TLDR
- RH reports Q2 fiscal 2026 earnings after market close on Thursday, September 10
- Analysts expect revenue of $914.2 million, up 1.7% year over year
- EPS estimate is 42 cents per share, down from 79 cents 30 days ago
- Q2 adjusted EBITDA margin guided at 11.5% to 13%, weighed down by 380 basis points of startup costs
- RH stock is down 22.4% over the past month, trading at $142.39 vs. an average analyst price target of $178.06
RH is set to report Q2 fiscal 2026 results after the closing bell on Thursday, September 10.
The stock is currently trading at $142.39, well below the average analyst price target of $178.06. It has dropped 22.4% over the past month.
Wall Street is looking for revenue of $914.2 million, which would be 1.7% growth year over year. That compares to the same quarter last year when RH posted earnings of $2.93 per share.
The consensus EPS estimate sits at 42 cents per share. That number has fallen sharply from 79 cents just 30 days ago, which tells you how much sentiment has shifted heading into this print.
RH has missed Wall Street’s revenue estimates multiple times over the last two years. Its average earnings surprise over the last four quarters has been negative 12.8%.
Last quarter, RH posted revenues of $800.3 million, down 1.7% year over year. Adjusted loss per share came in at $1.97, narrower than the expected loss of $2.13.
Management guided for Q2 revenue growth of just 0.5% to 2.5%. The soft outlook reflects a tough housing backdrop, tariff-related sourcing disruptions, and elevated backorder balances that are not expected to normalize until later in fiscal 2026.
Margin Pressure From Global Expansion
Profitability is another area to watch. The company guided for Q2 adjusted EBITDA margin of 11.5% to 13%. Baked into that is a 380 basis point drag from pre-opening and startup costs tied to international expansion.
Management has flagged that much of those costs are one-time in nature and should ease in the second half. Paris and Milan are ramping up, and London is seen as a potential accelerator for the international business.
RH has also been expanding its trade platform and pushing higher-end customization through RH Bespoke Furniture and RH Couture Upholstery.
Peers Already Reported Strong Numbers
Arhaus posted 7.4% revenue growth in Q2, beating estimates by 4.9%, and traded up 16.6% after results. Williams-Sonoma reported 6.7% revenue growth, topping estimates by 1.6%.
Those results show demand in the broader home furnishing space held up. Whether RH can keep pace is the question Thursday.
Despite the cautious setup, the Zacks model is predicting an earnings beat for RH. The stock carries a positive Earnings ESP alongside a Zacks Rank that puts the odds of a beat above average.
Analysts covering RH have largely held their estimates steady over the past 30 days, suggesting they expect results to come in roughly in line with guidance.
The bigger benefits from RH Estates, backlog conversion, and new store openings are expected to be weighted toward the second half of fiscal 2026.
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