olivLaw · US equity research
Williams-Sonoma, Inc. WSM
Retail-Home Furniture, Furnishings & Equipment Stores · SIC 5700 · Vertical: Home furniture and electronics stores (SIC 57xx)
Williams-Sonoma, Inc. (WSM) is an omni-channel specialty retailer of high-quality home products, operating 506 stores at the end of fiscal 2025. Net revenues rose 1.2% in fiscal 2025 to 7.8 billion USD, with company comparable brand revenue growth of 3.5%. In the second quarter of fiscal 2026 the company reported comparable brand revenue growth of 6.2% and raised its annual outlook, in the context of IEEPA tariff refunds.
At the close of 04 Nov 2026, Williams-Sonoma, Inc. (WSM) stock was 270.08 USD (+6.46% on the day), with market capitalisation 31.8 bn USD, P/E 27.6 on diluted EPS of 9.77 USD over the last 12 months, dividend yield 1.05%, beta 1.32, 52-week range 168.64–270.08 USD. Latest reported quarter (Q2 2027): revenue of 2.0 bn USD (+6.7% YoY), net income of 338.1 m USD (+36.6% YoY), diluted EPS 2.84 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 235.45 – 266.61
- above the upper band · %B 1.11 · band width 12.4%
- SMA 50 / 200
- 237.91 / 215.21
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 6.37 / 5.62
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.1% | −1.1% | +14.2 pp | — |
| 3 months | +8.8% | −0.5% | +9.3 pp | — |
| 6 months | +44.8% | +4.4% | +40.4 pp | — |
| Year to date | +51.2% | +12.3% | +38.9 pp | — |
| 1 year | +39.2% | +13.5% | +25.7 pp | +11.6% |
| 3 years | +250.0% | +76.4% | +173.6 pp | −11.7% |
| 5 years | +160.7% | +63.7% | +97.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 02 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 2.5 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.4 bn | 1.8 bn | 2.0 bn |
| Cost of revenue | 983.1 m | 1.3 bn | 964.3 m | 972.1 m | 1.0 bn | 1.3 bn | 1.0 bn | 947.8 m |
| Gross profit | 817.6 m | 1.2 bn | 765.8 m | 864.6 m | 867.7 m | 1.1 bn | 793.4 m | 1.0 bn |
| SG&A | 512.5 m | 635.5 m | 475.1 m | 536.6 m | 548.6 m | 627.1 m | 501.7 m | 563.2 m |
| Operating income | 305.0 m | 530.1 m | 290.7 m | 328.1 m | 319.1 m | 477.8 m | 291.7 m | 448.8 m |
| Depreciation & amortisation | 58.4 m ≈ | 58.1 m | 56.4 m | 56.8 m ≈ | 57.5 m ≈ | 60.8 m | 56.1 m | 56.6 m ≈ |
| Pre-tax income | 316.8 m | 542.6 m | 300.2 m | 337.1 m | 328.9 m | 486.2 m | 298.6 m | 461.2 m |
| Income tax | 79.6 m | 131.9 m | 69.0 m | 89.6 m | 87.3 m | 118.2 m | 67.2 m | 123.1 m |
| Net income | 237.3 m | 410.7 m | 231.3 m | 247.6 m | 241.6 m | 368.0 m | 231.4 m | 338.1 m |
| Diluted EPS | 1.87 | 3.28 ≈ | 1.85 | 2.00 | 1.96 | 3.04 ≈ | 1.93 | 2.84 |
| Operating cash flow | 253.5 m ≈ | 633.5 m | 118.9 m | 282.7 m ≈ | 316.3 m ≈ | 596.9 m | 156.3 m | 539.5 m ≈ |
| Capex | 83.4 m ≈ | 67.2 m | 58.3 m | 52.0 m ≈ | 68.2 m ≈ | 80.9 m | 57.7 m | 58.7 m ≈ |
| Dividends paid | 73.1 m ≈ | 71.2 m | 74.7 m | 81.3 m ≈ | 80.6 m ≈ | 79.9 m | 85.6 m | 89.9 m ≈ |
| Share repurchases | 533.9 m | 100.0 m | 90.0 m | 199.1 m | 266.6 m | 298.3 m | 287.8 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 43-quarter history (min 3.7, median 7.8, max 24.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.7 bn | 5.9 bn | 6.8 bn | 8.2 bn | 8.7 bn | 7.8 bn | 7.7 bn | 7.8 bn |
| Revenue YoY | +7.2% | +4.0% | +15.0% | +21.6% | +5.2% | −10.6% | −0.5% | +1.2% |
| Net income | 333.7 m | 356.1 m | 680.7 m | 1.1 bn | 1.1 bn | 949.8 m | 1.1 bn | 1.1 bn |
| Net income YoY | +28.6% | +6.7% | +91.2% | +65.5% | +0.1% | −15.8% | +18.5% | −3.3% |
| Diluted EPS | 4.05 | 4.49 | 8.61 | 14.75 | 8.16 | 7.28 | 8.79 | 8.84 |
| Diluted EPS YoY | +34.1% | +10.9% | +91.8% | +71.3% | −44.7% | −10.8% | +20.7% | +0.6% |
| net % | 5.9% | 6.0% | 10.0% | 13.7% | 13.0% | 12.3% | 14.6% | 13.9% |
| Free cash flow | 395.9 m | 421.0 m | 1.1 bn | 1.1 bn | 698.7 m | 1.5 bn | 1.1 bn | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 01 Feb 2026
- Cash
- 1.0 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.1 bn USD
- Total assets
- 5.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.39x
- ROE
- 51.5%
- ROA
- 20.3%
- FCF margin
- 13.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.8 bn | 8.2 bn | 8.7 bn | 7.8 bn | 7.7 bn | 7.8 bn | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | — | — | — | 4.4 bn | 4.1 bn | 4.2 bn | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 2.6 bn | 3.6 bn | 3.7 bn | 3.3 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 26 Mar 2026verified |
| SG&A | 1.7 bn | 2.2 bn | 2.2 bn | 2.1 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 910.7 m | 1.5 bn | 1.5 bn | 1.2 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 188.7 m | 196.1 m | 214.2 m | 232.6 m | 229.8 m | 231.4 m | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | 1.1 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.5 bn ≈ | 1.7 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Pre-tax income | 894.5 m | 1.5 bn | 1.5 bn | 1.3 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 213.8 m | 324.9 m | 372.8 m | 323.6 m | 360.5 m | 364.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 680.7 m | 1.1 bn | 1.1 bn | 949.8 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 8.61 | 14.75 | 8.16 | 7.28 | 8.79 | 8.84 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 79.1 m | 76.4 m | 138.2 m | 130.5 m | 128.0 m | 123.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Dividend per share | 2.02 | 2.60 | 1.56 | 1.80 | 2.28 | 2.64 | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 850.3 m | 367.3 m | 1.3 bn | 1.2 bn | 1.0 bn | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 1.0 bn | 1.2 bn | 1.5 bn | 1.2 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 2.5 bn | 2.3 bn | 2.0 bn | 2.7 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 873.9 m | 920.8 m | 1.1 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | 85.4 m | 85.4 m | 77.3 m | 77.3 m | 77.3 m | 77.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 4.7 bn | 4.6 bn | 4.7 bn | 5.3 bn | 5.3 bn | 5.4 bn | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 543.0 m | 612.5 m | 508.3 m | 607.9 m | 645.7 m | 638.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | 299.4 m | 0 | — | — | — | — | SEC (XBRL)· 28 Mar 2022verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 09 Jun 2021verified |
| Current liabilities | 1.8 bn | 1.8 bn | 1.6 bn | 1.9 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 3.0 bn | 3.0 bn | 3.0 bn | 3.1 bn | 3.2 bn | 3.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 1.7 bn † | 1.7 bn † | 1.7 bn † | 2.1 bn † | 2.1 bn † | 2.1 bn † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.4 bn | 1.1 bn | 1.7 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 169.5 m | 226.5 m | 354.1 m | 188.5 m | 221.6 m | 259.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | 1.1 bn ≈ | 1.1 bn ≈ | 698.7 m ≈ | 1.5 bn ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -168.9 m | -226.2 m | -354.0 m | -188.3 m | -221.2 m | -260.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -343.0 m | -1.5 bn | -1.2 bn | -598.3 m | -1.2 bn | -1.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Dividends paid | 157.6 m | 187.5 m | 217.3 m | 232.5 m | 280.1 m | 316.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Share repurchases | 150.0 m | 899.4 m | 880.0 m | 313.0 m | 807.5 m | 854.0 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 31.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation23
- Returns72
- Quality94
- Balance sheet54
- Growth9
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 34.69 – 208.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E104.98 – 208.20 (Mid 162.05)7 companies used · median multiple 16.6x · quartiles 10.7x – 21.3xARHS, BBY, GME, HTLM, IZM, LOVE, RH
- Dividend discount (DDM)34.69 – 46.66 (Mid 39.79)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.7% | 89 (vs peers) | 10% |
| FCF conversion · Quality | 113.9% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -3.5% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 2.7% | 18 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 27.6x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 53 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 25.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial54/100 · 1/3 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation23/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WILLIAMS-SONOMA, INC. (WSM). Latest full fiscal year: 2026; data up to 2026-08-02.
Figures computed from the financial statements: revenue 7.8 bn USD in 2026; YoY growth 1.2%; net margin 14.7%; ROE 55.0%.
The estimated value range is 69.84–127.43 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 100.92 USD, the price of 270.08 USD leaves a potential of -62.6% (value / price − 1) and a margin of safety of -167.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.7%
- FCF conversion: 113.9%
- Payout ratio (FCF): 25.0%
What contradicts it
- Revenue CAGR 3Y: -3.5%
- EPS CAGR 3Y: 2.7%
- P/E (TTM): 27.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Home furniture and electronics stores (SIC 57xx) · same major group (2-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WSMWilliams-Sonoma, Inc. | 31.8 bn | 27.6 | 55.0% | 14.7% | +1.2% | +39% / +250% |
| BBYBest Buy Co., Inc. | 21.3 bn | 16.8 | 43.1% | 3.0% | +0.4% | +28% / +43% |
| GMEGameStop Corp. | 12.7 bn | 16.6 | 15.8% | 25.2% | −5.1% | +12% / +73% |
| RHRh | 2.7 bn | 25.8 | 280.7% | 3.2% | +8.1% | −8% / −46% |
| ARHSArhaus, Inc. | 1.8 bn | 26.5 | 17.3% | 4.9% | +8.5% | +27% / +41% |
| LOVEThe Lovesac Company | 248.2 m | 14.2 | 8.8% | 2.6% | +2.4% | +20% / −17% |
| HTLMHomesToLife Ltd | 98.7 m | 6.1 | 85.9% | 4.4% | +12.8% | −62% / unavailable |
| AMCIAmc Robotics Corporation | 35.8 m | — | -392.8% | -506.4% | −41.4% | −82% / −85% |
| IZMIczoom Group Inc. | 8.0 m | 7.3 | 7.8% | 0.6% | +5.1% | −26% / −94% |
| HVTHaverty Furniture Companies, Inc | — | — | 8.1% | 3.1% | +5.0% | +23% / −6% |
1- and 3-year price returns: for WSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 150.48 Total return -44% · Per year -44% | 267.14 Total return -0% · Per year -0% | 403.90 Total return 51% · Per year 51% |
| 3 years | 123.63 Total return -52% · Per year -22% | 249.02 Total return -5% · Per year -2% | 416.50 Total return 58% · Per year 16% |
| 5 years | 101.58 Total return -59% · Per year -16% | 232.12 Total return -9% · Per year -2% | 429.50 Total return 66% · Per year 11% |
- Exit P/E± 62.25
- Net margin± 43.58
- Annual revenue growth± 38.72
- Annual dilution± 3.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Williams-Sonoma, Inc. (WSM) is an omni-channel specialty retailer of high-quality home products, operating 506 stores at the end of fiscal 2025 1. Net revenues rose 1.2% in fiscal 2025 to 7.8 billion USD, with company comparable brand revenue growth of 3.5% 1. In the second quarter of fiscal 2026 the company reported comparable brand revenue growth of 6.2% and raised its annual outlook, in the context of IEEPA tariff refunds 3.
SWOT
Strengths
- A strong portfolio of brands with distinct styles and life stages, supported by a well-developed omni-channel platform 1.
- In-house design and vertically integrated sourcing that allow high-quality products at competitive prices and cost control 1.
- A solid financial position with high liquidity that supports operations and shareholder distributions 13.
Weaknesses
- Reliance on foreign suppliers exposes the company to tariffs, currency fluctuations and shipping disruptions 1.
- Sales are sensitive to discretionary consumer spending and strong seasonality, which makes results more volatile 1.
- Margins were hit by tariff costs in the first half of fiscal 2026, and some relief depends on uncertain refunds 2.
Opportunities
- Growth in smaller brands and the business-to-business division could diversify revenue and support long-term growth 1.
- Expansion of new collections, collaborations and baby and dorm assortments could attract new customers 1.
- Automation and artificial intelligence in distribution and customer service could reduce costs and improve service 13.
Risks
- Discretionary spendinghigh
Demand depends on factors hard to control, such as consumer income, economic confidence and credit availability, which could reduce sales 1.
- Tariffs and trade policyhigh
Changes in tariffs and uncertainty about refunds could affect cost of goods sold and quarterly results 12.
- Reliance on foreign suppliersmedium
Sourcing from abroad exposes the company to delays, geopolitical risks and quality issues at suppliers 1.
- Inventory managementmedium
Long supply chains and pre-season stock requirements could lead to excess inventory and markdowns if forecasts prove wrong 1.
- Cybersecuritylow
Attacks on systems and customer data could generate unexpected costs and lost revenue 1.
Investment thesis
What would need to be true (bull case)
- If comparable growth stays strong and margins improve with supply chain efficiencies, the company could exceed its current guidance 3.
- The brand portfolio and omni-channel platform could support market share gains relative to competitors 3.
- Liquidity and operating cash flow could allow continued investment and shareholder distributions 13.
What would break the thesis
- If tariffs stay high or rise, margins could remain under pressure, especially once the effect of refunds fades 23.
- A weak housing market and elevated interest rates could reduce demand for furniture, a large part of the business 1.
- Second-quarter fiscal 2026 results include one-time refund effects, so future results could come in below reported figures 23.
What to watch
- Third-quarter fiscal 2026 results and the updated annual outlookQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company frames its strategy around three priorities: accelerating growth, delivering world-class customer service and driving earnings, with emphasis on full-price selling and cost negotiations 1. The Key Rewards loyalty and credit card program supports all brands with exclusive member benefits 1. Margins and inventory are shaped by tariffs, freight costs and the global supply chain 2.
The company had approximately 19,800 employees as of February 1, 2026, including seasonal staff hired for the peak selling period 1. It operates in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, while unaffiliated franchisees operate stores in Mexico, South Korea, India and the Philippines 1.
Market context
The company competes in a highly competitive specialty home products market where demand depends on discretionary consumer spending, housing market conditions and interest rates 1. Net revenues in fiscal 2025 rose 1.2% to 7.8 billion USD, while the retail channel comp grew 6.4% 1.
Seasonality is pronounced, with a significant portion of net revenues and earnings generated from October through January, when the company adds a large number of temporary staff 1. The growth of e-commerce has attracted many new competitors and intensified competitive pressure 1.
Trends
- IEEPA tariff refundsmixed
In the second quarter of fiscal 2026 the company recognized tariff refunds that reduced cost of goods sold, but further refunds are not assured and the guidance excludes them 23.
- Trade and tariff policyheadwind
Higher tariffs raised cost of goods sold in fiscal 2025 and the first half of fiscal 2026, and further changes in trade policy could continue to affect margins 12.
- Weak housing marketheadwind
A weak housing market and elevated interest rates could reduce home purchases and demand for furniture and kitchen products 1.
- Supply chain efficiencies and AItailwind
Distribution automation and artificial intelligence could lower operating costs and improve inventory levels and service times 13.
Competitive position
The company competes with e-commerce retailers, large department stores, discount retailers, specialty home retailers and other catalog businesses 1. It differentiates on brand authority, merchandise quality, in-house design and its omni-channel model 1.
The entry of many new competitors, including those with new business models, along with established companies, puts pressure on sales and margins 1.
- E-commerce home retailers
Online retailers selling home products that frequently enter the market with new business models 1.
- Large department stores
Department stores offering home assortments that compete in decor and furniture categories 1.
- Discount retailers
Discount retailers selling undifferentiated products at lower prices, creating price pressure 1.
- Specialty home retailers
Specialty retailers with home-centered assortments that compete directly with the company's brands 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report28 Aug 2026
- Current report26 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Shareholder vote
- Quarterly report22 May 2026
- Current report21 May 2026Results of operations · Financial statements and exhibits
- Proxy statement06 May 2026
- Annual report26 Mar 2026
- Current report18 Mar 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report25 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2026-02-01 · SEC / Williams-Sonoma, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-02 · SEC / Williams-Sonoma, Inc. · 28 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Williams-Sonoma, Inc. · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.