RLX Technology (RLX) Operating Margin (2019 - 2026)
RLX Technology (RLX) reported Operating Margin of 15.43% for Q1 2026, up 585.0% on a YoY basis from 2.25% in Q1 2025, and up 48.07% quarter-over-quarter from 10.42% in Q4 2025.
RLX Technology (RLX) Operating Margin (2019 - 2026) Analysis & Trends
RLX Technology has reported Operating Margin for 8 years, with the latest figure at 15.43% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin rose 585.0% year-over-year to 15.43%; the trailing twelve-month figure through Mar 2026 stood at 10.53% (up 981.0% YoY), and the FY2025 full-year result was 8.3%, up 1220.0% from the prior year.
- Operating Margin for Q1 2026 stood at 15.43%, up from 10.42% in the prior quarter.
- The five-year high for Operating Margin was 44.54% in Q3 2022, with the low at 197.6% in Q1 2023.
- Historically, Operating Margin has averaged 13.38% across 5 years, with a median of 4.43% in 2025.
- Annual changes were most pronounced in 2023 — Operating Margin sank 23396 bps — and 2024, when it jumped 18825 bps.
- RLX Technology's Operating Margin stood at 138.87% in 2022, then jumped by 81 bps to 27.0% in 2023, then surged by 95 bps to 1.42% in 2024, then surged by 834 bps to 10.42% in 2025, then soared by 48 bps to 15.43% in 2026.
- The last three Operating Margin figures came in at 15.43% (Q1 2026), 10.42% (Q4 2025), and 8.26% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Philip Morris International | 277.78 Bn | 274.30 Bn | 6.91 Bn | 38.37% |
| 2 | Altria | 120.77 Bn | 117.29 Bn | 3.51 Bn | 54.46% |
| 3 | British American Tobacco p.l.c | 45.84 Bn | 40.53 Bn | - | - |
| 4 | Turning Point Brands | 1.66 Bn | 1.49 Bn | 68.30 Mn | 10.05% |
| 5 | Universal | 1.35 Bn | 1.30 Bn | 98.47 Mn | -2.09% |
| 6 | RLX Technology | 355.86 Mn | -269.04 Mn | 73.10 Mn | 15.43% |
| 7 | Ispire Technology | 97.40 Mn | 79.11 Mn | 1.99 Mn | -50.75% |
| 8 | Rythm | 54.37 Mn | 21.11 Mn | 10.40 Mn | -30.36% |
| 9 | Greenlane Holdings | 11.69 Mn | -26.54 Mn | 217,000.00 | -1,243.75% |
| 10 | 22nd Century | 2.50 Mn | -7.04 Mn | -636,000.00 | -74.03% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 38.54% |