Key Highlights

  • Shares are trading 0.85% higher at $141.95 on Wednesday, October 28, 2026, from an implied prior close of about $140.75 (calculated).
  • Short interest was 5,446,687 shares at the October 15, 2026 settlement, with 6.12 days to cover.
  • Second-quarter revenue was $922.2 million, up 2.6%, with adjusted EBITDA of $178.5 million.
  • A $55.1 million tariff benefit lifted the quarter; adjusted EBITDA excluding it was $123.5 million, a 13.4% margin.
  • Fiscal 2026 guidance calls for revenue growth of 5.5% to 7.0% and an adjusted EBITDA margin of 15.0% to 16.2%.

RH Shares: What Is Behind the 0.85% Gain and a Crowded Short Position?

RH (NYSE:RH) shares are trading 0.85% higher at $141.95 on Wednesday, October 28, 2026. The implied prior close is about $140.75 (calculated). No company release dated October 28 accompanies the move.

The stock closed at $127.82 on Wednesday, October 21, after a 6.75% rise that day, so the current price is about 11% above it (calculated). The 52-week range runs from $106.30 to $239.40, and the market value is roughly $2.7 billion at today's price (calculated).

RH is a luxury home furnishings retailer built around design galleries and is expanding internationally, including RH London.

Short Interest: Why Do 6.12 Days to Cover Matter After a Volatile Year?

Short-interest data for the settlement date of October 15, 2026 show 5,446,687 shares sold short, up 152,107 from 5,294,580 on September 30. Days to cover was 6.12 on average daily volume of about 889,626 shares, and the position is about 28.8% of shares outstanding (calculated).

At the March 31, 2026 settlement, about 4.89 million shares were short. After a fiscal fourth-quarter miss in early April, the stock rose 8.9% on April 17 in a rebound tied to short covering.

A high short interest means many holders expect weakness, and covering those positions can amplify rallies, as April showed.

Second-Quarter Results: How Much of the Beat Came From Tariff Refunds?

RH reported second-quarter fiscal 2026 results on Thursday, September 10, 2026. Revenue was $922.2 million, up 2.6% and above its guidance range. GAAP net income was $60.2 million, and adjusted EPS was $2.70 against a much lower consensus.

Adjusted EBITDA was $178.5 million, a 19.4% margin, which included a $55.1 million tariff benefit. Excluding it, adjusted EBITDA was $123.5 million, a 13.4% margin. Another $13.9 million of tariff benefit is expected in the second half, and about $50 million is earmarked to offset supply-chain cost increases.

Cash generated in the quarter was $72.3 million, excluding $69.2 million of tariff refunds received.

Guidance and International Costs: What Do Third and Fourth Quarters Imply?

Fiscal 2026 revenue growth is guided to 5.5% to 7.0%, with adjusted EBITDA margin of 15.0% to 16.2% and a drag of about 340 basis points from international start-up costs. Third-quarter revenue growth is guided to 5% to 6% at a 12.5% to 13.5% margin.

The fourth quarter implies growth of 16.1% to 21.2% and a margin of 19.7% to 22.9%. Capital spending is guided to $240 million to $260 million in 2026, falling to $175 million to $200 million in 2027.

Analyst consensus is Hold, with an average price target of $163.79. A Goldman Sachs forecast published on October 22 was cautious.

What to Watch Next: Third-Quarter Report and the Next Short-Interest Release

RH's third-quarter report is estimated for around December 10, 2026, a date not yet confirmed. Investors will weigh whether the fourth-quarter ramp in the guidance is on track and how tariff benefits fade. The next short-interest reading, for the October 30 settlement, is due on November 10.