RH Earnings Call Transcripts
Fiscal Year 2027
-
Q1 revenue and margins exceeded expectations, prompting a raised FY26 outlook. Growth will be driven by backlog reduction, new galleries, and the launch of RH Estates, with significant investments in international expansion and a new trade program to boost market reach.
Fiscal Year 2026
-
Revenue grew 8% in 2025 with strong EBITDA and a major swing to positive free cash flow, despite peak investments and macro headwinds. New brand launches, global expansion, and asset monetization are set to drive accelerated growth and margin expansion through 2030.
-
Q3 saw 9% revenue growth and strong free cash flow despite tariff and housing market headwinds. Guidance for FY25 remains robust, with continued market share gains, new product launches, and global expansion, while navigating significant risks from tariffs and macro uncertainty.
-
Q2 saw 8.4% revenue growth, 79% net income increase, and strong free cash flow, with RH Paris opening to record traffic. Fiscal 2025 guidance was revised for tariff impacts, but global expansion and margin improvement remain on track.
-
Revenue grew 12% year-over-year in Q1, with adjusted margins at the high end of expectations and strong free cash flow. Guidance for fiscal 2025 remains robust despite tariff disruptions, with strategic investments and international expansion driving future growth.
Fiscal Year 2025
-
Q4 saw 18% revenue growth and 57% higher adjusted operating income, outperforming peers despite a weak housing market. Fiscal 2025 guidance calls for 10%-13% revenue growth and continued margin strength, with strategic investments and inventory positioning expected to offset tariff and macro risks.
-
Q3 saw double-digit demand growth and significant margin expansion, with the core brand driving market share gains despite a weak housing market. Guidance was raised for Q4 and the full year, and major investments are largely complete, setting the stage for strong free cash flow and continued growth through product and platform innovation.
-
Q2 saw accelerating demand and revenue growth, with strong margins despite a tough housing market. Major investments in product and platform expansion are driving market share gains, while guidance calls for continued demand outpacing revenue and margin pressure from international expansion.
-
Q1 2024 saw positive demand trends and $727M in revenue, with adjusted operating margin at 6.5% and EBITDA margin at 12.3%. Despite a tough housing market and macro headwinds, ongoing product launches, platform expansion, and increased customer contacts are expected to drive double-digit demand growth and margin improvement in 2024.