Li Auto (LI) Financial Statements & Analysis

Li Auto (LI) Income Statement

Li Auto reported revenue of CNY 112.31B in fiscal 2025 (fiscal year ended Dec 31, 2025), down 22.3% from CNY 144.46B a year earlier. Net income was CNY 1.12B, down 86.0% year over year, a net margin of 1.0%. Gross margin was 18.7% and operating margin -0.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 25.67B, down 15.4% from the same quarter a year earlier.

Li Auto Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Li Auto Inc. income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	112.31	144.46	123.85	45.29	26.66	8.94	0.28	0.00
Cost of Revenue	91.33	114.80	96.35	36.50	21.11	7.55	0.38	0.09
Gross Profit	20.99	29.66	27.50	8.79	5.55	1.39	-0.10	-0.09
Operating Expenses
Research & Development	11.31	11.07	10.59	6.78	3.19	1.00	1.13	0.80
Selling, General & Administrative	10.66	12.23	9.77	5.67	3.37	0.99	0.61	0.28
Operating Expenses	-21.51	-22.64	20.09	-12.45	6.56	1.99	1.74	1.09
Operating Income	-0.52	7.02	7.41	-3.65	-1.00	-0.60	-1.84	-1.18
Other Income/Expense
Interest Income	1.92	1.82	2.08	0.98	0.73	0.24	0.08	0.07
Interest Expense	0.17	-0.19	0.09	-0.11	0.06	0.06	0.08	0.07
Other Income/Expense	1.82	2.30	1.05	1.50	0.85	0.43	-0.58	-0.04
Income
Income Before Tax	1.30	9.32	10.45	-2.16	-0.15	-0.18	-2.41	-1.21
Income Tax Expense	0.16	1.27	-1.36	-0.13	0.17	-0.02	0.00	0.00
Net Income	1.12	8.03	11.70	-2.01	-0.32	-0.16	-2.43	-1.59
Net Income - Continuous Operations	1.14	8.05	11.81	-2.03	-0.32	-0.16	-2.43	-1.59
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	4.20	10.05	12.34	-2.39	0.49	0.24	-2.01	-1.02
EBIT	-0.43	6.99	10.54	-3.60	-0.09	-0.67	-	-
Depreciation & Amortization	4.64	3.06	1.81	1.21	0.58	0.36	0.16	0.09
Earnings Per Share
Basic EPS	1.00	8.00	12.00	-2.00	-	-1.00	-4.00	-2.00
Diluted EPS	1.00	8.00	11.00	-2.00	-	-1.00	-4.00	-2.00
Basic Shares Outstanding	1.01	1.00	0.98	0.97	0.93	0.90	0.90	0.90
Diluted Shares Outstanding	1.07	1.06	1.06	0.97	0.93	0.90	0.90	0.90

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Li Auto Financial Statements

What was Li Auto's revenue in fiscal 2025?

Li Auto reported revenue of CNY 112.31B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 22.3% from CNY 144.46B a year earlier.

Is Li Auto profitable?

Yes. Li Auto earned net income of CNY 1.12B in fiscal 2025, a net margin of 1.0%. In fiscal 2024 it earned CNY 8.03B.

What is Li Auto's operating margin?

Li Auto's operating income was −CNY 521.12M on revenue of CNY 112.31B in fiscal 2025, an operating margin of -0.5%, compared with 4.9% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition