RH
30 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Suppliers
Single largest vendor
depends on · 14% of our purchase dollar volumeIn fiscal 2025, we sourced 76% of our purchase dollar volume from 28 vendors, and one vendor accounted for 14% of our purchase dollar volume.Business (Item 1)
Also named by AZO
Third-party transportation providers
depends onnamed as a riskWe currently rely upon independent third-party transportation providers for product shipments from our vendors to our distribution centers, home delivery centers and retail locations and to our customers outside of certain areas.Risk factors (Item 1A)
Partners and platforms
Aspen Development Partner
named as a riskIn fiscal 2020, we entered into equity method investments in connection with real estate development initiatives in Aspen, Colorado with a third-party real estate development partner (the “Aspen Development Partner”).Risk factors (Item 1A)
Other companies
RH Members Program
earns from · approximately 97% of sales in our core RH businessDuring fiscal 2025, our members drove approximately 97% of sales in our core RH business, and we had approximately 262,000 members at year-end.Business (Item 1)
Gary Friedman
depends onnamed as a riskThe success of our business depends upon our ability to retain certain key personnel, particularly our Chairman and Chief Executive Officer, Gary Friedman, and our ability to attract and retain additional qualified key personnel in the future.Risk factors (Item 1A)
Places
China
depends on · 13%named as a riskAdditionally, during 2025, tariffs on certain Chinese-origin goods were significantly increased before being partially suspended under short-term bilateral frameworks, creating further volatility and uncertainty.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
California
concentrated in · 17named as a riskIn particular, our corporate headquarters is located in Northern California and other parts of our operations are located in Northern and Southern California, each of which is vulnerable to the effects of disasters, including fires and earthquakes that could disrupt our operations and affect our results of operations, and there is evidence that extreme weather, extended droughts and shifting climate patterns have intensified the frequency and severity of wildfires in California.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Asia
depends on · 69%named as a riskA significant subset of our products sourced from Asia has been affected by increased tariffs imposed in 2018, 2019 and 2025 and may be subject to further increased tariffs.Risk factors (Item 1A)
Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more
Vietnam
depends on · 39%named as a riskBased on total dollar volume of purchases for fiscal 2025, 69% of our products were sourced from Asia, including 39% from Vietnam, 13% from China and the remainder predominantly from Indonesia and India, 21% from North America, including 13% from the United States, as well as 10% from Europe and other countries.Risk factors (Item 1A)
Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more
Germany
operates in · $19 millionnamed as a riskFor example, in the third quarter of fiscal 2024, we recognized long-lived asset impairment charges of $19 million for our two Design Galleries in Germany due to the asset carrying value of each location exceeding the estimated fair market value of the long-lived assets over their respective remaining lease terms, both of which end in 2027 (refer to “Impairment” within Note 3—Significant Accounting Policies in our consolidated financial statements within Part II of this Annual Report).Risk factors (Item 1A)
Also named by APO, AXGN, BF/B, CPRT, DASH, EBAY, GD, GDDY and 12 more
Hazards
California wildfires and earthquakes
operates innamed as a riskIn particular, our corporate headquarters is located in Northern California and other parts of our operations are located in Northern and Southern California, each of which is vulnerable to the effects of disasters, including fires and earthquakes that could disrupt our operations and affect our results of operations, and there is evidence that extreme weather, extended droughts and shifting climate patterns have intensified the frequency and severity of wildfires in California.Risk factors (Item 1A)
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its price · approximately $24 millionnamed as a riskBased on the average interest rate on the revolving line of credit under the ABL Credit Agreement and the Term Loan B and Term Loan B-2 under the Term Loan Credit Agreement during fiscal 2025, and to the extent that borrowings were outstanding under any facility, for every 100-basis point change in interest rates, our annual interest expense could change by approximately $24 million.Market risk (Item 7A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Lumber
exposed to its pricenamed as a riskChanges in prices for raw materials, energy and transportation and fluctuations in currency exchange rates are dependent on a number of factors beyond our control, including macroeconomic factors that may affect commodity prices (including prices for oil, lumber and cotton); changes in supply and demand; general economic conditions; rising interest rates; inflation; significant political events; labor costs; natural disasters, including as a result of climate change; duties and tariffs and other similar factors.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more
Vietnamese dong
exposed to its pricenamed as a riskChanges in the value of the U.S. dollar relative to foreign currencies, including the Vietnamese dong and Chinese yuan, may increase our vendors’ cost of business and ultimately our cost of goods sold, selling, general and administrative expenses, as well as our other expenses.Risk factors (Item 1A)
Paper
exposed to its pricenamed as a riskFuture increases in shipping rates, paper costs or printing costs would have a negative impact on our results of operations to the extent that we are unable to offset such increases through increased sales or by raising prices, by implementing more efficient printing, mailing, delivery and order fulfillment systems, or by using alternative direct-mail formats.Risk factors (Item 1A)
Pound sterling, Euro and Canadian Dollar
exposed to its pricenamed as a riskCertain of our operating expenses are denominated in the currencies of the countries in which our operations exist or are expanding, and accordingly, we have exposure to adverse movements in foreign currency exchange rates, particularly changes in the Pound sterling, Euro and Canadian Dollar, as our international operations are translated from local currency, or functional currency, into U.S. dollars upon consolidation.Market risk (Item 7A)
Regulators
U.S. Customs and Border Protection
subject tonamed as a riskIt is possible that U.S. Customs and Border Protection or other relevant authorities could, upon review or audit, disagree with the valuation, rules of origin or classification methods applied to certain merchandise.Risk factors (Item 1A)
Also named by BALL, BJ, CHRW, CROX, EXPD, FDX, FDXF, JBHT and 12 more
California Air Resources Board
subject tonamed as a riskLikewise, many of our products are subject to the regulations of the California Air Resources Board and the Environmental Protection Agency regarding formaldehyde emissions from composite wood products (e.g., plywood and medium density fiberboard).Risk factors (Item 1A)
Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more
Consumer Product Safety Commission (CPSC)
subject tonamed as a riskThe CPSC is particularly active in regulation and enforcement activities related to the kinds of children’s products sold in our RH Baby & Child division.Risk factors (Item 1A)
Also named by ASO, AXON, BBW, CHD, DORM, GNRC, HAS, KVUE and 8 more
Laws and programs
OECD Pillar II global minimum tax
subject to · 15%named as a riskChanges in tax laws based upon Pillar II or other proposals could have an adverse impact on our effective tax rate, income tax expense and cash flows.Risk factors (Item 1A)
Term Loan Credit Agreement
$2,399 million outstandingnamed as a riskAs of January 31, 2026, we had $20 million of outstanding borrowings under the revolving line of credit and $2,399 million outstanding under the Term Loan Credit Agreement.Market risk (Item 7A)
General Data Protection Regulation (GDPR)
subject tonamed as a riskIn the European Union, the General Data Protection Regulation (“GDPR”) governs data practices and privacy.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskFor example, in California, the California Consumer Privacy Act (the “CCPA”), which went into effect on January 1, 2020, imposes requirements on companies handling data of California residents.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskThe review of the United States-Mexico-Canada Agreement (USMCA) in 2026 by the parties to the agreement may also result in changes to U.S., Canada and Mexico trade, tariffs, and preferential treatment between the three countries.Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
International Emergency Economic Powers Act (IEEPA) tariffs
subject tonamed as a riskOn February 20, 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the IEEPA.Risk factors (Item 1A)
Also named by AAOI, ANET, ARW, COHR, CSW, DECK, FIVE, IBP and 8 more
Uyghur Forced Labor Prevention Act
subject tonamed as a riskIn addition, the U.S. Government has imposed import restrictions under the Withhold Release Orders and under the Uyghur Forced Labor Prevention Act for goods such as cotton, aluminum, polysilicon, and other targeted input products originating or allegedly originating from the Xinjiang Uyghur Autonomous Region which may induce greater supply chain compliance costs and delays to us and to our vendors.Risk factors (Item 1A)
Also named by AMRC, ANET, ASO, CROX, DDS, FND, FSLR, LULU and 7 more
Lacey Act
subject tonamed as a riskCertain of the products we sell are subject to the Lacey Act, prohibiting the importation and sale of products containing illegally harvested wood, among other things.Risk factors (Item 1A)
Also named by FND
U.S. Section 232 tariffs on wood furniture
subject tonamed as a riskThese 2025 U.S. tariff actions included broad “reciprocal” tariff measures affecting imports from most countries and new Section 232 tariffs targeting wood and wood-containing furniture products.Risk factors (Item 1A)