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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.
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Q2 2026 earnings summary27 Aug, 2025

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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Frequently asked questions

Williams-Sonoma, Inc. is a specialty retailer of various products for home in the United States and internationally. It operates through two segments, E-commerce and Retail. The company offers cooking, dining, and entertaining products, including cookware, tools, electrics, cutlery, tableware, outdoor, furniture, culinary education, and food. Williams-Sonoma, Inc. was founded in 1956 and is headquartered in San Francisco, California.

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