Filing Flows › RH (RH) › Q2 FY26
RH (RH) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 11, 2025
RH (RH) reported revenue of $899M for the second quarter fiscal 2026 (Q2 FY26), +8% from a year earlier and +10% from the quarter before. Operating margin was 14.3%, net earnings $51.7M (5.8% of revenue).
RH, Q2 FY26: revenue $899M (+8% year over year), operating margin 14.3%, net earnings $51.7M, operating cash flow $138M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $899M | +10% | +8% |
| Gross profit | $409M | +15% | +9% |
| Operating profit | $129M | +131% | +34% |
| Net earnings | $51.7M | +543% | +79% |
| Operating cash flow | $138M | +59% | 12× |
| Free cash flow | $80.7M | +137% | — |
What changed
Revenue was $899.2M in Q2 FY26, up 8% year over year and up 10% from the previous quarter.
Gross margin was 45.5%, up 0.3 points from a year earlier. Operating profit was $128.9M, a 14.3% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 12% margin then. Operating expenses grew 1% against revenue growth of 8%. Net earnings were $51.7M, up 79% year over year. The effective tax rate was 26.9%.
Operating cash flow was $137.7M (up 1132% year over year), 266% of net earnings. Non-cash charges added back $34.6M of depreciation and amortization and $11.6M of share-based compensation. Working capital and other items added $39.7M. Capital expenditures of $57.0M left free cash flow of $80.7M.
Questions
What was RH's revenue in the second quarter fiscal 2026?
RH (RH) reported revenue of $899M for the second quarter fiscal 2026 (Q2 FY26), +8% from a year earlier and +10% from the quarter before.
Was RH profitable in the second quarter fiscal 2026?
Operating profit was $129M (14.3% of revenue) and net earnings $51.7M.
Source: RH 10-Q on SEC EDGAR.