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LG Energy Solution Reports Preliminary Record Q3 2026 Earnings as EV and Storage Batteries Grow

LG Energy Solution’s preliminary Q3 2026 results show higher revenue and operating profit, with storage and EV demand cited among the drivers. The operating-profit figure remains unresolved pending the company’s full results.
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LG Energy Solution (LGES), a battery supplier to Tesla, reported preliminary third-quarter 2026 revenue of $7.21 billion, up 59% year over year, and operating profit of about $565 million, up 25%, according to an October 8 report by InsideEVs. The figures remain preliminary, and the operating-profit figure has not been reconciled across reports. The company was expected to publish full results in November.

What LG Energy Solution reported

The October 8, 2026 report characterized LGES’s Q3 performance as record earnings, citing preliminary results attributed to a South Korean regulatory filing. It listed revenue of $7.21 billion, a 59% increase from a year earlier, and operating profit of about $565 million, up 25%. Those should be treated as reported preliminary figures, not final audited results.

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The operating-profit figure needs particular care: a separate Korea Herald search excerpt expressed the amount as 756 billion won and gave year-over-year growth of 25.7%. Until LGES’s official release clarifies the currency conversion, definition and comparison basis, the dollar figure and the won figure should not be treated as a precisely reconciled equivalent.

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What reportedly drove the quarter

The report pointed to demand across both energy storage and electric vehicles, while describing a more difficult picture for some North American EV-battery production. It did not quantify how much each factor contributed to revenue or operating profit.

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Stationary storage in the United States

Demand for batteries used in stationary energy storage reportedly strengthened in the United States, with data centers and grid upgrades among the applications cited. Storage demand could help offset weakness in EV batteries, but the available figures do not isolate LGES storage sales or their effect on earnings.

Electric vehicles in Europe and North America

The report also cited stronger EV-battery sales in Europe. By contrast, it said LGES slowed North American EV-battery production amid weaker demand. These developments indicate that battery demand is uneven by market and use; they do not establish that one region or product category alone caused the quarter’s results.

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Credits and automaker compensation

U.S. battery-manufacturing credits and compensation from automakers were also identified as contributors to earnings. The report did not provide amounts for either item, so their individual impact cannot be separated from operating performance based on the preliminary figures.

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LGES’s results are not Tesla’s energy business results

LGES is the supplier named in the earnings report; Tesla’s own energy generation and storage figures describe a different company and segment. Tesla’s 2025 Form 10-K says its energy generation and storage revenue grew 27% in 2025, primarily because of higher Megapack and Powerwall deployments, and reports a 29.8% gross margin for that segment. Tesla separately reported $3.837 billion in energy generation and storage revenue for Q4 2025 in its January 28, 2026, investor update. None of these Tesla figures are LGES revenue or profit.

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What to watch in the final results

LGES’s full official results, expected in November according to the October report, are needed to confirm the preliminary figures and resolve the operating-profit discrepancy. The key details are the reported currency and operating-profit definition, the year-over-year basis, and the period meant by the record characterization. Until those details are available, the quarter is best described as a preliminary report of sharply higher revenue and operating profit, with multiple cited business drivers and no quantified breakdown of their contributions.

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