RLX revenueFY2025CN¥3.96B
- FY YoY
- +44.0%
- 5Y CAGR
- +0.7%
RLX revenue was CN¥3.96B for fiscal 2025 (ended Dec 31, 2025), up 44.0% from fiscal 2024. Compound annual growth was +0.7% over 5 years. It rose in 5 of the last 7 fiscal years.
RLX Technology Inc. (RLX) financials
For fiscal 2025 (ended Dec 31, 2025), RLX Technology Inc. reported CN¥3.96B of revenue and CN¥921.87M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥3.96B
- Revenue growth, YoY
- +44.0%
- Net income, FY2025
- CN¥921.87M
- Net income growth, YoY
- +67.1%
- Net margin
- 23.3%
- Free cash flow, FY2025
- CN¥986.82M
- EPS, diluted, FY2025
- CN¥0.70
- EPS growth, YoY
- +63.1%
- Cash
- CN¥5.37B
FY2018FY2025
FY2018FY2025
FY2018FY2025
RLX revenue and earnings growth
RLX net incomeFY2025CN¥921.87M
- FY YoY
- +67.1%
RLX net income was CN¥921.87M for fiscal 2025 (ended Dec 31, 2025), up 67.1% from fiscal 2024. It rose in 2 of the last 4 fiscal years.
RLX EPSFY2025CN¥0.70
- FY YoY
- +63.1%
RLX diluted EPS was CN¥0.70 for fiscal 2025 (ended Dec 31, 2025), up 63.1% from fiscal 2024.
RLX free cash flowFY2025CN¥986.82M
- FY YoY
- +16.9%
- 5Y CAGR
- -17.5%
RLX free cash flow was CN¥986.82M for fiscal 2025 (ended Dec 31, 2025), up 16.9% from fiscal 2024. Compound annual growth was -17.5% over 5 years. It rose in 3 of the last 6 fiscal years.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.96B | CN¥2.75B | CN¥1.59B | CN¥5.33B | CN¥8.52B | CN¥3.82B | CN¥1.55B | CN¥132.61M |
| Cost of revenue | CN¥2.43B | CN¥1.72B | CN¥856.33M | CN¥2.97B | CN¥4.85B | CN¥2.29B | CN¥968.41M | CN¥73.37M |
| Gross profit | CN¥1.18B | CN¥726.52M | CN¥387.71M | CN¥2.31B | CN¥3.67B | CN¥1.53B | CN¥580.94M | CN¥59.25M |
| Research and development | CN¥131.01M | CN¥88.31M | CN¥172.69M | CN¥317.11M | CN¥179.91M | CN¥299.29M | CN¥31.93M | CN¥2.06M |
| Selling, general and admin | CN¥336.92M | CN¥515.89M | CN¥498.01M | CN¥576.81M | CN¥672.75M | CN¥771.97M | CN¥133.22M | CN¥20.68M |
| Operating income | CN¥328.56M | -CN¥107.14M | -CN¥496.71M | CN¥1.06B | CN¥2.30B | CN¥13.15M | CN¥56.39M | CN¥2.21M |
| Interest expense | CN¥6.39M | CN¥176.0K | - | CN¥1.40M | - | - | - | - |
| Pre-tax income | CN¥1.05B | CN¥658.80M | CN¥591.74M | CN¥1.78B | CN¥2.66B | CN¥102.43M | CN¥73.67M | CN¥2.10M |
| Income tax | CN¥118.99M | CN¥94.46M | CN¥50.76M | CN¥371.58M | CN¥631.43M | CN¥230.53M | CN¥25.92M | CN¥2.38M |
| Net income | CN¥921.87M | CN¥551.84M | CN¥534.33M | CN¥1.44B | CN¥2.02B | -CN¥128.10M | CN¥47.75M | -CN¥287.0K |
| EPS, basic | CN¥0.70 | CN¥0.45 | CN¥0.41 | CN¥1.09 | CN¥1.45 | -CN¥0.09 | CN¥0.03 | -CN¥0.00 |
| EPS, diluted | CN¥0.70 | CN¥0.43 | CN¥0.40 | CN¥1.08 | CN¥1.44 | -CN¥0.09 | CN¥0.03 | -CN¥0.00 |
| Diluted shares | 1.22B | 1.29B | 1.34B | 1.33B | 1.41B | 1.44B | 1.44B | 1.19B |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥5.37B | CN¥5.59B | CN¥2.39B | CN¥1.29B | CN¥5.21B | CN¥1.45B | CN¥484.09M | CN¥68.21M |
| Short-term investments | CN¥2.33B | CN¥719.75M | CN¥3.09B | CN¥2.43B | CN¥3.62B | CN¥1.47B | CN¥40.00M | - |
| Receivables | - | - | - | CN¥51.38M | CN¥12.49M | CN¥14.59M | CN¥38.80M | - |
| Inventory | CN¥297.68M | CN¥142.55M | CN¥144.85M | CN¥130.90M | CN¥589.09M | CN¥329.12M | CN¥219.31M | - |
| Current assets | CN¥11.20B | CN¥9.30B | CN¥8.98B | CN¥11.20B | CN¥13.95B | CN¥3.87B | CN¥1.18B | - |
| Goodwill | CN¥567.18M | CN¥59.58M | CN¥66.51M | - | - | - | - | - |
| Total assets | CN¥17.93B | CN¥16.87B | CN¥16.32B | CN¥16.38B | CN¥16.37B | CN¥4.06B | CN¥1.44B | - |
| Current liabilities | CN¥1.97B | CN¥857.85M | CN¥668.67M | CN¥789.83M | CN¥2.74B | CN¥2.50B | CN¥619.90M | - |
| Short-term debt | CN¥92.10M | CN¥40.00M | CN¥0 | - | - | - | - | - |
| Total liabilities | CN¥2.20B | CN¥881.10M | CN¥716.68M | CN¥838.45M | CN¥2.85B | CN¥2.55B | CN¥1.34B | - |
| Shareholders' equity | CN¥15.63B | CN¥15.99B | CN¥15.60B | CN¥15.54B | CN¥13.52B | CN¥1.51B | CN¥106.28M | CN¥6.62M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | CN¥1.10B | CN¥854.35M | CN¥198.70M | CN¥486.83M | CN¥1.80B | CN¥2.59B | CN¥338.13M | -CN¥977.0K |
| Capital expenditures | CN¥117.73M | CN¥10.09M | CN¥28.22M | CN¥38.64M | CN¥130.94M | CN¥12.59M | CN¥84.97M | CN¥29.0K |
| Free cash flow | CN¥986.82M | CN¥844.26M | CN¥170.48M | CN¥448.19M | CN¥1.67B | CN¥2.58B | CN¥253.16M | -CN¥1.01M |
| Investing cash flow | -CN¥822.19M | CN¥3.02B | CN¥2.09B | -CN¥4.13B | -CN¥7.87B | -CN¥1.81B | -CN¥497.84M | -CN¥397.0K |
| Financing cash flow | -CN¥282.75M | -CN¥678.03M | -CN¥1.19B | -CN¥477.27M | CN¥9.90B | CN¥174.88M | CN¥576.40M | CN¥69.59M |
| Dividends paid | CN¥91.47M | CN¥88.84M | CN¥92.38M | - | - | - | CN¥36.00M | - |
| Share repurchases | CN¥183.93M | CN¥589.36M | CN¥996.63M | CN¥500.37M | CN¥127.52M | - | - | - |
| Stock-based compensation | CN¥186.24M | CN¥369.65M | CN¥362.87M | CN¥166.16M | CN¥223.34M | CN¥929.10M | CN¥52.71M | CN¥6.80M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 44.0% | 73.3% | -70.3% | -37.4% | 123.1% | 146.5% | 1068.3% | - |
| Net income growth, YoY | 67.1% | 3.3% | -62.9% | -28.8% | - | - | - | - |
| EPS growth, YoY | 63.1% | 7.3% | -63.2% | -24.4% | - | - | - | - |
| Gross margin | 29.9% | 26.4% | 24.4% | 43.2% | 43.1% | 40.0% | 37.5% | 44.7% |
| Operating margin | 8.3% | -3.9% | -31.3% | 19.9% | 27.0% | 0.3% | 3.6% | 1.7% |
| Net margin | 23.3% | 20.1% | 33.7% | 27.0% | 23.8% | -3.4% | 3.1% | -0.2% |
| Free cash flow margin | 24.9% | 30.7% | 10.7% | 8.4% | 19.6% | 67.5% | 16.3% | -0.8% |
| Return on equity | 5.9% | 3.5% | 3.4% | 9.3% | 15.0% | -8.5% | 44.9% | -4.3% |
| Return on assets | 5.1% | 3.3% | 3.3% | 8.8% | 12.4% | -3.2% | 3.3% | - |
| Current ratio | 5.70 | 10.84 | 13.44 | 14.18 | 5.10 | 1.55 | 1.91 | - |
Source: XBRL data RLX Technology Inc. files with the SEC, latest filing dated Apr 23, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
RLX peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| RLX | CN¥3.96B | +44.0% | CN¥921.87M | 23.3% | $1.97B |
| PM | $43.14B | +7.9% | $10.71B | 24.8% | $308.43B |
| BTI | £25.61B | -1.0% | £7.76B | 30.3% | $131.54B |
| MO | $23.52B | +0.5% | $8.12B | 34.5% | $126.62B |
| DFTX | - | - | -$353.79M | - | $4.47B |
| RGC | - | - | -$11.70M | - | $2.61B |
| TRLV | $1.08B | -9.1% | -$445.60M | -41.2% | $2.23B |
| CRON | $271.85M | +54.3% | $63.36M | 23.3% | $1.33B |
| TLRY | $963.10M | +15.9% | -$164.22M | -17.1% | $430.8M |
RLX FAQ
9 questionsWhat is RLX revenue?
RLX Technology Inc. (RLX) reported CN¥3.96B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 44.0% from the year before.Is RLX profitable?
Yes. RLX Technology Inc. earned CN¥921.87M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 23.3%.How much cash and debt does RLX have?
RLX Technology Inc. reported CN¥5.37B in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is RLX revenue growing?
RLX Technology Inc.'s revenue changed +44.0% in fiscal 2025, to CN¥3.96B. Its compound annual growth rate was +0.7% over 5 years.What is RLX gross margin?
RLX Technology Inc.'s gross profit was CN¥1.18B on CN¥3.96B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 29.9%.What is RLX free cash flow?
RLX Technology Inc. generated CN¥986.82M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of CN¥1.10B less capital expenditures.What is RLX earnings per share?
Diluted earnings per share were CN¥0.70 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did RLX last report financial results?
The latest statements here come from RLX Technology Inc.'s 20-F filed on Apr 23, 2026, covering the period ended Dec 31, 2025.Where does this RLX financial data come from?
Quantisnow builds these statements from the structured XBRL data RLX Technology Inc. files with the SEC. It is provided for information only and is not investment advice.