Q2 26 EPS
$2.93
MISS 8.91%
Est. $3.22
Q2 26 Revenue
$899.2M
MISS 0.69%
Est. $905.4M
vs S&P Since Q2 26
-37.9%
TRAILING MARKET
RH -26.3% vs S&P +11.5%
Market Reaction
Did RH Beat Earnings? Q2 2026 Results
RH came up short of Wall Street's expectations in its fiscal second quarter, posting adjusted earnings of $2.93 per diluted share against a consensus estimate of $3.22, a miss of 8.91%, while revenue of $899.15 million trailed the $905.36 million est… Read more RH came up short of Wall Street's expectations in its fiscal second quarter, posting adjusted earnings of $2.93 per diluted share against a consensus estimate of $3.22, a miss of 8.91%, while revenue of $899.15 million trailed the $905.36 million estimate by 0.69%, even as the top line grew 8.4% year over year. The shortfall arrived in a challenging environment that management characterized as the worst housing market in nearly 50 years, with tariff headwinds adding further pressure; RH absorbed roughly 170 basis points of margin drag from its European expansion and is now absorbing an estimated $30 million in incremental tariff costs in the back half of the year as it rapidly shifts sourcing away from China. Adjusted operating margin nonetheless expanded 340 basis points to 15.1%, reflecting meaningful operating leverage despite the headwinds. Looking ahead, RH guided full-year revenue growth of 9% to 11% with adjusted operating margin of 13% to 14% and free cash flow of $250 million to $300 million, as the company navigates tariff disruptions and the delayed rollout of a new brand extension now pushed to Spring 2026.
Key Takeaways
- • Demand increased 13.7% in Q2 despite tariff uncertainty and depressed housing market
- • Two-year demand growth of 21% indicating significant market share gains
- • Adjusted operating margin expanded 340 basis points year-over-year
- • RH England Gallery demand up 76% in Q2
- • RH Paris early reads showing traffic exceeding RH New York
RH YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“RH continued to generate industry leading growth in the second quarter as revenue increased 8.4%, and demand increased 13.7% despite the polarizing impact of tariff uncertainty and the worst housing market in almost 50 years.”
— Gary Friedman, Q2 2026 Earnings Press Release
RH Earnings Trends
RH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RH EPS Trend
Earnings per share: estimate vs actual
RH Revenue Trend
Quarterly revenue: estimate vs actual
RH Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 | — | $-1.97 | — | $800.3M | — |
| Q4 26 MISS FY | $2.20 | $1.53 | -30.58% | $842.6M | -3.51% |
| FY Full Year | — | $6.29 | — | $3.44B | — |
| Q3 26 MISS | $2.16 | $1.71 | -20.90% | $883.8M | +0.02% |
| Q2 26 MISS | $3.22 | $2.93 | -8.91% | $899.2M | -0.69% |
| Q1 26 BEAT | $-0.07 | $0.13 | +290.62% | $814.0M | -0.56% |
| Q4 25 MISS FY | $1.91 | $1.58 | -17.17% | $812.4M | -2.06% |
| FY Full Year | — | $5.39 | — | $3.18B | — |