Xiaomi Reports Strong Q2 2026 Results, Revenue Climbs 9.9% Quarter-over-Quarter

Xiaomi Corporation (https://www.mi.com/global/), the consumer electronics and smart manufacturing company, announced its unaudited consolidated financial results for the second quarter ended June 30, 2026. Despite increasing component costs and heightened industry competition, the company reported total revenue of INR 154529.1 crore, marking a 9.9% quarter-over-quarter (QoQ) increase. Adjusted net profit reached INR 8,797.8 crore, up 2.4% QoQ, reflecting operational resilience.

The results highlight steady development across Xiaomi’s diverse business segments, underscored by its “Human × Car × Home” strategic ecosystem. Research and development (R&D) investment for the first half of 2026 reached INR 25542 crore, with Q2 R&D expenses increasing 18.9% year-over-year (YoY) to INR 13054.8 crore.

Xiaomi Smartphone and AIoT Segments Drive Growth

Revenue from the smartphone and AIoT segment totaled INR 1,19,196 crore. Within this, smartphone revenue stood at INR 59739.9 crore, with global shipments reaching 31.2 million units. Xiaomi maintained its position among the top three global smartphone manufacturers for the 24th consecutive quarter, according to Omdia data. The company also ranked among the top three in 53 countries and regions, and among the top five in 67.

The average selling price (ASP) of Xiaomi smartphones globally rose by 25.9% YoY to a record INR 19,17,069 in Q2. In mainland China, smartphones with retail prices at or above RMB3,000 accounted for 32.1% of total units sold, an increase of 4.5 percentage points YoY. The Xiaomi 17T Series, an imaging flagship, was launched in May 2026, further expanding its premium product portfolio in overseas markets.

The IoT and lifestyle products business generated INR 44130.9 crore in revenue, growing 26.7% QoQ. This segment’s overseas revenue contributed significantly to its expansion, supported by broader product categories and channel growth. As of June 30, 2026, the number of connected IoT devices on Xiaomi’s AIoT platform (excluding smartphones and tablets) reached 1,160.8 million, up 17.4% YoY. The Xiaomi Home App saw its monthly active users (MAU) increase 9.7% YoY to 124.1 million in June 2026. For more on such industry developments, see our latest tech appliance news (https://technosports.co.in/).

Electric Vehicle Deliveries Accelerate

Xiaomi’s smart electric vehicle (EV), artificial intelligence (AI), and other new initiatives segment reported revenue of INR 35333.1 crore, up 17.1% YoY. Smart EV revenue contributed INR 33914.1 crore, with quarterly deliveries reaching 104,199 vehicles, a 28.2% YoY increase. The Xiaomi SU7 Series was ranked first in sales among pure electric sedans priced at or above RMB200,000 in mainland China during the first half of 2026, according to BitAuto.

In July 2026, Xiaomi EV unveiled the SkyNomad Series of extended-range SUVs, including the SkyNomad N90 Max, which features a 76 kWh Xiaomi Armor Scale Battery and a CLTC combined range of up to 1,705 km. This expansion marks Xiaomi’s formal entry into the extended-range market. The Xiaomi YU7 model also received high safety ratings, including a “Five-Star Plus Rating” from the China-New Car Assessment Program (C-NCAP).

Internet Services and Technological Advancements

The internet services business maintained solid performance, with revenue of INR 12771 crore and a gross profit margin of 76.8%, up 1.4 percentage points YoY. The global MAU for internet services reached a record 766.5 million in June 2026, with MAU in mainland China hitting 197.7 million.

In technology, Xiaomi continued its investments in AI, operating systems, and robotics. The company’s self-developed large model, Xiaomi MiMo-V2.5, achieved the top ranking on OpenRouter for weekly token usage from July 20 to July 26, 2026. The Xiaomi MiMo on-device model completed national filing procedures, and the Xiaomi 17 Max received Level 3 (L3) certifications for AI Terminal Intelligence Grading.

In robotics, Xiaomi introduced two embodied foundation models, Xiaomi-Robotics-U0 and Xiaomi-Robotics-1, in July, both securing top rankings on international benchmarks. These robots have been deployed at the Xiaomi EV factory, demonstrating efficiency improvements in tasks such as self-tapping threaded insert nut loading.

August 2026 saw the official launch of the beta version of Xiaomi HyperOS 4, the company’s next-generation operating system. Featuring “Xiaomi Hyper XiaoAi 2.0” powered by the Xiaomi MiMo large model, the OS aims to enhance coordinated interactions across the “Human × Car × Home” ecosystem.