Xiaomi earnings: results and guidance
Xiaomi's next results are expected on November 24, 2026. Watch whether new-car orders become cash-generating deliveries.
What has Xiaomi guided for 2026?
Xiaomi targets 550,000 smart-EV deliveries in the year to December 2026. July deliveries were 31,267, while the first seven months totalled 216,322. That leaves nearly 67,000 deliveries a month for the final five months, more than twice July’s pace.
Management expects to invest RMB16,000 million in AI during 2026 and more than RMB200 billion in R&D from 2026 to 2030. That implies average annual R&D spending above RMB40 billion, though Xiaomi has not promised an even schedule. Management has also said it has not changed its R&D direction.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Smart EV deliveries (vehicles) | Year to Dec 2026 | 550,000 | 550,000 | Mar 24, 2026 |
| Investment in AI | Year to Dec 2026 | 16,000 | 16,000 | Apr 28, 2026 |
| R&D Expenses | Year to Dec 2026 | Aug 18, 2026 | ||
| High-sensitivity content communication review coverage (%) | Year to Dec 2026 | 100.0% | 100.0% | Apr 28, 2026 |
| Emergency marketing incident resolution closure rate (%) | Year to Dec 2026 | 100.0% | 100.0% | Apr 28, 2026 |
| Average handling time (hours) | Year to Dec 2026 | 12 | Apr 28, 2026 |
What this means. The blank for research and development expenses does not mean zero; the report could not find a company target for that amount.
Has Xiaomi kept its past promises?
Xiaomi has also kept a concrete customer promise. Its hardware net profit margin should not exceed 5%, with excess returned to users. The reported margin for 2025 was 2.3%. That means about RMB2.30 remained as profit for every RMB100 of hardware revenue under Xiaomi’s definition. It is an overall business result, not a markup on every product. The promise may build customer trust, but it deliberately limits direct hardware profitability.
What do Xiaomi's last eight reported periods show?
Revenue was down 6.1% from the year-earlier quarter but up 9.9% sequentially. Gross margin fell to 19.8%, and operating income and shareholder net income also declined year on year. The sequential rebound therefore did not restore the earlier profitability.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 108,921.609 | 99,141.618 | 116,916.525 | 113,120.734 | 115,956.091 | 111,293.337 | 109,005.159 | 92,506.541 |
| Gross margin | 19.8% | 22.0% | 20.8% | 22.9% | 22.5% | 22.8% | 20.6% | 20.4% |
| Operating income | 10,870.168 | 5,312.645 | 6,228.665 | 15,110.129 | 13,436.719 | 13,125.407 | 8,889.874 | 6,041.263 |
| Net income | 9,462.405 | 4,723.12 | 6,543.789 | 12,270.874 | 11,904.405 | 10,924.321 | 9,025.659 | 5,352.404 |
| EPS, diluted | 0.36 | 0.18 | 0.24 | 0.46 | 0.45 | 0.42 | 0.35 | 0.21 |
| Cash from operations | 3,842.24 | -1,792.006 | 614.017 | 5,473.62 | 23,545.243 | 4,509.497 | 23,906.814 | 12,858.11 |
What this means. Cash from operations includes cash movements from Xiaomi Finance Group, so it does not show only the cash generated by Xiaomi’s ordinary business.
What should investors watch in Xiaomi's next results?
October–December deliveries will reveal whether September’s improvement became a sustained ramp. Sky Nomad had more than 70,000 locked-in orders by October 8, but orders still require production, inspection, transport, payment and service. Watch conversion and cancellations alongside output: extra capacity cannot repair weak demand, while strong demand cannot eliminate a factory bottleneck.