FERG
Ferguson Enterprises Inc.224.70
-0.77-0.34%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q1 '26
Large projects quantified, Q4 at 3%
Q&A quantified large capital projects at mid-high single digits of revenue, data centers over half, with growing pipelines and open orders but lumpiness from long gestation periods. Calendar Q4 growth tracked at ~3% through early December, in line with expectations amid new residential and HVAC weakness, early 2026 similar. Pricing inflation reached 3%, finished goods low single digits up, commodities mixed (PVC deflation, copper strong); modest rises expected into 2026. Margins eyed for 30-50bps progression to ~9.5% in CY2025, no outsized gross gains ahead. Large projects exceed $400M construction value, Ferguson content 2-4%. Management stayed bullish medium-term. Watch HVAC recovery.
Key Stats
Market Cap
45.12BP/E (TTM)
22.72Basic EPS (TTM)
9.89Dividend Yield
0.01%Recent Filings
10-Q
Q1 FY2026 results
Ferguson posted $8.2B net sales for Q1 ended October 31, 2025, up 5.1% y/y from $7.8B, with gross margin expanding 0.6pp to 30.7% on price inflation, acquisitions, and non-residential strength (US waterworks and commercial up ~12%). Operating profit climbed 16% y/y to $771M, diluted EPS $2.90 (up 24%, reconciles to 196.6M shares). Operating cash flow hit $430M, up 24% y/y; free cash flow not disclosed in the 10-Q. Cash dipped to $526M while total debt held at $4.1B (including new $750M 4.35% notes due 2031), with $2.4B revolver availability and covenant compliance. Share buybacks totaled $208M. Non-GAAP adjusted operating profit $808M and adjusted EPS $2.84 fully reconciled. Residential softness lingers.
8-K
Q1 beats with 5.1% sales growth
Ferguson posted Q1 sales of $8.2B, up 5.1% with 4.2% organic growth, while gross margin hit 30.7% and adjusted operating margin 9.9%—both up sharply. US non-residential revenue surged 12% despite residential weakness, fueled by one acquisition. Strong balance sheet at 1.1x net debt/EBITDA supports $208M buybacks. Calendar 2025 sales guidance lifted to ~5% growth.
8-K
Stockholders approve directors, auditors
Ferguson Enterprises stockholders overwhelmingly elected all eleven director nominees at the December 3, 2025 annual meeting, with votes for ranging 155.6M to 168.6M against minimal opposition. They ratified Deloitte & Touche as auditors for the August-December transition period (173.7M for) and advisory approved fiscal 2025 executive pay (153.7M for). All proposals passed decisively.
10-K
FY2025 results
Ferguson posted FY2025 net sales of $30.8B, up 3.8% y/y from $29.6B, driven by U.S. non-residential growth of 6.8% while residential edged up 0.9%; adjusted operating profit edged higher to $2.8B. Gross margins expanded 0.2pp to 30.7% on management actions offsetting early deflation, yet SG&A rose 5.6% on incentives and inflation. Q4 volume accelerated non-residential momentum across commercial, civil/infrastructure, and industrial, powering the year's topline beat. Operating cash flow hit $1.9B; $4.2B debt offset by $2.0B revolver capacity. $948M share buybacks trimmed shares 2.5%. Supply chain disruptions threaten quarterly momentum.
8-K
Completes $750M notes offering
Ferguson Enterprises completed a $750,000,000 public offering of 4.350% Senior Notes due 2031 on September 22, 2025, guaranteed by subsidiary Ferguson UK Holdings Limited. Issued under an existing indenture with covenants limiting secured debt and mergers, plus optional redemption terms. Locks in funding. Use of proceeds not disclosed.
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