RLX Technology (RLX) Gross Margin (2019 - 2026)
RLX Technology's (RLX) quarterly Gross Margin came in at 31.8% in Q1 2026, up 323.0% YoY from 7.52% in Q1 2025, and up 1.37% on a QoQ basis from 31.37% in Q4 2025.
RLX Technology (RLX) Gross Margin (2019 - 2026) Analysis & Trends
RLX Technology (RLX) has 8 years of Gross Margin data on file, last reported at 31.8% in Q1 2026.
- Quarterly Gross Margin rose 323.0% year-over-year to 31.8% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 30.78% (up 367.0% YoY) and the FY2025 annual result came in at 29.9%, up 347.0% from the prior year.
- Gross Margin climbed to 31.8% in Q1 2026, from 31.37% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 49.98% in Q3 2022 to a low of 23.71% in Q4 2023.
- A 5-year average of 31.18% and a median of 27.51% in 2025 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2022 — Gross Margin soared 1085 bps — and 2023, when it slumped 2528 bps.
- Tracing RLX's Gross Margin over 5 years: stood at 43.61% in 2022, then tumbled by 46 bps to 23.71% in 2023, then advanced by 14 bps to 27.03% in 2024, then gained by 16 bps to 31.37% in 2025, then climbed by 1 bps to 31.8% in 2026.
- The last three Gross Margin figures came in at 31.8% (Q1 2026), 31.37% (Q4 2025), and 31.22% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 298.83 Bn | 292.83 Bn | 7.66 Bn | 68.43% |
| 2 | British American Tobacco p.l.c | 122.98 Bn | 119.29 Bn | - | - |
| 3 | Altria | 111.97 Bn | 109.61 Bn | 3.82 Bn | 62.51% |
| 4 | RLX Technology | 2.22 Bn | 1.48 Bn | 52.74 Mn | 35.41% |
| 5 | Turning Point Brands | 1.73 Bn | 1.46 Bn | 93.70 Mn | 65.55% |
| 6 | Universal | 1.15 Bn | 869.50 Mn | 83.09 Mn | 15.86% |
| 7 | Ispire Technology | 87.09 Mn | 67.86 Mn | 1.99 Mn | 10.65% |
| 8 | Rythm | 45.53 Mn | 3.62 Mn | 18.54 Mn | 80.52% |
| 9 | Greenlane Holdings | 14.10 Mn | -10.40 Mn | 32,000.00 | 39.02% |
| 10 | VPR Brands | 9.14 Mn | 6.80 Mn | 161,075.00 | 22.89% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 45.11% |