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RH cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$99.6M in Q2 FY27 · $251M over twelve months

Operating cash flow$145M
Capital spending−$45.6M
Free cash flow+$99.6M
Cash / net income2.4×
Cash conversion cycle-32 days

Analysis

In Q2 FY27, RH generated $145M of operating cash flow and spent $45.6M on capital projects, leaving free cash flow of $99.6M.

Over the twelve months to Aug 1, 2026, operating cash flow was $426M; the largest uses were capital spending ($175M), net borrowing (+) / repaid (−) ($150M), other financing ($59.3M); besides operations, cash came from other investing ($42.7M), shares issued ($7.1M); the cash balance rose by $90.9M.

Operating cash flow was $145M against net income of $60.2M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$40.9M, inventory +$28.4M, payables +$22.8M.

Its cash conversion cycle was -32 days (receivables 7 + inventory 0 − payables 40): suppliers fund its working capital.

Free cash flow

RH: free cash flow by quarterRH: free cash flow by quarter−$96.0MQ3 FY25−$69.7MQ4 FY25$34.1MQ1 FY26$80.7MQ2 FY26$83.0MQ3 FY26$54.6MQ4 FY26$13.3MQ1 FY27$99.6MQ2 FY27
Operating cash flow less capital spending.
RH: operating cash flow against capital spendingRH: operating cash flow against capital spendingOperating cash flowCapital spending−$31.4M$64.6MQ3 FY25−$18.8M$50.9MQ4 FY25$86.6M$52.6MQ1 FY26$138M$57.0MQ2 FY26$132M$48.8MQ3 FY26$96.1M$41.5MQ4 FY26$52.5M$39.2MQ1 FY27$145M$45.6MQ2 FY27
Latest (Q2 FY27): Operating cash flow $145M, Capital spending $45.6M.

Capital allocation, year by year

RH: where the cash came from (up) and went (down), by fiscal yearRH: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $662MFY22: Net borrowing −$350MFY22: Shares issued $32.0MFY22: Capital spending −$185M$694MFY22FY23: Operating cash flow $404MFY23: Net borrowing −$390MFY23: Shares issued $231MFY23: Asset sales $5.3MFY23: Capital spending −$174MFY23: Buybacks −$1.0B$640MFY23FY24: Operating cash flow $202MFY24: Net borrowing −$14.0MFY24: Shares issued $12.1MFY24: Capital spending −$269MFY24: Buybacks −$1.3B$214MFY24FY25: Operating cash flow $17.1MFY25: Net borrowing $179MFY25: Shares issued $30.9MFY25: Capital spending −$231MFY25: Buybacks −$12.0M$227MFY25FY26: Operating cash flow $452MFY26: Net borrowing −$193MFY26: Shares issued $4.4MFY26: Capital spending −$200MFY26: Acquisitions −$32.1M$457MFY26
Over these 5 years operating cash flow totalled $1.7B; the largest uses were buybacks ($2.3B) and capital spending ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$125M
Debtnone
Net cash$125M

RH funds itself: free cash flow was $251M over the last twelve months, with $125M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

RH: sources (+) and uses (−) of cash, Q2 FY27RH: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$145MCash drawn (+) / kept (−)−$71.7MCapital spending−$45.6MOther investing$42.0MOther financing−$37.7MNet borrowing (+) / repaid (−)−$33.1MShares issued$1.3MExchange rates−$276K
RH: sources (+) and uses (−) of cash, TTM to Q2 FY27RH: sources (+) and uses (−) of cash, 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 profit to cash

RH: net income to operating cash flow, Q2 FY27RH: net income to operating cash flow, Q2 FY27Net income$60.2MDepreciation & amortization$40.9MStock-based pay$12.5MOther non-cash$2.4MReceivables−$6.7MInventory$28.4MPayables$22.8MPrepaid and other assets$431KOther liabilities−$230KOperating cash flow$145M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY277—40-32
Q1 FY278—39-31
Q4 FY267—36-29
Q3 FY266—34-28
Q2 FY266—38-31
Q1 FY267—46-39
Q4 FY257—47-40
Q3 FY257—52-45

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$145M−$45.6M—−$33.1M$1.3M−$71.7M$99.6M
Q1 FY27$52.5M−$39.2M—$3.0M$2.7M−$12.6M$13.3M
Q4 FY26$96.1M−$41.5M—−$50.2M$2.2M$1.9M$54.6M
Q3 FY26$132M−$48.8M—−$69.8M$943K−$8.5M$83.0M
Q2 FY26$138M−$57.0M−$29.4M−$51.6M$428K$11.5M$80.7M
Q1 FY26$86.6M−$52.6M−$2.8M−$21.6M$830K−$15.7M$34.1M
Q4 FY25−$18.8M−$50.9M—$43.8M$11.7M$56.6M−$69.7M
Q3 FY25−$31.4M−$64.6M—$157M$7.8M−$8.7M−$96.0M

RH: income statement and cash flow

RH, Q2 FY27: revenue $922M (+3% year over year), operating margin 11.7%. The chart follows the revenue to costs, profit and cash.

RH: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.