[WSM] Williams-Sonoma: Q3 2026 Earnings Test for a Tariff-Hit Gross Margin

Williams-Sonoma is a US home furnishings retailer that sells its own designs in furniture, textiles, lighting and cookware under brands including Pottery Barn, West Elm and Williams Sonoma[1]. The company is scheduled to report Williams-Sonoma Q3 2026 earnings on 2026-11-18, covering the Third quarter of fiscal 2026 (thirteen weeks ended November 1, 2026)[2]. In the latest disclosed period, the second quarter (thirteen weeks ended August 2, 2026), net revenues rose 6.7% to $1.96 billion and comparable brand revenue (comp) grew 6.2%[3]. GAAP gross margin of 51.6% and diluted EPS of $2.84 both included $167.8 million of tariff refunds; excluding the refunds and related items, gross margin was 45.5%, down 160 basis points from a year earlier, non-GAAP operating margin was 17.3% and EPS was $2.10[4]. The company gives no quarterly guidance; on August 26 it raised its fiscal 2026 outlook to net revenue growth of 4.7% to 7.2%, comps of 4.0% to 6.5% and a non-GAAP operating margin of 17.8% to 18.2%, and stated that the outlook includes no benefit from tariff refunds[5]. Its 10-Q also disclosed that $29.3 million of deferred refund income is expected to reduce cost of goods sold in the third quarter, so third-quarter GAAP gross margin will again contain refund income[6]. The analyst consensus compiled by the Drillr earnings calendar on November 11 stands at third-quarter EPS of $2.175 and revenue of $1.994 billion; those figures come from that single aggregator and do not state whether they are on a GAAP or non-GAAP basis[2].

Three things matter most in the third-quarter report. First, investors will see whether the gross margin decline excluding refunds narrows from the second quarter's 160 basis points: management said on the August 26 call that the second quarter was the peak tariff impact on gross margin[7], but the new Section 301 tariffs announced on July 23 will flow through inventory into costs in the second half[5], and the fourth quarter also faces a roughly 150-basis-point headwind from lapping a shrink benefit[8], so the third quarter is the first real test of the full-year margin outlook. Second, the report will show whether Pottery Barn's growth lasts: the largest brand, at 38.4% of fiscal 2025 revenue[9], saw its comp jump from 0.4% in fiscal 2025[10] to 5.1% in the second quarter[3], and with management acknowledging a stalled housing market, its path decides whether the raised revenue outlook is credible. Third, the report will show whether pre-holiday inventory and cash stay healthy: second-quarter ending inventory of $1.447 billion was up only 1.0% year over year, well below revenue growth[11], but if inventory grows much faster than revenue after holiday restocking, the fourth quarter may need discounting to clear it, which would contradict the company's emphasis on full-price selling.

Company Background and Business Structure

Williams-Sonoma is a digital-first home retailer that runs on a portfolio of owned brands. The company started as a cookware store in San Francisco in 1956 and now describes itself as the world's largest digital-first, design-led and sustainable home retailer, with Laura Alber as chief executive; it operates directly in the United States, Puerto Rico, Canada, Australia and the United Kingdom, and through franchisees runs stores and websites in Mexico, South Korea, India and the Philippines[9]. It has a single reportable segment but discloses revenue by brand: in fiscal 2025, Pottery Barn generated $2.999 billion, or 38.4%; West Elm $1.860 billion, or 23.8%; Williams Sonoma, including Williams Sonoma Home, $1.362 billion, or 17.5%; Pottery Barn Kids and Teen $1.138 billion, or 14.6%; and the remaining $448 million, or 5.7%, came from Rejuvenation, Mark and Graham, GreenRow and international franchise operations[9].

The company sells through websites, catalogs, stores and business customers that work together. Each brand sells through e-commerce sites, direct-mail catalogs, retail stores and a business-to-business (B2B) channel, and customers often shop across channels[1]. Large items such as furniture are often viewed in stores or bought with design services and then delivered and installed by the company; the B2B business sells to hotels, senior living communities and student housing, and its comp reached 14.5% in the second quarter[7]. As of August 2, 2026, the company operated 508 stores, including 181 Pottery Barn, 153 Williams Sonoma and 117 West Elm stores[11].

The company depends heavily on overseas sourcing, which is why tariffs are now the central issue. About 19% of its products were made in the US in fiscal 2025, including upholstered furniture and lighting from its own plants in North Carolina, Oregon and Mississippi; the other 81% came from foreign suppliers, with about 19% from China, 16% from Vietnam and 15% from India, and the company usually places orders up to 12 months in advance[12]. The business is also highly seasonal, with a significant share of revenue and earnings historically realized from October through January[1].

Financial History and Current Position

On an annual basis, revenue has been roughly flat for three years while operating margin has stayed high. Net revenues were $7.751 billion in fiscal 2023, $7.712 billion in fiscal 2024 (a 53-week year) and $7.807 billion in fiscal 2025, and operating income was $1.244 billion, $1.430 billion and $1.416 billion respectively[13]. Fiscal 2025 revenue rose 1.2%: comp growth of 3.5% added $258.4 million, non-comparable revenue fell $45.9 million, and having one less week than the prior year cost $117.2 million[10]. That year gross margin was 46.2%, operating margin 18.1%, net earnings $1.088 billion and diluted EPS $8.84[13].

In fiscal 2026, revenue growth has clearly accelerated, but margins excluding one-time items are still declining. First-quarter revenue (thirteen weeks ended May 3, 2026) rose 4.4% to $1.805 billion with comp growth of 4.8%[14]; gross margin was 44.0%, down 30 basis points, operating margin was 16.2%, down 60 basis points, and EPS was $1.93[15]. Second-quarter revenue rose 6.7% to $1.960 billion[3], and the GAAP gross margin of 51.6%, operating margin of 22.9% and EPS of $2.84 all included $167.8 million of IEEPA tariff refund income[4]. Excluding the refunds, a $47.5 million vendor reimbursement and a $10.0 million employee recognition cost[6], non-GAAP gross margin was 45.5% and non-GAAP operating margin was 17.3%, below 17.9% a year earlier, while the first-half non-GAAP operating margin of 16.7% was also below the prior year's 17.3%[16]. Second-quarter non-GAAP EPS was $2.10, up 5.0%[4].

The company generates strong cash, but first-half 2026 cash flow was inflated by one-time refunds. Fiscal 2025 operating cash flow was $1.315 billion and capital expenditure was $259 million[17]. First-half 2026 operating cash flow was $696 million versus $402 million a year earlier, but about $200 million of that was collected tariff refunds and interest[18][6]; over the same period the company repurchased $288 million of stock, paid $175 million in dividends and spent $116 million on capital expenditure, with no revolver borrowings[18]. As of August 2, 2026, it held $1.029 billion of cash and $1.447 billion of inventory, up 1.0% year over year[11].

Operating Model

Revenue splits into comparable brand revenue and non-comparable revenue. Net revenues roughly equal prior-year net revenues multiplied by (1 + comp), plus non-comparable revenue from new stores, closures and franchisees; comp covers e-commerce (including catalog) and store sales, shipping, returns and discounts, and B2B revenue[10]. In 2026, non-comparable revenue was -$3.3 million in the first quarter and +$13.6 million in the second[14][3], and management said most of the roughly 70-basis-point non-comparable revenue benefit from retail investment would arrive in the second half[19]. Because revenue is concentrated from October through January, third-quarter comp and quarter-end inventory together set the starting point for the holiday season[1].

Operating income equals net revenues times gross margin minus selling, general and administrative expenses (SG&A), and tariffs pass through mainly via merchandise margin. Gross margin has three parts: merchandise margin, set by tariff-inclusive purchase costs, pricing and promotions; supply chain costs for freight, distribution, returns and damages; and relatively fixed occupancy costs such as store and warehouse rent. In fiscal 2025, gross margin was 46.2%, the SG&A rate was 28.0% and operating margin was 18.1%[13]. In 2026, tariffs cut merchandise margin by 100 basis points in the first quarter[15] and 230 basis points in the second, while supply chain efficiencies and occupancy leverage offset about 70 basis points each quarter[4], and labor leverage brought the second-quarter non-GAAP SG&A rate down to 28.2%[16]. Tariffs are first capitalized into inventory and then reach cost of goods sold one to two quarters later at weighted-average cost, which is why management described the tariff impact as front-half weighted, peaking in the second quarter and moderating in the second half[19].

Operating cash flow depends on net earnings, depreciation and inventory changes. Operating cash flow is roughly net earnings plus depreciation and amortization and non-cash lease expense, minus inventory build and other working-capital changes; in fiscal 2025, depreciation and amortization was $231 million and inventory growth absorbed $126 million of cash[17]. That cash funds annual capital expenditure of about $275 million (the 2026 plan, with 95% going to e-commerce, retail and supply chain), dividends and buybacks[19], so whether holiday inventory converts smoothly into cash directly affects capital returns after the fourth quarter.

Industry and Competitive Position

The company competes in premium home retail on owned design and a shared multi-brand platform. Its competitors include RH, Wayfair, department stores, discount retailers and other home specialty retailers, and the competitive factors are brand, proprietary design, product quality, customer service and digital channels[9]. Unlike online platforms that mostly sell third-party goods, Williams-Sonoma sells exclusive products it designs itself and spreads costs across brands through shared sourcing, distribution and The Key Rewards membership program. Management said the home furnishings industry declined by a low single digit in the first quarter and was essentially flat in the second, while the company's comps were 4.8% and 6.2%, and it said it gained share through full-price selling rather than heavier discounting[19][7].

That position is constrained by tariffs, the housing cycle and oil prices. Sourcing 81% of merchandise overseas puts tariffs directly into product costs[12]; furniture demand is tied to home sales and moves, management acknowledged a stalled housing market and rising rates, and high oil prices have raised ocean freight, domestic transportation and vendor costs[8]. The available comparison also has clear limits: the company does not disclose profit by brand or split price from units, and industry growth relies on management's own characterization, so it is impossible to judge independently how much of the share gain comes from price increases.

Core Debates

Did the tariff hit to Williams-Sonoma's gross margin really peak in the second quarter?

This question decides whether the full-year margin outlook can be met. About 81% of the company's merchandise comes from overseas[12], and in the second quarter gross margin excluding refunds was 45.5%, down 160 basis points, with merchandise margin down 230 basis points, while non-GAAP operating margin was 17.3%, down 60 basis points[4]. The first-half non-GAAP operating margin was 16.7%[16], while the prior year's second-half operating margin, derived by subtracting the prior-year first half from the fiscal 2025 total, was about 18.8%[13]; reaching the full-year outlook of 17.8% to 18.2%[5] requires a second-half margin above last year's, and management said the midpoint of the raised outlook is slightly above last year's second-half margin[8].

Both management's view and an alternative reading have support in the current evidence. On the August 26 call, the company said the second quarter was the peak tariff impact on gross margin and that supply chain efficiencies offset about one third of the tariff hit[7]; within the second quarter's 51.6% GAAP gross margin, refunds net of vendor concessions contributed about 610 basis points and do not reflect the operating trend[4]. The alternative reading is that the new Section 301 tariffs announced on July 23 will enter inventory costs in the third and fourth quarters, so merchandise margin pressure has only been deferred, while the fourth quarter also faces a roughly 150-basis-point headwind from lapping a shrink benefit[5][8].

Tariffs reach the income statement through inventory, so the third quarter reflects costs on goods ordered earlier. Tariffs on overseas purchases are first capitalized into inventory and reach cost of goods sold one to two quarters later, lowering merchandise margin; after partial offsets from supply chain efficiencies and occupancy leverage, the result is non-GAAP gross margin, and subtracting the SG&A rate gives non-GAAP operating margin. The comparison points are a merchandise margin decline of 100 basis points in the first quarter and 230 basis points in the second, while supply chain and occupancy together added 70 basis points in the first quarter (50 and 20 basis points) and again 70 basis points in the second (30 and 40 basis points)[15][4]. Third-quarter GAAP gross margin will also include $29.3 million of deferred refund income[6], so the operating trend should still be judged on a non-GAAP basis.

What remains unresolved is whether tariff pressure narrows in the third quarter or is pushed past the fourth quarter by the new tariffs. Readers should watch whether the third-quarter non-GAAP gross margin decline narrows to within 100 basis points, whether the merchandise margin decline is smaller than 230 basis points, whether the supply chain line turns negative because of oil prices, and whether the company keeps its 17.8% to 18.2% margin outlook[5]. If the decline is still at least 160 basis points, or the company lowers the bottom of its margin range, the claim that the second quarter was the peak does not hold; if the decline returns to within 100 basis points and operating margin is flat year over year, the tariff hit is easing in the second half as management described.

Can the Pottery Barn-led sales acceleration last while the housing market stays stuck?

Pottery Barn's trajectory decides whether the raised revenue outlook is credible. Pottery Barn generated $2.999 billion in fiscal 2025, or 38.4% of the company[9], but its comp that year was only 0.4%[10]; its comp was 1.0% in the first quarter of 2026[14] and then jumped to 5.1% in the second quarter, when its revenue rose 6.4% to $771 million[3][20], lifting company comp to 6.2%, after which the company raised its full-year comp outlook to 4.0% to 6.5%[5]. Furniture is a large, deferrable purchase closely tied to home sales and moves, and management acknowledged that the housing market has stalled[8].

The company credits its own execution for the growth, but current disclosure cannot rule out pricing. Management attributed Pottery Barn's improvement to better online product discovery, warmer fall photography and strong store performance[8], and said it gained share without adding discounts, through full-price selling, while the industry was essentially flat; in the second quarter, West Elm comp was 6.4%, Williams Sonoma 7.6% and Pottery Barn Kids and Teen 3.5%, and every brand grew in both the first and second quarters[7]. The alternative reading is that, because the company does not split price from units, selective post-tariff price increases may have raised average ticket; if growth came mainly from price, units could fall while housing stays stuck, and promotions would later be needed to hold volume.

This growth reaches revenue through brand comps and reaches profit through fixed-cost leverage. New products, collaborations, and store and online presentation drive purchases of furniture, textiles and lighting, which become brand comp and net revenues; without added promotions, comp-driven revenue growth then lifts margin through occupancy and labor leverage. The comparison points are company comp of 6.2% in the second quarter (6.5% in e-commerce and 5.5% in stores), 4.8% in the first quarter and 3.5% in fiscal 2025, and West Elm comp of 6.4% in the second quarter, 8.5% in the first quarter and 2.9% in fiscal 2025[3][14][10]; second-quarter net revenues were $1.960 billion and first-half net revenues were $3.765 billion, up 6.7% and 5.6% respectively[20]. By management's account, the industry declined by a low single digit in the first quarter and was essentially flat in the second[19][7].

What remains unresolved is whether this acceleration comes from share and units or from price increases. Readers should watch whether third-quarter company comp stays above 5% or falls below the 4.0% bottom of the full-year outlook[5]; whether Pottery Barn comp holds above 4% or drops below 2%; whether West Elm and the other furniture brands grow alongside it; and whether management changes how it describes industry growth and promotional intensity. If Pottery Barn comp falls below 2% and the company cuts its comp outlook, the second-quarter acceleration looks more like a one-off; if company comp stays above 5% and the gross margin bridge shows no deeper promotions, the share-gain explanation is supported.

Will Williams-Sonoma's pre-holiday inventory turn into fourth-quarter discounting pressure?

Third-quarter ending inventory sets in-stock levels and discounting room for the holiday season. Most of the company's revenue and earnings are realized from October through January[1], and tariffs make each unit of inventory more expensive: first-quarter ending inventory was $1.46 billion, up 9.0%, including about $60 million of incremental tariff costs[15][19]. Fiscal 2025 operating cash flow of $1.315 billion funded capital expenditure, dividends and buybacks[17], while about $200 million of the $696 million first-half 2026 operating cash flow came from one-time refunds[18][6].

Second-quarter inventory looks healthy, but two factors may have held down its year-over-year growth. Second-quarter ending inventory was $1.447 billion, up only 1.0%, well below revenue growth of 6.7%; cash at quarter end was $1.029 billion, and the company made no buybacks in the quarter[11]; management said the inventory mix supports its sales and service goals[7]. The alternative reading is that $29.3 million of deferred refund income recorded as a reduction of inventory[6], together with pull-forward buying in the first quarter, depressed second-quarter inventory growth, and that inventory growth may rebound in the third quarter after holiday restocking.

Inventory turns into cash through holiday sales and then funds capital spending and shareholder returns. Expected holiday demand drives orders placed up to 12 months ahead[12]; tariff-inclusive inventory peaks before the season at the end of the third quarter, fourth-quarter sales turn it into cash, and operating cash flow funds about $275 million of capital expenditure, dividends and buybacks[19]. The comparison points are first-half operating cash flow of about $496 million after removing roughly $200 million of refunds, versus $402 million a year earlier, and first-half capital expenditure of $116 million versus $110 million a year earlier[18], against $259 million for all of fiscal 2025[17]; non-comparable revenue from store investment was -$3.3 million in the first quarter and +$13.6 million in the second[14][3]. If inventory grows much faster than revenue, the fourth quarter may require clearance promotions, which would contradict the full-price selling narrative.

What remains unresolved is whether tariff-inflated inventory turns into discounting and cash pressure during the holiday season. Readers should watch whether third-quarter ending inventory growth stays below revenue growth or exceeds it by more than 5 percentage points; whether nine-month operating cash flow excluding about $200 million of refunds is above the prior year; whether non-comparable revenue from store investment accelerates in the second half and the company keeps its roughly 70-basis-point expectation[19]; and whether the company resumes buybacks and keeps capital expenditure on its plan of about $275 million. If third-quarter inventory grows clearly faster than revenue and the company mentions clearance promotions, inventory becomes fourth-quarter margin and cash pressure; if inventory grows no faster than revenue and cash flow excluding refunds is above last year, tariff costs have not turned into excess stock.

Risks and Falsifiers

Oil and freight costs are the risk to the supply chain line of the gross margin bridge. Management said high oil prices have raised ocean freight, domestic transportation and vendor costs, and the full-year outlook assumes oil prices stay elevated[5][8]; freight is part of cost of goods sold, and the supply chain efficiency line added 30 to 50 basis points in each of the first two quarters, so if it turns negative it directly erodes gross margin[15][4]. If the supply chain line is still positive in the third quarter and the company keeps its margin outlook under the high-oil assumption, this risk has not materialized.

New tariffs could prolong margin pressure. The Section 301 tariffs announced on July 23 and the US-Canada tariffs will pass through inventory into cost of goods sold in the second half[5]; tariffs cut second-quarter merchandise margin by 230 basis points[4], and on third-quarter revenue of about $2 billion, each 100 basis points of gross margin is worth about $20 million of gross profit. If the third-quarter merchandise margin decline is smaller than 150 basis points and the company does not raise its second-half tariff cost assumption, this risk is falsified.

The fourth-quarter shrink comparison is a known headwind. Last year's fourth-quarter inventory shrink benefit creates a gross margin comparison headwind of about 150 basis points this year, and it falls in the largest holiday quarter[8]. If the company keeps its full-year margin outlook in the third-quarter report and states that the shrink comparison is already included[5], the outlook has absorbed this risk.

The housing and interest rate cycle is an external risk to furniture demand. Furniture demand is tied to home sales and moves, and management said the housing market has stalled and rates have risen[8]; in the third quarter of fiscal 2023, company comp fell 14.6%, with Pottery Barn down 16.6% and West Elm down 22.4%, and those two brands together made up about 62% of fiscal 2025 revenue[10][9]. If third-quarter company comp is at least 5% and management does not describe weakening demand, this risk has not yet appeared.

Holiday overstocking would hurt both margin and cash. Furniture must be ordered up to 12 months ahead, and if fourth-quarter demand falls short of the inventory bought, the company would need clearance promotions[12]; third-quarter ending inventory is on the order of $1.4 billion to $1.5 billion, and inventory growth absorbed $126 million of operating cash flow in fiscal 2025[11][17]. If third-quarter ending inventory grows no faster than revenue and the fourth-quarter gross margin bridge shows no deeper promotions, this risk is falsified.

What to Watch Next

• Tariff margin peak: watch the year-over-year change in non-GAAP gross margin against the second quarter's 45.5%, down 160 basis points. A decline within 100 basis points supports the peak; a decline of at least 160 basis points means the peak claim does not hold.
• Tariff margin peak: watch merchandise margin in the gross margin bridge against -230 basis points in the second quarter and -100 basis points in the first. A decline smaller than 150 basis points means the new tariffs have limited effect.
• Tariff margin peak: watch whether the full-year non-GAAP operating margin outlook of 17.8% to 18.2% is kept and whether the fourth-quarter shrink comparison is addressed. A lower bottom of the range weakens the peak claim.
• Pottery Barn durability: watch company comp against 6.2% and Pottery Barn comp against 5.1%, with company comp above 5% and Pottery Barn above 4% as the bar. Pottery Barn below 2% together with a lower comp outlook would mark the acceleration as a one-off.
• Holiday inventory and cash: watch quarter-end inventory growth against revenue growth, from a base of $1.447 billion, up 1.0%, versus revenue up 6.7%. Inventory growth more than 5 percentage points above revenue plus talk of clearance promotions would signal fourth-quarter pressure.
• Holiday inventory and cash: watch cumulative operating cash flow excluding refunds against about $496 million in the first half versus $402 million a year earlier. A nine-month figure above the prior year means tariff costs have not become excess stock.

Conclusion

Williams-Sonoma's earnings are driven by three things: comps in its owned furniture brands, merchandise margin under tariff pressure, and the conversion of pre-holiday inventory into cash. The company posted fiscal 2025 revenue of $7.807 billion and an operating margin of 18.1%[13], and its second-quarter 2026 comp accelerated to 6.2%[3], but gross margin excluding refunds fell 160 basis points[4] and the first-half non-GAAP operating margin of 16.7% was below the prior year's 17.3%[16]. The key unresolved relationship is whether faster revenue can offset the merchandise margin decline before tariff costs peak and support a second-half margin above last year's.

After the second-quarter results, only one independent analysis with specific figures could be found. In an August 28 article, Amit Chowdhry of Pulse 2.0 argued that the 450-basis-point rise in second-quarter GAAP gross margin came mainly from tariff refunds, which compensate for costs already incurred rather than represent sustainable margin expansion, and that gross margin fell 160 basis points once they are excluded[21]. That reading does not conflict with management's claim that the second quarter was the tariff peak, but it sets the test as whether the non-GAAP gross margin decline narrows from 160 basis points, which maps directly onto the first core debate; other coverage in the same period was mostly rating reiterations, TV commentary or restatements of company remarks and offered no independent quantitative analysis of Pottery Barn's durability or of inventory and cash, so those two debates currently lack an outside interpretation to compare against.

If the third-quarter non-GAAP gross margin decline narrows to within 100 basis points, company comp stays above 5% with no deeper promotions in the gross margin bridge, inventory grows no faster than revenue and operating cash flow excluding refunds is above last year, the current reading of a tariff peak plus share gains would be materially strengthened. Conversely, if the margin decline is still at least 160 basis points, Pottery Barn comp falls below 2%, or inventory grows clearly faster than revenue alongside clearance promotions, the company may need to lower its margin or comp outlook, and that reading would be weakened.

Sources

[1] WSM 10-K filed 2026-03-26 business and seasonality · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[2] Drillr earnings calendar 2026-11-11 WSM Q3 2026 · 2026-11-11 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[3] WSM 10-Q filed 2026-08-28 Q2 2026 revenue and comps · 2026-08-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000208/wsm-20260802.htm

[4] WSM 8-K filed 2026-08-26 Q2 2026 results · 2026-08-26 · 8-K · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000203/exhibit991fy2026q2earnings.htm

[5] WSM 8-K filed 2026-08-26 Q2 2026 outlook · 2026-08-26 · 8-K · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000203/exhibit991fy2026q2earnings.htm

[6] WSM 10-Q filed 2026-08-28 Q2 2026 tariff refund · 2026-08-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000208/wsm-20260802.htm

[7] WSM Q2 2026 earnings call 2026-08-26 · 2026-08-26 · earnings-call · http://ir.williams-sonomainc.com/events

[8] WSM Q2 2026 earnings call 2026-08-26 Q&A and risks · 2026-08-26 · earnings-call · http://ir.williams-sonomainc.com/events

[9] WSM 10-K filed 2026-03-26 · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[10] WSM 10-K filed 2026-03-26 net revenues and comps · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[11] WSM 10-Q filed 2026-08-28 Q2 2026 balance sheet and stores · 2026-08-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000208/wsm-20260802.htm

[12] WSM 10-K filed 2026-03-26 suppliers and manufacturing · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[13] WSM 10-K filed 2026-03-26 income statement · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[14] WSM 10-Q filed 2026-05-22 Q1 2026 comps and tariff refund claim · 2026-05-22 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000719955&type=10-Q&dateb=&owner=include&count=40

[15] WSM 8-K filed 2026-05-21 Q1 2026 results · 2026-05-21 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000719955&type=8-K&dateb=&owner=include&count=40

[16] WSM 8-K filed 2026-08-26 Q2 2026 non-GAAP reconciliation · 2026-08-26 · 8-K · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000203/exhibit991fy2026q2earnings.htm

[17] WSM 10-K filed 2026-03-26 cash flows · 2026-03-26 · 10-K · https://www.sec.gov/Archives/edgar/data/719955/000071995526000059/

[18] WSM 10-Q filed 2026-08-28 Q2 2026 cash flows · 2026-08-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000208/wsm-20260802.htm

[19] WSM Q1 2026 earnings call 2026-05-21 · 2026-05-21 · earnings-call · http://ir.williams-sonomainc.com/events

[20] WSM 10-Q filed 2026-08-28 Q2 2026 net revenues by brand · 2026-08-28 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000719955/000071995526000208/wsm-20260802.htm

[21] Pulse 2.0 2026-08-28 WSM gross margin excluding tariff refunds · 2026-08-28 · Pulse 2.0 · https://pulse2.com/williams-sonoma-gross-margin-jumps-450-basis-points-but-falls-160-basis-points-excluding-tariff-refunds/