RH (RH) financial statements
RH reported revenue of $3.4B in fiscal 2026, up 5.4% a year over 9 years.
Net income was $125M and the operating margin 11.3%, against 2.5% in 2017.
Free cash flow was $252M.
The diluted share count fell 52% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from RH's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.4B | $2.5B | $2.6B | $2.8B | $3.8B | $3.6B | $3.0B | $3.2B | $3.4B |
| Cost of revenue | $1.5B | $1.6B | $1.5B | $1.6B | $1.5B | $1.9B | $1.8B | $1.6B | $1.8B | $1.9B |
| Gross profit | $680M | $839M | $986M | $1.1B | $1.3B | $1.9B | $1.8B | $1.4B | $1.4B | $1.5B |
| Selling, general and admin | $627M | $722M | $724M | $732M | $859M | $928M | $1.1B | $1.0B | $1.1B | $1.1B |
| Operating income | $53M | $117M | $262M | $363M | $467M | $927M | $722M | $366M | $323M | $387M |
| Interest expense | $44M | $56M | $68M | $87M | $69M | $65M | $113M | $238M | $235M | $228M |
| Pre-tax income | $9M | $23M | $161M | $269M | $377M | $830M | $439M | $167M | $89M | $167M |
| Income tax | $3M | $25M | $25M | $49M | $105M | $134M | -$91M | $28M | $5M | $47M |
| Net income | $5M | -$3M | $136M | $220M | $272M | $689M | $529M | $128M | $72M | $125M |
| EPS (diluted) | $0.13 | -$0.10 | $5.12 | $9.07 | $9.96 | $22.13 | $19.90 | $5.91 | $3.62 | $6.31 |
| Diluted shares | 41M | 27M | 27M | 24M | 27M | 31M | 27M | 22M | 20M | 20M |
| Gross margin | 31.8% | 34.4% | 39.3% | 41.4% | 46.5% | 49.4% | 50.5% | 45.9% | 44.5% | 44.1% |
| Operating margin | 2.5% | 4.8% | 10.4% | 13.7% | 16.4% | 24.7% | 20.1% | 12.1% | 10.1% | 11.3% |
| Net margin | 0.3% | -0.1% | 5.4% | 8.3% | 9.5% | 18.3% | 14.7% | 4.2% | 2.3% | 3.6% |
Balance sheet
Fiscal years, from RH's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $230M | $18M | $6M | $48M | $100M | $2.2B | $1.5B | $124M | $30M | $41M |
| Receivables | $34M | $31M | $40M | $49M | $59M | $58M | $60M | $55M | $63M | $63M |
| Total current assets | $1.1B | $645M | $704M | $597M | $801M | $3.1B | $2.5B | $1.1B | $1.3B | $1.1B |
| Property, plant and equipment | $682M | $801M | $953M | $968M | $1.1B | $1.2B | $1.6B | $1.7B | $1.9B | $2.2B |
| Goodwill | $174M | $142M | $124M | $124M | $141M | $141M | $141M | $141M | $141M | $144M |
| Total assets | $2.2B | $1.7B | $2.4B | $2.4B | $2.9B | $5.5B | $5.3B | $4.1B | $4.6B | $4.8B |
| Total current liabilities | $416M | $519M | $993M | $983M | $922M | $1.1B | $886M | $873M | $905M | $931M |
| Long-term debt | — | $79M | — | $31M | $15M | $1M | — | — | — | — |
| Total liabilities | $1.3B | $1.7B | $2.5B | $2.4B | $2.5B | $4.4B | $4.5B | $4.4B | $4.7B | $4.8B |
| Shareholders' equity | $924M | -$8M | -$39M | $19M | $447M | $1.2B | $785M | -$297M | -$164M | $61M |
| Net debt | -$87M | $68M | -$5M | $5M | -$63M | -$2.2B | -$1.5B | -$124M | -$30M | -$41M |
Cash flow
Fiscal years, from RH's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $81M | $475M | $250M | $339M | $501M | $662M | $404M | $202M | $17M | $452M |
| Capital spending | $170M | $68M | $80M | $94M | $111M | $185M | $174M | $269M | $231M | $200M |
| Free cash flow | -$90M | $406M | $170M | $246M | $390M | $477M | $230M | -$67M | -$214M | $252M |
| Stock-based compensation | $29M | $51M | $24M | $22M | $146M | $48M | $44M | $39M | $44M | $44M |
| Share buybacks (net) | — | -$1.0B | -$250M | -$250M | — | — | -$1.0B | -$1.3B | -$12M | — |
| Free cash flow margin | -4.2% | 16.6% | 6.8% | 9.3% | 13.7% | 12.7% | 6.4% | -2.2% | -6.7% | 7.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RH.
Open RH in InvestinglyQuestions
What was RH's revenue in 2026?
$3.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does RH generate?
$252M in fiscal 2026 (operating cash flow minus capital spending).
From RH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.