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Ferguson (FERG) investor relations material
Ferguson Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fourth quarter sales reached $8.5 billion, up 6.9% year-over-year, with organic growth of 5.8% and acquisition growth of 1.1%.
Full-year revenue was $30.8 billion, up 3.8%, with operating profit of $2.84 billion and diluted EPS of $9.94, a 2.6% increase.
Operating profit for Q4 was $972 million, up 13.4% year-over-year, and diluted EPS rose 16.8% to $3.48.
Nine acquisitions completed during the year, generating $300 million in annualized revenue; four acquisitions in Q4.
Strong cash generation enabled $1.4 billion returned to shareholders and continued investment in growth initiatives.
Financial highlights
Q4 adjusted operating profit: $972 million (11.4% margin), up 13.4% year-over-year.
Full-year adjusted operating profit: $2.84 billion (9.2% margin), up 0.6%.
Q4 adjusted EPS: $3.48, up 16.8%; full-year adjusted EPS: $9.94, up 2.6%.
Gross margin for Q4 was 31.7%, up 70 basis points year-over-year; full-year gross margin was 30.7%, up 20 basis points.
Free cash flow for the year was $1.65 billion, with operating cash flow of $1.9 billion.
Outlook and guidance
Guidance for calendar 2025 is mid-single-digit revenue growth and adjusted operating margin of 9.2% to 9.6%.
Interest expense expected at $180–$200 million, effective tax rate at 26%, and capex between $300–$350 million.
Second half growth expected to be softer than the first half, with continued pressure in new residential and HVAC markets.
Continued investment in scale and capabilities to support complex project needs.
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