RH Q2 10-Q: Revenue Beats, Tariff Refunds Flatter Margins, Full-Year Outlook Raised
RH sits 35% above its 52-week low of $106.304 on elevated volume (2.5× avg).
Summary
RH beat Q2 revenue guidance and raised FY26 outlook, but profitability was boosted by a one-time $55.1M tariff refund. The 10-Q details the full financials, including $2.26B net debt and the completed Aspen real estate restructuring.
Key Events · Earnings and Guidance · RH
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Q2 Revenue Beats High End of Guidance
GAAP net revenues of $922.2M, up 2.6% YoY and accelerating 4.2 points over Q1, exceeding the high end of management's guidance.
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Tariff Refund Flatters Q2 Profitability
Adjusted EBITDA of $178.5M (19.4% margin) included a one-time $55.1M IEEPA tariff refund benefit; normalized adjusted EBITDA was $123.5M (13.4% margin), still above guidance.
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Full-Year Outlook Raised
FY2026 revenue growth guidance raised to 5.5%-7.0%, with adjusted EBITDA margin of 15.0%-16.2% and free cash flow/asset sales/distributions of $300M-$400M.
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Q4 Acceleration Expected from RH Estates
Q4 revenue growth guided to 16.1%-21.2%, driven by the RH Estates launch and backlog reduction.
Analysis · RH · Trade & Services
RH's Q2 results beat the high end of guidance with revenue up 2.6% to $922.2M, but the headline profitability was flattered by a one-time $55.1M IEEPA tariff refund. Normalized adjusted EBITDA was $123.5M (13.4% margin), still above guidance. Management raised full-year revenue growth to 5.5%-7.0% and guided Q4 acceleration of 16.1%-21.2% on the RH Estates launch. The balance sheet shows $2.26B net debt against $125.5M cash, with $334M ABL availability and $201M remaining buyback authorization. The May 2026 Aspen restructuring simplified the real estate portfolio, adding $50M cash and four owned Gallery locations.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30% of the 1963 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.14%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, RH was trading at $143.88 on NYSE in the Trade & Services sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $106.30 to $248.44. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.