Slide 1: Second Quarter 2026 Financial Results and Shareholder Letter
Exhibit 99.2 SECOND QUARTER 2026 FINANCIAL RESULTS AND SHAREHOLDER LETTER
Slide 2: RH Reports Second Quarter 2026 Results
A LETTER FROM OUR CHAIRMAN AND CEO RH REPORTS SECOND QUARTER 2026 RESULTS SECOND QUARTER 2026 HIGHLIGHTS GAAP Net Revenues Increased 2.6% to $922.2M GAAP Net Income of $60.2M, EBITDA of $168.3M and EBITDA Margin of 18.3% Adjusted EBITDA of $178.5M and Adjusted EBITDA Margin of 19.4%, inclusive of $5
Slide 3: Updated Fiscal Year 2026 Outlook
UPDATED FISCAL YEAR 2026 OUTLOOK Revenue Growth of 5.5% to 7.0% Adjusted EBITDA Margin of 15.0% to 16.2% Free Cash Flow, Asset Sales and Distribution of Equity Method Investments of $300M to $400M The above outlook includes an approximate negative 340 basis point Adjusted EBITDA margin impact from p
Slide 4: RH Estates and acquisitions of design businesses
Our acquisitions over the past six years of Michael Taylor Designs, Formations, Dennis and Leen, Joseph Jeup, and Dmitriy, plus our decades long relationships with many of the world’s distinguished antique collectors such as Ed Hardy of San Francisco, Ludovic Messager who set the tone and trends at
Slide 5: RH International and shareholder letter
If you’re a long-term shareholder / owner like I am, thank you for your belief and patience. While we’ve been running through the mud for the past four years of the worst housing market in four decades, we have also made some amazing investments, done remarkable work and expect extraordinary results
Slide 6: Onward Team RH
Never underestimate the power of a team of people who don’t know what can’t be done. Especially these people. Onward Team RH. Carpe Diem, Gary Friedman Chairman & Chief Executive Officer 5 SECOND QUARTER 2026 FINANCIAL RESULTS AND SHAREHOLDER LETTER
Slide 7: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To supplement our consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), we use the following non-GAAP financial measures: adjusted net revenues, adjusted operating income, adjusted net inc
Slide 8: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of the federal securities laws, including without limitation, our expectations regarding our financial outlook, including with respect to revenues, adjusted EBITDA margin, free cash flow, adjusted free cas
Slide 9: Forward-looking statements (continued)
discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. We derive many of our forward-looking statements from our
Slide 10: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, % OF NET AUGUST 2, % OF NET AUGUST 1, % OF NET AUGUST 2, % OF NET 2026 REVENUES 2025 REVENUES 2026 REVENUES 2025 REVENUES (dollars in thousands, except per share amounts) Net revenues $ 922,150 100.
Slide 11: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) AUGUST 1, JANUARY 31, 2026 2026 (in thousands) ASSETS Cash and cash equivalents $ 125,492 $ 41,191 Merchandise inventories 772,716 818,550 Other current assets 260,954 247,921 Total current assets 1,159,162 1,107,662 Property and equipment—net 2,594,
Slide 12: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) SIX MONTHS ENDED AUGUST 1, AUGUST 2, 2026 2025 (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 46,470 $ 59,747 Adjustments to reconcile net income to net cash provided by operating activities: Non-cash operating lease cost
Slide 13: Calculation of Free Cash Flow
CALCULATION OF FREE CASH FLOW (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (in thousands) Net cash provided by operating activities $ 145,217 $ 137,678 $ 197,718 $ 224,319 Capital expenditures (45,639) (57,000) (84,859) (109,565) Free ca
Slide 14: Calculation of Adjusted Capital Expenditures
CALCULATION OF ADJUSTED CAPITAL EXPENDITURES (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (in thousands) Capital expenditures $ 45,639 $ 57,000 $ 84,859 $ 109,565 Landlord assets under construction—net of tenant allowances 39,804 28,686
Slide 15: Reconciliation of GAAP Net Income to Adjusted Net Income
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (in thousands) GAAP net income $ 60,167 $ 51,708 $ 46,470 $ 59,747 Adjustments (pre-tax): Cost of goods sold: Asset impairments(1) — 2,
Slide 16: Adjusted net income definition and footnotes
(9) Adjusted net income is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. We define adjusted net income as consolidated net income, adjusted for the impact of certain non-recurring and other items that we do not consider representative
Slide 17: Reconciliation of Diluted Net Income per Share to Adjusted
RECONCILIATION OF DILUTED NET INCOME PER SHARE TO ADJUSTED DILUTED NET INCOME PER SHARE (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 Diluted net income per share $ 3.06 $ 2.62 $ 2.36 $ 3.01 Per share impact of adjustments (pre-tax) : (1)
Slide 18: Reconciliation of Gross Profit to Adjusted Gross Profit
RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (dollars in thousands) Gross profit $ 444,853 $ 409,259 $ 776,112 $ 764,592 Asset impairments(1) — 2,584 — 2,584 Product recall(1) — 1,4
Slide 19: Reconciliation of SG&A to Adjusted SG&A
RECONCILIATION OF SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (dollars in thousands) Selling, general and administrative expenses $ 33
Slide 20: Reconciliation of Net Income to Operating Income and Adjusted Operating Income
RECONCILIATION OF NET INCOME TO OPERATING INCOME AND ADJUSTED OPERATING INCOME (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (dollars in thousands) Net income $ 60,167 $ 51,708 $ 46,470 $ 59,747 Interest expense—net 50,993 57,358 103,656
Slide 21: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA AND NORMALIZED ADJUSTED EBITDA (Unaudited) THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (dollars in thousands) Net income $ 60,167 $ 51,708 $ 46,470 $ 59,747 Depreciation and amortization 40
Slide 22: EBITDA reconciliation footnotes
(3) Amounts consisted of the following in each period: THREE MONTHS ENDED SIX MONTHS ENDED AUGUST 1, AUGUST 2, AUGUST 1, AUGUST 2, 2026 2025 2026 2025 (in thousands) Foreign exchange from transactions (a) $ (386) $ (364) $ 828 $ (733) Foreign exchange from remeasurement of intercompany loans(b) (1,4
Slide 23: Reconciliation of Trailing Twelve Months Net Income to Adjusted EBITDA
RECONCILIATION OF TRAILING TWELVE MONTHS NET INCOME TO TRAILING TWELVE MONTHS EBITDA AND TRAILING TWELVE MONTHS ADJUSTED EBITDA (Unaudited) TRAILING TWELVE MONTHS AUGUST 1, 2026 (in thousands) Net income $ 111,510 Depreciation and amortization 158,313 Interest expense—net 215,073 Income tax expense—
Slide 24: Calculation of Total Debt, Total Net Debt and Net Debt Ratio
CALCULATION OF TOTAL DEBT, TOTAL NET DEBT AND RATIO OF TOTAL NET DEBT TO TRAILING TWELVE MONTHS ADJUSTED EBITDA (Unaudited) AUGUST 1, INTEREST 2026 RATE(1) (dollars in thousands) Asset based credit facility $ — 5.33% Term loan B(2) 1,905,000 6.35% Term loan B-2 (2) 481,250 7.01% Notes payable for sh