RH Q2 Revenue Beats High End of Guidance; Raises FY26 Outlook on Tariff Refunds and RH Estates Launch
RH sits 36% above its 52-week low of $106.304 on elevated volume (2.4× avg).
Summary
RH beat Q2 revenue guidance and raised its full-year outlook, with the RH Estates launch and tariff refunds offsetting continued housing-market pressure.
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, backlog reduction, and new galleries; RH Estates is positioned to double the company's total addressable market.
Analysis · RH · Trade & Services
RH delivered Q2 revenue of $922.2 million, exceeding the high end of its own guidance and accelerating 4.2 points over Q1. The quarter's headline profitability was flattered by a one-time $55.1 million IEEPA tariff refund — strip that out and normalized adjusted EBITDA margin was 13.4%, still above the guided range. Management raised full-year revenue growth to 5.5%-7.0% and guided Q4 revenue growth of 16.1%-21.2%, driven by the RH Estates launch and backlog conversion. The company also generated $72.3 million of cash, strengthening a balance sheet that still carries $2.26 billion in net debt.
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At the time of this filing, RH was trading at $144.80 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.