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Ferguson Enterprises
Ferguson Enterprises (FERG) investor relations material
Ferguson Enterprises Transition period summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Transition period summary24 Feb, 2026
Executive summary
Achieved $31.3 billion in revenue for calendar year 2025, up 5% year-over-year, driven by organic and acquisition growth, with continued market share gains.
Adjusted operating profit rose 11.3% to $3.0 billion, with adjusted operating margin expanding 50 basis points to 9.6%.
Adjusted EPS-diluted increased 13.4% to $10.58, with strong cash generation and $1.6 billion returned to shareholders via dividends and buybacks.
Eight acquisitions completed, contributing over $300 million in annualized revenue and supporting market consolidation.
Strategic focus on large capital projects, water infrastructure, climate/comfort, and housing as long-term growth drivers.
Financial highlights
Gross margin improved 70 basis points to 31% for the year; Q4 gross margin was 30.6%, up 90 basis points.
Adjusted EBITDA increased to $3.24 billion, up 11.6% year-over-year.
Q4 net sales were $7.5 billion, up 3.6% year-over-year; Q4 adjusted operating profit up 13.8%.
Free cash flow reached $1.9 billion, with $354 million in CapEx and $276 million in M&A investments.
Net debt to adjusted EBITDA stood at 1.1x, reflecting a strong balance sheet.
Outlook and guidance
2026 guidance anticipates low to mid-single digit net sales growth; adjusted operating margin expected between 9.4% and 9.8%.
Residential markets expected down low to mid-single digits; non-residential up low to mid-single digits.
CapEx projected at $350-$400 million; interest expense around $200 million; effective tax rate ~26%.
Long-term growth algorithm targets 6%-11% annual revenue growth, with 10-30 basis points of annual operating margin expansion.
Navigating mixed market conditions
Leverage ratio vs. target range
Drivers of gross margin expansion
M&A focus areas and expected growth contribution
Large capital project profitability and market share
Residential market rebound strategy and timing
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Next Ferguson Enterprises earnings date
Q2 202611 Mar, 2026
Ferguson Enterprises
Next Ferguson Enterprises earnings date
Q2 202611 Mar, 2026
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Frequently asked questions
Ferguson distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. Ferguson plc distributes plumbing and heating products in the United States and Canada. It offers plumbing and heating solutions to customers in the residential, commercial, civil/infrastructure, and industrial end markets. The Compnay is based in Wokingham, the United Kingdom.
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