RLX Technology (RLX) Operating Margin (2019 - 2026)
RLX Technology's Operating Margin was 12.90% in the quarter ended Jun 30, 2026, up 8.48 percentage points from 4.43% a year earlier but down 2.52 percentage points from the prior quarter.
RLX Technology (RLX) Operating Margin (2019 - 2026) Analysis & Trends
On a trailing twelve-month basis, RLX Technology's Operating Margin was 12.10% through Jun 30, 2026, up 9.23 percentage points year-over-year; for the year ended Dec 31, 2025, it was 8.30%, up 12.20 percentage points from the prior year.
- Operating Margin shows a five-year change of +7.96 percentage points (years ended Dec 2020 to Dec 2025).
- In earlier years, Operating Margin was -3.90% in the year ended Dec 31, 2024 (+27.41 pp), -31.31% in the year ended Dec 31, 2023 (-51.25 pp), 19.94% in the year ended Dec 31, 2022 (-7.04 pp) and 26.98% in the year ended Dec 31, 2021 (+26.63 pp).
- Quarterly Operating Margin has moved between -197.60% (the quarter ended Mar 31, 2023) and 53.51% (the quarter ended Sep 30, 2021) over five years.
- Compared with a year earlier, Operating Margin has increased for eight straight quarters, with an average year-over-year change of +12.23 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was the quarter ended Mar 31, 2024 (a gain of 188.25 percentage points); the worst was the quarter ended Mar 31, 2023 (a drop of 233.96 percentage points).
- Per Business Quant data, RLX's Operating Margin in the three quarters before the quarter ended Jun 30, 2026 was 15.43% (quarter ended Mar 31, 2026), 10.42% (quarter ended Dec 31, 2025) and 8.26% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 310.09 Bn | 289.08 Bn | 7.85 Bn | 42.54% |
| 2 | British American Tobacco p.l.c | 143.09 Bn | 119.75 Bn | - | - |
| 3 | Altria | 130.85 Bn | 117.83 Bn | 3.94 Bn | 54.03% |
| 4 | RLX Technology | 2.40 Bn | -1.35 Bn | 52.74 Mn | 12.90% |
| 5 | Curaleaf Holdings | 2.08 Bn | 1.70 Bn | 170.48 Mn | 0.83% |
| 6 | Trulieve Cannabis | 1.86 Bn | 595.66 Mn | 148.02 Mn | 18.46% |
| 7 | Verano Holdings | 1.83 Bn | 1.48 Bn | 100.04 Mn | 5.61% |
| 8 | Green Thumb Industries | 1.49 Bn | 262.73 Mn | 146.79 Mn | 7.73% |
| 9 | Cronos | 1.24 Bn | -1.90 Bn | 32.28 Mn | 10.76% |
| 10 | Turning Point Brands | 1.10 Bn | 187.99 Mn | 85.18 Mn | 6.53% |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 12.90% |
| Mar 31, 2026 | 15.43% |
| Dec 31, 2025 | 10.42% |
| Sep 30, 2025 | 8.26% |
| Jun 30, 2025 | 4.43% |
| Mar 31, 2025 | 9.58% |
| Dec 31, 2024 | -1.42% |
| Sep 30, 2024 | -1.41% |
| Jun 30, 2024 | -5.32% |
| Mar 31, 2024 | -9.35% |
| Dec 31, 2023 | -27.00% |
| Sep 30, 2023 | -9.18% |
| Jun 30, 2023 | 13.58% |
| Mar 31, 2023 | -197.60% |
| Dec 31, 2022 | -138.87% |
| Sep 30, 2022 | 44.54% |
| Jun 30, 2022 | 20.01% |
| Mar 31, 2022 | 36.36% |
| Dec 31, 2021 | 28.04% |
| Sep 30, 2021 | 53.51% |
RLX Technology Operating 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=operating-margin&ticker=RLX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=RLX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();