Adjusted EPS beats, GAAP misses sharply. Li Auto Inc reported Q4 2025 adjusted EPS of $0.04, topping the consensus estimate of $0.22 by 15.2%. However, GAAP EPS of $0.01 missed the same $0.22 estimate by 95.4%, reflecting a $19.0 million gap between adjusted net income of $39.2 million and net income of $20.2 million. Revenue of $4.10 billion came in without a published consensus estimate for comparison. The company posted an operating loss of $63.3 million despite gross profit of $1.20 billion, as cost of revenue reached $4.80 billion.
Catastrophic year-over-year collapse. The Q4 2025 results represent a stunning reversal from the prior year: adjusted EPS plunged 99.7% from $3.79 in Q4 2024, while revenue cratered 90.7% from $44.27 billion. The sequential comparison is equally alarming—Q4 2025 adjusted EPS of $0.04 matched Q3 2025’s $0.25, but revenue of $4.10 billion collapsed 85.0% from Q3’s $27.36 billion. The five-quarter trajectory shows violent volatility: Q4 2024 delivered $3.79 EPS on $44.27 billion revenue, Q1 2025 fell to $0.96 EPS on $25.93 billion revenue (a beat), Q2 2025 posted $1.37 EPS on $30.25 billion revenue (a miss), Q3 2025 swung to a loss of -$0.36 EPS on $27.36 billion revenue (a miss), before Q4’s marginal adjusted profit on drastically reduced revenue. The company has alternated between beats and misses across four of the past five quarters, but the magnitude of the revenue decline—from $44 billion to $4 billion year-over-year—suggests a fundamental business disruption rather than normal cyclical variation.
This article was generated using AlphaStreet’s proprietary financial analysis technology and reviewed by our editorial team.