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Williams-Sonoma (WSM) investor relations material
Williams-Sonoma Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 delivered 3.7% comparable brand revenue growth, with all brands posting positive comps and emerging brands achieving double-digit gains.
Operating margin expanded to 17.9%, and diluted EPS rose 19.8% to $2.00, outperforming industry trends despite macro uncertainty and weak housing market.
Strong performance in both furniture and non-furniture categories, with robust results in retail (7.3% comp) and e-commerce (2.0% comp) channels.
Maintained strong liquidity with $986M in cash and no debt, supporting continued investment and shareholder returns.
AI investments and innovation are delivering measurable results in customer experience, supply chain, and internal operations.
Financial highlights
Q2 net revenues reached $1.84B, up from $1.79B year-over-year, exceeding expectations.
Gross margin improved to 47.1%, up 220 bps year-over-year, driven by price increases and supply chain efficiencies.
Operating income grew to $328M, with net earnings at $247.6M and diluted EPS at $2.00.
SG&A rate decreased to 29.2% of revenues, with total SG&A expenses at $537M.
Ended Q2 with $986M cash, $283M in operating cash flow, and no outstanding borrowings.
Outlook and guidance
Raised full-year comparable brand revenue growth guidance to 2%-5% and net revenue growth to 0.5%-3.5%.
Operating margin guidance reiterated at 17.4%-17.8% for fiscal 2025 due to incremental tariff costs.
Long-term targets include mid- to high single-digit annual net revenue growth and mid- to high teens operating margin.
Management expects macroeconomic uncertainty, higher tariffs, and inflation to pressure costs and potentially earnings.
Company believes it can offset some, but not all, of the increased tariff costs.
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