Li Auto (LI) financial statements

Consumer Cyclical · Auto Manufacturers · Market cap $9.5B

Li Auto reported revenue of 112.3B CNY in fiscal 2025, up 170.9% a year over 6 years.

Net income was 1.1B CNY.

Free cash flow was -12.8B CNY.

The diluted share count rose 740% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-5005010015020182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from Li Auto's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Revenue—284M CNY9.5B CNY27.0B CNY45.3B CNY123.9B CNY144.5B CNY112.3B CNY
Cost of revenue—284M CNY7.9B CNY21.2B CNY36.5B CNY96.4B CNY114.8B CNY91.3B CNY
Gross profit—-95,000 CNY1.5B CNY5.8B CNY8.8B CNY27.5B CNY29.7B CNY21.0B CNY
Research and development794M CNY1.2B CNY1.1B CNY3.3B CNY6.8B CNY10.6B CNY11.1B CNY11.3B CNY
Selling, general and admin337M CNY689M CNY1.1B CNY3.5B CNY5.7B CNY9.8B CNY12.2B CNY10.7B CNY
Operating income-1.1B CNY-1.9B CNY-669M CNY-1.0B CNY-3.7B CNY7.4B CNY7.0B CNY-521M CNY
Interest expense63M CNY84M CNY67M CNY63M CNY106M CNY86M CNY188M CNY168M CNY
Pre-tax income-1.2B CNY-2.4B CNY-189M CNY-153M CNY-2.2B CNY10.5B CNY9.3B CNY1.3B CNY
Income tax——-23M CNY169M CNY-127M CNY-1.4B CNY1.3B CNY158M CNY
Net income-1.5B CNY-2.4B CNY-152M CNY-321M CNY-2.0B CNY11.7B CNY8.0B CNY1.1B CNY
EPS (diluted)-7.25 CNY-12.87 CNY-0.91 CNY-0.17 CNY-1.04 CNY5.55 CNY3.79 CNY0.54 CNY
Diluted shares255M255M870M1.85B1.94B2.12B2.13B2.14B
Gross margin—-0.0%16.4%21.3%19.4%22.2%20.5%18.7%
Operating margin—-653.6%-7.1%-3.8%-8.1%6.0%4.9%-0.5%
Net margin—-857.5%-1.6%-1.2%-4.4%9.5%5.6%1.0%

Balance sheet

Fiscal years, in CNY, from Li Auto's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Cash and short-term investments95M CNY1.3B CNY8.9B CNY27.9B CNY56.5B CNY93.0B CNY72.0B CNY62.9B CNY
Receivables—8M CNY116M CNY121M CNY48M CNY144M CNY135M CNY120M CNY
Inventory—518M CNY1.0B CNY1.6B CNY6.8B CNY6.9B CNY8.2B CNY8.8B CNY
Total current assets—5.1B CNY31.4B CNY52.4B CNY67.0B CNY114.5B CNY126.3B CNY115.3B CNY
Property, plant and equipment—2.8B CNY2.5B CNY4.5B CNY11.2B CNY15.7B CNY21.1B CNY22.8B CNY
Goodwill————5M CNY5M CNY5M CNY5M CNY
Total assets—9.5B CNY36.4B CNY61.8B CNY86.5B CNY143.5B CNY162.3B CNY154.3B CNY
Total current liabilities—4.7B CNY4.3B CNY12.1B CNY27.4B CNY72.7B CNY69.2B CNY63.5B CNY
Long-term debt——512M CNY6.0B CNY9.2B CNY1.7B CNY8.2B CNY3.3B CNY
Total liabilities—4.9B CNY6.6B CNY20.8B CNY41.4B CNY82.9B CNY91.0B CNY81.2B CNY
Shareholders' equity-2.4B CNY-5.7B CNY29.8B CNY41.1B CNY44.9B CNY60.1B CNY70.9B CNY72.6B CNY
Net debt-95M CNY-1.3B CNY-8.4B CNY-21.9B CNY-28.9B CNY-82.6B CNY-57.7B CNY-53.4B CNY

Cash flow

Fiscal years, in CNY, from Li Auto's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Operating cash flow-1.3B CNY-1.8B CNY3.1B CNY8.3B CNY7.4B CNY50.7B CNY15.9B CNY-8.6B CNY
Capital spending971M CNY953M CNY675M CNY3.4B CNY5.1B CNY6.5B CNY7.7B CNY4.2B CNY
Free cash flow-2.3B CNY-2.7B CNY2.5B CNY4.9B CNY2.3B CNY44.2B CNY8.2B CNY-12.8B CNY
Stock-based compensation——143M CNY1.1B CNY2.1B CNY2.4B CNY2.6B CNY1.3B CNY
Net borrowing—233M CNY—600M CNY3.7B CNY1.8B CNY471M CNY1.6B CNY
Free cash flow margin—-965.9%26.1%18.1%5.0%35.7%5.7%-11.4%
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Questions

What was Li Auto's revenue in 2025?

112.3B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Li Auto generate?

-12.8B CNY in fiscal 2025 (operating cash flow minus capital spending).

From Li Auto's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.