Li Auto Inc. (LI) Income Statement
LI 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanLI revenue and net income
Where LI's revenue goes
2025Each bar shows an amount and its share of revenue. LI kept 1.0% of revenue as net income.
LI profit margins
LI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −22.3% | +34.6% | +65.9% | — |
| Gross profit | −29.3% | +33.6% | +72.2% | — |
| Operating income | −108.2% | — | — | — |
| Net income | −86.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LI income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥112.31B | CN¥144.52B | CN¥123.83B | CN¥46.08B | CN¥26.66B | CN¥8.94B | CN¥283.6M | CN¥0 |
| Cost of revenue | CN¥91.33B | CN¥114.85B | CN¥96.34B | CN¥37.28B | CN¥21.11B | CN¥7.55B | CN¥380.7M | CN¥89.7M |
| Gross profit | CN¥20.99B | CN¥29.67B | CN¥27.49B | CN¥8.81B | CN¥5.55B | CN¥1.39B | −CN¥97.1M | −CN¥89.7M |
| Research & development | CN¥11.31B | CN¥11.08B | CN¥10.58B | CN¥6.84B | CN¥3.19B | CN¥997.3M | CN¥1.13B | CN¥804.5M |
| Sales, general & admin | CN¥10.66B | CN¥12.23B | CN¥9.77B | CN¥5.43B | CN¥3.40B | CN¥816.1M | CN¥613.7M | CN¥296.2M |
| Total operating expenses | CN¥21.51B | CN¥23.31B | CN¥20.35B | CN¥12.52B | CN¥6.56B | CN¥1.99B | CN¥1.74B | CN¥1.09B |
| Operating income | −CN¥521.1M | CN¥6.36B | CN¥7.14B | −CN¥3.72B | −CN¥1.00B | −CN¥604.1M | −CN¥1.84B | −CN¥1.18B |
| Interest income | CN¥1.92B | CN¥1.82B | CN¥2.08B | CN¥976.2M | CN¥740.4M | CN¥254.9M | CN¥30.3M | CN¥3.6M |
| Interest expense | CN¥168.1M | CN¥187.8M | CN¥86.2M | CN¥108.2M | CN¥62.4M | CN¥63.3M | CN¥83.4M | CN¥65.9M |
| Income before taxes | CN¥1.30B | CN¥9.32B | CN¥10.45B | −CN¥2.20B | −CN¥150.8M | −CN¥178.6M | −CN¥2.41B | −CN¥1.21B |
| Income taxes | CN¥157.7M | CN¥1.27B | −CN¥1.36B | −CN¥129.2M | CN¥166.5M | −CN¥21.6M | −CN¥56.4M | CN¥29.1M |
| Net income | CN¥1.12B | CN¥8.04B | CN¥11.70B | −CN¥2.05B | −CN¥317.3M | −CN¥159.8M | −CN¥2.43B | −CN¥1.59B |
| EBITDA | CN¥6.10B | CN¥12.57B | CN¥12.34B | −CN¥875.2M | CN¥494.3M | CN¥244.1M | −CN¥2.01B | −CN¥1.02B |
| Gross margin | 18.7% | 20.5% | 22.2% | 19.1% | 20.8% | 15.5% | −34.2% | — |
| Operating margin | −0.5% | 4.4% | 5.8% | −8.1% | −3.8% | −6.8% | −647.2% | — |
| Net margin | 1.0% | 5.6% | 9.5% | −4.4% | −1.2% | −1.8% | −857.5% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥25.59B | CN¥22.84B | CN¥28.38B | CN¥27.40B | CN¥30.35B | CN¥25.99B | CN¥44.27B | CN¥43.18B | CN¥31.64B | CN¥25.63B | CN¥41.73B | CN¥34.95B |
| Cost of revenue | CN¥22.77B | CN¥21.05B | CN¥23.32B | CN¥22.93B | CN¥24.26B | CN¥20.66B | CN¥35.30B | CN¥33.89B | CN¥25.47B | CN¥20.34B | CN¥31.95B | CN¥27.25B |
| Gross profit | CN¥2.83B | CN¥1.80B | CN¥5.06B | CN¥4.48B | CN¥6.09B | CN¥5.33B | CN¥8.97B | CN¥9.29B | CN¥6.17B | CN¥5.28B | CN¥9.79B | CN¥7.70B |
| Research & development | CN¥2.77B | CN¥2.71B | CN¥3.02B | CN¥2.98B | CN¥2.82B | CN¥2.52B | CN¥2.41B | CN¥2.61B | CN¥3.02B | CN¥3.05B | CN¥3.49B | CN¥2.84B |
| Sales, general & admin | CN¥2.28B | CN¥2.05B | CN¥2.65B | CN¥2.77B | CN¥2.72B | CN¥2.53B | CN¥3.08B | CN¥3.36B | CN¥2.82B | CN¥2.98B | CN¥3.27B | CN¥2.54B |
| Total operating expenses | CN¥5.04B | CN¥4.74B | CN¥5.59B | CN¥5.75B | CN¥5.55B | CN¥5.06B | CN¥5.27B | CN¥5.99B | CN¥5.84B | CN¥6.02B | CN¥6.75B | CN¥5.40B |
| Operating income | −CN¥2.21B | −CN¥2.95B | −CN¥525.7M | −CN¥1.28B | CN¥541.0M | CN¥274.2M | CN¥3.70B | CN¥3.30B | CN¥333.9M | −CN¥742.0M | CN¥3.04B | CN¥2.30B |
| Interest income | CN¥455.0M | CN¥394.0M | CN¥430.7M | CN¥475.4M | CN¥496.5M | CN¥516.3M | — | — | CN¥370.0M | CN¥1.07B | CN¥794.4M | CN¥439.8M |
| Interest expense | CN¥115.9M | CN¥40.4M | CN¥36.9M | CN¥32.7M | CN¥49.9M | CN¥48.3M | CN¥39.8M | CN¥54.6M | CN¥43.2M | CN¥28.6M | CN¥13.7M | CN¥11.8M |
| Income before taxes | −CN¥1.94B | −CN¥2.59B | −CN¥27.0M | −CN¥740.0M | CN¥1.29B | CN¥776.2M | CN¥4.06B | CN¥3.42B | CN¥1.18B | CN¥675.4M | CN¥4.18B | CN¥2.97B |
| Income taxes | −CN¥242.9M | −CN¥323.2M | −CN¥46.9M | −CN¥114.7M | CN¥192.7M | CN¥128.1M | CN¥529.0M | CN¥583.9M | CN¥77.0M | CN¥84.4M | −CN¥1.58B | CN¥139.3M |
| Net income | −CN¥1.70B | −CN¥2.28B | CN¥6.4M | −CN¥625.9M | CN¥1.10B | CN¥651.8M | CN¥3.52B | CN¥2.83B | CN¥1.10B | CN¥592.4M | CN¥5.66B | CN¥2.85B |
| EBITDA | −CN¥2.21B | −CN¥2.55B | −CN¥525.7M | −CN¥707.3M | CN¥3.06B | CN¥824.5M | CN¥4.15B | CN¥3.48B | CN¥2.52B | CN¥704.0M | CN¥3.49B | CN¥2.99B |
| Gross margin | 11.0% | 7.9% | 17.8% | 16.3% | 20.1% | 20.5% | 20.3% | 21.5% | 19.5% | 20.6% | 23.5% | 22.0% |
| Operating margin | −8.6% | −12.9% | −1.9% | −4.7% | 1.8% | 1.1% | 8.4% | 7.6% | 1.1% | −2.9% | 7.3% | 6.6% |
| Net margin | −6.6% | −10.0% | 0.0% | −2.3% | 3.6% | 2.5% | 8.0% | 6.6% | 3.5% | 2.3% | 13.6% | 8.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in LI's financial statements (latest annual report filed April 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LI financial results
In fiscal year 2025 (ended December 31, 2025), Li Auto reported revenue of CN¥112.3 billion, down 22.3% from the year before. It had net income of CN¥1.1 billion (down 86.0%), a net profit margin of 1.0%. Over five years revenue grew at an average rate of 65.9% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the LI stock overview for the latest quote and news, or the LI chart for price history and technical indicators.
LI income statement FAQ
What is Li Auto's annual revenue?
Li Auto reported total revenue of CN¥112.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 22.3% from CN¥144.5 billion the previous year.
Is Li Auto profitable?
Yes. Li Auto reported net income of CN¥1.1 billion in fiscal 2025, a net profit margin of 1.0%; its operating margin was −0.5%.
What is Li Auto's gross margin?
Li Auto's gross margin was 18.7% in fiscal 2025: for every $100 of revenue, Li Auto kept $19 after the direct cost of its products and services.
How much does Li Auto spend on research and development?
Li Auto spent CN¥11.3 billion on research and development in fiscal 2025, 10.1% of revenue.
How fast is Li Auto growing?
Revenue grew 65.9% a year on average over the last five fiscal years, from CN¥8.9 billion to CN¥112.3 billion.
When will Li Auto report its next earnings?
Li Auto is expected to report results for the quarter ending September 30, 2026 on November 25, 2026 before the market opens.
When does Li Auto's fiscal year end?
Li Auto's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 10, 2026.