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RH (RH) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 10, 2026 · RH (RH) Q2 FY27 earnings results →

Q2 FY27 Revenue up 3% year over year to $922M · 7¢ of every $1 of revenue kept as net profit · operating margin 11.7%

RH made $922M in Q2 FY27 (+3% Y/Y). Operating margin 11.7%, net earnings $60.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 10, 2026.

Revenue$922M
Year over year+3%
Operating margin11.7%
Net earnings$60.2M
Operating cash flow$145M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $922.1M in Q2 FY27, up 3% year over year and up 15% from the previous quarter.

Gross margin was 48.2%, up 2.7 points from Q2 FY26. Operating profit was $107.6M, a 11.7% margin (down 2.7 points year over year). Operating profit fell $21.3M even though revenue rose $23.0M versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 20% against revenue growth of 3%. Net earnings were $60.2M, up 16% year over year. The effective tax rate was 21.3%.

Operating cash flow was $145.2M (up 5% year over year), 241% of net earnings. Non-cash charges added back $40.9M of depreciation and amortization and $12.5M of share-based compensation. Working capital and other items added $31.6M. Capital expenditures of $45.6M left free cash flow of $99.6M.

Quarterly history

RH revenue by quarterRH revenue by quarter$812MQ4 FY25$814MQ1 FY26$899MQ2 FY26$884MQ3 FY26$843MQ4 FY26$800MQ1 FY27$922MQ2 FY27
RH net earnings by quarterRH net earnings by quarter$13.9MQ4 FY25$8.0MQ1 FY26$51.7MQ2 FY26$36.3MQ3 FY26$28.8MQ4 FY26−$13.7MQ1 FY27$60.2MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 10, 2026$922M+3%11.7%$60.2M$145M
Q1 FY2710-QJun 11, 2026$800M-2%4.3%−$13.7M$52.5M
Q4 FY2610-KApr 1, 2026$843M+4%11.5%$28.8M$96.1M
Q3 FY2610-QDec 11, 2025$884M+9%12.0%$36.3M$132M
Q2 FY2610-QSep 11, 2025$899M+8%14.3%$51.7M$138M
Q1 FY2610-QJun 12, 2025$814M+12%6.9%$8.0M$86.6M
Q4 FY2510-KApr 2, 2025$812M+10%8.7%$13.9M−$18.8M

Charts

RH: revenue growth, year over year and quarter over quarterRH: revenue growth, year over year and quarter over quarterY/YQ/Q+10%Q4 FY25+12%+0%Q1 FY26+8%+10%Q2 FY26+9%-2%Q3 FY26+4%-5%Q4 FY26-2%-5%Q1 FY27+3%+15%Q2 FY27
Latest (Q2 FY27): Y/Y +3%, Q/Q +15%.
RH: where the cash came from (+) and went (−), TTM to Q2 FY27RH: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$426MCapital spending−$175MNet borrowing (+) / repaid (−)−$150MCash drawn (+) / kept (−)−$90.9MOther financing−$59.3MOther investing$42.7MShares issued$7.1MExchange rates$51K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
RH: profit against cash, quarter by quarterRH: profit against cash, quarter by quarterNet incomeOperating cash flow$33.2M−$31.4MQ3 FY25$13.9M−$18.8MQ4 FY25$8.0M$86.6MQ1 FY26$51.7M$138MQ2 FY26$36.3M$132MQ3 FY26$28.8M$96.1MQ4 FY26−$13.7M$52.5MQ1 FY27$60.2M$145MQ2 FY27
Latest (Q2 FY27): Net income $60.2M, Operating cash flow $145M.
RH: diluted shares by fiscal yearRH: diluted shares by fiscal year27MFY2131MFY2227MFY2322MFY2420MFY2520MFY26
-27.5% since FY21: buybacks shrank the count.
RH in its industry: growth against margin (5 companies, SIC 5712)RH in its industry: growth against margin (5 companies, SIC 5712)revenue growth, year over year →↑ operating marginmedian +4%median 7%BOBSARHSHVTLOVERH (+3%, 12%)
Retail-Furniture Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About RH

RH (collectively, “we,” “us,” or the “Company”) is a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across our sales channels, including our retail locations, websites and Sourcebooks. We offer merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, décor, outdoor and garden, and baby, child and teen furnishings. Our retail business is fully integrated across our multiple channels of distribution. We position our Galleries as showrooms for our brand, while our websites and Sourcebooks act as virtual and print extensions of our physical spaces, respectively.

In its own words, from its 10-K, filed Apr 1, 2026.

RH against its Retail-Furniture Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +4%. Operating margin: 11.7% against the peers' median 6.8%.

CompanyQuarterRevenueY/YOp. margin
RH RHQ2 FY27$922M+3%11.7%
BOBS Bob's Discount FurnitureQ3 2026$680M+10%8.7%
ARHS ArhausQ3 2026$368M+7%2.7%
HVT Haverty Furniture CompaniesQ3 2026$203M+4%4.2%
LOVE LovesacQ2 FY27$161M+0.4%6.8%

Source: RH 10-Q on SEC EDGAR · CIK 1528849 · Retail-Furniture Stores

13F: who owns RH and who is buying

Largest holders of RH (13F)Largest holders of RH (13F)FMR LLC$467MBlackRock$326MAlyeska Investment Group, L.P.$282MVanguard Group$251MVanguard Portfolio Management LLC$128MTwo Sigma Investments, LP$126MVanguard Capital Management LLC$113MUBS Group AG$102MState Street$96.6MMorgan Stanley$76.8M
Funds' net buying of RH by quarter (13F)Funds' net buying of RH by quarter (13F)$45.6M2024-09$114M2024-12$228M2025-03−$87.6M2025-06−$93.1M2025-09$304M2025-12$126M2026-03$179M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RH

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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