RLX Technology Inc. balance sheet

At the end of fiscal 2025, RLX Technology Inc. had total assets of $2.56bn, total liabilities of $314m and shareholders' equity of $2.24bn. It held $767m in cash against $14.3m of debt: net cash of $753m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

RLX Technology Inc.: balance sheet, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	10	19	171	817	184	337	766	767
Receivables	—	6	2	2	7	9	11	27
Inventory	—	32	50	92	19	20	20	43
Total current assets	—	170	593	2,189	1,624	1,265	1,274	1,602
Goodwill	—	—	—	—	—	9	8	81
Total assets	—	207	622	2,568	2,375	2,298	2,311	2,564
Accounts payable	—	22	82	79	8	15	40	43
Deferred revenue (current)	—	3	49	45	11	7	1	12
Total current liabilities	—	89	383	430	115	94	118	281
Short-term debt	—	—	—	—	—	0	5	13
Total debt	0	50	142	123	31	22	22	14
Total liabilities	—	192	391	447	122	101	121	314
Shareholders' equity	1	15	231	2,121	2,257	2,199	2,190	2,236
Net debt (negative = net cash)	−10	31	−29	−695	−152	−315	−744	−753
Shares outstanding	—	1,437m	1,437m	1,566m	1,528m	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: RLX vs TPB RLX vs UVV RLX vs XXII

More: Tobacco stocks compared, Consumer Staples sector, rankings of US companies

Figures from RLX Technology Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to RLX Technology Inc.