Li Auto Inc. income statement LI

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Li Auto Inc. reported revenue of $16.1 billion, down 18.8% from the year before. Net income was $162.9 million, a profit margin of 1.0%. The operating loss came to $74.5 million, an operating margin of -0.5%. Diluted earnings per share were $0.08. Across the 6 fiscal years shown, revenue grew from $1.4 billion in fiscal 2020 to $16.1 billion in fiscal 2025, about 61.8% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020
Revenue	16,060 -18.8%	19,791 +13.5%	17,444 +165.7%	6,566 +54.9%	4,238 +192.4%	1,449
Cost of revenue	13,060 -17.0%	15,728 +15.9%	13,571 +156.5%	5,291 +58.7%	3,334 +175.1%	1,212
Gross profit	3,001 -26.1%	4,063 +4.9%	3,873 +203.9%	1,274 +41.0%	904 +280.8%	237
Research and development	1,618 +6.7%	1,517 +1.7%	1,491 +51.7%	983 +90.6%	516 +205.9%	169
Selling, general and administrative	1,525 -9.0%	1,675 +21.8%	1,376 +67.5%	821 +49.9%	548 +219.6%	171
Other operating income (expense)	68 -25.5%	91 +144.3%	37	—	—	—
Operating expenses	3,075 -0.8%	3,101 +9.6%	2,830 +56.8%	1,804 +69.6%	1,064 +212.8%	340
Operating income	-75 -107.7%	962 -7.8%	1,043 +296.9%	-530 -231.9%	-160 -55.6%	-103
Interest income	274 +10.1%	249 -15.0%	293 +107.3%	142 +21.8%	116 +254.9%	33
Interest expense	24 -6.6%	26	—	—	—	—
Other non-operating income (expense)	10 -89.4%	91 -38.4%	148 +62.8%	91 +208.6%	29 +553.1%	5
Equity in earnings of affiliates	-0 +66.8%	-1 +56.4%	-1 +11.4%	-2 -11553.8%	-0 +96.6%	-0
Pretax income	185 -85.5%	1,276 -13.3%	1,472 +570.2%	-313 -1205.7%	-24 +17.2%	-29
Income tax	23 -87.0%	174 +191.0%	-191 -938.2%	-18 -169.6%	26 +855.9%	-4
Net income	163 -85.2%	1,102 -33.7%	1,663 +664.5%	-295 -484.2%	-50 -117.0%	-23
Net income to common	161 -85.4%	1,100 -33.2%	1,648 +665.0%	-292 -478.4%	-50 +58.4%	-121
Basic EPS	0.08 -85.5%	0.55 -34.5%	0.84 +660.0%	-0.15 -400.0%	-0.03	—
Diluted EPS	0.08 -84.6%	0.52 -33.3%	0.78 +620.0%	-0.15 -400.0%	-0.03	—
Weighted average shares, basic	2,015 +1.1%	1,993 +1.3%	1,968 +1.4%	1,941 +4.7%	1,853	—
Weighted average shares, diluted	2,143 +0.6%	2,129 +0.7%	2,115 +9.0%	1,941 +4.7%	1,853	—
Other measures
Depreciation and amortization	663 +58.2%	419 +64.8%	254 +44.5%	176 +90.0%	93 +88.3%	49
EBITDA	588 -57.4%	1,381 +6.4%	1,297 +466.6%	-354 -428.3%	-67 -25.5%	-53
Interest coverage	-3.10x	37.38x	—	—	—	—
Margins
Gross margin	18.68%	20.53%	22.20%	19.41%	21.33%	16.38%
Operating margin	-0.46%	4.86%	5.98%	-8.07%	-3.77%	-7.08%
Pretax margin	1.15%	6.45%	8.44%	-4.77%	-0.57%	-2.00%
Profit margin	1.01%	5.57%	9.53%	-4.49%	-1.19%	-1.60%
EBITDA margin	3.66%	6.98%	7.44%	-5.39%	-1.58%	-3.68%
Effective tax rate	12.16%	13.64%	-12.99%	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Motor Vehicles & Passenger Car Bodies (SIC 3711)
Listed as: LI (Nasdaq), LAAOF (OTC)
Fiscal year ends: December 31
Incorporated in: Cayman Islands
Headquarters: Beijing
SEC filer status: Large accelerated filer
SEC CIK: 1791706
Former names: Leading Ideal Inc. (until Jun 5, 2020)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.