Ross Stores, Inc.
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+ FollowMarket Cap$73.28B
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Earnings Call Q2 2026
August 20, 2026 - AI Summary
Strong top-line momentum (and what drove it):
- Q2 comparable store sales +10% (2nd straight quarter of double-digit comps).
- Growth driven primarily by higher transaction count / customer traffic (customers visiting more often and spending more).
- Customer capture improved with new and re-lapsed customers, plus more frequent trips from existing customers. New customer cohorts were broad across income/age demographics, suggesting durable brand relevance rather than a narrow segment.
Earnings surge powered by margin leverage + tariff refunds:
- Total sales +13% to $6.3B.
- Operating margin +610 bps in Q2, but the call emphasized a large tailwind: ~405 bps of tariff refunds included in Q2 operating margin.
- Net income $851M vs $558M prior year; EPS $2.66 vs $1.56.
- Management also cited underlying profitability drivers: merchandise margin +110 bps, distribution costs -100 bps, occupancy cost leverage +25 bps, partly offset by buying cost deleverage (-5 bps) and freight cost headwind (+10 bps).
Guidance raised for the back half of 2026 (key forecasts):
- Q3 comp +6% to +7%; Q3 EPS $1.75–$1.83 (vs $1.58 last year).
- Q3 total sales +9% to +11%; operating margin planned 11.7%–12.0% (vs 11.6% last year), aided by comp leverage and slightly higher merchandise margins, offset by higher freight/fuel assumptions.
- Q4 comp +4% to +5% (vs +9% last year); Q4 EPS $2.17–$2.26 (vs $2.00 same period 2025).
- Full-year 2026 EPS forecast: $8.61–$8.77 (vs $6.61 last year).
- Tariff refunds included in guidance: about $0.60 EPS for the year (same concept reiterated as embedded in Q1/Q2 too).
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$109.62
55.4% downside
Current Fair Value
55.4% downsideOvervalued by 55.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $73.28 Billion |
|---|---|
| Enterprise Value | $73.82 Billion |
| Annual dividend | $1.74 |
| Dividend yield | 0.76% |
| Earnings per Share | $6.66 |
| Beta | 0.84 |
| Outstanding Shares | 318,322,000 |
Return
| Return on Equity | 37.78% |
|---|---|
| Return on Assets | 16.64% |
| Return on Invested Capital | 30.82% |
Valuation & Multiples
| P/E Ratio | 27.4 |
|---|---|
| PEG | 40.55 |
| Price to Sales | 3.19 |
| Price to Book Ratio | 11.17 |
| Enterprise Value to Revenue | 3.01 |
| Enterprise Value to EBIT | 21.58 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.07 |
| Debt to Equity | 0.69 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 20, 2026
EPS Estimate
$1.95
Consensus analyst estimateRevenue Estimate
$6.16 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 19, 2026
EPS Estimate
$1.85
Consensus analyst estimateRevenue Estimate
$6.21 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.24, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2381▼ 195.14% |
|---|---|
| Total Calls | 8,400▼ 99.19% |
| Total Puts | 2,000▼ 99.91% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.20%▼ 90.66% |
|---|---|
| Total Invested | $3.11B▼ 95.16% |
| Investors Holding | 518▼ 961.00% |
About Ross Stores, Inc.
111,000 employees
CEO: Barbara Rentler
Ross Stores, Inc., operating through its various subsidiaries, manages a network of discount retail chains specializing in apparel and home furnishings. These stores operate primarily under two distinct brand names: Ross Dress for Less a...