Xiaomi reported Q2 2026 revenue of CNY 108.9 billion ($16.2 billion) with a 19.8% gross profit margin and adjusted net profit of CNY 6.2 billion ($919 million). The smartphones and AIoT division generated CNY 84.0 billion, while the Smart EV, AI and Other New Initiatives division contributed CNY 24.9 billion.

Smartphone revenue alone reached CNY 42.1 billion, with IoT and Lifestyle Products adding CNY 31.3 billion. Xiaomi achieved a record high Average Selling Price (ASP) of CNY 1,351 ($200), with premium smartphones accounting for 32.1% of sales in Mainland China.

The company shipped 31.2 million phones in Q2 2026, representing an 11.5% market share but a 26.3% decline from the previous year. Despite this, Xiaomi maintained its position as the #3 smartphone maker globally for 24 consecutive quarters.

Regionally, Xiaomi ranked #4 in India but secured #2 positions in Latin America, the Middle East, and Southeast Asia. Mainland China sales dropped to 8.4 million units (14.2% market share) from 11.5 million units a year earlier. The company continues investing heavily in R&D, having already spent CNY 18.2 billion ($3.7 billion) in 2026.