Q4 25 EPS
$0.04
Q4 25 Revenue
$4.11B
Full Year 2025 Results
FY 25 EPS
$0.32
FY 25 Revenue
$16.06B
Did LI Beat Earnings? Q4 2025 Results
Li Auto closed out a bruising Q4 2025 with revenue of $4.11 billion and earnings per share of just $0.04, as a sharp 31.2% year-over-year drop in deliveries to 109,194 vehicles weighed heavily on the Chinese EV maker's results. The primary culprit wa… Read more Li Auto closed out a bruising Q4 2025 with revenue of $4.11 billion and earnings per share of just $0.04, as a sharp 31.2% year-over-year drop in deliveries to 109,194 vehicles weighed heavily on the Chinese EV maker's results. The primary culprit was a product mix shift tied to the launch of the lower-priced Li i6 battery electric SUV, which pressured average selling prices and compressed vehicle margins to 16.8% from 19.7% a year ago. Net income collapsed to $20.20 million from $3.50 billion in Q4 2024, and the company swung to an operating loss of $442.60 million as R&D spending climbed 25.3% year-over-year to $3.00 billion, reflecting aggressive investment in AI development. For Chinese EV makers navigating this transition, the road ahead remains bumpy; Li Auto guided Q1 2026 deliveries of 85,000 to 90,000 vehicles and revenue of $2.90 billion to $3.10 billion, with the anticipated launch of the upgraded Li L9 in Q2 2026 representing a key catalyst for recovery.
Key Takeaways
- • Q4 revenue decline driven by 31.2% YoY decrease in vehicle deliveries
- • Vehicle margin compression to 16.8% from 19.7% YoY due to different product mix including lower-priced Li i6
- • Sequential improvement in vehicle margin from 15.5% in Q3 as Li MEGA recall costs impacted prior quarter
- • SG&A expenses decreased 14.0% YoY due to lower employee compensation
- • Higher store efficiency, alleviated Li i6 production constraints, and recovery in Li i8 sales in Q4
LI Forward Guidance & Outlook
For Q1 2026, Li Auto expects deliveries of 85,000 to 90,000 vehicles (YoY decrease of 8.5% to 3.1%) and total revenues of RMB20.4 billion to RMB21.6 billion (US$2.9 billion to US$3.1 billion), representing a YoY decrease of 21.3% to 16.7%. The all-new Li L9 is expected to launch in Q2 2026 with comprehensive upgrades in powertrain, autonomous driving, and chassis technology. The company plans to continue investing in AI-native R&D and accelerate global expansion.
LI YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
LI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Following our proactive strategic adjustments in 2025, we have seen positive momentum across organizational efficiency, supply capability, and sales system since the fourth quarter. These improvements have translated into higher store efficiency, alleviated Li i6 production constraints, and a recovery in Li i8 sales. In 2026, we will embark on an important product cycle. The all-new Li L9 to be launched in the second quarter will feature comprehensive upgrades in powertrain, autonomous driving, and chassis technology, all designed to deliver a generational leap in user experience. Looking ahead, we will continue to refine our restructured AI-native R&D system and consistently invest in R&D to drive product innovation and technological breakthroughs over the long term.”
— Xiang Li, Q4 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 | — |