Li Auto Inc. (LI) Cash Flow Statement
Where LI’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥8.61B −154.0% vs 2024
- Capital expenditures
- CN¥4.21B 3.7% of revenue
- Free cash flow
- −CN¥12.82B −11.4% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥9.00B cash at year-end CN¥56.91B
Cash from operations
−CN¥8.61B
Capital expenditures
−CN¥4.21B
Investments (net)
+CN¥2.20B
Acquisitions & other
+CN¥1.30B
Net borrowing (repayment)
+CN¥692.7M
Other financing
+CN¥74.7M
Currency & other
−CN¥452.8M
Change in cash
−CN¥9.00B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LI cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥1.35B2018 | −CN¥8.61B2025 | — | |
| Capital expenditures | CN¥970.7M2018 | CN¥4.21B2025 | +23.3%/yr | |
| Free cash flow | −CN¥2.32B2018 | −CN¥12.82B2025 | — | |
| Free cash flow margin | −968.5%2019 | −11.4%2025 | +957.1 pts | |
| Operating cash flow / net income | 4.332023 | −7.562025 | −11.89 | |
| Stock-based compensation | CN¥142.8M2020 | CN¥1.26B2025 | +54.5%/yr | |
| Share buybacks (net) | CN¥15.1M2018 | CN¥02020 | −100.0% | |
| Capex / revenue | 336.0%2019 | 3.7%2025 | −332.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LI cash flow by activity
OperatingInvestingFinancingChange in cash
LI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LI cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | CN¥1.14B | CN¥8.03B | CN¥11.70B | −CN¥2.03B | −CN¥321.5M | −CN¥166.0M | −CN¥2.42B | −CN¥1.17B |
| Depreciation & amortization | CN¥4.64B | CN¥3.06B | CN¥1.81B | CN¥1.21B | CN¥590.4M | CN¥321.0M | CN¥116.4M | CN¥60.5M |
| Stock-based compensation | CN¥1.26B | CN¥2.63B | CN¥2.38B | CN¥2.05B | CN¥1.10B | CN¥142.8M | — | — |
| Change in working capital | −CN¥15.13B | CN¥2.07B | CN¥3.58B | CN¥5.04B | CN¥6.62B | CN¥3.07B | −CN¥153.6M | −CN¥310.4M |
| Other non-cash items | −CN¥517.7M | CN¥142.0M | CN¥31.23B | CN¥1.11B | CN¥354.2M | −CN¥225.8M | CN¥661.3M | CN¥68.4M |
| Cash from operating activities | −CN¥8.61B | CN¥15.93B | CN¥50.69B | CN¥7.38B | CN¥8.34B | CN¥3.14B | −CN¥1.79B | −CN¥1.35B |
| Investing activities | ||||||||
| Capital expenditures | −CN¥4.21B | −CN¥7.73B | −CN¥6.51B | −CN¥5.13B | −CN¥3.44B | −CN¥675.2M | −CN¥952.9M | −CN¥970.7M |
| Investments (net) | CN¥2.20B | −CN¥41.14B | −CN¥12,068 | −CN¥4.36B | −CN¥4.26B | −CN¥18.74B | −CN¥2.57B | −CN¥191.5M |
| Acquisitions & other investing | CN¥1.30B | CN¥7.73B | CN¥6.50B | CN¥5.13B | CN¥3.44B | CN¥675.2M | CN¥952.9M | CN¥970.7M |
| Cash from investing activities | −CN¥703.1M | −CN¥41.14B | −CN¥12.1M | −CN¥4.36B | −CN¥4.26B | −CN¥18.74B | −CN¥2.57B | −CN¥191.5M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | CN¥0 | −CN¥3.8M | −CN¥15.1M |
| Net borrowing (repayment) | CN¥692.7M | −CN¥430.3M | −CN¥1.00B | CN¥3.08B | CN¥5.70B | −CN¥144.7M | CN¥401.4M | CN¥150.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥1.2M | CN¥2.46B | CN¥11.00B | CN¥24.86B | CN¥5.26B | CN¥688.8M |
| Other financing | CN¥74.7M | CN¥14.7M | CN¥1.19B | CN¥96.7M | CN¥1.1M | CN¥0 | CN¥0 | CN¥285.0M |
| Cash from financing activities | CN¥767.4M | −CN¥415.6M | CN¥185.4M | CN¥5.64B | CN¥16.71B | CN¥24.71B | CN¥5.66B | CN¥1.11B |
| Summary | ||||||||
| Net change in cash | −CN¥9.00B | −CN¥25.42B | CN¥50.91B | CN¥9.93B | CN¥20.32B | CN¥8.74B | CN¥1.34B | −CN¥426.4M |
| Cash at end of period | CN¥56.91B | CN¥65.91B | CN¥91.33B | CN¥40.42B | CN¥30.49B | CN¥10.17B | CN¥1.44B | CN¥95.5M |
| Free cash flow | −CN¥12.82B | CN¥8.20B | CN¥44.19B | CN¥2.25B | CN¥4.90B | CN¥2.46B | −CN¥2.75B | −CN¥2.32B |
| Free cash flow margin | −11.4% | 5.7% | 35.7% | 4.9% | 18.4% | 27.6% | −968.5% | — |
| Capex / revenue | 3.7% | 5.3% | 5.3% | 11.1% | 12.9% | 7.6% | 336.0% | — |
| Operating cash flow / net income | −7.56 | 1.98 | 4.33 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −CN¥1.70B | −CN¥2.29B | CN¥3.39B | −CN¥625.0M | CN¥1.09B | CN¥592.6M | CN¥5.66B | CN¥2.83B | CN¥1.10B | CN¥933.8M | CN¥265.3M | CN¥2.82B |
| Depreciation & amortization | — | CN¥2.91B | CN¥1.76B | — | CN¥1.72B | CN¥1.76B | CN¥1.03B | — | CN¥1.30B | CN¥358.5M | CN¥428.6M | CN¥1.03B |
| Stock-based compensation | CN¥206.7M | CN¥168.0M | CN¥513.1M | CN¥264.7M | CN¥371.2M | CN¥685.2M | CN¥826.6M | CN¥1.03B | CN¥402.1M | CN¥480.2M | CN¥702.3M | CN¥654.4M |
| Change in working capital | — | −CN¥10.07B | CN¥2.97B | — | −CN¥5.06B | CN¥2.97B | CN¥1.35B | — | −CN¥2.89B | CN¥6.12B | CN¥3.26B | CN¥1.35B |
| Other non-cash items | CN¥1.51B | CN¥3.19B | CN¥58.8M | −CN¥7.04B | −CN¥1.17B | −CN¥9.34B | CN¥8.43B | CN¥7.16B | −CN¥349.6M | −CN¥111.4M | CN¥265.8M | CN¥8.65B |
| Cash from operating activities | CN¥15.0M | −CN¥6.09B | CN¥8.68B | −CN¥7.40B | −CN¥3.04B | −CN¥3.34B | CN¥17.29B | CN¥11.02B | −CN¥429.4M | CN¥7.78B | CN¥4.93B | CN¥14.51B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥1.32B | −CN¥1.30B | −CN¥2.62B | −CN¥1.05B | −CN¥1.64B | −CN¥1.71B | −CN¥2.66B | −CN¥1.97B | −CN¥3.14B | −CN¥1.08B | −CN¥1.67B | −CN¥1.28B |
| Investments (net) | — | — | — | CN¥8.37B | −CN¥226.7M | −CN¥10.96B | −CN¥19.99B | −CN¥14.21B | −CN¥3.84B | −CN¥3.10B | −CN¥457.0M | −CN¥4.42B |
| Acquisitions & other investing | CN¥4.24B | −CN¥6.88B | −CN¥17.37B | CN¥1.05B | CN¥1.64B | CN¥9.57B | CN¥22.17B | CN¥1.97B | CN¥3.14B | CN¥1.48B | −CN¥3.18B | CN¥1.28B |
| Cash from investing activities | CN¥2.92B | −CN¥8.18B | −CN¥19.99B | CN¥8.37B | −CN¥226.7M | −CN¥3.10B | −CN¥469.1M | −CN¥14.21B | −CN¥3.84B | −CN¥2.69B | −CN¥5.31B | −CN¥4.42B |
| Financing activities | ||||||||||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥5.49B | CN¥337.3M | −CN¥734.5M | CN¥597.5M | −CN¥70.0M | CN¥185.3M | CN¥863.4M | CN¥238.3M | −CN¥104.7M | −CN¥195.8M | CN¥251.0M | CN¥1.37B |
| Cash from financing activities | −CN¥5.49B | CN¥337.3M | −CN¥734.5M | CN¥597.5M | −CN¥70.0M | CN¥185.3M | CN¥863.4M | CN¥238.3M | −CN¥104.7M | −CN¥195.8M | CN¥251.0M | CN¥1.37B |
| Summary | ||||||||||||
| Net change in cash | −CN¥2.74B | −CN¥14.04B | −CN¥11.69B | CN¥1.53B | −CN¥3.44B | −CN¥6.20B | CN¥17.64B | −CN¥3.20B | −CN¥4.34B | CN¥4.87B | −CN¥151.6M | CN¥11.43B |
| Cash at end of period | CN¥40.13B | CN¥42.87B | CN¥65.91B | CN¥51.32B | CN¥49.80B | CN¥85.13B | CN¥91.33B | CN¥77.59B | CN¥80.79B | CN¥45.28B | CN¥40.42B | CN¥73.69B |
| Free cash flow | −CN¥1.30B | −CN¥7.39B | CN¥6.06B | −CN¥6.35B | −CN¥4.67B | −CN¥5.06B | CN¥14.64B | CN¥9.05B | −CN¥3.57B | CN¥6.70B | CN¥3.26B | CN¥13.22B |
| Free cash flow margin | −5.1% | −32.3% | 21.4% | −23.2% | −15.4% | −19.5% | 33.1% | 21.0% | −11.3% | 26.2% | 7.8% | 37.8% |
| Capex / revenue | 5.1% | 5.7% | 9.2% | 3.8% | 5.4% | 6.6% | 6.0% | 4.6% | 9.9% | 4.2% | 4.0% | 3.7% |
| Operating cash flow / net income | — | — | 2.56 | — | −2.78 | −5.64 | 3.06 | 3.89 | −0.39 | 8.33 | 18.57 | 5.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
LI cash generation
In fiscal 2025 (ended December 31, 2025), Li Auto generated -CN¥8.6 billion of cash from operations (down 154.0%) and spent CN¥4.2 billion on capital expenditures, leaving free cash flow of -CN¥12.8 billion, −11.4% of revenue. Cash and equivalents fell by CN¥9.0 billion over the year.
Related: LI income statement, LI balance sheet. See the LI stock overview for the latest quote and news.
LI cash flow FAQ
What is Li Auto's free cash flow?
Li Auto's free cash flow was -CN¥12.8 billion in fiscal 2025: -CN¥8.6 billion of operating cash flow minus CN¥4.2 billion of capital expenditures It was CN¥8.2 billion a year earlier..
How much cash does Li Auto generate from operations?
Li Auto generated -CN¥8.6 billion of cash from operating activities in fiscal 2025, −7.56 times its net income of CN¥1.1 billion.
How much does Li Auto spend on capital expenditures?
Li Auto spent CN¥4.2 billion on capital expenditures in fiscal 2025, 3.7% of revenue, compared with CN¥7.7 billion the year before.