RH PP&E Disclosure
| JANUARY 31, | | FEBRUARY 1, | |||
2026 | 2025 | |||||
(in thousands) | ||||||
Finance lease right-of-use assets(1) | $ | 1,565,175 | $ | 1,327,476 | ||
Leasehold improvements(2) | 504,631 | 441,140 | ||||
Building and building improvements(3) |
| 420,070 |
| 369,921 | ||
Computer software |
| 198,515 |
| 186,048 | ||
Furniture, fixtures and equipment |
| 120,296 |
| 111,384 | ||
Land |
| 123,103 |
| 105,071 | ||
Machinery, equipment and aircraft |
| 101,467 |
| 90,905 | ||
Built-to-suit property | 38,791 | 37,057 | ||||
Total property and equipment | 3,072,048 | 2,669,002 | ||||
Less—accumulated depreciation and amortization(4) |
| (913,330) |
| (785,826) | ||
Total property and equipment—net | $ | 2,158,718 | $ | 1,883,176 | ||
| (1) | Refer to “Lease Accounting” within Note 3—Significant Accounting Policies and Note 10—Leases. |
| (2) | Includes construction in progress of $37 million and $13 million as of January 31, 2026 and February 1, 2025, respectively. |
| (3) | Includes $22 million and $109 million of owned buildings under construction related to future Design Galleries as of January 31, 2026 and February 1, 2025, respectively. |
| (4) | Includes accumulated amortization related to finance lease right-of-use assets of $384 million and $320 million as of January 31, 2026 and February 1, 2025, respectively. Refer to Note 10—Leases. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Apr 1, 2026 | Showing above |
| 2025 | Apr 2, 2025 | |
| 2024 | Mar 28, 2024 | |
| 2023 | Mar 29, 2023 | |
| 2022 | Mar 30, 2022 | |
| 2021 | Mar 30, 2021 | |
| 2020 | Mar 30, 2020 | |
| 2019 | Mar 29, 2019 | |
| 2018 | Mar 29, 2018 | |
| 2017 | Mar 29, 2017 | |
| 2016 | Mar 30, 2016 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.