LI
$11.12-2.11%
as of close, Oct 1, 2026
☾ AH $11.12 -2.11%
Li Auto Inc. American Depositary SharesStock · Industrials
LI financial statements
The full income statement, balance sheet, and cash-flow statement for Li Auto Inc. American Depositary Shares (LI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2019-12 127.5M2020-12 904.6M2021-12 1.02B2022-12 1.03B2023-12 1.05B2024-12 1.06B2025-12 1.07B+737.7% over 6 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 16.1B-18.8% | 19.8B+13.5% | 17.4B+165.7% | 6.57B+54.9% | 4.24B+192.4% | |
| 3.00B-26.1% | 4.06B+4.9% | 3.87B+203.9% | 1.27B+41.0% | 904M+280.8% | ||
| Cost of revenue | 13.1B-17.0% | 15.7B+15.9% | 13.6B+156.5% | 5.29B+58.7% | 3.33B+175.1% | |
| 3.08B-0.8% | 3.10B+9.6% | 2.83B+56.8% | 1.80B+69.6% | 1.06B+212.8% | ||
| Research & development | 1.62B+6.7% | 1.52B+1.7% | 1.49B+51.7% | 983M+90.6% | 516M+205.9% | |
| Selling, general & administrative | 1.53B-9.0% | 1.68B+21.8% | 1.38B+67.5% | 821M+49.9% | 548M+219.6% | |
| Amortization of intangibles | 10.4M+157.4% | 4.02M+17.2% | 3.43M+21.2% | 2.83M+61.7% | 1.75M+34.6% | |
| Provision for credit losses | 275K+59.0% | 173K+213.8% | -152K-136.0% | 422K-58.1% | 1.01M | |
| Operating income | -74.5M-107.7% | 962M-7.8% | 1.04B+296.9% | -530M-231.9% | -160M-55.6% | |
| Interest expense | 24.0M-6.6% | 25.7M+111.7% | 12.1M-21.2% | 15.4M+55.4% | 9.92M-3.2% | |
| Other non-operating income | 9.64M-89.4% | 91.0M-38.4% | 148M+62.8% | 90.7M+208.6% | 29.4M+553.1% | |
| Equity-method income | -194K+66.8% | -585K+56.4% | -1.34M+11.4% | -1.51M-11553.8% | -13.0K+96.6% | |
| Gain (loss) on equity securities | — | — | — | — | -5.48M-72.0% | |
| Pre-tax income | 185M-85.5% | 1.28B-13.3% | 1.47B+570.2% | -313M-1205.7% | -24.0M+17.2% | |
| Income tax | 22.6M-87.0% | 174M+191.0% | -191M-938.2% | -18.4M-169.6% | 26.5M+855.9% | |
| 163M-85.2% | 1.10B-33.7% | 1.66B+664.5% | -295M-484.2% | -50.4M-117.0% | ||
| Income from continuing operations | — | — | — | -295M-484.2% | -50.4M-98.2% | |
| Net income to non-controlling interest | 2.14M+21.3% | 1.77M-88.1% | 14.8M+606.6% | -2.92M | 0.00 | |
| Preferred dividends | — | — | — | 0.00 | — | |
| Net income to common | 161M-85.4% | 1.10B-33.2% | 1.65B+665.0% | -292M-478.4% | -50.4M+58.4% | |
| $0.16-84.6% | $1.04-33.3% | $1.56+620.0% | -$0.30-400.0% | -$0.06+77.2% | ||
| EPS (basic) | $0.16-85.5% | $1.10-34.5% | $1.68+660.0% | -$0.30-400.0% | -$0.06+77.2% | |
| Weighted-avg shares (basic) | 1.01B+1.1% | 997M+1.3% | 984M+1.4% | 971M+4.7% | 927M+113.0% | |
| Weighted-avg shares (diluted) | 1.07B+0.6% | 1.06B+0.7% | 1.06B+9.0% | 971M+4.7% | 927M+113.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 16.5B-4.7% | 17.3B+7.3% | 16.1B+66.1% | 9.71B+18.2% | 8.22B+70.9% | ||
| Cash & equivalents | 8.11B-10.2% | 9.03B-29.8% | 12.9B+130.6% | 5.58B+27.6% | 4.37B+219.1% | |
| Short-term investments | 881M+5.7% | 833M+252.8% | 236M-91.0% | 2.61B | — | |
| Accounts receivable | 17.1M-7.4% | 18.5M-8.4% | 20.2M+188.2% | 7.01M-62.9% | 18.9M+6.8% | |
| Inventory | 1.25B+11.6% | 1.12B+15.9% | 968M-1.9% | 987M+288.6% | 254M+58.1% | |
| Prepaid expenses | 740M+4.3% | 709M+18.5% | 598M+144.2% | 245M+224.8% | 75.4M+39.2% | |
| Other current assets | — | — | — | — | 10.8M+368.1% | |
| 22.1B-0.8% | 22.2B+10.1% | 20.2B+61.1% | 12.5B+29.3% | 9.71B+74.1% | ||
| Operating lease right-of-use | 1.30B+14.1% | 1.14B+36.3% | 837M+63.0% | 513M+58.6% | 323M+65.3% | |
| Goodwill | 784K+4.4% | 751K-2.7% | 772K-2.9% | 795K | — | |
| Intangible assets | 170M+36.0% | 125M+3.0% | 122M+0.8% | 121M+2.4% | 118M+12.6% | |
| Long-term investments | 121M-4.0% | 126M-43.7% | 225M+4.4% | 215M+777.5% | 24.5M-1.7% | |
| Deferred tax assets | 477M+36.9% | 348M+24.2% | 280M+2486.0% | 10.8M+247.2% | 3.12M-65.6% | |
| Other non-current assets | 251M-16.3% | 300M-24.0% | 395M+12.4% | 351M+12.9% | 311M+531.5% | |
| Total non-current assets | 5.58B+13.0% | 4.94B+21.1% | 4.08B+43.8% | 2.83B+90.7% | 1.49B+94.6% | |
| 9.09B-4.2% | 9.48B-7.4% | 10.2B+158.2% | 3.97B+108.9% | 1.90B+187.7% | ||
| Accounts payable | 3.39B-38.2% | 5.49B+11.8% | 4.91B+119.7% | 2.23B+100.7% | 1.11B+142.6% | |
| Accrued liabilities | 36.9M-76.2% | 155M+83.1% | 84.6M+17.2% | 72.2M | — | |
| Deferred revenue | 232M+21.2% | 191M-11.0% | 215M+160.3% | 82.5M+72.4% | 47.9M+15.1% | |
| Short-term & current debt | 889M+2208.8% | 38.5M-96.1% | 982M+1634.5% | 56.6M+874.0% | 5.82M | |
| Current lease liability | 242M+22.7% | 197M+22.0% | 161M+59.9% | 101M+36.0% | 74.3M+130.2% | |
| Other current liabilities | 3.81M+142.1% | 1.57M+5.4% | 1.49M+43.3% | 1.04M-96.7% | 31.5M+245.6% | |
| Finance lease liability (current) | 0.00-100.0% | 13.0M | 0.00 | — | — | |
| 11.6B-6.9% | 12.5B+6.8% | 11.7B+94.7% | 6.00B+83.8% | 3.26B+223.9% | ||
| Long-term debt | 472M-57.8% | 1.12B+353.8% | 246M-81.6% | 1.34B+43.1% | 935M+1092.2% | |
| Deferred revenue (non-current) | 89.3M-9.5% | 98.7M-13.7% | 114M+35.7% | 84.3M+37.9% | 61.1M+194.1% | |
| Non-current lease liability | 895M+13.9% | 786M+51.7% | 518M+83.6% | 282M+31.3% | 215M+36.8% | |
| Operating lease liability (total) | 1.14B+15.6% | 983M+44.6% | 680M+77.4% | 383M+32.4% | 289M+52.7% | |
| Finance lease liability (total) | 49.8M-50.7% | 101M | 0.00 | — | — | |
| Finance lease liability | 49.8M-43.4% | 88.1M | 0.00 | — | — | |
| Deferred tax liabilities | 98.9M-16.5% | 119M+318.8% | 28.3M+150.8% | 11.3M-53.2% | 24.1M+333.5% | |
| Other non-current liabilities | 913M+17.0% | 780M+49.3% | 523M+68.3% | 311M+146.7% | 126M+344.7% | |
| Total non-current liabilities | 2.52B-15.7% | 2.99B+109.0% | 1.43B-29.5% | 2.03B+48.9% | 1.36B+293.0% | |
| 10.4B+6.9% | 9.71B+14.6% | 8.47B+30.2% | 6.50B+0.9% | 6.44B+41.1% | ||
| Additional paid-in capital | 8.78B+6.6% | 8.24B+1.7% | 8.10B+3.7% | 7.81B+0.8% | 7.75B+35.6% | |
| Retained earnings | 1.60B+14.8% | 1.39B+304.7% | 344M+126.9% | -1.28B-19.7% | -1.07B-7.5% | |
| Treasury stock | 10.0K+0.0% | 10.0K-23.1% | 13.0K+8.3% | 12.0K-14.3% | 14.0K | |
| Accumulated other comprehensive income | -118M-401.5% | -23.5M+25.7% | -31.7M-12.5% | -28.1M+88.2% | -239M-55.0% | |
| Non-controlling interest | 74.4M+21.9% | 61.0M+0.2% | 60.9M+28.3% | 47.5M | — | |
| Total equity incl. non-controlling | 10.5B+7.0% | 9.77B+14.5% | 8.53B+30.2% | 6.55B+1.6% | 6.45B+41.1% | |
| Total liabilities & equity | 22.1B-0.8% | 22.2B+10.1% | 20.2B+61.1% | 12.5B+29.3% | 9.71B+74.1% | |
| Common shares issued | 1.01B+1.0% | 1.00B+1.1% | 993M+1.6% | 977M+1.3% | 965M+6.6% | |
| Common shares outstanding | 1.01B+1.0% | 1.00B+1.1% | 993M+1.6% | 977M+1.3% | 965M+6.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -1.23B-156.4% | 2.18B-69.4% | 7.14B+567.3% | 1.07B-18.2% | 1.31B+172.0% | ||
| Depreciation & amortization | 663M+58.2% | 419M+64.8% | 254M+44.5% | 176M+90.0% | 92.6M+88.3% | |
| Intangible amortization | 10.4M+157.4% | 4.02M+17.2% | 3.43M+21.2% | 2.83M+61.7% | 1.75M+34.6% | |
| Share-based compensation | 180M-50.1% | 360M+7.6% | 335M+12.5% | 298M+72.2% | 173M+689.7% | |
| Deferred income taxes | -132M-1839.4% | -6.82M+97.3% | -254M-1265.2% | -18.6M-170.3% | 26.5M+855.9% | |
| Change in receivables | -2.02M-79.4% | -1.12M-108.4% | 13.4M+227.9% | -10.5M-1321.7% | 857K-94.8% | |
| Change in inventory | 369M-13.1% | 425M+141.5% | 176M-79.5% | 858M+794.4% | 96.0M+21.2% | |
| -101M+98.2% | -5.64B-331415.8% | -1.70M+99.7% | -633M+5.3% | -668M+76.7% | ||
| Capital expenditure | 601M-43.2% | 1.06B+15.5% | 917M+23.3% | 743M+37.5% | 541M+422.4% | |
| Free cash flow | -1.83B-263.1% | 1.12B-81.9% | 6.22B+1805.8% | 327M-57.5% | 768M+103.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Proceeds from sale of PP&E | 186M+39.9% | 133M+232.3% | 40.0M+5997.7% | 656K+10833.3% | 6.00K-92.7% | |
| 110M+292.7% | -56.9M-318.1% | 26.1M-96.8% | 818M-68.8% | 2.62B-30.8% | ||
| Long-term debt issued | 234M+262.4% | 64.6M-73.8% | 247M-54.6% | 542M+483.1% | 93.0M | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 11.0K-100.0% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -1.29B+63.0% | -3.48B-148.6% | 7.17B+398.3% | 1.44B-54.9% | 3.19B+138.2% | |
| Interest paid | 20.4M+53.8% | 13.2M+126.7% | 5.84M-54.2% | 12.7M+708.3% | 1.58M+1675.5% | |
| Income taxes paid | 209M+136.9% | 88.4M+970.7% | 8.26M+4077.6% | 198K | 0.00 | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 18.1B-28.8% | 25.4B-34.2% | 38.6B+85.7% | 20.8B-36.4% | 32.7B+25.4% | |
| P/E | 111.0×+381.9% | 23.0× | — | — | — | |
| P/S | 1.1×-12.2% | 1.3×-78.2% | 5.9×+19.9% | 4.9×-36.4% | 7.7×-57.1% | |
| P/B | 1.7×-33.4% | 2.6×-56.0% | 5.9×+84.0% | 3.2×-36.4% | 5.1×-11.1% | |
| P/FCF | — | 22.6×-80.9% | 118.2×+336.9% | 27.1×-36.4% | 42.6×-38.3% | |
| Earnings yield | 0.90%-79.2% | 4.3% | — | — | — | |
| FCF yield | — | 4.4%+423.4% | 0.85%-77.1% | 3.7%+57.4% | 2.3%+62.2% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: LI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LI filings on SEC EDGAR → Not investment advice.