Report published August 26, 2026
Williams-Sonoma Inc. (WSM) 2Q26 Earnings First Take: Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Kate McShane, CFA, Grace Chee, Emily Ghosh, Mark Jordan, CFA, Nishi Agarwal, Samantha Chiang
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Williams-Sonoma reported 2Q26 adjusted EPS of $2.10 and revenue growth of +6.7% (comps +6.2%), beating consensus estimates, while raising its FY26 outlook. Adjusted gross margin missed expectations at 45.5% due to tariff costs, but Goldman Sachs maintains its Buy rating and $261 price target.
Key Takeaways
- 1.WSM delivered 2Q26 adj. EPS of $2.10 and comparable sales growth of +6.2%, beating consensus expectations of $2.08 and +4.5%, respectively.
- 2.Adjusted gross margin contracted 160 bps y/y to 45.5%, missing consensus of 45.9% due to lower merchandise margins pressured by tariff costs.
- 3.Full-year FY26 guidance was increased across revenue growth (+4.7% to +7.2%), comps (+4.0% to +6.5%), and operating margin (17.8% to 18.2%).
Table of Contents
- Analysis
- Implications
- Valuation & Risks
- Exhibit 1: WSM actual results vs. GS estimates
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
Exhibit 1: WSM actual results vs. GS estimates — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Total Revenue | 1959.8 USD millions | Williams-Sonoma reported revenue vs. GS estimate of $1,933.5mn and consensus of $1,926mn |
| 2Q26 Comparable Brand / Same Store Sales Growth | 6.2% | Same-store sales growth vs. 3.7% in 2Q25, above GS estimate of 5.0% and consensus of 4.5% |
| 2Q26 Adjusted Gross Margin | 45.5% | Gross margin excluding tariff refunds, below consensus of 45.9% |
| 2Q26 Adjusted EPS | 2.10 USD | Adjusted EPS excluding tariff refunds, in line with GS estimate of $2.10 and above consensus of $2.08 |
| FY26 Revenue Growth Guidance | +4.7% to +7.2%% | Updated full year guidance with midpoint above consensus at +4.8% |
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Authors / Editors
Reported Data Context
- 2Q26 Total Revenue: 1959.8 USD millions (2Q26) · Source: Company data
- 2Q26 Comparable Brand / Same Store Sales Growth: 6.2 % (2Q26) · Source: Company data
- 2Q26 Adjusted Gross Margin: 45.5 % (2Q26) · Source: Company data
- 2Q26 Adjusted EPS: 2.10 USD (2Q26) · Source: Company data
- FY26 Revenue Growth Guidance: +4.7% to +7.2% % (FY26) · Source: Company data
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