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Company Research26 Jan 2024
The 13 Largest Luxury Companies in the World
Explore the largest luxury companies in the world. Also, we list and visualize the 13 largest luxury companies globally by market cap.
RH (RH) investor relations material
RH Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Dec, 2025
Executive summary
Net revenues for Q3 increased 8.9% year-over-year to $884 million, driven by core business growth, new product launches, and expanded hospitality offerings, despite a challenging housing market and tariff impacts.
Net income rose to $36.3 million from $33.2 million in the prior year quarter, with diluted EPS of $1.83, up from $1.66.
Adjusted operating margin was 11.6%, below guidance midpoint due to higher-than-expected tariff expenses.
Generated $83 million in free cash flow in Q3; year-to-date free cash flow reached $198 million.
Continued global expansion with the opening of RH Paris and progress on new locations in London, Milan, and Sydney.
Financial highlights
Gross profit for the quarter increased 7.9% to $390 million, though gross margin declined 40 basis points to 44.1%.
Adjusted EBITDA margin for Q3 was 17.6%.
Operating income was $106 million, up from $101 million year-over-year.
Inventory down 11% year-over-year and $82 million sequentially from Q2.
Cash flow from operations for the nine months was $356 million, with $182 million used in investing activities and $163 million used in financing activities.
Outlook and guidance
Q4 outlook: revenue growth of 7%-8%, adjusted operating margin of 12.5%-13.5%, adjusted EBITDA margin of 18.7%-19.6%.
FY25 outlook: revenue growth of 9%-9.2%, adjusted operating margin of 11.6%-11.9%, adjusted EBITDA margin of 17.6%-18%, free cash flow of $250-$300 million.
Adjusted capital expenditures for fiscal 2025 are projected at $275–$325 million, focused on new Design Galleries and infrastructure.
Outlook includes negative margin impacts from international expansion investments and tariffs.
Management expects continued variability in performance due to ongoing strategic initiatives and macroeconomic uncertainty.
Quantify tariff & int'l expansion margin impact
Detail asset monetization plans for capital generation
Performance of new hospitality & design firm models
RH's luxury market strategy effectiveness?
International hospitality experience impact?
Waterworks brand contribution to Q3?
RH Paris: key learnings for global rollout
New collection's strategic market impact
Tariff mitigation strategy effectiveness
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Q4 20261 Apr, 2026
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Frequently asked questions
A leading brand in the high-end home decor market
RH, formerly known as Restoration Hardware, is a luxury home furnishings company based in Corte Madera, California. The company was founded in 1980 and has since become a leading brand in the high-end home decor market, with a focus on classic, timeless designs and high-quality materials.
The main business segments
RH operates through three main business segments: RH Core Business, RH Hospitality, and RH Real Estate. The RH Core Business includes the company's retail and ecommerce operations, which offer a wide range of products across various categories, including furniture, lighting, textiles, and decor. The RH Hospitality segment includes the company's luxury hospitality operations, which include a collection of boutique hotels, restaurants, and cafes. The RH Real Estate segment includes the company's real estate development and investment operations, which focus on creating unique and innovative living spaces.
A focus on a unique and elevated shopping experience
One of RH's key competitive advantages is its focus on delivering a unique and elevated shopping experience to its customers. The company's retail stores are known for their grand, spacious layouts and meticulously designed interiors, which showcase the company's products in a visually stunning way. In addition, RH has invested heavily in its ecommerce platform, offering a seamless and user-friendly online shopping experience to its customers.
RH also differentiates itself from its competitors through its emphasis on quality and craftsmanship. The company sources its materials from the finest producers around the world and works with skilled artisans and craftsmen to create products that are built to last. This focus on quality has helped RH to cultivate a loyal following of customers who appreciate the company's commitment to excellence.
Other public home decor companies
RH faces competition from a number of other high-end home decor brands, including Home24, Ethan Allen Interiors, and Williams-Sonoma. However, the company's unique approach to retail and its emphasis on quality and craftsmanship have helped it to maintain its leadership position in the luxury home furnishings market.
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