Latest analysis · RH Q2 FY2026 · September 11, 2026
Q2 FY2026 | Revenue rose 2.6%, but EBITDA excluding the tariff refund fell 33.3%. A bigger fourth-quarter bet now carries the year.
Read the report preview →| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'26 | June 11, 2026 | 9/12 | 4 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q4'25 | March 31, 2026 | 9/12 | 1 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q3'25 | 2025-12-11 | 10/12 | 6 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | $200-250M annual asset sales Aspen partnership restructured, Dave Stanchak rehired to accelerate |
| Q1'26 | Pending | London opening as European flagship Opening soon, positioned as 'accelerator for all of it' |
| Q1'26 | Pending | Debt-free by 2029 Jack confirmed remains target but hedged on exact timing |
| Q1'26 | Pending | Revenue growth acceleration to 10-12% in 2027 Maintained in long-term guidance, dependent on current investments paying off |
| Q1'26 | Delivered | Milan opening during Salone with 500K visitors Opened and Gary references seeing analysts there, seems successful |
| Q1'26 | Pending | RH Estates launch in spring 2026 Book now shipping 'early following week' after delays, product hitting stores through September |
| Q4'25 | Delivered | Paris would drive brand awareness throughout Europe Paris generating international design projects, but revenue still ramping |
| Q4'25 | Pending | Reduce inventory estimated at $300M Down 11% vs prior year, still working toward full $300M reduction |
| Q4'25 | Exceeded | Continue to monetize $500M in real estate assets opportunistically Now committing to specific $200-250M annually vs previous opportunistic approach |
| Q4'25 | Missed | Revenue growth of 9-9.2% for 2025 Achieved 8%, missed low end by 100 bps |
| Q4'25 | Missed | Free cash flow of $250-300M for 2025 (Q3 guidance) Generated $252M, hit low end but below midpoint of range |
| Q4'25 | Pending | Launch new concept in spring of next year (Q3 2025 call) RH Estates now launching Q2 2026, 6+ months behind original timeline |
| Q3'25 | Pending | Accelerate expansion to 7-9 new galleries plus 2-3 design studios annually Plan reiterated but specific 2026 locations not detailed |
| Q3'25 | Delivered | RH England second year demand reaching $37-39M gallery, $8M online On track for total $46M demand in second full fiscal year |
| Q3'25 | Delivered | Begin scale to support advertising investments in Europe post-Paris opening Paris performance exceeding expectations provides scale justification |
| Q3'25 | Delivered | $40M revenue shift from Q3 to Q4/Q1'26 due to catalog delays Guidance reflects this shift as expected |
| Q3'25 | Missed | Fall Interiors Sourcebook would be 100% in home by end of Q2 Delayed 8 weeks, only 28% in home by end of prior quarter due to tariff pricing uncertainty |
| Q3'25 | Pending | Tariffs would decrease from 16% in Q1 to 2% in Q4 Still on track but execution remains uncertain given ongoing disruptions |
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