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LEASES (Tables) | 9 Months Ended
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Nov. 01, 2025
LEASES |
Summary of lease costs-net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | THREE MONTHS ENDED | ​ | NINE MONTHS ENDED
​ | ​ | ​ | NOVEMBER 1, |  | NOVEMBER 2, | ​ | NOVEMBER 1, |  | NOVEMBER 2,
​ |  |  | 2025 |  | 2024 | ​ | 2025 |  | 2024
​ | ​ | ​ | (in thousands)
Operating lease costs(1) | ​ | ​ | $ | 38,184 | ​ | $ | 32,891 |  | $ | 110,077 | ​ | $ | 99,129
Finance lease costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of leased assets(1) | ​ | ​ | ​ | 15,605 | ​ | ​ | 13,264 | ​ | ​ | 45,153 | ​ | ​ | 38,582
Interest on lease liabilities(2) | ​ | ​ | ​ | 10,690 | ​ | ​ | 7,894 | ​ | ​ | 28,883 | ​ | ​ | 23,223
Variable lease costs(3) | ​ | ​ | ​ | 5,764 | ​ | ​ | 4,748 | ​ | ​ | 19,393 | ​ | ​ | 17,869
Sublease income(4) | ​ | ​ | ​ | (1,187) | ​ | ​ | (1,195) | ​ | ​ | (3,558) | ​ | ​ | (3,528)
Total lease costs—net | ​ | ​ | $ | 69,056 | ​ | $ | 57,602 | ​ | $ | 199,948 | ​ | $ | 175,275
(1) | Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of income based on our accounting policy.
(2) | Included in interest expense—net on the condensed consolidated statements of income. Amounts include lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset for finance leases, which were not material in either period presented.
(3) | Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent based on a percentage of retail sales over contractual levels of $3.5 million and $2.2 million for the three months ended November 1, 2025 and November 2, 2024, respectively, and $12 million and $9.7 million for the nine months ended November 1, 2025 and November 2, 2024, respectively, as well as charges associated with common area maintenance of $2.2 million and $2.6 million for the three months ended November 1, 2025 and November 2, 2024, respectively, and $7.7 million and $8.2 million for the nine months ended November 1, 2025 and November 2, 2024, respectively. Other variable costs, which include single lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset, were not material in any period presented.
(4) | Included in selling, general and administrative expenses on the condensed consolidated statements of income.
Summary of lease right-of-use assets and lease liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | NOVEMBER 1, | ​ | FEBRUARY 1,
​ | ​ | ​ |  | 2025 |  | 2025
​ | ​ | ​ | ​ | (in thousands)
​ | ​ | Balance Sheet Classification | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Operating lease right-of-use assets | ​ | $ | 726,556 | ​ | $ | 617,103
Finance leases(1)(2)(3) | ​ | Property and equipment—net | ​ | ​ | 1,191,150 | ​ | ​ | 1,007,088
Total lease right-of-use assets | ​ | ​ | ​ | $ | 1,917,706 | ​ | $ | 1,624,191
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current(4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Operating lease liabilities | ​ | $ | 107,011 | ​ | $ | 100,944
Finance leases | ​ | Other current liabilities | ​ | ​ | 20,737 | ​ | ​ | 21,135
Total lease liabilities—current | ​ | ​ | ​ | ​ | 127,748 | ​ | ​ | 122,079
Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Non-current operating lease liabilities | ​ | ​ | 658,328 | ​ | ​ | 573,468
Finance leases | ​ | Non-current finance lease liabilities | ​ | ​ | 721,613 | ​ | ​ | 630,655
Total lease liabilities—non-current | ​ | ​ | ​ | ​ | 1,379,941 | ​ | ​ | 1,204,123
Total lease liabilities | ​ | ​ | ​ | $ | 1,507,689 | ​ | $ | 1,326,202
(1) | Includes capitalized amounts related to our completed construction activities to design and build leased assets, which are reclassified from other non-current assets upon lease commencement.
(2) | Recorded net of accumulated amortization of $366 million and $320 million as of November 1, 2025 and February 1, 2025, respectively.
(3) | Includes $33 million and $35 million as of November 1, 2025 and February 1, 2025, respectively, related to an RH Design Gallery lease with a landlord that is an affiliate of the managing member of the Aspen LLCs. Refer to Note 6—Variable Interest Entities.
(4) | Current portion of lease liabilities represents the reduction of the related lease liability over the next 12 months.
Summary of maturities of lease liabilities | The maturities of lease liabilities were as follows as of November 1, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | OPERATING | ​ | FINANCE | ​ | ​
FISCAL YEAR | ​ | ​ |  | LEASES |  | LEASES |  | TOTAL
​ | ​ | ​ | ​ | (in thousands)
Remainder of fiscal 2025 | ​ | ​ | ​ | $ | 35,744 | ​ | $ | 15,264 | ​ | $ | 51,008
2026 | ​ | ​ | ​ | ​ | 147,829 | ​ | ​ | 61,431 | ​ | ​ | 209,260
2027 | ​ | ​ | ​ | ​ | 136,246 | ​ | ​ | 63,085 | ​ | ​ | 199,331
2028 | ​ | ​ | ​ | ​ | 105,390 | ​ | ​ | 62,237 | ​ | ​ | 167,627
2029 | ​ | ​ | ​ | ​ | 94,067 | ​ | ​ | 61,931 | ​ | ​ | 155,998
2030 | ​ | ​ | ​ | ​ | 85,165 | ​ | ​ | 62,966 | ​ | ​ | 148,131
Thereafter | ​ | ​ | ​ | ​ | 470,030 | ​ | ​ | 1,186,003 | ​ | ​ | 1,656,033
Total lease payments(1)(2) | ​ | ​ | ​ | ​ | 1,074,471 | ​ | ​ | 1,512,917 | ​ | ​ | 2,587,388
Less—imputed interest(3) | ​ | ​ | ​ | ​ | (309,132) | ​ | ​ | (770,567) | ​ | ​ | (1,079,699)
Present value of lease liabilities | ​ | ​ | ​ | $ | 765,339 | ​ | $ | 742,350 | ​ | $ | 1,507,689
(1) | Total lease payments include future obligations for renewal options that are reasonably certain to be exercised and are included in the measurement of the lease liability. Total lease payments exclude $696 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of November 1, 2025, of which $5.6 million, $29 million, $36 million, $38 million, $41 million and $41 million will be paid in the remainder of fiscal 2025, fiscal 2026, fiscal 2027, fiscal 2028, fiscal 2029 and fiscal 2030, respectively, and $505 million will be paid subsequent to fiscal 2030.
(2) | Excludes an immaterial amount of future commitments under short-term lease agreements.
(3) | Calculated using the discount rate for each lease at lease commencement.
Summary of supplemental information related to leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | NINE MONTHS ENDED
​ | ​ | ​ | ​ | ​ | NOVEMBER 1, | ​ | ​ | ​ | NOVEMBER 2,
​ | ​ | ​ | ​ | ​ | 2025 | ​ | ​ | ​ | 2024
Weighted-average remaining lease term (years) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | ​ | ​ | ​ | 9.7 | ​ | ​ | ​ | 8.9 | ​
Finance leases | ​ | ​ | ​ | ​ | ​ | 21.8 | ​ | ​ | ​ | 19.5 | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | ​ | ​ | ​ | 6.2 | % | ​ | ​ | 5.6 | %
Finance leases | ​ | ​ | ​ | ​ | ​ | 6.5 | % | ​ | ​ | 5.3 | %
Summary of other information related to leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | NINE MONTHS ENDED
​ | ​ | ​ | NOVEMBER 1, | ​ | NOVEMBER 2,
​ | ​ | ​ | 2025 | ​ | 2024
​ | ​ | ​ | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | $ | (109,076) | ​ | $ | (97,068)
Operating cash flows from finance leases | ​ | ​ | ​ | (28,883) | ​ | ​ | (23,223)
Financing cash flows from finance leases—net(1) | ​ | ​ | ​ | (7,789) | ​ | ​ | (19,609)
Total cash outflows from leases | ​ | ​ | $ | (145,748) | ​ | $ | (139,900)
Non-cash transactions | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases(2) | ​ | ​ | $ | 161,674 | ​ | $ | 58,382
Finance leases | ​ | ​ | ​ | 106,331 | ​ | ​ | 37,751
Reclassification from other non-current assets to finance lease right-of-use assets | ​ | ​ | ​ | 129,337 | ​ | ​ | 71,874
​
(1) | Presented net of tenant allowances received subsequent to lease commencement of $15 million in the nine months ended November 1, 2025. We did not receive any such tenant allowances in the nine months ended November 2, 2024.
(2) | Right-of-use assets obtained in exchange for new operating lease liabilities exclude the impact from acquisitions of $4.3 million for the nine months ended November 1, 2025. Refer to Note 3—Business Combinations.

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