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SEGMENT REPORTING (Tables) | 9 Months Ended
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Nov. 01, 2025
SEGMENT REPORTING |
Schedule of net revenues in accordance with ASC 606, significant segment expenses and segment adjusted operating income - reportable segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | THREE MONTHS ENDED | ​ | NINE MONTHS ENDED
​ | ​ | NOVEMBER 1, | ​ | NOVEMBER 2, | ​ | NOVEMBER 1, | ​ | NOVEMBER 2,
​ |  | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | RH SEGMENT | ​ | WATERWORKS | ​ | TOTAL(1) | ​ | RH SEGMENT | ​ | WATERWORKS | ​ | TOTAL(1) | ​ | RH SEGMENT | ​ | WATERWORKS | ​ | TOTAL(1) | ​ | RH SEGMENT | ​ | WATERWORKS | ​ | TOTAL(1)
​ | ​ | (in thousands)
Net revenues | ​ | $ | 835,821 | ​ | $ | 47,989 | ​ | $ | 883,810 | ​ | $ | 768,063 | ​ | $ | 43,669 | ​ | $ | 811,732 | ​ | $ | 2,447,536 | ​ | $ | 149,377 | ​ | $ | 2,596,913 | ​ | $ | 2,226,054 | ​ | $ | 142,293 | ​ | $ | 2,368,347
Cost of goods sold | ​ | ​ | 472,171 | ​ | ​ | 21,903 | ​ | ​ | 494,074 | ​ | ​ | 429,121 | ​ | ​ | 21,271 | ​ | ​ | 450,392 | ​ | ​ | 1,373,186 | ​ | ​ | 69,399 | ​ | ​ | 1,442,585 | ​ | ​ | 1,248,680 | ​ | ​ | 67,532 | ​ | ​ | 1,316,212
Advertising expense | ​ | ​ | 35,976 | ​ | ​ | 775 | ​ | ​ | 36,751 | ​ | ​ | 16,040 | ​ | ​ | 852 | ​ | ​ | 16,892 | ​ | ​ | 99,064 | ​ | ​ | 2,433 | ​ | ​ | 101,497 | ​ | ​ | 93,770 | ​ | ​ | 2,564 | ​ | ​ | 96,334
Other segment expenses(2) | ​ | ​ | 230,525 | ​ | ​ | 19,905 | ​ | ​ | 250,430 | ​ | ​ | 204,112 | ​ | ​ | 18,462 | ​ | ​ | 222,574 | ​ | ​ | 697,932 | ​ | ​ | 59,963 | ​ | ​ | 757,895 | ​ | ​ | 632,856 | ​ | ​ | 56,848 | ​ | ​ | 689,704
Segment adjusted operating income(1) | ​ | ​ | 97,149 | ​ | ​ | 5,406 | ​ | ​ | 102,555 | ​ | ​ | 118,790 | ​ | ​ | 3,084 | ​ | ​ | 121,874 | ​ | ​ | 277,354 | ​ | ​ | 17,582 | ​ | ​ | 294,936 | ​ | ​ | 250,748 | ​ | ​ | 15,349 | ​ | ​ | 266,097
Asset impairments | ​ |  | ​ | ​ |  | ​ | ​ |  | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 19,545 | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 3,597 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 19,545
Product recall | ​ |  | ​ | ​ |  | ​ | ​ |  | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 1,913 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | —
Reorganization related costs | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,233 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | —
Non-cash compensation | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 861 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 851 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 3,669
Contract termination settlement—net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,375) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,375) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Legal settlements—net | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | (9,375)
Operating income | ​ |  | ​ | ​ |  | ​ | ​ |  | 105,930 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 101,468 | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 290,717 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 252,258
Interest expense—net | ​ |  | ​ | ​ |  | ​ | ​ |  | 57,152 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 57,590 | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 171,113 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 173,624
Other (income) expense—net | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | 694 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,533) | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 529
Income before taxes and equity method investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 48,084 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 43,851 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 123,137 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 78,105
(1) | All intercompany transactions are immaterial and have been eliminated.
(2) | Other segment expenses primarily include compensation and occupancy costs classified as selling, general and administrative expenses, and other general and administrative expenses.
Schedule of depreciation and amortization for our segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | THREE MONTHS ENDED | ​ | NINE MONTHS ENDED
​ | ​ | NOVEMBER 1, | ​ | NOVEMBER 2, | ​ | NOVEMBER 1, | ​ | NOVEMBER 2,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (in thousands)
RH Segment | ​ | $ | 37,207 | ​ | $ | 31,428 | ​ | $ | 103,947 | ​ | $ | 91,429
Waterworks | ​ | ​ | 1,169 | ​ | ​ | 1,570 | ​ | ​ | 4,294 | ​ | ​ | 4,653
Real Estate(1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total depreciation and amortization |  | $ | 38,376 |  | $ | 32,998 |  | $ | 108,241 |  | $ | 96,082
(1) | There is no depreciation and amortization for the Real Estate segment since all assets represent construction in progress.
Schedule of balance sheet information for our segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NOVEMBER 1, | ​ | FEBRUARY 1,
​ | ​ | 2025 | ​ | 2025
​ |  | RH SEGMENT |  | WATERWORKS |  | REAL ESTATE |  | TOTAL |  | RH SEGMENT |  | WATERWORKS |  | REAL ESTATE |  | TOTAL
​ | ​ | (in thousands)
Goodwill(1) | ​ | $ | 143,755 | ​ | $ | — | ​ | $ | — | ​ | $ | 143,755 | ​ | $ | 140,943 | ​ | $ | — | ​ | $ | — | ​ | $ | 140,943
Tradenames, trademarks and other intangible assets(2) | ​ |  | 62,708 | ​ |  | 17,000 | ​ |  | — | ​ |  | 79,708 | ​ |  | 59,118 | ​ |  | 17,000 | ​ |  | — | ​ |  | 76,118
Equity method investments(3) | ​ | ​ | — | ​ | ​ | 4,153 | ​ | ​ | 117,251 | ​ | ​ | 121,404 | ​ | ​ | — | ​ | ​ | 3,276 | ​ | ​ | 123,633 | ​ | ​ | 126,909
Total assets | ​ |  | 4,472,820 | ​ | ​ | 166,900 | ​ | ​ | 154,021 | ​ |  | 4,793,741 | ​ |  | 4,228,829 | ​ |  | 165,442 | ​ |  | 160,418 | ​ |  | 4,554,689
(1) | The Waterworks reporting unit goodwill of $51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018.
(2) | The Waterworks reporting unit tradename is presented net of an impairment charge of $35 million recognized in prior fiscal years.
(3) | The Waterworks segment balance represents membership interests in two European entities, one entity in which we hold a 50 percent membership interest and another entity in which we increased our membership interest from approximately 25 percent as of February 1, 2025 to approximately 28 percent as of November 1, 2025. We are not the primary beneficiary of either of these VIEs.
Schedule of retail locations and outlets outside the United States | As of November 1, 2025, we operated the following number of retail locations and outlets outside the United States: ​
​ | ​ | ​
​ | ​ | COUNT
Canada | ​ | 5
United Kingdom | ​ | 3
Germany | ​ | 2
Belgium | ​ | 1
France | ​ | 1
Spain | ​ | 1
Total(1) | ​ | 13
(1) | Geographic revenues generated outside of the United States did not exceed 10% of total consolidated net revenues in either fiscal period presented.

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