RH (RH) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 1, 2026 and RH published the results on September 10, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. RH reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• RH's fiscal year ends on the Saturday closest to January 31. Q2 fiscal 2026 is the quarter ended August 1, 2026.
• RH publishes its results in a shareholder letter (Exhibit 99.2); the press release (Exhibit 99.1) points to it. RH reports in thousands of dollars; figures here are in millions.
• Gross margin included $55.1 million of IEEPA tariff refunds recognized in the quarter, about 600 basis points.

Source: RH Q2 fiscal 2026 results, September 10, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How RH splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• RH's RH Segment revenue was $867 million in Q2 fiscal 2026, up 2% from $847 million in Q2 fiscal 2025, 94% of total revenue.
• RH's Waterworks revenue was $54.9 million in Q2 fiscal 2026, up 5% from $52.4 million in Q2 fiscal 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first three lines are RH's updated outlook for fiscal 2026; the last is its outlook for Q3 fiscal 2026. RH publishes both in the shareholder letter filed with its earnings release.

In its Q2 fiscal 2026 release, RH said:

“Revenue Growth of 5.5% to 7.0%”

“Adjusted EBITDA Margin of 15.0% to 16.2%”

“The above outlook includes an approximate negative 340 basis point Adjusted EBITDA margin impact from pre-opening and startup costs to support our international expansion.”

“Revenue Growth of 5.0% to 6.0% (Inclusive of Backlog Reduction +2.5pts, RH Estates +2.0pts, New Galleries and Other +1.0pts)”

Source: RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026.

This is the company's own guidance as of Sep 10, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the RH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and diluted EPS, each as first reported in that quarter's shareholder letter.

RH's next report is expected around December 10, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Sep 10, 2026

RH reported Q2 fiscal 2026 net revenues of $922.2 million, up 2.6% from $899.2 million, which RH said exceeded the high end of its guidance and was 4.2 points faster than its first-quarter growth. RH reports no adjustments to GAAP net revenues. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

Almost all of the revenue is the RH Segment: $867.3 million, up 2.4%, including $71 million of outlet revenues. RH attributed the increase mainly to higher hospitality revenue from new Gallery openings and higher revenue in its core business from product transformation and platform expansion. Waterworks had net revenues of $54.9 million, up 4.6%. (RH Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

RH sells furniture, lighting, textiles, bathware, decor, outdoor and garden, and baby, child and teen furnishings through its Galleries, websites and Sourcebooks. Members of the RH Members Program, who pay an annual fee for a set everyday discount, drove about 97% of sales in the core RH business in fiscal 2025, and RH had about 262,000 members at year-end. (RH Form 10-K, fiscal 2025, Apr 1, 2026)

At August 1, 2026 RH operated 70 RH retail locations in North America, including 40 Design Galleries and 25 Legacy Galleries, plus 8 Design Galleries in Europe, 44 outlets and 15 Waterworks showrooms. Weighted-average selling square footage was 1,748 thousand, against 1,548 thousand a year earlier. (RH Q2 fiscal 2026 release, Sep 10, 2026; RH Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

RH introduced RH Estates, a traditional and classic collection, with a 268 page Sourcebook that reached homes from late June through mid-July. RH said the average Estates price point is 45% higher than its existing assortment and that it plans to expand the assortment and circulation in November, which its fourth-quarter outlook reflects. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

RH's GAAP diluted EPS of $3.06 was above its adjusted EPS of $2.70 in Q2 fiscal 2026. GAAP results included RH's share of equity method investments income, $0.91 a share, which includes $20 million of income from the restructuring of its Aspen joint ventures; adjusted results remove it. Adjusted results also add back $13.6 million of costs from that restructuring, $0.69 a share, including an $11 million non-cash loss. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

Gross margin rose to 48.2% from 45.5%, and RH said the quarter included $55.1 million, or 600 basis points, of IEEPA tariff refunds out of $69 million it applied for. Excluding the refunds, normalized adjusted EBITDA was $123.5 million, a 13.4% margin, against reported adjusted EBITDA of $178.5 million. Selling, general and administrative expenses rose to $337.3 million from $280.4 million. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

Interest expense was $51.0 million, against $57.4 million. The effective tax rate was 27.8%, against 26.9%. Diluted weighted-average shares were 19,669,307, against 19,737,331 a year earlier. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026; RH Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

RH gives a quarterly and full-year outlook in its shareholder letter. For fiscal 2026 it now expects revenue growth of 5.5% to 7.0% and an adjusted EBITDA margin of 15.0% to 16.2%, including about 340 basis points of drag from pre-opening and startup costs for its international expansion. It expects free cash flow, asset sales and distributions of equity method investments of $300M to $400M. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

For Q3 fiscal 2026 RH expects revenue growth of 5.0% to 6.0% and an adjusted EBITDA margin of 12.5% to 13.5%. For Q4 it expects revenue growth of 16.1% to 21.2%, of which it attributes 8.0 points to RH Estates and 6.5 points to backlog reduction, and an adjusted EBITDA margin of 19.7% to 22.9%. (RH Q2 fiscal 2026 shareholder letter, Sep 10, 2026)

A consensus figure is the average of the models published by the analysts who cover RH, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones RH's own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning RH is on is RH a buy or a sell?, what analysts expect next is on the RH forecast, and what the company does is on the RH (RH) stock page.

Every number on this page can be traced to a document RH published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.