Companies /Consumer Cyclical

RH - Class A

NYSE: RH Specialty Retail
$144.80
▼ $3.77 (−2.54%) today
Markets closed · 9:21pm ET

Q4 2026 Earnings

Reported Mar 31, 2026, 4:20pm ET · SEC source
$1.53
Miss −30.58%
EPS · est. $2.20
$842.6M
Miss −3.51%
Revenue · est. $873.2M
−17.9%
Trailing market
RH vs S&P since report
3 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−9%0+9%Mar 31Apr 1report 4:20pm ETearnings+0.7%−7.1%
−9%0+9%Mar 31Apr 1earnings+0.7%−7.1%
RH −7.1%S&P 500 +0.7%
−9%0+9%Mar 31Apr 1report 4:20pm ETearnings+1.1%−7.1%
−9%0+9%Mar 31Apr 1earnings+1.1%−7.1%
RH −7.1%NASDAQ +1.1%
0+9%+18%Mar 31Apr 8report 4:20pm ETearnings+3.9%+4.8%
0+9%+18%Mar 31Apr 8earnings+3.9%+4.8%
RH +4.8%S&P 500 +3.9%
0+9%+18%Mar 31Apr 8report 4:20pm ETearnings+4.9%+4.8%
0+9%+18%Mar 31Apr 8earnings+4.9%+4.8%
RH +4.8%NASDAQ +4.9%
+5.91%
Day of report
−19.29%
Next session
−14.18%
One week
−7.04%
30 days

S&P 500 over the same 30 days: +10.81%.

Did RH Beat Earnings? Q4 2026 Results

RH delivered a disappointing fourth quarter for fiscal 2025, missing Wall Street on both the top and bottom lines as a combination of tariff-driven supply chain disruptions and adverse weather weighed on results. Adjusted diluted EPS came in at $1.53, falling 30.58% short of the $2.20 consensus estimate, while revenue of $842.62 million grew 3.7% year-over-year but missed expectations by 3.51%. The company pointed to roughly $30 million in lost revenue tied to higher-than-expected backorder and special order balances from tariff-related resourcing, plus another $10 million hit from late-quarter weather disruptions, as the key drivers of the shortfall. Despite the revenue miss, GAAP operating margin expanded to 11.5% from 8.7% a year ago on meaningful SG&A leverage, and full-year free cash flow swung to $252.40 million from negative $213.69 million. The miss has drawn scrutiny from investor law firms probing potential securities claims. Looking ahead, RH guided fiscal 2026 revenue growth of 4% to 8%, though a soft Q1 outlook, including a 2% to 4% revenue decline and elevated international expansion costs, signals continued near-term pressure.

Key Takeaways
  • SG&A leverage with expenses declining from 36.0% to 31.4% of revenues in Q4
  • 2-year revenue growth of 15% outpacing industry peers
  • Gross margin of 42.9% in Q4 vs 44.7% prior year
  • Improved operating margin to 11.5% from 8.7% in Q4

Forward Guidance & Outlook

For fiscal year 2026, RH expects revenue growth of 4% to 8%, adjusted EBITDA margin of 14% to 16%, and adjusted free cash flow of $300M to $400M. The full-year outlook includes an approximately 270 basis point negative adjusted EBITDA margin impact from pre-opening and startup costs to support international expansion. For Q1 fiscal 2026, the company expects revenue to decline 2% to 4% with adjusted EBITDA margin of 5.5% to 6.5%, including approximately 420 basis points of negative adjusted EBITDA margin impact from international expansion pre-opening and startup costs.

RH YoY Financials

Q4 2026 vs Q4 2025 · SEC filings Q4 2025 Q4 2026
$0$300.0M$600.0M$900.0M$812.4M$842.6MRevenue$362.8M$361.4MGross Profit$90.1M$96.6MOperating Income$13.9M$28.8MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.