10-KPeriod: FY2025

Ferguson Enterprises Inc. /DE/ Annual Report, Year Ended Jul 31, 2025

Filed September 26, 2025For Securities:FERG

Summary

Ferguson Enterprises Inc. (FERG) reported a solid fiscal year 2025, with net sales increasing by 3.8% to $30.8 billion, driven by higher sales volume and strategic acquisitions. While operating profit saw a slight decrease of 1.7% to $2.6 billion, this was primarily attributed to $80 million in non-recurring restructuring expenses. Excluding these one-time costs, adjusted operating profit saw a modest increase of 0.6%, reflecting management's success in capturing value and favorable supplier pricing. Diluted earnings per share rose by 9.3% to $9.32, or 2.6% on an adjusted basis, boosted by share repurchases and a favorable tax adjustment related to corporate restructuring. The company continues to demonstrate strong operational performance, with net cash provided by operating activities increasing by 1.9% to $1.9 billion. Ferguson's strategic focus on expanding its distribution network, with 1,519 branches in the U.S. and 227 in Canada, and its commitment to both residential and non-residential markets, position it well for continued growth. The company also remains active in capital allocation, investing $301 million in acquisitions and $305 million in capital expenditures, while also returning capital to shareholders through dividends and share repurchases.

Financial Highlights

50 data points
Beta

Revenue

$30.76B

30.7% Gross Margin

Net Income

$1.86B

6.0% Net Margin

EPS (Diluted)

$9.32

Total Assets

$17.73B

Cash & Equivalents

$674.00M

Free Cash Flow

$1.91B

Financial Statements
Beta
Revenue$30.76B
Cost of Revenue$21.33B
Gross Profit$9.44B
SG&A Expenses$6.38B
Operating Income$2.61B
Net Income$1.86B
EPS (Basic)$9.33
EPS (Diluted)$9.32
Shares Outstanding (Basic)198.90M
Shares Outstanding (Diluted)199.20M

Key Highlights

  • 1Net sales grew 3.8% to $30.8 billion, driven by sales volume and acquisitions.
  • 2Operating profit was $2.6 billion, a slight decrease of 1.7% due to restructuring costs, but adjusted operating profit increased 0.6%.
  • 3Diluted Earnings Per Share (EPS) increased by 9.3% to $9.32.
  • 4Net cash provided by operating activities rose by 1.9% to $1.9 billion.
  • 5The company made significant investments in acquisitions ($301 million) and capital expenditures ($305 million).
  • 6Ferguson continues to expand its extensive distribution network, operating 1,519 branches in the U.S. and 227 in Canada.
  • 7The company is actively returning capital to shareholders, with $948 million in share repurchases and $489 million in dividends paid during fiscal year 2025.

Frequently Asked Questions

Ferguson reported net sales of $30.8 billion for fiscal year 2025, representing a 3.8% increase compared to the prior year. This growth was primarily driven by higher sales volume and the incremental sales from acquisitions.

Operating profit for fiscal year 2025 was $2.6 billion, a slight decrease of 1.7% from the previous year. However, this decrease was primarily due to $80 million in non-recurring restructuring expenses. On an adjusted basis, excluding these one-time costs, the operating profit increased by 0.6%, indicating a more positive underlying operational performance.

Ferguson focuses on growth through expanding its extensive distribution network across North America and capitalizing on opportunities in both residential and non-residential markets. The company actively engages in strategic acquisitions, investing significant capital in businesses that complement its existing operations. Additionally, Ferguson prioritizes returning capital to shareholders through dividends and share repurchase programs.

As of July 31, 2025, Ferguson had $4.2 billion in total debt. The company believes its current cash position, coupled with anticipated cash flow from operations and access to capital markets, will be sufficient to meet its obligations and fund its strategic initiatives. Ferguson also has significant available liquidity from undrawn debt facilities, providing financial flexibility.