Q3 25 EPS
$-0.05
Q3 25 Revenue
$3.96B
vs S&P Since Q3 25
-10.8%
TRAILING MARKET
LI -4.8% vs S&P +6.0%
Market Reaction
Did LI Beat Earnings? Q3 2025 Results
Li Auto delivered one of its most difficult quarters in recent memory, posting a Q3 2025 net loss of $90.29 million and an EPS of negative $0.05, a sharp reversal from net income of $407.84 million in the year-ago period. Revenue fell 36.2% year-over… Read more Li Auto delivered one of its most difficult quarters in recent memory, posting a Q3 2025 net loss of $90.29 million and an EPS of negative $0.05, a sharp reversal from net income of $407.84 million in the year-ago period. Revenue fell 36.2% year-over-year to $3.96 billion as vehicle deliveries tumbled 39.0% to 93,211 units, pressured by intensifying competition and the costly recall of the Li MEGA MPV, which alone dragged reported gross margin down to 16.3% from an adjusted 20.4%. The recall's financial shadow loomed over nearly every line of the income statement, pushing operating loss to $170.22 million and free cash flow to negative $1.29 billion for the period. Meanwhile, rival EV makers are navigating similarly choppy conditions across the sector. Looking ahead, Li Auto guided Q4 deliveries of 100,000 to 110,000 vehicles and revenue of $3.83 billion to $4.22 billion, implying continued year-over-year declines as the company works through supply chain bottlenecks while ramping production of its new BEV lineup, including the recently launched Li i6.
Key Takeaways
- • 39.0% YoY decrease in vehicle deliveries to 93,211 units drove revenue decline
- • Li MEGA recall costs depressed vehicle margin by approximately 4.3 percentage points
- • Supply chain bottlenecks constrained production of newer BEV models
- • Higher average selling price from product mix partially offset lower delivery volumes sequentially
- • Intensifying market competition in China's NEV market
LI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our BEV portfolio gained strong momentum during the third quarter, demonstrating our top-tier product-definition capabilities and solid product strength. Orders for Li i8 and Li i6 have exceeded 100,000 in aggregate. On the AI front, our VLA Driver large model, empowered by world model and reinforcement learning, has achieved industry-leading user adoption with monthly usage rate reaching 91% in October. With our user-centric product philosophy and robust R&D capabilities, we are confident in achieving our long-term vision and strategic objectives.”
— Xiang Li, Q3 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 | — |