EarningsQ2 2026 Earnings Report
MX:1810N Q2 2026 EPS Results
Actual EPS$0.96
Consensus EPS$0.59
Beat/MissBeat by +$0.38
One Year Ago EPS$1.21
MX:1810N Q2 2026 Revenue Results
Actual Revenue$286.97B
Expected Revenue$290.25B
Beat/MissMissed by -$3.27B
YoY Revenue Growth+0.20%
Earnings Announcement Details
QuarterQ2 2026
Date08/18/2026
TimeBefore Open
Conference CallTuesday, August 18, 2026
MX:1810N Upcoming Earnings
Xiaomi's next earnings date is estimated for November 24, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:1810N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a company maintaining solid scale and strategic progress across smartphones, IoT, EVs, AI and robotics: strong revenue (RMB 108.9B), positive adjusted profit (RMB 6.2B), category rankings, rapid MiMo adoption, EV delivery growth and notable robotics/foundational-model milestones. At the same time management flagged significant near-term headwinds — historically high memory costs, smartphone shipment declines, larger raw-material inventory, EV/AI segment operating losses (RMB 2.6B) and elevated R&D/CapEx intensity. On balance the call presents multiple execution wins and advancing strategic initiatives that outweigh current operational and cost pressures, while acknowledging short-term margin and demand challenges.Company Guidance
Consolidated revenue and profit
Total revenue of RMB 108.9 billion in Q2 2026 with adjusted net profit of RMB 6.2 billion, and group gross margin of 19.8%.
Smartphone pricing, ASP record and market positioning
Smartphone revenue of RMB 42.1 billion (38.7% of total); global shipments of 31.2 million units. Company achieved a record-high smartphone ASP (cited as ~RMB 300 higher and referenced +21.9% ASP increase) and maintained top-3 global smartphone ranking for the 24th consecutive quarter; top-3 in 53 countries and top-5 in 67 countries. Regional market shares: Southeast Asia 19.3%, Latin America 16.2%, Middle East 13.5%, Europe 16.5%, Africa 10.9%.
IoT and device category leadership
IoT revenue of RMB 31.3 billion in Q2; IoT gross margin 20.1%. Product rankings: tablets rose to 4th globally, TWS earbuds ranked 2nd globally, wearable products ranked 2nd globally. Overseas IoT revenue increased significantly quarter-over-year supported by ~640 new overseas retail stores opened.
Smart EV momentum and delivery growth
Smart EV / AI & new initiatives revenue RMB 24.9 billion (up 17.1% YoY; 23% of group revenue). Q2 deliveries of 104,199 vehicles (sixth consecutive quarter of YoY delivery growth). Xiaomi SU7 series ranked #1 in sales among pure electric sedans priced >RMB 200,000 in Mainland China for H1 2026; cumulative SU7 deliveries exceeded 500,000 units as of Aug 17, 2026.
AI foundation model adoption and monetization start
MiMo-V2.5 adoption surged: OpenRouter call volume ranking topped the list and call volume increased more than sixfold (from 1.5 trillion to 10.5 trillion reported) in ~2 months. API and token plans began contributing revenue (initial monetization), MiMo-related desktop app and next model releases planned; MiMo open-source code and AI assistant releases broaden ecosystem.
Robotics R&D and practical factory applications
Robotics team won championships at CVPR 2026 and ICRA 2026 WBC. Factory deployments improved task success rates: dual-side task success 98% at a self-tapping insert station and returnable box folding success 90% in logistics. Released and open-sourced Robotics-U0 and Robotics-1 (pretrained on 100,000 hours of real-world data).
User base and Internet services strength
Global MAUs reached 770 million (up 4.8% YoY); Mainland China MAUs reached a record 198 million (up 7% YoY). Internet services revenue in Q2: RMB 9 billion with a high gross margin of 76.8% (up 1.4 ppt YoY), providing recurring/stable revenue.
Increased investment in technology and ESG innovation
Q2 R&D expense RMB 9.2 billion (up 18.9% YoY); H1 R&D RMB 18.2 billion (up 25.6% YoY) with ~30% AI-related. Q2 CapEx RMB 3.6 billion with 65.8% allocated to innovative businesses (Smart EVs and AI). Introduced Xiaomi Titan Alloy 2.0 which reduces carbon emissions by ~93% vs. traditional primary aluminum and has been mass-produced for SU7/U7.
Shareholder returns and brand recognition
Aggressive buyback: ~HKD 11.7 billion repurchased year-to-date, exceeding prior year's total. Corporate recognition improved: Fortune Global 500 ranking rose to #232 (up 65 places); ranked #2 in Kantar Brands Top 50 Global Brands in China.
MX:1810N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed