Exhibit 99.1

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RH REPORTS THIRD QUARTER FISCAL 2025 RESULTS

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CORTE MADERA, Calif.--(BUSINESS WIRE)—December 11, 2025--RH (NYSE: RH) has released its financial results for the third quarter ended November 1, 2025, in a shareholder letter from Chairman and Chief Executive Officer Gary Friedman, available on the Investor Relations section of its website at ir.rh.com.

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As previously announced, RH leadership will host a live conference call and audio webcast at 2:00 pm Pacific Time (5:00 pm Eastern Time) today. The live conference call may be accessed by dialing 800.715.9871 or 646.307.1963 for international callers (conference ID: 8284432). The call and replay can also be accessed via audio webcast at ir.rh.com.

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ABOUT RH

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RH (NYSE: RH) is a global curator of design, taste and style in the luxury lifestyle market. Operating across the United States, Canada, the United Kingdom and Europe, the Company offers collections through its retail galleries, sourcebooks and online at RH.com, RHModern.RH.com, RHBabyandChild.RH.com, RHTEEN.RH.com and Waterworks.com, with integrated hospitality experiences in galleries throughout the United States and internationally.

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CONTACTS

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PRESS CONTACT

truthgroup@RH.com

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INVESTOR RELATIONS CONTACT

Allison Malkin, 203.682.8225, allison.malkin@icrinc.com

Exhibit 99.2

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A LETTER FROM OUR CHAIRMAN AND CEO

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THIRD QUARTER 2025 HIGHLIGHTS

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GAAP Net Revenues Increased 9% to $884M

GAAP Net Income Increased 9% to $36M

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GAAP Operating Margin of 12.0%, Adjusted Operating Margin of 11.6%

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EBITDA Margin of 16.2%, Adjusted EBITDA Margin of 17.6%

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Free Cash Flow of $83M

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Please see the tables below for reconciliations of all GAAP to non-GAAP measures referenced in this press release.

There are no adjustments to GAAP net revenues presented in this press release.

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TO OUR PEOPLE, PARTNERS AND SHAREHOLDERS

We continued to generate industry leading growth with revenue increasing 9% in the third quarter, and up 18% on a two-year basis demonstrating the disruptive nature of our brand despite the worst housing market in almost 50 years, and the polarizing impact of tariffs.

Adjusted operating margin of 11.6% was below the 12.5% mid-point of our guidance due to higher than forecasted tariff expense on prior period special order and back order sales delivered in the quarter and higher than expected Paris opening expenses.

Adjusted EBITDA was 17.6% and we generated $83 million of free cash flow in Q3. Year-to-date free cash flow reached $198 million and we are on track to achieve our outlook range of $250M to $300M for the year.

Net debt at the end of the quarter was $2.427 billion, down $85M from Q2. We ended Q3 with real estate assets that we believe have an estimated equity value of approximately $500 million that we plan to monetize opportunistically as market conditions warrant. Additionally, we are making progress on our goal of reducing excess inventory, estimated at $300 million, with inventory down 11% versus last year, and down $82 million versus the second quarter.

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While a meaningful portion of our market share gains are coming from the fragmented To-The-Trade design showrooms, regional high-end furniture stores, and local independent boutiques, we are also gaining share from the better furniture-based national brands as you can see from the table below.

RH CONTINUED TO GENERATE INDUSTRY LEADING GROWTH AND GAIN SIGNIFICANT MARKET SHARE IN THE THIRD QUARTER ON BOTH A ONE AND TWO-YEAR BASIS

I would point out that our share gains on a two-year basis range from a low of 12 points to a high of 28 points. We find it fascinating that the market chooses to reward companies that set remarkably low expectations and slightly beat them, versus setting high expectations, as we do, and at times miss them, while still meaningfully outperforming our industry.

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OUTLOOK

We are providing the following updated financial outlook, reflecting our year-to-date performance and our current trends:

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Fourth Quarter 2025

Revenue Growth of 7% to 8%

Adjusted Operating Margin of 12.5% to 13.5%

Adjusted EBITDA Margin of 18.7% to 19.6%

The above outlook includes an approximate negative 200 basis point operating margin impact from investments and startup costs to support our international expansion and a 170 basis point impact from tariffs, net of mitigations.

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Fiscal Year 2025

Revenue Growth of 9.0% to 9.2%

Adjusted Operating Margin of 11.6% to 11.9%

Adjusted EBITDA Margin of 17.6% to 18.0%

Free Cash Flow of $250M to $300M

The above outlook includes an approximate negative 210 basis point operating margin impact from investments and startup costs to support our international expansion and a 90 basis point impact from tariffs, net of mitigations.

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IN THE SHORT RUN, THE MARKET IS A VOTING MACHINE, BUT IN THE LONG RUN, IT IS A WEIGHING MACHINE. – Benjamin Graham

We are a company that is playing the long game, historically innovating and investing during uncertain times.

We also believe post this high investment cycle and historically low housing market, the weighing machine, as it has done over our 25-year history, will accurately reward us for the truly unique, high-performance brand we are building.

On the other hand, there is no denying what an unusual time it is in our industry, and we also believe…

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NOT A TIME TO UNDERESTIMATE RISK - WE ARE IN THE THIRD YEAR OF THE WORST HOUSING MARKET IN ALMOST 50 YEARS

In 1978 there were 4.09 million existing homes sold when the U.S. had a population of 223M.

We are on track to average 4.07 million existing homes sold from 2023 to 2025 with a U.S. population of 341 million, or 53% higher than 1978.

This is a market we’ve never seen before.

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NOT A TIME TO UNDERESTIMATE RISK - TARIFFS ARE DISRUPTING SUPPLY CHAINS AND DRIVING HIGHER PRICES

There have been 16 different tariff announcements over the past 10 months that have resulted in significant resourcing, product delays, out of stocks, and driven multiple rounds of price negotiations and increases.

Despite the chaos, we continue to demonstrate our ability to gain meaningful market share while aggressively investing in strategies that we believe will create long term strategic separation.

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WHILE NOT A TIME TO UNDERESTIMATE RISK - ALSO NOT A TIME TO RUN FROM IT

It’s important to separate the signal from the noise, and remember, necessity is the mother of invention.

Our most important innovations were birthed during the most challenging and uncertain times.

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OUR STRATEGIC SEPARATION IS THE RESULT OF INNOVATING AND INVESTING DURING THOSE UNCERTAIN TIMES, AND THIS TIME IS NO DIFFERENT

Launching the most prolific product transformation in the history of our industry and believe the launch of our new concept in the Spring of next year will reaccelerate our growth and create another step change in our business.

Building an iconic global selling platform that will likely never be duplicated in our lifetimes. Construction costs post COVID have doubled across the industry, making it very difficult to emulate our immersive platform. At the same time, we have created new equally immersive physical experiences that are massively more capital efficient that we plan to unveil on our call next quarter.

We just opened what might be the most beautiful and talked about retail experience in the world, in arguably the most important city in the world, especially if your vision is to build a global luxury brand. You know which one I’m talking about. RH Paris, you have to see it to believe it.

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Developing a global hospitality business that generates significant brand awareness and cash flow. We have built a powerful restaurant company that is seamlessly integrated into our core business that will generate operating income that represents, on average 65% of the aggregate Galleries rent they reside in. The RH Ocean Grill at RH Newport Beach is our first $20 million plus restaurant that we believe will reach the mid-twenties in its second full year, and its cash flow next year might cover the rent for the entire 90,000 square foot Gallery.

Establishing a global Interior Design Firm that is moving the brand beyond presenting and selling products to conceptualizing and selling spaces. We opened our first freestanding RH Interior Design Office in Palm Desert, California, with no product except for two small sitting areas in front of our designers’ offices. It’s a real freestanding, customer facing Design Firm, and it’s generating a million dollars a month in design business in 3,000 square feet, with rent of $200 thousand a year. You can do the math.

All of which is resulting in building a brand with no peer while generating industry leading growth with high teens adjusted EBITDA margin.

Imagine what our performance will look like in a robust housing market as we cycle and leverage these investments?

Never underestimate the power of a few good people who don’t know what can’t be done.

Especially these people.

Carpe Diem,

Gary Friedman

Chairman & Chief Executive Officer

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Footnote to Q3 Revenue Growth table:

Information presented in this table is derived from the quarterly net revenues, net sales, or sales data, as applicable, disclosed in each company’s most recently ended fiscal quarter filing, as well as the comparable filing from the prior year for each company. West Elm and Pottery Barn are brands of Williams-Sonoma, Inc. and net revenues for these brands are derived from the segment reporting footnote included in Williams-Sonoma, Inc.’s filings. Our measure of revenues and net revenues are not necessarily comparable to other similarly titled captions for other companies due to different methods of calculation.

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Note:

Demand is an operating metric that we use in reference to the dollar value of orders placed (orders convert to net revenue upon a customer obtaining control of the merchandise) and excludes exchanges, shipping fees and cancellations. Demand represents the demand generated from all of our businesses including RH Interiors, RH Modern, RH Contemporary, RH Outdoor, RH Baby & Child, RH TEEN, RH Contract, Membership, Dmitriy & Co, Joseph Jeup and Waterworks, as well as sales from RH Hospitality and RH Outlet.

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Gallery demand included in this press release represents merchandise orders placed in the Gallery, as well as hospitality sales at the Gallery, if applicable, and includes Membership.

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RH England online demand included in this press release represents merchandise orders placed by customers via our website with a shipping address within the United Kingdom, and includes Membership.

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Comparable Galleries represent locations that have been open for at least 12 consecutive months as of the end of the reporting period and did not change square footage by more than 20% between periods.

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NON-GAAP FINANCIAL MEASURES

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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 income, adjusted diluted net income per share, free cash flow, adjusted free cash flow, adjusted gross profit, adjusted gross margin, adjusted selling, general and administrative expenses, adjusted selling, general and administrative expenses margin, adjusted operating margin, adjusted capital expenditures, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, trailing twelve months EBITDA and trailing twelve months adjusted EBITDA (collectively, “non-GAAP financial measures”). We compute these measures by adjusting the applicable GAAP measures to remove the impact of certain recurring and non-recurring charges and gains and to adjust for the impact of income tax items related to such adjustments to our GAAP financial statements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that they provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by senior leadership in its financial and operational decision making. The non-GAAP financial measures we use in this release may be different from the non-GAAP financial measures, including similarly titled measures, used by other companies. For more information on the non-GAAP financial measures, please see the Reconciliation of GAAP to non-GAAP financial measures tables in this release. These accompanying tables include details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

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FORWARD-LOOKING STATEMENTS

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This release contains forward-looking statements within the meaning of the federal securities laws, including without limitation, our expectations regarding adjusted EBITDA margin and free cash flow, including our outlook for the full year; statements regarding progress on our goal of reducing excess inventory; our expectations regarding market share gains; our beliefs regarding the impact of the current high-investment, historically low housing market and our view that, over time, the market will appropriately reward the unique, high-performance brand we are building; our expectations regarding the impact of tariffs, the housing market and demand trends, market volatility, inflation risk, and global discord; our expectations regarding market share gains, our growth trajectory and the positioning of RH’s brand in 2025 and beyond; our plans regarding global expansion and the expected impact on our business including over the next decade; our beliefs around the desirability of the RH brand globally; our belief that aggressive investing during a downturn positions us to capitalize on certain long-term opportunities, and that such opportunities have begun to materialize; our expectations around the impact of monetary and foreign policy, and geopolitical instability on the housing market; our belief that our investments will create meaningful long-term value for our shareholders; our belief that our product transformation plans represent the most prolific product transformation and platform expansion in the history of our industry; our belief that we are creating the most desirable and distinguished brand in our industry; our beliefs in our ability to make appropriate investments to continue our industry leading growth, while significantly reducing debt and lowering interest expense; our beliefs and expectations around the impact of our Sourcebook mailing strategy in elevating our brand and business; our plans to capitalize on certain demand trends in connection with our Sourcebook mailing strategy; our beliefs and expectations regarding our new brand extension in Spring 2026; our belief that our platform expansion plans represent a multi-billion dollar opportunity; our plans and expectations regarding the acceleration of platform expansion, including with respect to the openings of new Galleries, Design Studios, Outdoor Galleries and New Concept Galleries; our estimates of the equity value of our real estate assets; our plans and other statements relating to our global expansion efforts in Europe and the United Kingdom by opening Galleries in 2025 and 2026, including our expectations for growth in RH England and for inflection in our international business; our plans and expectations for RH England, RH Madrid, RH Paris, RH London and RH Milan; our expectations regarding business conditions for the remainder of 2025 and beyond; our plans and beliefs around our online platform and website strategies, including the timing of such updates and intentions to file design patents on user interface and product presentation designs; our beliefs and plans to monetize our assets based upon market conditions and to convert excess inventory into cash; our beliefs around the risks associated with uncertainty surrounding trade policy, including our expectations regarding the potential effect of increased tariffs on our operations and financial condition; our plans to reposition our supply chain, including the timing of shifting sourcing out of China; our plans and expectations regarding our manufacturing capacity in the U.S. and abroad, including our projections for 2025; our plans and expectations regarding production of products in the U.S. and sourcing of products from production facilities located in the U.S.; our views and projections regarding inflation in the U.S. and its effect; our forecasts and outlook for fiscal 2025 including among other matters increased backlog, investments and startup costs to support our international expansion, demand growth, revenue growth, adjusted operating margin, adjusted EBITDA margin, free cash flow, and adjusted capital expenditures; our plan to open Design Galleries in every major market, generating revenues of $5 to $6 billion in North America, and $20 to $25 billion globally; our beliefs with respect to the RH brand and our products; our strategy to move the brand beyond curating and selling product to conceptualizing and selling spaces by building an ecosystem of Products, Places, Services and Spaces that establishes the RH brand as a global thought leader, taste and place maker; our beliefs regarding the impact of our Galleries, interior design services, and hospitality experiences on our products; our plans and expectations regarding our hospitality efforts, including RH Guesthouses, RH Paris, RH Yountville, RH One and RH Two, our private jets, and RH Three, our luxury yacht; our beliefs regarding the performance of our restaurant platform, including our view that it is an integrated component of our core business that we expect to generate approximately 65% of the aggregate rent of associated galleries and our expectations regarding the performance of The RH Ocean Grill at RH Newport Beach, including revenue and cash flow projections; our goal to create a new market for travelers seeking privacy and luxury in the $200 billion North American hotel industry; our long-term strategy of building the world’s first consumer-facing architecture, interior design and landscape architecture services platform inside our Galleries; our plans and expectations regarding the launch of RH Residences; the entirety of our strategy coming to life digitally with The World of RH; our plans and expectations regarding the introduction of RH Media; our belief that our global expansion plans multiplies the market opportunity to $7 to $10 trillion; our belief that no one is better positioned than RH to create an ecosystem that makes taste inclusive, and by doing so, elevating and rendering our way of life more valuable; and any statements or assumptions underlying any of the foregoing.

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You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “short-term,” “non-recurring,” “one-time,” “unusual,” “should,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements are subject to risk 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 operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our actual results. Matters that we identify as “short-term,” “non-recurring,” “unusual,” “one-time,” or other words and terms of similar meaning may, in fact, not be short term and may recur in one or more future financial reporting periods. We cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect, or that future developments affecting us will be those that we have anticipated. Our expectations around operating metrics

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and our outlook for future financial periods are inherently subject to risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from projections. All discussions of new developments are subject to inherent uncertainty as to timing and the manner in which a new development may ultimately be launched including that certain new concepts may be canceled prior to introduction. Important risks and uncertainties that could cause actual results to differ materially from our expectations include, among others, risks related to our dependence on key personnel and any changes in key personnel; negative publicity; successful implementation of our growth strategy; uncertainties in the current and long-term performance of our business including a range of risks related to our operations as well as external economic factors; general economic conditions and the impact on consumer confidence and spending; changes in customer demand for our products; decisions concerning the allocation of capital including the extent to which we repurchase additional shares of our common stock which will affect shares outstanding and EPS; factors affecting our outstanding indebtedness; our ability to anticipate consumer preferences and buying trends, and maintain our brand promise to customers; changes in consumer spending based on weather and other conditions beyond our control; risks related to the number of new business initiatives we are undertaking including international expansion, our real estate and Gallery development strategy and our expansion into new business areas such as hospitality; strikes and work stoppages affecting port workers and other industries involved in the transportation of our products; our ability to obtain our products in a timely fashion or in the quantities required; risks related to our sourcing and supply chain including our dependence on imported products produced by foreign manufacturers and risks related to importation of such products; risks related to the operations of our vendors; risks related to tariffs; and those other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in RH’s Annual Report on Form 10-K most recently filed with the Securities and Exchange Commission (“SEC”), and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at ir.rh.com and on the SEC website at www.sec.gov. You should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date on which we made it. RH expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such forward-looking statements to reflect any change in its expectations with regard thereto, whether as a result of new information or any changes in the events, conditions or circumstances on which any such forward-looking statement is based except as required by law. All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements, as well as other cautionary statements. You should evaluate all forward-looking statements made in this release in the context of these risks and uncertainties.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CALCULATION OF FREE CASH FLOW

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CALCULATION OF ADJUSTED CAPITAL EXPENDITURES

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RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME

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RECONCILIATION OF DILUTED NET INCOME PER SHARE TO
ADJUSTED DILUTED NET INCOME PER SHARE

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RECONCILIATION OF GROSS PROFIT TO
ADJUSTED GROSS PROFIT

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RECONCILIATION OF SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

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RECONCILIATION OF NET INCOME TO OPERATING INCOME
AND ADJUSTED OPERATING INCOME

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RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

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RECONCILIATION OF TRAILING TWELVE MONTHS NET INCOME

TO TRAILING TWELVE MONTHS EBITDA AND

TRAILING TWELVE MONTHS ADJUSTED EBITDA

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