NYSE$RLX
RLX Technology Inc-ADR · Q1 2026 earnings
Q1 2026 earnings · · Before market open · Investor relations
Briefing
RLX Technology Q1 2026: RMB1.59B revenue (+96%), non-GAAP EPS US$0.038 as global e-vapor expansion accelerates
RLX Technology reported strong Q1 2026 results with net revenues of RMB1,585.8 million (US$229.9 million), up 96.2% year over year and 38.9% quarter over quarter, driven by international expansion, contributions from its May 2025 European acquisition, and mainland China momentum. Gross margin expanded to 31.8% from 28.6% on favorable revenue mix and supply chain optimization. Non-GAAP net income rose 41.4% to RMB357.3 million (US$51.8 million) while GAAP net income increased 32.1% to RMB294.2 million. International business represented 72.3% of revenue. Management highlighted the Super Factory integration, localized go-to-market strategies, and a strong balance sheet with RMB14.5 billion in cash and investments.
- Net revenues reached RMB1,585.8 million (+96.2% YoY), with international operations contributing 72.3% of total revenue.
- Gross margin improved to 31.8% from 28.6%, and non-GAAP operating income surged 187.9% to RMB310.3 million.
- Non-GAAP diluted EPS was US$0.038 per ADS versus US$0.031 GAAP diluted EPS, reflecting higher share-based compensation and acquisition-related costs.
- Management plans to deepen European presence, strengthen distribution and retail, and continue investing in user-centric product innovation.
- Cash and investments totaled RMB14.5 billion; operating cash flow used RMB68.8 million in the quarter.
Headline financials
Revenue & EPS history
RLX · Revenue · Quarterly
¥1.59B
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+1.5%
Avg return
Earnings day
+2.8%
Avg return
5 days after
+3.7%
Avg return
30 days after
54%
13 / 24 earnings
Positive
+23.3%
Q4 2022
Best reaction
-47.9%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -1.9% | -12.7% | |
| Q4 2025 | +0.4% | +1.3% | -7.9% | |
| Q3 2025 | +10.4% | +7.3% | +1.3% | |
| Q2 2025 | +6.8% | +7.1% | +12.9% | |
| Q1 2025 | +2.1% | +2.6% | +10.3% | |
| Q4 2024 | -3.8% | -14.0% | -27.7% | |
| Q3 2024 | +11.7% | +11.7% | +22.7% | |
| Q2 2024 | +3.7% | +10.5% | +1.9% | |
| Q1 2024 | -7.4% | -7.9% | -15.3% | |
| Q4 2023 | -0.5% | +8.2% | -9.7% | |
| Q3 2023 | +16.5% | +22.0% | +32.3% | |
| Q2 2023 | +4.9% | +2.1% | +5.6% | |
| Q1 2023 | -0.4% | -3.8% | -17.4% | |
| Q4 2022 | +23.3% | +19.2% | +31.5% | |
| Q3 2022 | +8.1% | +10.0% | +56.9% | |
| Q2 2022 | -5.7% | -14.6% | -17.9% | |
| Q1 2022 | -5.6% | -9.6% | +17.2% | |
| Q4 2021 | -47.9% | -10.3% | -20.1% | |
| Q3 2021 | -17.4% | +7.4% | -12.0% | |
| Q2 2021 | -9.7% | +3.1% | +13.9% | |
| Q1 2021 | -8.3% | -24.1% | -28.9% | |
| Q4 2019 | +19.3% | +14.4% | +10.5% | |
| Q4 2018 | +19.3% | +14.4% | +10.5% | |
| Q4 2020 | +16.2% | +12.9% | +32.0% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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