Ferguson Enterprises Inc. /DE/FERG
Ferguson Enterprises Inc. /DE/ Financial Overview 2024–2025
Despite battling commodity price deflation, Ferguson expanded its gross profit margin to 30.7% in the quarter ended October 2025. Backed by the scale of its 1,519 U.S. branches, the plumbing and heating distributor's aggressive capital return programs are successfully translating modest top-line growth into outsized profitability.
This operational leverage is evident across recent annual results. Total revenue grew from $29.6 billion in FY2024 to $30.8 billion in FY2025. Across that same timeframe, diluted earnings per share jumped 9.3% to $9.32. The company supported this bottom-line expansion with heavy capital returns, repurchasing $948 million in stock and paying out $489 million in dividends during FY2025. Recent momentum has only accelerated. In the quarter ended October 2025, operating profit spiked 15.9% to $771 million on the back of rising non-residential volumes in the United States, which continues to drive 95% of the overall business.
At the close of FY2025, the market priced Ferguson at $223.33 per share, assigning the company a 24.0x P/E ratio on its $9.32 in annual earnings. This premium valuation underscores investor confidence in the distributor's reliable cash generation—producing $1.9 billion in operating cash flow in FY2025—and its successful corporate restructuring to a U.S. domicile.
Recent Developments (Q4 2025 and Q1 2026)
Ferguson shifted its fiscal calendar to a December 31 year-end. Net sales expanded 5.1% to $8.2 billion during the latest quarter, aided by acquisitions and favorable pricing. This top-line momentum translated into bottom-line strength. Net income surged 21.3% to $570 million, and diluted earnings per share jumped 23.9% to $2.90. Operating cash flow climbed 24.6% to $430 million. To optimize its capital structure, the company issued $750 million in 4.350% senior notes due 2031.
Bulls highlight that recent price inflation and M&A are successfully compounding sales gains into double-digit net income growth. Conversely, bears argue the premium valuation leaves little room for error, with shares trading at 24.3x earnings on a $226.02 close price as of December 8, 2025.
What to watch: integration of recent M&A targets; financial performance during the abbreviated transition period ending December 31, 2025.
Rev
$30.76B
FY2025
NI
$1.86B
FY2025
EPS
$9.33
FY2025
OCF
$1.91B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Ferguson Enterprises Inc. /DE/ 8-K Report, Financial Results (Dec 9, 2025)
Ferguson Enterprises Inc. /DE/ (FERG) has filed a Form 8-K to report its financial results for the quarter ended October 31, 2025. The report primarily incorporates by reference a press release issued on December 9, 2025, which details the company's performance during the period. Investors should refer to this press release for specific financial figures, including revenue, profitability, and any forward-looking statements. While this 8-K filing itself does not contain the detailed financial statements, it serves as the official notification that these results have been made public. The furnished press release is the key document for understanding the company's operational and financial condition as of the end of the third fiscal quarter. Investors are encouraged to review the full press release for a comprehensive understanding of Ferguson's performance and outlook.
Ferguson Enterprises Inc. /DE/ 8-K Report, Shareholder Vote Results (Dec 4, 2025)
Ferguson Enterprises Inc. (FERG) filed an 8-K on December 3, 2025, detailing the results of its 2025 Annual Meeting of Stockholders held on December 3, 2025. The meeting's primary focus was on routine corporate governance matters. All eleven director nominees were elected to serve until the next annual meeting, indicating strong shareholder confidence in the current board's leadership and strategy. Furthermore, shareholders overwhelmingly ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the upcoming transition period (August 1, 2025, to December 31, 2025). This signals continued reliance on the firm for financial oversight. Finally, an advisory vote to approve the fiscal year 2025 compensation of the Company's named executive officers also passed, suggesting shareholder alignment with executive compensation practices.
Ferguson Enterprises Inc. /DE/ 8-K Report, Corporate Update (Sep 22, 2025)
Ferguson Enterprises Inc. /DE/ (FERG) has announced the successful completion of a public offering of $750 million in 4.350% Senior Notes due 2031. This debt issuance, guaranteed by its indirect subsidiary Ferguson UK Holdings Limited, was conducted under an effective shelf registration statement. The funds raised are expected to support the company's ongoing operations and strategic initiatives. Investors should note the specific covenants and restrictions outlined in the Indenture, which govern the company's ability to incur secured debt and engage in mergers or consolidations, as well as the customary events of default and optional redemption provisions for the Notes. The offering was facilitated through an underwriting agreement with J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., and Barclays Capital Inc. The filing provides detailed references to the Indenture, Supplemental Indenture, the form of the Notes, and the Underwriting Agreement, which investors may consult for a comprehensive understanding of the terms and conditions of this financing.
Ferguson Enterprises Inc. /DE/ 8-K Report, Financial Results (Sep 16, 2025)
Ferguson Enterprises Inc. (FERG) has filed an 8-K detailing a significant change in its fiscal year, which will now end on December 31st instead of July 31st, effective immediately for the upcoming reporting period. This transition will involve a five-month reporting period from August 1, 2025, to December 31, 2025, for which a transition report will be filed. The company also announced its 2026 annual meeting of stockholders will be held on April 30, 2026, providing key deadlines for shareholder proposals.
Ferguson Enterprises Inc. /DE/ 8-K Report, Financial Results (Jun 3, 2025)
Ferguson Enterprises Inc. (FERG) has filed a Current Report on Form 8-K, disclosing its financial results for the quarter ended April 30, 2025, via a press release furnished as Exhibit 99.1. While the specific financial figures are detailed in the attached press release, the filing itself serves as the formal notification to the market regarding these results. Investors should refer to the press release for comprehensive details on revenue, profitability, and any forward-looking statements or guidance provided by the company.
View all 8-K filings →