M4 from 5/24, 202 cycles, 87% battery health. I think the reason for this is poor charge protection in older versions of the OS. My iPad is connected to a display when it is usually at rest on my desk, meaning it is on charge most of the time. When I got the device, charge protection at the time seemed a lot more rudimentary (80% limit would cause more charge cycles because it kicked in the second it dropped below 80%, and the monitor connection wouldn’t sleep the monitor during iPad sleep, just blank it out, so the parasitic drain was a lot higher) and I think having it on charge. Also, I’ve gone through a few of the OS betas, and the charge protection often degrades during the beta process. On 26, I’m seeing no hit to having it connected to a monitor so much, with no change in battery health since the public release of 26.