EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-04-01
Management highlights
Strategy: To scale taste, RH is the arbiter of home taste, with 7 product categories and 3 styles. Multi-dimensional physical-first global ecosystem: Stores are important, creating unique experience spaces, including interior design, trade business, hospitality. Business model and balance sheet: Revenue growth expected 4%-8% in 2026, accelerating to 10%-12% in 2027, reaching $5.4 billion - $5.8 billion by 2030. Adjusted EBITDA 14%-16% in 2026, 25%-28% by 2030. Market expanded by high-net-worth consumer spending and wealth transfer.
Segment performance
In 2025, RH achieved an 8% revenue growth and a 15% two-year growth, far outpacing peers in the furniture industry. Adjusted EBITDA reached $597 million, accounting for 17.3% of revenues, compared to $539 million and 16.9% in 2024. Free cash flow was $252 million, up from a negative $214 million in 2024, a year-over-year increase of $466 million. Product segments include 7 major categories and 3 styles. The newly launched RH Estates targets the traditional market and will be the largest and highest-margin brand extension.
Guidance
2026 revenue growth expected 4%-8%, 2027 accelerating to 10%-12%, reaching $5.4 billion - $5.8 billion by 2030. Adjusted EBITDA 14%-16% in 2026, 25%-28% by 2030. Asset sales expected $200 million - $250 million per year in 2026-2027. Cumulative cash flow $3 billion by 2030, debt-free by 2029.
Risks
Risks: Tariff impact, margin pressure from investment rhythm, geopolitical and economic uncertainty, real estate construction cost increase, housing market uncertainty, complexity of order resource allocation.
Q&A highlights
Q: Simeon Gutman asked about consumer demand signals and management changes.
A: Gary Friedman responded.
Q: Steven Forbes asked about international market.
A: Gary Friedman and others responded.
Q: Maksim Rakhlenko asked about RH Estates.
A: Gary Friedman responded.
Q: Steven Zaccone asked about revenue growth cadence and margin recovery.
A: Gary Friedman and Jack Preston responded.
Q: Michael Lasser asked about market doubt and free cash flow sensitivity.
A: Gary Friedman responded.
Q: Bradley Thomas asked about RH Estates and 2030 margin targets.
A: Gary Friedman responded.
Q: Marius Morar asked about 2026 growth outlook and order drag.
A: Gary Friedman and Jack Preston responded.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | — | — | — | — |
| Revenue | — | — | — | — |
Transcript
April 1, 2026Full transcript unavailable for redistribution
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Prior quarters
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