Li Auto

LI · Nasdaq

Motor Vehicles & Passenger Car Bodies · Fiscal year ends Dec 31 · Reports in CNY

Li Auto reported revenue of CNY 112B in the fiscal year ended Dec 2025, down 22.3% from the year before. Operating income was −CNY 521M, an operating margin of −0.5%, and net income was CNY 1.1B. Operating cash flow of −CNY 8.6B less capital expenditure of CNY 4.2B left free cash flow of −CNY 12.8B. It held more cash than debt (net cash CNY 47.2B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 27B	CNY 45.3B	CNY 124B	CNY 144B	CNY 112B
Cost of revenue	CNY 21.2B	CNY 36.5B	CNY 96.4B	CNY 115B	CNY 91.3B
Gross profit	CNY 5.8B	CNY 8.8B	CNY 27.5B	CNY 29.7B	CNY 21B
Research & development	CNY 3.3B	CNY 6.8B	CNY 10.6B	CNY 11.1B	CNY 11.3B
Selling, general & admin	CNY 3.5B	CNY 5.7B	CNY 9.8B	CNY 12.2B	CNY 10.7B
Operating income	−CNY 1B	−CNY 3.7B	CNY 7.4B	CNY 7B	−CNY 521M
Interest expense	CNY 63M	CNY 106M	CNY 86M	CNY 188M	CNY 168M
Pre-tax income	−CNY 153M	−CNY 2.2B	CNY 10.5B	CNY 9.3B	CNY 1.3B
Income tax	CNY 169M	−CNY 127M	−CNY 1.4B	CNY 1.3B	CNY 158M
Net income	−CNY 321M	−CNY 2B	CNY 11.8B	CNY 8B	CNY 1.1B
Diluted EPS	−0.17	−1.04	5.55	3.79	0.54
Diluted shares	1,853M	1,941M	2,115M	2,129M	2,143M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 27.9B	CNY 38.5B	CNY 91.3B	CNY 65.9B	CNY 56.7B
Receivables	CNY 121M	CNY 48M	CNY 144M	CNY 135M	CNY 120M
Inventory	CNY 1.6B	CNY 6.8B	CNY 6.9B	CNY 8.2B	CNY 8.8B
Current assets	CNY 52.4B	CNY 67B	CNY 115B	CNY 126B	CNY 115B
Goodwill	–	CNY 5M	CNY 5M	CNY 5M	CNY 5M
Total assets	CNY 61.8B	CNY 86.5B	CNY 143B	CNY 162B	CNY 154B
Deferred revenue	CNY 305M	CNY 569M	CNY 1.5B	CNY 1.4B	CNY 1.6B
Current liabilities	CNY 12.1B	CNY 27.4B	CNY 72.7B	CNY 69.2B	CNY 63.5B
Short-term debt	CNY 37M	CNY 391M	CNY 7B	CNY 281M	CNY 6.2B
Long-term debt	CNY 6B	CNY 9.2B	CNY 1.7B	CNY 8.2B	CNY 3.3B
DepositsBanks	CNY 10M	CNY 11M	CNY 67M	CNY 115M	CNY 152M
Total liabilities	CNY 20.8B	CNY 41.4B	CNY 82.9B	CNY 91B	CNY 81.2B
Shareholders' equity	CNY 41.1B	CNY 44.9B	CNY 60.1B	CNY 70.9B	CNY 72.6B
Backlog (remaining obligations)	–	CNY 582M	–	–	–

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 8.3B	CNY 7.4B	CNY 50.7B	CNY 15.9B	−CNY 8.6B
Capital expenditure	CNY 3.4B	CNY 5.1B	CNY 6.5B	CNY 7.7B	CNY 4.2B
Free cash flow	CNY 4.9B	CNY 2.3B	CNY 44.2B	CNY 8.2B	−CNY 12.8B
Depreciation & amortisation	CNY 590M	CNY 1.2B	CNY 1.8B	CNY 3.1B	CNY 4.6B
Stock-based compensation	CNY 1.1B	CNY 2.1B	CNY 2.4B	CNY 2.6B	CNY 1.3B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	67.7%	173.5%	16.6%	−22.3%
Operating income growth (YoY)	–	–	–	−5.2%	−107.4%
EPS growth (YoY)	–	–	–	−31.7%	−85.8%
Gross margin	21.3%	19.4%	22.2%	20.5%	18.7%
Operating margin	−3.8%	−8.1%	6.0%	4.9%	−0.5%
Net margin	−1.2%	−4.5%	9.5%	5.6%	1.0%
Return on equityBlank when equity is negative	−0.8%	−4.5%	19.6%	11.4%	1.6%
ROCEEBIT ÷ (assets − current liabilities)	−2.0%	−6.2%	10.5%	7.5%	−0.6%
Free cash flow margin	18.1%	5.0%	35.7%	5.7%	−11.4%
Cash conversion (CFO ÷ net income)	−25.9x	−3.63x	4.29x	1.98x	−7.56x
Receivable days	2	0	0	0	0
Inventory days	28	68	26	26	35
Interest cover	−16.1x	−34.4x	85.9x	37.4x	−3.10x
Debt ÷ equity	0.15x	0.21x	0.15x	0.12x	0.13x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	−CNY 21.9B	−CNY 28.9B	−CNY 82.6B	−CNY 57.5B	−CNY 47.2B
Current ratio	4.33x	2.45x	1.57x	1.82x	1.81x

Recent filings

20-F2026-04-10 ↗

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.