RH financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RH files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Revenue	2,135	2,440	2,506	2,647	2,849	3,759	3,590	3,029	3,181	3,440
Cost of revenue	1,455	1,601	1,520	1,552	1,523	1,903	1,778	1,640	1,766	1,924
Gross profit	680	839	986	1,095	1,326	1,855	1,812	1,389	1,415	1,516
Selling, general and administrative	627	722	724	732	859	928	1,090	1,023	1,092	1,128
Operating income	53	117	262	363	467	927	722	366	323	387
Interest expense	44.5	56	67.8	87.2	69.3	66.9	152	238	235	228
Interest income							38.5	39.6	3.9	2.8
Other non-operating income						-2.78	-0.03	-1.08	-3.4	5.05
Pre-tax income	8.55	22.5	161	269	376	822	437	156	77.2	167
Income tax	3.15	25.1	25.2	48.8	105	134	-91.4	28.3	4.8	47.2
Net income	5.4	-2.6	136	220	272	689	529	128	72.4	125
EBITDA	110	200	353	464	567	1,023	831	485	453	536
EPS, basic	0.12	-0.10	6.28	11.55	13.82	32.37	22.47	6.42	3.92	6.65
EPS, diluted	0.12	-0.10	5.12	9.07	9.96	22.13	19.90	5.91	3.62	6.31
Shares, basic (weighted)	44.7	27.1	21.6	19.1	19.7	21.3	23.5	19.9	18.5	18.8
Shares, diluted (weighted)	45	27.1	26.5	24.3	27.3	31.1	26.6	21.6	20	19.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Cash and equivalents	87	17.9	5.8	47.7	100	2,178	1,508	124	30.4	41.2
Short-term investments	143
Receivables	34.2	31.4	40.2	49	59.5	57.9	59.8	55.1	63.5	63.4
Other current assets	117	68.6	104	61.6	97.3	13.3	26.2	29.2	30.6	29.4
Total current assets	1,138	645	704	597	801	3,091	2,513	1,102	1,291	1,108
Property, plant and equipment	682	801	953	968	1,077	1,228	1,636	1,686	1,883	2,159
Lease right-of-use assets			441	411	456	551	527	626	617	795
Goodwill	174	142	124	124	141	141	141	141	141	144
Intangible assets	101	101	86	86
Long-term investments	33.2
Other non-current assets	36.2	21.3	79.6	215	200	298	149	241	271	302
Total assets	2,193	1,733	2,423	2,446	2,898	5,540	5,309	4,144	4,555	4,836
Accounts payable	135	195	183	181	225	242	166	192	245	198
Accrued liabilities	26.9	47.5	64.2	64.7	84.9	96.9	76.7	43.8	50.7	54.9
Deferred revenue								283	292	339
Short-term debt		6.03	0.89	22	22.7	13.6	1.16
Total current liabilities	416	519	993	983	922	1,064	886	873	905	931
Long-term debt		79.5		31.1	14.6	1.13
Lease liabilities			438	410	448	541	506	576	573	705
Other non-current liabilities	2.83	3	5.17	28.5	31.6	8.71	8.07	10.6	11.9	14
Total liabilities	1,273	1,740	2,462	2,427	2,451	4,370	4,525	4,441	4,718	4,775
Total debt		85.5	0.89	53.1	37.4	14.8	1.16
Paid-in capital	791	841	356	431	582	621	247	288	362	410
Retained earnings	150	152	-393	-409	-137	551	540	-583	-511	-386
Treasury stock	-19.5	-1,000	-0.24
Other comprehensive income	-1.69	-0.17	-2.33	-2.76	2.57	-1.41	-2.4	-1.94	-15.1	36.2
Shareholders' equity	924	-8.16	-38.7	18.7	447	1,170	785	-297	-164	60.6
Total equity	924	-8.16	-38.7	18.7	447	1,170	785	-297	-164	60.6
Total liabilities and equity	2,193	1,733	2,423	2,446	2,898	5,540	5,309	4,144	4,555	4,836
Shares outstanding	44.9	21.5	20.5	19.2	21	21.5	22	18.3	18.7	18.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Net income	5.4	-2.6	136	220	272	689	529	128	72.4	125
Depreciation and amortization	57	83.2	91.4	101	100	96	109	119	130	149
Stock-based compensation	29.2	50.7	24	21.8	146	48.5	43.5	39.4	44.2	43.9
Deferred income tax	-0.22	3.73	-5.02	-7.71	-4.92	-6.92	-92	25.3	-1.49	25.6
Change in receivables	0.59	2.46	-8.58	-7.31	-10.5	1.56	-1.85	4.69	-8.48	0.25
Change in payables	-50.3	65.1	10.1	7.45	63.6	43.4	-56.3	-41.1	46.8	-13.6
Cash from operations	80.5	475	250	339	501	662	404	202	17.1	452
Capital expenditures	-170	-68.4	-80	-93.6	-111	-185	-174	-269	-231	-200
Acquisitions	-116				-17.9					-32.1
Purchases of investments	-248	-16.1
Sales and maturities of investments	187	46.9
Cash from investing	-311	123	-80	-123	-198	-194	-171	-307	-240	-224
Debt repaid							-395
Stock issued	3.26	24.9	44	27.1	14.4	32	231	12.1	30.9	4.39
Share buybacks		-1,000	-250	-250			-1,000	-1,253	-12
Cash from financing	-2.24	-687	-189	-175	-244	1,607	-902	-1,283	131	-219
Exchange rate effect	0.45	0.15	-0.13	0.02	0.16	-0.1
Net change in cash	-244	-89.8	-19.5	41.9	59.4	2,075	-670	-1,388	-93.3	10.8
Free cash flow	-89.5	406	170	246	390	477	230	-67.1	-214	252
Interest paid	16.6	28.2	31.2	43.3	27.2	39.5	134	246	220	217
Income taxes paid	48.5	4.03	41.3	40.1	74.2	159	41.4	14.3	21.1	12.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $124.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.3%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.8%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.3%	Cash from operations / revenue.
Effective tax rate	26.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	92.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
SG&A / revenue	34.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-18.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	72.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-38.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-14.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	74.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-31.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2,545.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	3.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-8.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 3y	-57.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-32.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-9.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	97.7%	Total liabilities / total assets.
Working capital	$126.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$23.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	1.33x	Revenue / average property, plant and equipment.
Receivables turnover	43.6x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	224.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$175.35	Revenue / diluted weighted shares.
FCF per share	$12.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$21.64	Cash from operations / diluted weighted shares.
Book value per share	$6.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.26	Tangible book value / shares outstanding.
Cash per share	$6.63	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.35B	Share price x shares outstanding.
Enterprise value	$2.22B	Market cap + total debt - cash - short-term investments.
P/E	21.0x	Market cap / net income. Only when net income is positive.
P/S	0.68x	Market cap / revenue.
P/B	19.5x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.37x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.51x	Market cap / cash from operations, when positive.
EV/Sales	0.64x	Enterprise value / revenue.
EV/EBIT	6.45x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.42x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.87x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.7%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).

What was RH's revenue in fiscal 2025?

RH reported revenue of $3.44B for fiscal 2025, 8.1% higher than the year before.

Was RH profitable in fiscal 2025?

Yes. Net income was $124.8M, a net margin of 3.6%.

How much free cash flow did RH generate in fiscal 2025?

Cash from operations of $452.2M minus capital expenditures of $199.8M left free cash flow of $252.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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