Figures Verified in 3Q26 Filings
One-Time COGS & Revenue Adjustments
Tesla 10-Q Note 11: IEEPA tariff refund reduced Auto COGS by $260M and Energy COGS by $526M; customer refund obligation reduced Energy revenue by $339M
Reported vs. Ex-Refund Margins
Tesla ex-credit Auto GM: 18.1% reported vs. ~16.8% ex-refund (Calc.) / Energy GM: 33.1% reported vs. ~23.8% ex-refund (Calc.)
Accounting Profit vs. Cash Flow
Tesla GAAP operating income $718M, stock-based compensation $1.165B, operating cash flow $6.263B, free cash flow +$1.531B
Income Statement vs. Balance Sheet Cash
SK Hynix operating profit 83.33T KRW, net profit 39.78T KRW, ending cash 114.5T KRW (+26.5T KRW QoQ), net cash 98.7T KRW
New Fab Initial Dilution
TSMC gross margin 66.4% (-1.3%p QoQ on initial 2nm ramp); overseas fab dilution guided at ~2%p in 2026 and 3–4%p thereafter
2. Footnote Check 2 — Reconcile GAAP OP to OCF & Track SBC Dilution
$718M GAAP OP vs. $6.263B OCF: Tesla's 3Q26 GAAP OP was $718M (2.6% OPM), but adding back $1.165B of SBC (up from $663M YoY) plus D&A and working capital lifted OCF to $6.263B—funding $4.732B of 3Q CapEx ($13.01B in 9M26) and leaving +$1.531B FCF[2]. Track the $1.165B SBC separately as an equity dilution cost.
3. Footnote Check 3 — Separate Cancellation vs. Wage Buyback Tranches (SK Hynix)
Profit vs. Cash vs. Return Tally: SK Hynix 3Q26 OP hit 83.33T KRW (80% OPM) while Net Profit was 39.78T KRW (38% margin); cash rose +26.5T QoQ (88.0T → 114.5T KRW) and debt fell -2.8T QoQ (18.6T → 15.8T KRW) → Net Cash 98.7T KRW[3].
Avoiding Buyback Double-Counting: The ~100T KRW FY26 shareholder return target (≥50% of FCF) already includes the 40T KRW Aug buyback. In 3Q26, the board newly resolved a 14T KRW dividend + a 20T KRW treasury acquisition—explicitly splitting the 20T into 10T KRW for cancellation (in the return total) and 10T KRW for employee compensation (excluded) [3].
N2 & Overseas Fab Dilution Bands: TSMC 3Q26 GPM dipped -1.3pp QoQ (67.7% → 66.4%, inside the 65%–67% guide) as 2nm reached 8% of wafer sales; 4Q26 GPM is guided to 65%–67% (66.0% midpoint, -40bp QoQ), with overseas fab dilution quantified at ~2pp in 2026 and 3–4pp/yr thereafter [4].
Takeaway & Next-Quarter Checks
3-Point Follow-Up: (1) TSMC 4Q26 GPM vs. 65%–67% band; (2) Any repeat tariff/rebate entries in Tesla's 4Q footnote; (3) Tesla quarterly SBC trajectory vs. $1.165B.
Personal analysis record based on public regulatory filings. Not investment advice or a solicitation to buy or sell any security.
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