Li Auto Inc. · LI · FY2026 Q2 · Calendar Q3 2026

Li Auto pairs a full model refresh with Q3 delivery guidance

Li Auto’s near-term case rests on whether the completed L-Series refresh, new BEV launches, and in-house technology can convert product investment into stronger demand and improved profitability. The evidence is mixed: management emphasized product and technology momentum and maintained its outlook, but Q2 revenue was down year over year and operating margin was negative.

Reported Before market openNASDAQConsumer Cyclical $12.26B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.25 Consensus $-0.01
EPS surprise -2400.0% Reported versus consensus
Reported revenue $3.78B Consensus $3.86B
Revenue surprise -2.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.1% Event window
SPY move +0.0% Same window
Abnormal move -1.1% Stock minus SPY
Volume 1.0× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
LISPY benchmark

Ask FN2 about LI FY2026 Q2

Transcript, numbers and history already loaded
Why did LI fall 1.1% after missing EPS estimates in FY2026 Q2?What changed in LI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for LI after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, the L-Series refresh was completed, the Li MEGA and Li i9 were scheduled for September launches, and management supplied Q3 delivery and revenue guidance. The company also emphasized progress in its supercharging network, MACH M100 chip, and autonomous-driving platform.

Guidance delta

Management maintained its forward outlook and provided Q3 guidance of 95,000–100,000 vehicle deliveries and RMB 26.6–28.0 billion in revenue.

Key takeaways

  • Q2 revenue declined 15% year over year, while improving sequentially; gross margin also improved sequentially but remained below the prior year.
  • Management highlighted the completed L-Series refresh and planned September launches of the Li MEGA and Li i9.
  • The company cited progress in its in-house chip, battery, supercharging, and autonomous-driving technologies.
  • Cash remained strong, while management targeted approximately RMB 6.0 billion of 2026 capital expenditure.

Management priorities

  • Launch the Li MEGA and Li i9.
  • Expand the 5C supercharging network and continue OTA 9.2 and 9.3 updates.
  • Advance in-house chip, battery, and autonomous-driving capabilities.
  • Expand internationally, including Kazakhstan, Uzbekistan, Dubai, Europe, Hong Kong, and Singapore.

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Earnings History

Estimate Beat Miss Match
LI EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $2.06 Q4 '23 actual $0.60, miss Q1 '24 estimate $2.50 Q1 '24 actual $0.17, miss Q2 '24 estimate $1.36 Q2 '24 actual $0.20, miss Q3 '24 estimate $0.32 Q3 '24 actual $0.52, beat Q2 '25 estimate $0.10 Q2 '25 actual $0.14, beat Q3 '25 estimate $0.04 Q3 '25 actual $-0.09, miss Q4 '25 estimate $0.03 Q4 '25 actual $0.04, match Q1 '26 estimate $-0.27 Q1 '26 actual $-0.33, miss Q2 '26 estimate $-0.01 Q2 '26 actual $-0.25, miss Q3 '26 estimate $-0.73 Q4 '26 estimate $0.65 Q1 '27 estimate $-0.23 Q2 '27 estimate $0.68
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Analyst Consensus ?

ConsensusHold16 ratings
Bullish743.8%
Neutral850.0%
Bearish16.2%

Analyst 52W Price Targets

$12.14Previous close
$13Low
$26.55Average
$105High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Piper Sandler Neutral NeutralMaintainAug 27, 2026
HSBC Hold HoldMaintainJun 10, 2026
Macquarie Neutral UnderperformUpgradeMay 29, 2026
Barclays Equal Weight Equal WeightMaintainMay 29, 2026
JP Morgan Underweight UnderweightMaintainMar 13, 2026
Show 11 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $12.14. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerAnalyst unavailable$13$12.14 +7.1%Aug 27, 2026
BernsteinEunice Lee$14.5$12.14 +19.4%Aug 26, 2026
US Tiger SecuritiesBo Pei$16$12.32 +31.8%Aug 26, 2026
HSBCYuqian Ding$15.6$14.11 +28.5%Jun 10, 2026
BarclaysJiong Shao$14$15.54 +15.3%May 29, 2026
See 41 more

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Company context

Snapshot as of publication

Li Auto Inc. is a prominent player in the rapidly expanding new energy vehicle market within the People's Republic of China. The company's operations span the entire lifecycle of high-end intelligent electric vehicles, from their initial design and development to manufacturing and eventual sale. Its diverse product portfolio primarily consists of multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs). The company engages directly with customers through a blend of digital platforms and traditional brick-and-mortar channels, providing comprehensive sales and post-purchase management services. Originally founded in 2015 as Leading Ideal Inc., the company officially adopted its current name, Li Auto Inc., in July 2020. Its corporate headquarters are situated in Beijing, China.

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-26T21:20:25.208741+00:00
  2. FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T07:30:47.578818+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T07:30:47.576114+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.