NASDAQ$LI
Li Auto Inc-ADR · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
Li Auto Inc-ADR reported unaudited Q1 2026 financial results on May 28, 2026, showing revenue decline and a net loss amid margin pressure.
Li Auto delivered 95,142 vehicles in Q1 2026, up 2.5% YoY. Total revenue fell 11.4% YoY to RMB 22.98 billion due to lower average selling prices from product mix shifts. The company swung to a net loss of RMB 2.28 billion from net income of RMB 647 million a year ago, with gross margin dropping to 7.9% and operating margin to -13.0%.
- Vehicle deliveries reached 95,142 units (+2.5% YoY), returning to growth.
- Revenue declined 11.4% YoY to RMB 22.98 billion; vehicle sales revenue RMB 21.53 billion (-12.7% YoY).
- Gross margin fell to 7.9% (vs. 20.5% YoY); vehicle margin 6.1% (vs. 19.8% YoY).
- Net loss of RMB 2.28 billion (vs. RMB 647 million net income YoY); non-GAAP net loss RMB 2.11 billion.
Headline financials
Revenue & EPS history
Li Auto · Revenue · Quarterly
¥23B
Revenue by segment
Li Auto · ¥23B total across 2 segments · Q1 2026
- Vehicle sales¥21.5B—93.7%
- Other sales and services¥1.45B—6.3%
Forward guidance
Management expects gradual margin recovery in Q2 as deliveries rebound and new models ramp; maintains full-year 20% sales growth target.
Tailwinds
- Q2 deliveries guided at 95,000–100,000 units.
- Q2 revenue guidance RMB 24.1–25.4 billion.
- New Li L9 launch in May with advanced tech features.
- Strong cash position supporting $1B share repurchase.
Headwinds
- Q1 margins impacted by product mix, raw material prices, and model refresh.
- Net cash used in operations RMB 6.1 billion.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q1 2026
+4.6%
Avg return
Earnings day
+3.3%
Avg return
5 days after
+1.9%
Avg return
30 days after
59%
10 / 17 earnings
Positive
+32.8%
Q4 2023
Best reaction
-14.0%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -2.3% | — | |
| Q4 2026 | -2.6% | -0.7% | -1.6% | |
| Q4 2023 | +32.8% | +25.1% | -13.3% | |
| Q3 2023 | -6.1% | +1.2% | -11.4% | |
| Q2 2023 | -10.3% | -13.2% | -17.3% | |
| Q1 2023 | +18.1% | +21.1% | +28.3% | |
| Q4 2022 | +1.6% | +8.0% | +7.2% | |
| Q3 2022 | -14.0% | -15.9% | -13.2% | |
| Q2 2022 | -4.3% | -7.8% | -17.9% | |
| Q1 2022 | +6.5% | +15.4% | +56.0% | |
| Q4 2021 | +11.3% | +10.0% | -3.5% | |
| Q3 2021 | +9.4% | -12.0% | -9.2% | |
| Q2 2021 | +5.2% | +3.2% | -12.3% | |
| Q1 2021 | +18.3% | +16.6% | +58.5% | |
| Q4 2019 | +12.7% | +12.2% | -1.4% | |
| Q4 2020 | -11.5% | -17.2% | -17.4% | |
| Q3 2020 | +11.9% | +11.7% | -1.3% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — |
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