Xiaomi Corporation · 2026 Q2
ReportedAug 18, 2026
Period endedJun 30, 2026
Rule of 40+0
Consensus vs reported
EPS · ADJUSTED PER ADS
BEAT +63%
$0.26
vs $0.16 expected
QoQ—
YoY—
Revenue
IN LINE
$16.01B
vs $16.04B expected
QoQ+11.8%
YoY-0.1%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$16.01B
QoQ +11.8%
YoY -0.1%
EPS
$0.26
QoQ +100.0%
YoY -16.1%
Free Cash Flow
$26M
QoQ —
YoY -99.0%
Gross Margin
19.8%
QoQ -2.2 pp
YoY -2.7 pp
FCF Margin
0.2%
QoQ +5.3 pp
YoY -15.9 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Xiaomi raised phone prices 25.9% and the margin still fell to 8.5%. Average selling price reached an all-time high of RMB1,351 on a smartphone business that turned over RMB42.1 billion in the quarter. Premiumisation worked exactly as designed and did not hold the line.
- Reported profit fell 20% and adjusted profit fell 43%. The gap is a RMB6.5 billion fair-value gain on financial instruments — Xiaomi holds stakes in roughly 410 companies and they marked up.
- Group gross margin of 19.84% is the weakest in the twelve quarters we track, below even the 20.4% of September 2024.
- The company names memory in its own first paragraph. Lu Weibing on the call: "Memory costs increased. There is no way for us to just pass on the whole cost increase to our consumers." The response was to push price and actively adjust shipment cadence — a deliberate retr…
- The phone-adjacent business is where the profit actually is. Internet services turned over RMB9.0 billion at a 76.8% margin — 8% of revenue but roughly 40% of the Smartphone × AIoT segment's gross-profit contribution — with global monthly active users at a record 766.5 millio…
Read the full analysis: Xiaomi Raised Phone Prices 26%. Its Phone Margin Fell to 8.5% Anyway. →
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q4 | — | $0.25 | — |
| 2025 Q1 | — | $0.29 | — |
| 2025 Q2 | — | $0.31 | — |
| 2025 Q3 | — | $0.32 | — |
| 2025 Q4 | — | $0.16 | — |
| 2026 Q1 | — | $0.13 | — |
| 2026 Q2 | $0.16 | $0.26 | +63% |
| 2026 Q3 | — | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings