Ross Stores earnings: guidance and results
Ross Stores' next results are expected on November 19, 2026. Watch whether Ross Stores' customer transactions remain strong without another tariff windfall.
What has Ross Stores guided for the next results?
The full-year earnings range includes approximately $0.60 per share from tariff refunds. Removing that benefit implies earnings of approximately $8.01–$8.17 per share, an illustration of recurring profit rather than a new company forecast. Earnings per share divides profit among the company’s shares, so buybacks can lift it by reducing the share count even if total profit does not rise. These promises create the baseline for analysts’ forecasts.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Comparable store sales increase (%) — third quarter | Quarter to Oct 2026 | 6.0% | 7.0% | Aug 20, 2026 |
| Comparable store sales increase (%) — fourth quarter | Quarter to Jan 2027 | 4.0% | 5.0% | Aug 20, 2026 |
| Earnings per share — third quarter | Quarter to Oct 2026 | 1.75 | 1.83 | Aug 20, 2026 |
| Earnings per share — fourth quarter | Quarter to Jan 2027 | 2.17 | 2.26 | Aug 20, 2026 |
| Fiscal year earnings per share | Year to Jan 2027 | 8.61 | 8.77 | Aug 20, 2026 |
What promises has Ross Stores kept?
Conroy’s first year also produced a mixed record on promises. Ross initially forecast fiscal 2025 earnings per share of US$5.95–US$6.55 and ultimately delivered US$6.61. It also planned 90 store openings and completed 90. But the earnings range fell to US$6.08–US$6.21 during the year before improving, so the final beat came after a period of weaker confidence.
The fairest conclusion is a qualified yes: executives retain meaningful ownership, the share count is shrinking, and the first full year under Conroy finished above the original forecast. The harder question is whether future rewards follow lasting operating improvement rather than temporary conditions or convenient exclusions.
How have Ross Stores results changed over the last eight quarters?
The August 2026 quarter showed genuine trading improvement, but the tariff refund overstated recurring earnings growth.
| Aug 2026 | May 2026 | Jan 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,264,886 | 6,010,476 | 6,635,490 | 5,600,946 | 5,529,152 | 4,984,971 | 5,912,279 | 5,071,354 |
| Gross margin | 33.8% | 29.6% | 27.2% | 28.0% | 27.6% | 28.2% | 26.5% | 28.3% |
| Operating income | 1,103,618 | 804,026 | 814,115 | 648,498 | 638,274 | 606,470 | 731,024 | 604,216 |
| Net income | 851,299 | 649,964 | 645,865 | 511,935 | 507,995 | 479,249 | 586,784 | 488,808 |
| EPS, diluted | 2.66 | 2.02 | 2.00 | 1.58 | 1.56 | 1.47 | 1.79 | 1.48 |
| = Free cash flow | 624,495 | 627,055 | 920,809 | 617,827 | 466,635 | 202,337 | 676,575 | 333,002 |
What should I watch in Ross Stores results?
The quarter ending October 31, 2026, will test the raised comparable-sales outlook and the planned openings. The important evidence will be customer transactions, profitability without another tariff windfall, and whether stores opened on schedule.