Analyst Consensus ?
ConsensusHold16 ratings
Bullish743.8%
Neutral850.0%
Bearish16.2%
Li Auto Inc. · LI · FY2026 Q1 · Calendar Q2 2026
Li Auto pairs new-model momentum with margin and execution risks
The supplied analysis supports a mixed view of the growth hypothesis: new-model demand, AI investment, and international expansion provide potential growth drivers, but Q1 losses, margin pressure, production execution, and intense competition leave the next-year outcome dependent on successful model ramps and profitability recovery.
Reported Before market openNASDAQConsumer Cyclical
$11.82B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.33
Consensus $-0.27
EPS surprise
-24.2%
Reported versus consensus
Reported revenue
$3.33B
Consensus $3.17B
Revenue surprise
+5.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
+0.6%
Same window
Abnormal move
-2.1%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-22.5%
Up to 20 sessions
LISPY benchmark
Ask FN2 about LI FY2026 Q1
Transcript, numbers and history already loaded
Why did LI fall 1.5% after missing EPS estimates in FY2026 Q1?What changed in LI's guidance and outlook in FY2026 Q1?Give me the bull and bear case for LI after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the L9 has moved from a planned launch to early commercial traction, the MAHE M100 and MindVLA stack have been highlighted, and overseas expansion has become more concrete. The focus has shifted from preparing the product cycle to executing production, margin recovery, and broader launches.
Guidance delta
Management maintained its full-year 20% sales-growth target and expected gross margin to recover to roughly 10% in Q2; the supplied analysis does not identify a change from the prior quarter's guidance posture.
Key takeaways
- The L9 launch generated more than 10,000 orders in two weeks, while the i6 continued to sell about 20,000 units monthly.
- Management highlighted the in-house MAHE M100 chip and MindVLA model as foundations for its autonomous-driving and software strategy.
- The near-term test is whether L9 and L8 production ramps, model-mix effects, and raw-material costs allow profitability to recover.
- International expansion is planned across the Middle East, Central Asia, Southeast Asia, and Europe during 2026.
Management priorities
- Ramp the L9 and launch the all-new L8
- Advance the MAHE M100 chip and MindVLA software ecosystem
- Improve sales efficiency through the store partner program
- Expand into additional overseas markets
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$11.7Previous close
$13Low
$26.55Average
$105High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Neutral | Neutral | Maintain | Aug 27, 2026 |
| HSBC | Hold | Hold | Maintain | Jun 10, 2026 |
| Macquarie | Neutral | Underperform | Upgrade | May 29, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 29, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Mar 13, 2026 |
| Jefferies | Hold | Buy | Downgrade | Jan 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jan 15, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 7, 2026 |
| China Renaissance | Hold | Buy | Downgrade | Dec 1, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Aug 29, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 29, 2024 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 21, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Feb 6, 2024 |
| UBS | Buy | Buy | Maintain | Apr 5, 2022 |
| Needham | Buy | Buy | Maintain | Dec 7, 2021 |
| Nomura Instinet | Buy | Buy | Maintain | Oct 14, 2021 |
Named analyst price targets
Upside is calculated against the persisted previous close $11.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $13 | $12.14 | +11.1% | Aug 27, 2026 |
| Bernstein | Eunice Lee | $14.5 | $12.14 | +23.9% | Aug 26, 2026 |
| US Tiger Securities | Bo Pei | $16 | $12.32 | +36.8% | Aug 26, 2026 |
| HSBC | Yuqian Ding | $15.6 | $14.11 | +33.3% | Jun 10, 2026 |
| Barclays | Jiong Shao | $14 | $15.54 | +19.7% | May 29, 2026 |
| Monness | Analyst unavailable | $18 | $15.56 | +53.8% | May 28, 2026 |
| Morgan Stanley | Tim Hsiao | $22 | $17.46 | +88.0% | Mar 27, 2026 |
| Bernstein | Eunice Lee | $19 | $17.29 | +62.4% | Mar 13, 2026 |
| Jefferies | Analyst unavailable | $17.5 | $16.69 | +49.6% | Jan 23, 2026 |
| Macquarie | Analyst unavailable | $15 | $16.39 | +28.2% | Jan 15, 2026 |
| Piper Sandler | Alexander Potter | $19 | $16.94 | +62.4% | Jan 8, 2026 |
| HSBC | Analyst unavailable | $18.6 | $17.44 | +59.0% | Dec 3, 2025 |
| Piper Sandler | Analyst unavailable | $18 | $18.39 | +53.8% | Dec 1, 2025 |
| Barclays | Analyst unavailable | $18 | $18.39 | +53.8% | Dec 1, 2025 |
| Goldman Sachs | Tina Hou | $27 | $18.39 | +130.8% | Dec 1, 2025 |
| US Tiger Securities | Bo Pei | $24 | $18.43 | +105.1% | Nov 28, 2025 |
| Daiwa | Analyst unavailable | $30.5 | $24.1 | +160.7% | Sep 3, 2025 |
| Bernstein | Analyst unavailable | $25 | $23.26 | +113.7% | Aug 29, 2025 |
| Barclays | Jiong Shao | $24 | $23.26 | +105.1% | Aug 28, 2025 |
| Macquarie | Eugene Hsiao | $21 | $24.06 | +79.5% | Aug 22, 2025 |
| Bernstein | Eunice Lee | $26 | $24.05 | +122.2% | Aug 19, 2025 |
| HSBC | Analyst unavailable | $38.5 | $27.56 | +229.1% | Mar 6, 2025 |
| CFRA | Aaron Ho | $15 | $24.65 | +28.2% | Nov 4, 2024 |
| Macquarie | Eugene Hsiao | $33 | $28.82 | +182.1% | Oct 4, 2024 |
| Citigroup | Jeff Chung | $29.6 | $25.78 | +153.0% | Sep 30, 2024 |
| Citigroup | Jeff Chung | $25.5 | $24.46 | +117.9% | Sep 24, 2024 |
| Citigroup | Jeff Chung | $21.6 | $18.92 | +84.6% | Sep 4, 2024 |
| Bank of America Securities | Ming Hsun Lee | $31 | $17.8 | +165.0% | Aug 29, 2024 |
| Goldman Sachs | Tina Hou | $43.6 | $21.14 | +272.6% | May 21, 2024 |
| Morgan Stanley | Tim Hsiao | $53 | $21.08 | +353.0% | May 21, 2024 |
| Barclays | Jiong Shao | $22 | $21.06 | +88.0% | May 21, 2024 |
| CFRA | Aaron Ho | $18 | $21.64 | +53.8% | May 20, 2024 |
| US Tiger Securities | Bo Pei | $30 | $21.65 | +156.4% | May 20, 2024 |
| Morgan Stanley | Tim Hsiao | $65 | $30.5 | +455.6% | Mar 25, 2024 |
| Barclays | Jiong Shao | $39 | $30.5 | +233.3% | Mar 22, 2024 |
| Morgan Stanley | Tim Hsiao | $74 | $31.53 | +532.5% | Mar 21, 2024 |
| Bernstein | Eunice Lee | $52.5 | $36.43 | +348.7% | Mar 7, 2024 |
| Goldman Sachs | Adam Samuelson | $105 | $43.54 | +797.4% | Mar 4, 2024 |
| Deutsche Bank | Edison Yu | $41 | $30.95 | +250.4% | Feb 6, 2024 |
| Jefferies | Analyst unavailable | $20.66 | $17.3 | +76.6% | Nov 28, 2022 |
| US Tiger Securities | Bo Pei | $40 | $19.78 | +241.9% | May 10, 2022 |
| Morgan Stanley | Tim Hsiao | $49 | $22.17 | +318.8% | Mar 13, 2022 |
| Bernstein | Eunice Lee | $43 | $33.41 | +267.5% | Oct 28, 2021 |
| Nomura | Martin Heung | $43.4 | $29.45 | +270.9% | Oct 14, 2021 |
| Deutsche Bank | Edison Yu | $32 | $29.03 | +173.5% | Aug 30, 2021 |
| Credit Suisse | Bin Wang | $41 | $32.67 | +250.4% | Jul 5, 2021 |
Track every rating change on LI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLi 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.
Historical context
All LI earningsConsumer Cyclical peers this season
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|---|---|---|---|---|
| AZO AutoZone, Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.6% | +3.3% | AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan |
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| LEN Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | -4.1% | Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds |
| TCOM Trip.com Group Limited | FY2026 Q2 · Calendar Q3 2026 | +22.3% | +3.0% | Trip.com pairs international growth with heavier AI investment |
| CASY Casey's General Stores, Inc. | FY2027 Q1 · Calendar Q3 2026 | +8.7% | -14.2% | Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile |
| LULU Lululemon Athletica Inc. | FY2026 Q2 · Calendar Q3 2026 | +63.1% | -17.4% | Lululemon lowers FY2026 outlook as North America weakens |
Latest beats and misses
Who reports nextBeat on EPS
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
Get the LI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-06-08T16:22:36.261520+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T06:01:03.078779+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T06:01:03.075816+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 · As of 2026-09-24. For educational purposes only; not investment advice.