RLX Technology (RLX) Operating Margin (2019 - 2026)
RLX Technology's (RLX) quarterly Operating Margin came in at 15.43% in Q1 2026, up 585.0% YoY from 2.25% in Q1 2025, and up 48.07% on a QoQ basis from 10.42% in Q4 2025.
RLX Technology (RLX) Operating Margin (2019 - 2026) Analysis & Trends
RLX Technology (RLX) has 8 years of Operating Margin data on file, last reported at 15.43% in Q1 2026.
- Quarterly Operating Margin rose 585.0% year-over-year to 15.43% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 10.53% (up 981.0% YoY) and the FY2025 annual result came in at 8.3%, up 1220.0% from the prior year.
- Operating Margin improved to 15.43% in Q1 2026, from 10.42% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 44.54% in Q3 2022 to a low of 197.6% in Q1 2023.
- A 5-year average of 13.38% and a median of 4.43% in 2025 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin sank 23396 bps — and 2024, when it jumped 18825 bps.
- Tracing RLX's Operating Margin over 5 years: 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 | 298.83 Bn | 292.83 Bn | 7.66 Bn | 40.48% |
| 2 | British American Tobacco p.l.c | 122.98 Bn | 119.29 Bn | - | - |
| 3 | Altria | 111.97 Bn | 109.61 Bn | 3.82 Bn | 51.32% |
| 4 | RLX Technology | 2.22 Bn | 1.48 Bn | 52.74 Mn | 12.90% |
| 5 | Turning Point Brands | 1.73 Bn | 1.46 Bn | 93.70 Mn | 11.69% |
| 6 | Universal | 1.15 Bn | 869.50 Mn | 83.09 Mn | 0.44% |
| 7 | Ispire Technology | 87.09 Mn | 67.86 Mn | 1.99 Mn | -50.75% |
| 8 | Rythm | 45.53 Mn | 3.62 Mn | 18.54 Mn | 8.41% |
| 9 | Greenlane Holdings | 14.10 Mn | -10.40 Mn | 32,000.00 | -4,004.88% |
| 10 | VPR Brands | 9.14 Mn | 6.80 Mn | 161,075.00 | -47.25% |
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% |