Q2 25 EPS
$0.19
MISS 89.01%
Est. $1.73
Q2 25 Revenue
$4.22B
MISS 86.73%
Est. $31.82B
vs S&P Since Q2 25
-37.6%
TRAILING MARKET
LI -25.9% vs S&P +11.7%
Market Reaction
Did LI Beat Earnings? Q2 2025 Results
Li Auto delivered a sharp disappointment in Q2 2025, with earnings per share of $0.19 missing the $1.73 consensus estimate by 89.01% and revenue of $4.22 billion falling 86.73% short of the $31.82 billion Wall Street had anticipated, representing an … Read more Li Auto delivered a sharp disappointment in Q2 2025, with earnings per share of $0.19 missing the $1.73 consensus estimate by 89.01% and revenue of $4.22 billion falling 86.73% short of the $31.82 billion Wall Street had anticipated, representing an 86.7% decline year-over-year. The headline numbers were heavily distorted by currency translation and reporting conventions, but the underlying story was one of pricing pressure, as lower average selling prices driven by shifting product mix, interest subsidies, and rising sales incentives weighed on the top line even as deliveries grew modestly to 111,074 vehicles. On a brighter note, gross margin improved 60 basis points to 20.1% and operating income expanded meaningfully as the company trimmed operating expenses. The forward picture looks more challenging, with Q3 guidance calling for deliveries of just 90,000 to 95,000 vehicles, down as much as 41.1% year-over-year, and revenue between $3.5 billion and $3.7 billion. Li Auto is betting its BEV expansion, including the upcoming Li i6 launch in September, will help stabilize momentum heading into year-end.
Key Takeaways
- • Cost reduction efforts improved vehicle margin to 19.4% from 18.7% YoY
- • Operating expense discipline with 8.2% YoY reduction driven by decreased employee compensation
- • Vehicle deliveries increased 2.3% YoY to 111,074 vehicles
- • Li MEGA became top-selling MPV priced above RMB500,000 since May
LI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
LI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our relentless pursuit of user-centric technological and product innovations solidified our position as China's best-selling domestic automotive brand in the RMB200,000 and above NEV market. Following Li MEGA Home's enthusiastic market reception, Li MEGA quickly became the top-seller among MPVs priced above RMB500,000 since May. We also further advanced our BEV and intelligence initiatives. In July, we launched Li i8, a six-seat battery electric family SUV, alongside our in-house developed VLA Driver large model and Li Xiang Tong Xue Agent, transforming our research and development breakthroughs into enhanced product experiences. Li i8 redefines what it means to be a modern SUV, with the versatility of an off-roader, handling of a sedan, and comfort of an MPV, driving widespread user recognition for its all-new driving and riding experience. Recently, we also announced our brand upgrade, aiming to provide a high-quality home, a premium private space for a diverse range of consumers, including family users. We will continue to invest in products and intelligence, and look forward to the September launch of Li i6 to expand our model lineup and further elevate our position in China's premium BEV market.”
— Xiang Li, Q2 2025 Earnings Press Release
LI Earnings Trends
LI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LI EPS Trend
Earnings per share: estimate vs actual
LI Revenue Trend
Quarterly revenue: estimate vs actual
LI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | — | $0.04 | — | $4.11B | — |
| FY Full Year | — | $0.32 | — | $16.06B | — |
| Q3 25 | — | $-0.05 | — | $3.96B | — |
| Q2 25 MISS | $1.73 | $0.19 | -89.01% | $4.22B | -86.73% |
| Q1 25 | — | $0.13 | — | $3.57B | — |
| Q4 24 FY | — | $0.52 | — | $6.07B | — |
| FY Full Year | — | $1.38 | — | $19.80B | — |