Global Robot Vacuum: 2Q26E Preview: Expect Top Lines/Reported NPs to Diverge; Near-Term Tactical Strength in Roborock

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Global Robot Vacuum: 2Q26E Preview: Expect Top Lines/Reported NPs to Diverge; Near-Term Tactical Strength in Roborock

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28 Jul 2026 12:34:56 ET │ 11 pages

Global Robot Vacuum

2Q26E Preview: Expect Top Lines/Reported NPs to Diverge; Near-Term

Tactical Strength in Roborock

CITI'S TAKE

Into the 2Q26E prints (Ecovacs Aug 21; Roborock Aug 30), we expect top

lines to diverge, with Roborock accelerating to 25% YoY growth (from 23%

in 1Q26) on robot vacuum pickup and continued wet-dry vacuum Vincent YoungAC

strength, and Ecovacs decelerating to 14% (from 27% in 1Q26) on a high +852-2501-2738

2Q25 comp base. 2Q26E reported NP comp also favors Roborock (whose vincent.young@citi.com

2Q25 NP fell 43% YoY, while Ecovacs grew 62%); we expect Roborock NP Xiaopo Wei, CFA

to grow ~20% YoY vs. Ecovacs NP to stay largely flat or mildly up YoY. As +852-2501-2472

such, we are positive on Roborock's near-term price performance given its xiaopo.wei@citi.com

tactical strength into its results. Our pecking order still puts Ecovacs (Buy)

first over Roborock (Neutral), on Ecovacs's structurally higher and steadier

margins, improving 2H26E price realization as last year's self-funded

promotions lapse, and rationalizing competition across the board.

Roborock — We expect 2Q26E revenue to grow 25% YoY (accelerating from 23%

YoY growth in 1Q26). By category, we estimate robot vacuum revenue grew low-

teens % YoY in 2Q26E, improving from single digits in 1Q26, helped by continued

strong US growth, sales recovery in Europe and APAC, and likely LSD-MSD growth in

China. Company disclosures are consistent with the acceleration: group GMV grew

~20%+ YoY during 618 in China, and North America Prime Day units grew ~30%+

YoY, per Roborock's press releases. We expect wet-dry vacuum revenue to grow 80–