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Q1 26 EPS
$-0.30
BEAT +85.61%
Est. $-2.09
Q1 26 Revenue
$3.33B
MISS 84.73%
Est. $21.82B
Did LI Beat Earnings? Q1 2026 Results
Li Auto delivered a deeply disappointing first quarter of 2026, posting a loss of $0.30 per share as revenue slid 11.4% year-over-year to $3.33 billion, with the most jarring blow coming from a collapse in vehicle margin to just 6.1% from 19.8% a yea… Read more Li Auto delivered a deeply disappointing first quarter of 2026, posting a loss of $0.30 per share as revenue slid 11.4% year-over-year to $3.33 billion, with the most jarring blow coming from a collapse in vehicle margin to just 6.1% from 19.8% a year earlier. The compression reflected a confluence of pressures tied to Li i6 deliveries, raw material cost swings, and a model refresh cycle that weighed heavily on pricing power, helping swing the company to a GAAP net loss of $329.95 million compared to net income of $646.64 million in Q1 2025. Deliveries of 95,142 vehicles grew only 2.5% year-over-year, while sequential volume fell 12.9% on Chinese New Year seasonality. Looking ahead, Li Auto guided Q2 2026 deliveries to 95,000 to 100,000 vehicles and revenue of $3.50 billion to $3.70 billion, still down 20.2% to 16.0% year-over-year, though management expressed confidence that the refreshed Li L8 launch in late June and improving scale could gradually restore profitability.
Key Takeaways
- • Lower average selling price due to different product mix drove vehicle sales decline
- • Vehicle margin compression to 6.1% from 19.8% YoY primarily due to product mix
- • User-centric measures related to Li i6 deliveries impacted margins
- • Raw material price fluctuations pressured gross margins
- • Chinese New Year seasonality contributed to sequential delivery decline
- • SG&A expenses decreased 19% YoY due to reduced employee compensation and marketing spend
- • R&D expenses increased 8.3% YoY reflecting continued technology investment
LI Forward Guidance & Outlook
For Q2 2026, Li Auto expects deliveries of 95,000 to 100,000 vehicles, representing a year-over-year decrease of 14.5% to 10.0%. Total revenues are expected to be between RMB24.1 billion (US$3.5 billion) and RMB25.4 billion (US$3.7 billion), representing a year-over-year decrease of 20.2% to 16.0%. The CFO expects gradual improvement in profitability as delivery rebounds drive economies of scale and the updated product portfolio gains traction. The all-new Li L8 is expected to launch at end of June 2026.
LI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our organizational and supply chain optimizations delivered concrete results in the first quarter, enabling us to reclaim the top spot among domestic automotive brands in China's RMB200,000 and above NEV market. Meanwhile, the all-new Li L9, launched in mid-May, demonstrates the strength of our flagship products with its all-around technological leadership and product excellence, reinforcing our confidence in establishing a benchmark position in the flagship SUV market. The successful integrated deployment of our in-house MAHE M100 chip and MindVLA large model into the vehicle represents an industry-leading technological breakthrough, laying the foundation for efficient technology iterations in the future. We look forward to launching the all-new Li L8 at the end of June to meet broader market demand. As we advance our AI initiatives and strengthen our core competencies, we remain committed to transforming everyday life for more users through cutting-edge products and premium services.”
— Xiang Li, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-2.09 | $-0.30 | +85.61% | $3.33B | -84.73% |
| Q4 25 MISS FY | $0.22 | $0.04 | -81.57% | $4.11B | -85.84% |
| FY Full Year | — | $0.32 | — | $16.06B | — |
| Q3 25 MISS | $0.64 | $-0.05 | -108.17% | $3.96B | -85.06% |
| Q2 25 MISS | $1.73 | $0.19 | -89.01% | $4.22B | -86.73% |
| Q1 25 MISS | $0.64 | $0.13 | -79.69% | $3.57B | -85.78% |
| Q4 24 MISS FY | $2.87 | $0.52 | -81.87% | $6.07B | -86.39% |
| FY Full Year | — | $1.38 | — | $19.80B | — |