Filing Flows › RH (RH) › Q1 FY26
RH (RH) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jun 12, 2025
RH (RH) reported revenue of $814M for the first quarter fiscal 2026 (Q1 FY26), +12% from a year earlier and +0.2% from the quarter before. Operating margin was 6.9%, net earnings $8.0M (1.0% of revenue).
RH, Q1 FY26: revenue $814M (+12% year over year), operating margin 6.9%, net earnings $8.0M, operating cash flow $86.6M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $814M | +0.2% | +12% |
| Gross profit | $355M | -2% | +12% |
| Operating profit | $55.9M | -21% | +2% |
| Net earnings | $8.0M | -42% | — |
| Operating cash flow | $86.6M | — | +54% |
| Free cash flow | $34.1M | — | — |
What changed
Revenue was $814.0M in Q1 FY26, up 12% year over year and roughly flat from the previous quarter.
Gross margin was 43.7%, up 0.2 points from a year earlier. Operating profit was $55.9M, a 6.9% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 8% margin then. Operating expenses grew 15% against revenue growth of 12%. Net earnings were $8.0M. The effective tax rate was 28.0%.
Operating cash flow was $86.6M (up 54% year over year), 1078% of net earnings. Non-cash charges added back $35.2M of depreciation and amortization and $12.4M of share-based compensation. Working capital and other items added $31.0M. Capital expenditures of $52.6M left free cash flow of $34.1M.
Questions
What was RH's revenue in the first quarter fiscal 2026?
RH (RH) reported revenue of $814M for the first quarter fiscal 2026 (Q1 FY26), +12% from a year earlier and +0.2% from the quarter before.
Was RH profitable in the first quarter fiscal 2026?
Operating profit was $55.9M (6.9% of revenue) and net earnings $8.0M.
Source: RH 10-Q on SEC EDGAR.