Xiaomi reported a 19.2% year‑on‑year decline in smartphone shipments to 33.8 million units in Q1 2026, yet its average selling price rose to CNY 1,310, up 8% from the same period last year. The company kept the third spot among global smartphone vendors, maintained strong positions in wearables and true wireless earbuds, and saw EV shipments reach 80,856 units with the YU7 series overtaking the SU7 lineup. Profit fell 43.1% to CNY 6.1 billion on revenue of CNY 99.1 billion.
Xiaomi reported a 19.2% year‑on‑year decline in smartphone shipments to 33.8 million units in the first quarter of 2026. Despite the drop, the company kept its third place among the top five global smartphone vendors, ahead of Oppo and vivo which saw smaller declines.
On a regional basis Xiaomi ranked second in Latin America, third in Europe, Africa, the Middle East and Southeast Asia, and fourth in India. In its home market of China the brand held a 16% share at the end of March, placing it third locally. These figures show that while volume fell, the company’s geographic footprint remained stable.
The average selling price of Xiaomi phones rose to CNY 1,310 in Q1 2026, an increase of 8% compared with CNY 1,211 a year earlier. Higher ASP helped offset some of the revenue pressure from lower volumes, but profit still fell sharply. Xiaomi posted CNY 6.1 billion in profit on CNY 99.1 billion of revenue, a 43.1% decline from the CNY 10.7 billion profit recorded in Q1 2025 when revenue was CNY 111.3 billion.
In wearables Xiaomi remained the third‑largest smartband maker worldwide and second in China, while its true wireless earbuds secured the second spot globally and domestically. The tablet business, however, slipped from third to fifth place after a 13.6% shipment decline, allowing Huawei and Lenovo to move up to third and fourth respectively.
Xiaomi’s electric vehicle division shipped 80,856 units in Q1 2026, with the YU7 series overtaking the SU7 lineup as the company’s most popular EV model. The growth in EV shipments highlights Xiaomi’s effort to diversify beyond smartphones, although the contribution to overall revenue remains modest compared with the core device business.
Looking ahead, Xiaomi will need to balance its push for higher‑priced smartphones with strategies to stimulate volume growth in key markets. The company’s strong wearables and earbuds positions, combined with an expanding EV portfolio, provide alternative revenue streams that could help mitigate further smartphone shipment softness.
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