Li Auto Inc. cash flow statement

In fiscal 2025, Li Auto Inc.'s operations generated −$1.20bn of cash; it spent $585m on capital projects, leaving free cash flow of −$1.78bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Li Auto Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−260	455	1,293	1,099	7,164	2,214	−1,198
Depreciation and amortisation	17	47	92	181	255	425	645
Stock-based pay	—	21	171	306	336	366	175
Capital spending	138	98	534	764	920	1,074	585
Free cash flow	−398	357	759	335	6,245	1,140	−1,783
Free cash flow after stock pay	—	337	588	30	5,908	774	−1,958
Shares issued	—	1,448	0	0	0	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Li Auto Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Li Auto Inc.