RLX Technology (RLX) Gross Margin (2019 - 2026)
RLX Technology's (RLX) quarterly Gross Margin came in at 35.41% in Q2 2026, up 790.0% on a YoY basis from 3.98% in Q2 2025, and up 11.37% quarter-over-quarter from 31.8% in Q1 2026.
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RLX Technology (RLX) Gross Margin (2019 - 2026) Analysis & Trends
RLX Technology (RLX) has reported Gross Margin for 8 consecutive years, with 35.41% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Gross Margin rose 790.0% year-over-year to 35.41%; the trailing twelve-month figure through Jun 2026 stood at 32.34% (up 475.0% YoY), and the FY2025 full-year result was 29.9%, up 347.0% from the prior year.
- Gross Margin rose to 35.41% in Q2 2026 per RLX's latest filing, from 31.8% in the prior quarter.
- Across five years, Gross Margin topped out at 49.98% in Q3 2022 and bottomed at 23.71% in Q4 2023.
- Historically, Gross Margin has averaged 31.42% across 5 years, with a median of 28.04% in 2025.
- The sharpest annual moves came in 2022 and 2023: Gross Margin jumped 1085 bps in 2022, then tumbled 2528 bps in 2023.
- Over 5 years, Gross Margin stood at 43.61% in 2022, then sank by 46 bps to 23.71% in 2023, then grew by 14 bps to 27.03% in 2024, then climbed by 16 bps to 31.37% in 2025, then advanced by 13 bps to 35.41% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 35.41%, 31.8%, and 31.37% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 284.46 Bn | 280.39 Bn | 7.66 Bn | 68.43% |
| 2 | British American Tobacco p.l.c | 126.98 Bn | 123.54 Bn | - | - |
| 3 | Altria | 115.00 Bn | 112.68 Bn | 3.82 Bn | 62.51% |
| 4 | RLX Technology | 2.79 Bn | 2.09 Bn | 52.74 Mn | 35.41% |
| 5 | Turning Point Brands | 1.51 Bn | 1.26 Bn | 93.70 Mn | 65.55% |
| 6 | VPR Brands | 7.34 Mn | 5.00 Mn | 161,075.00 | 22.89% |
| 7 | 22nd Century | 512,640.46 | -5.55 Mn | -293,000.00 | -10.23% |
| 8 | Cirtran | 197,816.68 | -168,530.32 | 619,024.00 | 52.83% |
Historic Data
Download Data
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% |