Li Auto (LI) Operating Expenses (2020 - 2025)

Li Auto (LI) has 6 years of Operating Expenses data on file, last reported at -$797.0 million in Q4 2025.

• In Q4 2025, Operating Expenses fell 10.45% year-over-year to -$797.0 million; the TTM figure through Dec 2025 stood at -$3.0 billion (up 4.08% YoY), while the FY2025 annual figure was $3.1 billion, down 0.84% from the prior year.
• Operating Expenses held at -$797.0 million in Q4 2025, from -$793.1 million in the prior quarter.
• Across five years, Operating Expenses topped out at -$156358.0 in Q1 2021 and bottomed at -$950.8 million in Q4 2023.
• A 5-year average of -$585.3 million and a median of -$665.6 million in 2023 frame the typical range for Operating Expenses.
• Annual changes were most pronounced in 2021 — Operating Expenses surged 99.64% — and 2022, when it slumped 259880.3%.
• Year by year, Operating Expenses stood at -$369.7 million in 2021, then tumbled by 45.11% to -$536.4 million in 2022, then tumbled by 77.24% to -$950.8 million in 2023, then rose by 24.11% to -$721.6 million in 2024, then fell by 10.45% to -$797.0 million in 2025.
• The last three Operating Expenses figures came in at -$797.0 million (Q4 2025), -$793.1 million (Q3 2025), and -$731.5 million (Q2 2025), per Business Quant data.

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