RLX Technology (RLX) Net Margin (2019 - 2026)
RLX Technology (RLX) posted Net Margin of 24.26% for Q1 2026, down 13.24% on a QoQ basis from 27.96% in Q4 2025, and down 1027.0% year-over-year from 2.62% in Q1 2025.
RLX Technology (RLX) Net Margin (2019 - 2026) Analysis & Trends
RLX Technology's Net Margin history runs 8 years deep, the most recent figure standing at 24.26% for Q1 2026.
- Quarterly Net Margin fell 1027.0% year-over-year to 24.26% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 26.95% (down 192.0% YoY) and the FY2025 annual result came in at 21.74%, up 87.0% from the prior year.
- Net Margin was 24.26% for Q1 2026 at RLX Technology, down from 27.96% in the prior quarter.
- Across five years, Net Margin topped out at 68.24% in Q2 2023 and bottomed at 70.84% in Q4 2022.
- A 5-year average of 25.42% and a median of 28.77% in 2022 frame the typical range for Net Margin.
- Annual changes were most pronounced in 2022 — Net Margin sank 10363 bps — and 2023, when it surged 11520 bps.
- RLX Technology's Net Margin stood at 70.84% in 2022, then soared by 163 bps to 44.35% in 2023, then slumped by 50 bps to 22.13% in 2024, then rose by 26 bps to 27.96% in 2025, then fell by 13 bps to 24.26% in 2026.
- Business Quant data shows RLX's Net Margin at 24.26% in Q1 2026, 27.96% in Q4 2025, and 26.45% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 300.23 Bn | 294.78 Bn | 6.91 Bn | 29.42% |
| 2 | British American Tobacco p.l.c | 133.32 Bn | 128.01 Bn | - | - |
| 3 | Altria | 121.70 Bn | 118.17 Bn | 3.51 Bn | 40.22% |
| 4 | RLX Technology | 2.50 Bn | 1.83 Bn | 73.10 Mn | 24.26% |
| 5 | Turning Point Brands | 1.47 Bn | 1.43 Bn | 68.30 Mn | 9.39% |
| 6 | Universal | 1.35 Bn | 1.11 Bn | 98.47 Mn | -4.86% |
| 7 | Ispire Technology | 89.38 Mn | 71.30 Mn | 1.99 Mn | -50.96% |
| 8 | Rythm | 42.81 Mn | 9.55 Mn | 10.40 Mn | 149.95% |
| 9 | VPR Brands | 11.01 Mn | 8.30 Mn | 138,574.00 | 334.54% |
| 10 | Greenlane Holdings | 8.50 Mn | -29.73 Mn | 217,000.00 | -4,064.96% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 24.26% |
| Dec 31, 2025 | 27.96% |
| Sep 30, 2025 | 26.45% |
| Jun 30, 2025 | 31.30% |
| Mar 31, 2025 | 34.53% |
| Dec 31, 2024 | 22.13% |
| Sep 30, 2024 | 30.44% |
| Jun 30, 2024 | 28.34% |
| Mar 31, 2024 | 27.04% |
| Dec 31, 2023 | 44.35% |
| Sep 30, 2023 | 40.19% |
| Jun 30, 2023 | 68.24% |
| Mar 31, 2023 | -39.08% |
| Dec 31, 2022 | -70.84% |
| Sep 30, 2022 | 54.89% |
| Jun 30, 2022 | 28.77% |
| Mar 31, 2022 | 53.21% |
| Dec 31, 2021 | 32.79% |
| Sep 30, 2021 | 72.72% |
| Jun 30, 2021 | 48.50% |