RH
rh.comWhat Do They Do?
Sells luxury home furnishings—including furniture, lighting and décor—to home-furnishings customers through galleries, websites and Sourcebooks.
10-K for FY2025, filed Apr 1, 2026RH (collectively, “we,” “us,” or the “Company”) is a leading retailer and luxury lifestyle brand operating primarily in the home…View ↗
We distribute our products through a fully integrated sales platform comprising our retail locations, including RH Galleries, RH Interior…View ↗
The retail operating segments are strategic business units that offer products for the home furnishings customer. While RH Segment and…View ↗
How Do They Make Money?
RH collects a 50% deposit when a customer places a custom order; that deposit is counted as a sale when the customer gets the merchandise.
10-K for FY2025, filed Apr 1, 2026Customer deposits represent payments made by customers on custom orders. At the time of order placement, we collect deposits for all custom…View ↗
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10-K for FY2025, filed Apr 1, 2026
FY2025 revenue by reportable segment ↗
$3.4B
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10-K for FY2025, filed Apr 1, 2026
$3.4B ↗
| Segment | Share | Revenue |
|---|---|---|
|
RH Segment
|
94%
FY2022: 95%
|
RH Segment, FY2025
$3.2B Sources
|
|
Waterworks
|
5.8%
FY2022: 5.3%
|
Waterworks, FY2025
$198.1M Sources
|
Who Are Their Customers?
Home-furnishings customers shop through RH Galleries, Waterworks Showrooms, websites, Sourcebooks, outlets, and Trade and Contract channels.
10-K for FY2025, filed Apr 1, 2026We distribute our products through a fully integrated sales platform comprising our retail locations, including RH Galleries, RH Interior…View ↗
We define reportable and operating segments on the same basis that we use to evaluate our performance internally by the chief operating…View ↗
The retail operating segments are strategic business units that offer products for the home furnishings customer. While RH Segment and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.
10-K for FY2025, filed Apr 1, 2026
$387.3MView ↗
10-K for FY2025, filed Apr 1, 2026
$124.8MView ↗
10-K for FY2025, filed Apr 1, 2026
$252.4MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Sep 10, 2026
$60.2MView ↗
- ▲ +16%
- vs $51.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Sep 10, 2026
Open tableView ↗
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Sep 10, 2026
RH updated its fiscal-year outlook
The forecast calls for revenue growth of 5.5% to 7.0% and adjusted EBITDA margin of 15.0% to 16.2%.
Sources
8-K, filed Sep 10, 2026
Revenue Growth of 5.5% to 7.0%View ↗
Shrinking. Revenue fell 8% in 4 years, from $3.8B in FY2021 to $3.4B in FY2025, about 2% a year.
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