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 | 297.66 Bn | 279.23 Bn | 7.66 Bn | 40.48% |
| 2 | British American Tobacco p.l.c | 125.80 Bn | 104.94 Bn | - | - |
| 3 | Altria | 112.42 Bn | 98.63 Bn | 3.82 Bn | 51.32% |
| 4 | Curaleaf Holdings | 2.73 Bn | 2.33 Bn | 169.91 Mn | 1.24% |
| 5 | RLX Technology | 2.65 Bn | -916.64 Mn | 52.74 Mn | 12.90% |
| 6 | Trulieve Cannabis | 2.10 Bn | 712.57 Mn | 162.29 Mn | -136.75% |
| 7 | Green Thumb Industries | 1.33 Bn | 184.54 Mn | 137.87 Mn | 6.51% |
| 8 | Cronos | 1.22 Bn | -2.00 Bn | 28.45 Mn | 10.49% |
| 9 | Turning Point Brands | 1.18 Bn | 308.67 Mn | 93.70 Mn | 11.69% |
| 10 | Verano Holdings | 808.33 Mn | 481.94 Mn | 99.70 Mn | 1.44% |
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();