RH (RH) Earnings Call Transcripts

RH's Latest Earnings Call - Q1 FY2027

In Q1 FY2026, RH reported revenues of $800.3 million and an adjusted EBITDA margin of 7.1%, both exceeding expectations. The company raised its FY2026 outlook, projecting revenue growth of 4.5% to 8% and an adjusted EBITDA margin of 14.2% to 16%. Management highlighted a $75 million backlog due to tariff-related resourcing, which will impact future quarters. RH's ambitious plans for international expansion and the launch of RH Estates are key drivers for expected growth. The company anticipates a significant acceleration in the second half of the year, driven by backlog reduction, new store growth, and the RH Estates launch.

Reported metrics

Guidance from management

RH raised its FY2026 guidance, projecting revenue growth of 4.5% to 8% and an adjusted EBITDA margin of 14.2% to 16%. The company anticipates a significant acceleration in the second half, driven by backlog reduction, new store growth, and RH Estates.

What management said

2020, not 2000. Yes. Thank you. 2020. Yes. Thank you, not that long ago. But it's been a long-term investment. So many like -- think about the opening of the high-end design market on this, and there's nothing that we're doing to value engineer the product. I mean we are making identical quality. The diamond table is made with the identical molds of Michael Taylor, the tops and everything at the same quality that f...

No, no further refunds. I mean the refund started coming, but there's no -- there's been kind of pause. You might be following some of that activity as far as the DOJ and how those are playing out in the courts. But as far as the guidance reflects -- it does not reflect the free cash flow -- specifically does not reflect any further tariff refunds.

What analysts pressed on

Analysts questioned the sustainability of RH's growth strategy, particularly the reliance on backlog and new initiatives like RH Estates. Concerns were also raised about the impact of international expansion costs on margins and the effectiveness of the new trade program.

Main topics on the call

• Revenue and Backlog — Q1 revenues were $800.3 million, with a backlog of approximately $75 million due to tariff-related resourcing. Management expects this backlog to contribute 4.5 percentage points to second-half growth.
• International Expansion — RH is opening new stores in Paris, Milan, and London, with significant preopening and start-up costs impacting margins by 270 basis points for FY2026.
• RH Estates Launch — The launch of RH Estates is expected to contribute 5 percentage points to second-half growth. Management emphasized the unique design and quality of this collection, positioning it as a top luxury offering.
• Trade Program Introduction — RH introduced a new trade program to incentivize interior designers, aiming to expand its reach and addressable market significantly.

Read the full RH transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 26 RH earnings call transcripts on record, spanning March 30, 2020 to June 11, 2026. Based on this history, RH reports quarterly. The most recent call on file is dated June 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

RH

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

26

First call

March 30, 2020

Most recent

June 11, 2026

Reporting cadence

quarterly