Li Auto Inc - ADR
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+ FollowMarket Cap$11.45B
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Earnings Call Q2 2026
August 26, 2026 - AI Summary
Q2 financial snapshot: revenues rose QoQ but collapsed YoY; profitability deteriorated sharply
- Total revenues: RMB 25.7bn, -15.1% YoY and +11.7% QoQ.
- Vehicle sales: RMB 24.1bn, -16.7% YoY (mainly fewer deliveries + lower ASP due to mix) and +11.8% QoQ (mainly higher ASP + more deliveries).
- Gross margin compressed hard: 11.0% vs 20.1% YoY and 7.9% QoQ prior quarter; vehicle margin 9.4% vs 19.4% YoY and 6.1% QoQ.
- Loss widened: Net loss RMB 1.7bn (vs net income RMB 1.1bn YoY); operating loss RMB 2.3bn (vs income RMB 827m YoY).
- Operating expenses: RMB 5.1bn, -2.0% YoY but +6.9% QoQ (SG&A down YoY but up QoQ due to more marketing/promo).
Cash flow and balance sheet: operating cash nearly positive, but free cash flow still negative; buybacks ongoing
- Operating cash flow: +RMB 15.0m (vs -RMB 3.0bn YoY; and -RMB 6.1bn in prior quarter) — good improvement.
- Free cash flow: -RMB 1.3bn (vs -RMB 3.8bn YoY and -RMB 7.4bn prior quarter) — still a negative, though improving.
- Cash balance: RMB 87.5bn at quarter end — described as robust.
- Share repurchases: 91.7m Class A shares (including 23.7m ADSs) for ~$631.5m to date — continuing shareholder return, despite losses.
Management outlook / forecast: Q3 deliveries and revenue guided higher QoQ; profitability headwinds likely persist
- Q3 2026 delivery guidance: 95,000–100,000 vehicles.
- Q3 total revenue guidance: RMB 26.6bn–28.0bn (i.e., up from Q2).
- Stated outlook is preliminary and can change.
- CFO commentary implies full-year positive operating cash flow & free cash flow depend heavily on Q4 deliveries (delivery-weighted working capital/cash conversion risk).
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Share Statistics
| Market cap | $11.45 Billion |
|---|---|
| Enterprise Value | $2.52 Billion |
| Earnings per Share | $1.12 |
| Beta | 0.49 |
| Outstanding Shares | 1,007,098,885 |
Return
| Return on Equity | -6.96% |
|---|---|
| Return on Assets | -3.26% |
| Return on Invested Capital | -7.41% |
Valuation & Multiples
| P/E Ratio | -16.01 |
|---|---|
| PEG | 6.27 |
| Price to Sales | 0.11 |
| Price to Book Ratio | 0.18 |
| Enterprise Value to Revenue | 0.02 |
| Enterprise Value to EBIT | -0.4 |
| Enterprise Value to Net Income | -1 |
| Total Debt to Enterprise | 12.36 |
| Debt to Equity | 0.47 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 27, 2026
EPS Estimate
$-0.01
Consensus analyst estimateRevenue Estimate
$3.86 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 25, 2026
EPS Estimate
$-0.08
Consensus analyst estimateRevenue Estimate
$4.05 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 118.40% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.04%▼ 4.08% |
|---|---|
| Total Invested | $4.90M▼ 99.00% |
| Investors Holding | 37▼ 153.00% |
About Li Auto Inc
30,728 employees
CEO: Xiang Li
Operating within the People's Republic of China, Li Auto Inc. and its affiliated companies specialize in the conceptualization, engineering, manufacturing, and distribution of new energy vehicles. A prominent product is the Li ONE, a sop...