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)

2019-12 255.0M2020-12 1.81B2021-12 1.93B2022-12 1.95B2023-12 1.99B2024-12 2.01B2025-12 2.14B+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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY-18.8%	19.8B YoY+13.5%	17.4B YoY+165.7%	6.57B YoY+54.9%	4.24B YoY+192.4%
	3.00B YoY-26.1%	4.06B YoY+4.9%	3.87B YoY+203.9%	1.27B YoY+41.0%	904M YoY+280.8%
Cost of revenue	13.1B YoY-17.0%	15.7B YoY+15.9%	13.6B YoY+156.5%	5.29B YoY+58.7%	3.33B YoY+175.1%
	3.08B YoY-0.8%	3.10B YoY+9.6%	2.83B YoY+56.8%	1.80B YoY+69.6%	1.06B YoY+212.8%
Research & development	1.62B YoY+6.7%	1.52B YoY+1.7%	1.49B YoY+51.7%	983M YoY+90.6%	516M YoY+205.9%
Selling, general & administrative	1.53B YoY-9.0%	1.68B YoY+21.8%	1.38B YoY+67.5%	821M YoY+49.9%	548M YoY+219.6%
Amortization of intangibles	10.4M YoY+157.4%	4.02M YoY+17.2%	3.43M YoY+21.2%	2.83M YoY+61.7%	1.75M YoY+34.6%
Provision for credit losses	275K YoY+59.0%	173K YoY+213.8%	-152K YoY-136.0%	422K YoY-58.1%	1.01M
Operating income	-74.5M YoY-107.7%	962M YoY-7.8%	1.04B YoY+296.9%	-530M YoY-231.9%	-160M YoY-55.6%
Interest expense	24.0M YoY-6.6%	25.7M YoY+111.7%	12.1M YoY-21.2%	15.4M YoY+55.4%	9.92M YoY-3.2%
Other non-operating income	9.64M YoY-89.4%	91.0M YoY-38.4%	148M YoY+62.8%	90.7M YoY+208.6%	29.4M YoY+553.1%
Equity-method income	-194K YoY+66.8%	-585K YoY+56.4%	-1.34M YoY+11.4%	-1.51M YoY-11553.8%	-13.0K YoY+96.6%
Gain (loss) on equity securities	—	—	—	—	-5.48M YoY-72.0%
Pre-tax income	185M YoY-85.5%	1.28B YoY-13.3%	1.47B YoY+570.2%	-313M YoY-1205.7%	-24.0M YoY+17.2%
Income tax	22.6M YoY-87.0%	174M YoY+191.0%	-191M YoY-938.2%	-18.4M YoY-169.6%	26.5M YoY+855.9%
	163M YoY-85.2%	1.10B YoY-33.7%	1.66B YoY+664.5%	-295M YoY-484.2%	-50.4M YoY-117.0%
Income from continuing operations	—	—	—	-295M YoY-484.2%	-50.4M YoY-98.2%
Net income to non-controlling interest	2.14M YoY+21.3%	1.77M YoY-88.1%	14.8M YoY+606.6%	-2.92M	0.00
Preferred dividends	—	—	—	0.00	—
Net income to common	161M YoY-85.4%	1.10B YoY-33.2%	1.65B YoY+665.0%	-292M YoY-478.4%	-50.4M YoY+58.4%
	$0.16 YoY-84.6%	$1.04 YoY-33.3%	$1.56 YoY+620.0%	-$0.30 YoY-400.0%	-$0.06 YoY+77.2%
EPS (basic)	$0.16 YoY-85.5%	$1.10 YoY-34.5%	$1.68 YoY+660.0%	-$0.30 YoY-400.0%	-$0.06 YoY+77.2%
	1.01B YoY+1.1%	997M YoY+1.3%	984M YoY+1.4%	971M YoY+4.7%	927M YoY+113.0%
	1.07B YoY+0.6%	1.06B YoY+0.7%	1.06B YoY+9.0%	971M YoY+4.7%	927M YoY+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 YoY-4.7%	17.3B YoY+7.3%	16.1B YoY+66.1%	9.71B YoY+18.2%	8.22B YoY+70.9%
Cash & equivalents	8.11B YoY-10.2%	9.03B YoY-29.8%	12.9B YoY+130.6%	5.58B YoY+27.6%	4.37B YoY+219.1%
Short-term investments	881M YoY+5.7%	833M YoY+252.8%	236M YoY-91.0%	2.61B	—
Accounts receivable	17.1M YoY-7.4%	18.5M YoY-8.4%	20.2M YoY+188.2%	7.01M YoY-62.9%	18.9M YoY+6.8%
Inventory	1.25B YoY+11.6%	1.12B YoY+15.9%	968M YoY-1.9%	987M YoY+288.6%	254M YoY+58.1%
Prepaid expenses	740M YoY+4.3%	709M YoY+18.5%	598M YoY+144.2%	245M YoY+224.8%	75.4M YoY+39.2%
Other current assets	—	—	—	—	10.8M YoY+368.1%
	22.1B YoY-0.8%	22.2B YoY+10.1%	20.2B YoY+61.1%	12.5B YoY+29.3%	9.71B YoY+74.1%
Operating lease right-of-use	1.30B YoY+14.1%	1.14B YoY+36.3%	837M YoY+63.0%	513M YoY+58.6%	323M YoY+65.3%
Goodwill	784K YoY+4.4%	751K YoY-2.7%	772K YoY-2.9%	795K	—
Intangible assets	170M YoY+36.0%	125M YoY+3.0%	122M YoY+0.8%	121M YoY+2.4%	118M YoY+12.6%
Long-term investments	121M YoY-4.0%	126M YoY-43.7%	225M YoY+4.4%	215M YoY+777.5%	24.5M YoY-1.7%
Deferred tax assets	477M YoY+36.9%	348M YoY+24.2%	280M YoY+2486.0%	10.8M YoY+247.2%	3.12M YoY-65.6%
Other non-current assets	251M YoY-16.3%	300M YoY-24.0%	395M YoY+12.4%	351M YoY+12.9%	311M YoY+531.5%
Total non-current assets	5.58B YoY+13.0%	4.94B YoY+21.1%	4.08B YoY+43.8%	2.83B YoY+90.7%	1.49B YoY+94.6%
	9.09B YoY-4.2%	9.48B YoY-7.4%	10.2B YoY+158.2%	3.97B YoY+108.9%	1.90B YoY+187.7%
Accounts payable	3.39B YoY-38.2%	5.49B YoY+11.8%	4.91B YoY+119.7%	2.23B YoY+100.7%	1.11B YoY+142.6%
Accrued liabilities	36.9M YoY-76.2%	155M YoY+83.1%	84.6M YoY+17.2%	72.2M	—
Deferred revenue	232M YoY+21.2%	191M YoY-11.0%	215M YoY+160.3%	82.5M YoY+72.4%	47.9M YoY+15.1%
Short-term & current debt	889M YoY+2208.8%	38.5M YoY-96.1%	982M YoY+1634.5%	56.6M YoY+874.0%	5.82M
Current lease liability	242M YoY+22.7%	197M YoY+22.0%	161M YoY+59.9%	101M YoY+36.0%	74.3M YoY+130.2%
Other current liabilities	3.81M YoY+142.1%	1.57M YoY+5.4%	1.49M YoY+43.3%	1.04M YoY-96.7%	31.5M YoY+245.6%
Finance lease liability (current)	0.00 YoY-100.0%	13.0M	0.00	—	—
	11.6B YoY-6.9%	12.5B YoY+6.8%	11.7B YoY+94.7%	6.00B YoY+83.8%	3.26B YoY+223.9%
Long-term debt	472M YoY-57.8%	1.12B YoY+353.8%	246M YoY-81.6%	1.34B YoY+43.1%	935M YoY+1092.2%
Deferred revenue (non-current)	89.3M YoY-9.5%	98.7M YoY-13.7%	114M YoY+35.7%	84.3M YoY+37.9%	61.1M YoY+194.1%
Non-current lease liability	895M YoY+13.9%	786M YoY+51.7%	518M YoY+83.6%	282M YoY+31.3%	215M YoY+36.8%
Operating lease liability (total)	1.14B YoY+15.6%	983M YoY+44.6%	680M YoY+77.4%	383M YoY+32.4%	289M YoY+52.7%
Finance lease liability (total)	49.8M YoY-50.7%	101M	0.00	—	—
Finance lease liability	49.8M YoY-43.4%	88.1M	0.00	—	—
Deferred tax liabilities	98.9M YoY-16.5%	119M YoY+318.8%	28.3M YoY+150.8%	11.3M YoY-53.2%	24.1M YoY+333.5%
Other non-current liabilities	913M YoY+17.0%	780M YoY+49.3%	523M YoY+68.3%	311M YoY+146.7%	126M YoY+344.7%
Total non-current liabilities	2.52B YoY-15.7%	2.99B YoY+109.0%	1.43B YoY-29.5%	2.03B YoY+48.9%	1.36B YoY+293.0%
	10.4B YoY+6.9%	9.71B YoY+14.6%	8.47B YoY+30.2%	6.50B YoY+0.9%	6.44B YoY+41.1%
Additional paid-in capital	8.78B YoY+6.6%	8.24B YoY+1.7%	8.10B YoY+3.7%	7.81B YoY+0.8%	7.75B YoY+35.6%
Retained earnings	1.60B YoY+14.8%	1.39B YoY+304.7%	344M YoY+126.9%	-1.28B YoY-19.7%	-1.07B YoY-7.5%
Treasury stock	10.0K YoY+0.0%	10.0K YoY-23.1%	13.0K YoY+8.3%	12.0K YoY-14.3%	14.0K
Accumulated other comprehensive income	-118M YoY-401.5%	-23.5M YoY+25.7%	-31.7M YoY-12.5%	-28.1M YoY+88.2%	-239M YoY-55.0%
Non-controlling interest	74.4M YoY+21.9%	61.0M YoY+0.2%	60.9M YoY+28.3%	47.5M	—
Total equity incl. non-controlling	10.5B YoY+7.0%	9.77B YoY+14.5%	8.53B YoY+30.2%	6.55B YoY+1.6%	6.45B YoY+41.1%
Total liabilities & equity	22.1B YoY-0.8%	22.2B YoY+10.1%	20.2B YoY+61.1%	12.5B YoY+29.3%	9.71B YoY+74.1%
	1.01B YoY+1.0%	1.00B YoY+1.1%	993M YoY+1.6%	977M YoY+1.3%	965M YoY+6.6%
	1.01B YoY+1.0%	1.00B YoY+1.1%	993M YoY+1.6%	977M YoY+1.3%	965M YoY+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 YoY-156.4%	2.18B YoY-69.4%	7.14B YoY+567.3%	1.07B YoY-18.2%	1.31B YoY+172.0%
Depreciation & amortization	663M YoY+58.2%	419M YoY+64.8%	254M YoY+44.5%	176M YoY+90.0%	92.6M YoY+88.3%
Intangible amortization	10.4M YoY+157.4%	4.02M YoY+17.2%	3.43M YoY+21.2%	2.83M YoY+61.7%	1.75M YoY+34.6%
Share-based compensation	180M YoY-50.1%	360M YoY+7.6%	335M YoY+12.5%	298M YoY+72.2%	173M YoY+689.7%
Deferred income taxes	-132M YoY-1839.4%	-6.82M YoY+97.3%	-254M YoY-1265.2%	-18.6M YoY-170.3%	26.5M YoY+855.9%
Change in receivables	-2.02M YoY-79.4%	-1.12M YoY-108.4%	13.4M YoY+227.9%	-10.5M YoY-1321.7%	857K YoY-94.8%
Change in inventory	369M YoY-13.1%	425M YoY+141.5%	176M YoY-79.5%	858M YoY+794.4%	96.0M YoY+21.2%
	-101M YoY+98.2%	-5.64B YoY-331415.8%	-1.70M YoY+99.7%	-633M YoY+5.3%	-668M YoY+76.7%
Capital expenditure	601M YoY-43.2%	1.06B YoY+15.5%	917M YoY+23.3%	743M YoY+37.5%	541M YoY+422.4%
Free cash flow	-1.83B YoY-263.1%	1.12B YoY-81.9%	6.22B YoY+1805.8%	327M YoY-57.5%	768M YoY+103.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Proceeds from sale of PP&E	186M YoY+39.9%	133M YoY+232.3%	40.0M YoY+5997.7%	656K YoY+10833.3%	6.00K YoY-92.7%
	110M YoY+292.7%	-56.9M YoY-318.1%	26.1M YoY-96.8%	818M YoY-68.8%	2.62B YoY-30.8%
Long-term debt issued	234M YoY+262.4%	64.6M YoY-73.8%	247M YoY-54.6%	542M YoY+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 YoY-100.0%	11.0K YoY-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 YoY+63.0%	-3.48B YoY-148.6%	7.17B YoY+398.3%	1.44B YoY-54.9%	3.19B YoY+138.2%
Interest paid	20.4M YoY+53.8%	13.2M YoY+126.7%	5.84M YoY-54.2%	12.7M YoY+708.3%	1.58M YoY+1675.5%
Income taxes paid	209M YoY+136.9%	88.4M YoY+970.7%	8.26M YoY+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	36.2B YoY-24.9%	48.2B YoY-34.2%	73.2B YoY+85.8%	39.4B YoY-36.4%	61.9B YoY+18.7%
P/E	222.0× YoY+407.9%	43.7×	—	—	—
P/S	2.3× YoY-7.5%	2.4× YoY-78.2%	11.1× YoY+20.0%	9.3× YoY-36.4%	14.6× YoY-59.4%
P/B	3.5× YoY-29.8%	5.0× YoY-55.9%	11.2× YoY+84.1%	6.1× YoY-36.4%	9.6× YoY-15.8%
P/FCF	—	42.9× YoY-80.9%	224.0× YoY+337.2%	51.2× YoY-36.4%	80.6× YoY-41.6%
	0.45% YoY-80.3%	2.3%	—	—	—
	—	2.3% YoY+422.7%	0.45% YoY-77.1%	2.0% YoY+57.4%	1.2% YoY+71.3%
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.