RLX Technology (RLX) Gross Margin (2019 - 2026)
RLX Technology's Gross Margin came in at 35.41% for the quarter ended Jun 30, 2026, up 7.90 percentage points from 27.51% a year earlier and up 3.61 percentage points from the prior quarter.
RLX Technology (RLX) Gross Margin (2019 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, RLX Technology reported Gross Margin of 32.34%, up 4.75 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 29.90%, up 3.47 percentage points from the prior year.
- Gross Margin carries a five-year change of -10.09 percentage points (years ended Dec 2020 to Dec 2025).
- Going back by year, Gross Margin was 26.43% in the year ended Dec 31, 2024 (+1.99 pp), 24.44% in the year ended Dec 31, 2023 (-18.79 pp), 43.23% in the year ended Dec 31, 2022 (+0.13 pp) and 43.09% in the year ended Dec 31, 2021 (+3.10 pp).
- The figure for the quarter ended Jun 30, 2026 represents the highest quarterly Gross Margin since the quarter ended Dec 31, 2022.
- Year-over-year, Gross Margin has increased for eight consecutive quarters, with an average year-over-year change of +3.79 percentage points over the last eight quarters.
- The fastest year-over-year change in Gross Margin over five years came in the quarter ended Sep 30, 2022 (a gain of 10.85 percentage points), and the weakest in the quarter ended Sep 30, 2023 (a drop of 25.28 percentage points).
- Business Quant data shows RLX's Gross Margin at 31.80% (quarter ended Mar 31, 2026), 31.37% (quarter ended Dec 31, 2025) and 31.22% (quarter ended Sep 30, 2025) in the three quarters before the quarter ended Jun 30, 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 302.31 Bn | 283.88 Bn | 7.66 Bn | 68.43% |
| 2 | British American Tobacco p.l.c | 126.84 Bn | 105.99 Bn | - | - |
| 3 | Altria | 114.73 Bn | 100.93 Bn | 3.82 Bn | 62.51% |
| 4 | Curaleaf Holdings | 2.84 Bn | 2.44 Bn | 169.91 Mn | 49.96% |
| 5 | RLX Technology | 2.65 Bn | -916.64 Mn | 52.74 Mn | 35.41% |
| 6 | Trulieve Cannabis | 2.39 Bn | 1.00 Bn | 162.29 Mn | 59.90% |
| 7 | Green Thumb Industries | 1.49 Bn | 344.56 Mn | 137.87 Mn | 44.96% |
| 8 | Cronos | 1.25 Bn | -1.97 Bn | 28.45 Mn | 40.30% |
| 9 | Turning Point Brands | 1.21 Bn | 336.94 Mn | 93.70 Mn | 65.55% |
| 10 | Verano Holdings | 877.15 Mn | 550.77 Mn | 99.70 Mn | 45.75% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 35.41% |
| Mar 31, 2026 | 31.80% |
| Dec 31, 2025 | 31.37% |
| Sep 30, 2025 | 31.22% |
| Jun 30, 2025 | 27.51% |
| Mar 31, 2025 | 28.57% |
| Dec 31, 2024 | 27.03% |
| Sep 30, 2024 | 27.23% |
| Jun 30, 2024 | 25.17% |
| Mar 31, 2024 | 25.88% |
| Dec 31, 2023 | 23.71% |
| Sep 30, 2023 | 24.69% |
| Jun 30, 2023 | 26.06% |
| Mar 31, 2023 | 24.21% |
| Dec 31, 2022 | 43.61% |
| Sep 30, 2022 | 49.98% |
| Jun 30, 2022 | 43.77% |
| Mar 31, 2022 | 38.32% |
| Dec 31, 2021 | 40.20% |
| Sep 30, 2021 | 39.12% |
RLX Technology Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=RLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "RLX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=RLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();