REG-Ferguson Enterprises Inc. Ferguson Reports Second Quarter Results
11/03/2025 10:45
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Ferguson Reports Second Quarter Results
Continued Volume Growth in Challenging Markets
Second quarter highlights
* Sales of $6.9 billion, an increase of 3.0%, driven by market outperformance.
* Sales volume grew 5%, partially offset by continued deflation of approximately
2%.
* Gross margin of 29.7%, down 70 bps from prior year.
* Operating margin of 6.0% (6.5% on an adjusted basis).
* Diluted earnings per share of $1.38 ($1.52 on an adjusted basis).
* Declared quarterly dividend of $0.83, reflecting a 5% increase over the prior
year.
* Completed one acquisition during the quarter. Subsequent to the quarter end,
signed a definitive purchase agreement to acquire a leading
commercial/mechanical distributor in the Northeast.
* Share repurchases of $252 million during the quarter.
* Share repurchase program increased by an additional $1.0 billion.
* Balance sheet remains strong with net debt to adjusted EBITDA of 1.2x.
Ferguson Enterprises Inc. (NYSE: FERG; LSE: FERG). Kevin Murphy, Ferguson CEO,
commented, “Our associates continued to execute well for our customers in
the second quarter, generating continued market outperformance with a
sequential step up in volume growth rates. We are navigating a unique time
with continued subdued markets and persistent commodity price deflation that
drove lower than expected adjusted operating margin in our seasonally lightest
quarter.
“Given this backdrop, we are reaffirming our full year revenue guidance of
low single digit growth, but updating the expected full year adjusted
operating margin range to 8.3% to 8.8%. While we have been disciplined in
managing costs in relation to volume growth, we are taking additional steps to
streamline the business to increase speed and efficiency to better serve our
customers, positioning the organization for future profitable growth.
“We remain confident in our markets over the medium-term and continue to
balance investment in key strategic opportunities, leveraging multiyear
tailwinds in both residential and non-residential markets as we support the
complex project requirements of our specialist professional customers.”
FY2025 Guidance
Prior 2025 Guidance Updated 2025 Guidance
Net sales* Low single digit growth Low single digit growth
Adjusted operating margin** 9.0% - 9.5% 8.3% - 8.8%
Interest expense $180 - $200 million $180 - $200 million
Adjusted effective tax rate** ~26% ~26%
Capital expenditures $400 - $450 million $325 - $375 million
* Net sales guidance assumes our markets are down low single digits, inclusive
of pricing slightly down for the year. We assume continued Company market
outperformance and contribution from already completed acquisitions, offset in
part by one fewer sales day in the third quarter.
** The Company does not reconcile forward-looking non-GAAP measures. See
“Non-GAAP Reconciliations and Supplementary information”.
Three months ended January 31,
US$ (In millions, except per share amounts) 2025 2024 Change
Reported Adjusted((1)) Reported Adjusted((1)) Reported Adjusted
Net sales 6,872 6,872 6,673 6,673 3.0 % 3.0 %
Gross margin 29.7 % 29.7 % 30.4 % 30.4 % (70) bps (70) bps
Operating profit 410 449 477 520 (14.0) % (13.7) %
Operating margin 6.0 % 6.5 % 7.1 % 7.8 % (110) bps (130) bps
Earnings per share - diluted 1.38 1.52 1.58 1.74 (12.7) % (12.6) %
Adjusted EBITDA 502 568 (11.6) %
Net debt((1)) : Adjusted EBITDA 1.2x 1.1x
Six months ended January 31,
US$ (In millions, except per share amounts) 2025 2024 Change
Reported Adjusted((1)) Reported Adjusted((1)) Reported Adjusted
Net sales 14,644 14,644 14,381 14,381 1.8 % 1.8 %
Gross margin 29.9 % 29.9 % 30.3 % 30.3 % (40) bps (40) bps
Operating profit 1,075 1,155 1,216 1,293 (11.6) % (10.7) %
Operating margin 7.3 % 7.9 % 8.5 % 9.0 % (120) bps (110) bps
Earnings per share - diluted 3.72 3.98 4.12 4.40 (9.7) % (9.5) %
Adjusted EBITDA 1,260 1,387 (9.2) %
Net debt((1)) : Adjusted EBITDA 1.2x 1.1x
((1)) The Company uses certain non-GAAP measures, which are not defined or
specified under U.S. GAAP. See the section titled “Non-GAAP Reconciliations
and Supplementary Information.”
Summary of financial results
Second quarter
Net sales of $6.9 billion were 3.0% ahead of last year driven by organic
revenue growth of 2.1% and acquisition growth of 1.2%, offset by 0.3% from the
adverse impact of foreign exchange rates. On a volumetric basis, total volume
increased by approximately 5% with organic volume up approximately 4%.
Continued weakness in certain commodity related categories drove modest
overall price deflation of around 2%.
Gross margin of 29.7% was 70 basis points lower than last year due to subdued
end market demand, persistent deflation and sales mix. While we continued to
tightly manage headcount, the increase in operating expenses was driven by
volumetric growth, cost inflation and continued selective investment in core
capabilities for future growth.
Reported operating profit was $410 million (6.0% operating margin), 14.0%
lower than last year. Adjusted operating profit of $449 million (6.5% adjusted
operating margin) was 13.7% below last year in our seasonally lightest
quarter.
Reported diluted earnings per share was $1.38 (Q2 2024: $1.58), a decrease of
12.7% compared to last year, and adjusted diluted earnings per share of $1.52
decreased 12.6% due to the lower adjusted operating profit, partially offset
by the impact of share repurchases.
US - second quarter
Net sales in the US business increased by 3.0%, with organic revenue growth of
2.0% and a further 1.0% contribution from acquisitions.
Residential end markets, which comprise just over half of US revenue, remained
similar to the first quarter across both new construction and repair,
maintenance and improvement. Overall, our residential revenue grew
approximately 2% in the second quarter.
Non-residential end markets, representing just under half of US revenue,
remained slightly more resilient than residential end markets with continued
activity on large capital projects. We continued to take share with
non-residential revenue growth of approximately 4% in the second quarter. Our
sales grew modestly in both commercial and industrial end markets with
particular strength in civil/infrastructure end markets.
Adjusted operating profit of $455 million was 13.3% or $70 million below last
year.
We completed one acquisition during the quarter, Templeton and its affiliate,
TEMSCO, which serve the water and wastewater industries in the southeast.
Additionally, subsequent to the quarter end we signed a definitive purchase
agreement to acquire Independent Pipe & Supply Corporation, a leading
commercial/mechanical distributor in the Northeast.
Canada - second quarter
Net sales grew by 3.2%, with organic revenue growth of 3.1% and a 5.4%
contribution from acquisitions, partially offset by a 5.3% adverse impact from
foreign exchange rates. Markets have been broadly similar to that of the
United States with non-residential activity remaining more resilient than
residential. Adjusted operating profit of $11 million was $2 million above
last year.
Segment overview
Three months ended January 31, Six months ended January 31,
US$ (In millions) 2025 2024 Change 2025 2024 Change
Net sales:
US 6,553 6,364 3.0 % 13,922 13,693 1.7 %
Canada 319 309 3.2 % 722 688 4.9 %
Total net sales 6,872 6,673 3.0 % 14,644 14,381 1.8 %
Adjusted operating profit:
US 455 525 (13.3) % 1,152 1,291 (10.8) %
Canada 11 9 22.2 % 34 32 6.3 %
Central and other costs (17) (14) (31) (30)
Total adjusted operating profit 449 520 (13.7) % 1,155 1,293 (10.7) %
Financial position
Net debt to adjusted EBITDA at January 31, 2025 was 1.2x and during the
quarter we completed share repurchases of $252 million. Taking into account
the Company’s strong financial position, we have extended the share
repurchase program by an additional $1.0 billion, resulting in a remaining
outstanding balance of approximately $1.4 billion.
We declared a quarterly dividend of $0.83 representing a 5% growth over prior
year. The dividend will be paid on May 6, 2025 to stockholders of record as of
March 21, 2025.
There have been no other significant changes to the financial position of the
Company.
Investor conference call and webcast
A call with Kevin Murphy, CEO and Bill Brundage, CFO will commence at 8:30
a.m. ET (12:30 p.m. GMT) today. The call will be recorded and available on our
website after the event at corporate.ferguson.com.
Dial in number US: +1 646 233 4753
UK: +44 (0) 20 3936 2999
Ask for the Ferguson call quoting 996251. To access the call via your laptop,
tablet or mobile device please go to corporate.ferguson.com
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. If you have technical difficulties, please click the “Listen by Phone”
button on the webcast player and dial the number provided.
About Ferguson
Ferguson (NYSE: FERG; LSE: FERG) is the largest value-added distributor
serving the specialized professional in our $340B residential and
non-residential North American construction market. We help make our
customers’ complex projects simple, successful and sustainable by providing
expertise and a wide range of products and services from plumbing, HVAC,
appliances, and lighting to PVF, water and wastewater solutions, and more.
Headquartered in Newport News, Va., Ferguson has sales of $29.6 billion
(FY’24) and approximately 35,000 associates in nearly 1,800 locations. For
more information, please visit corporate.ferguson.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fcorporate.ferguson.com&esheet=54221689&newsitemid=20250311358461&lan=en-US&anchor=corporate.ferguson.com&index=2&md5=3936ba4148ab50d97d267d0dd179eacf)
.
Analyst resources
For further information on quarterly financial breakdowns, visit
corporate.ferguson.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fcorporate.ferguson.com&esheet=54221689&newsitemid=20250311358461&lan=en-US&anchor=corporate.ferguson.com&index=3&md5=782cd5b6a9540aa20a6fd682596b1268)
on the Investors menu under Analysts and Resources.
Provisional financial calendar
Q3 Results for period ending April 30, 2025 June 3, 2025 with call from 8:30 a.m. ET
Timetable for the quarterly dividend
The timetable for payment of the quarterly dividend of $0.83 per share is as
follows:
Ex-dividend date: March 21, 2025
Record date: March 21, 2025
Payment date: May 6, 2025
Further details can be found on our website corporate.ferguson.com, navigating
to Investors, Shareholder Center, Dividends / Dividend History.
The completion of cross-border movements of shares between the U.K. and the
U.S. is contingent upon the receiving broker identifying and acknowledging any
such movements. Where a cross-border movement of shares has been initiated but
not completed by the relevant dividend record date (being March 21, 2025 for
this quarterly dividend), there is a risk that the dividend in respect of such
shares will not be received on the dividend payment date. Accordingly,
shareholders are advised not to initiate any cross-border movements of shares
during the period from March 19, 2025 through March 24, 2025 inclusive.
Cautionary note on forward-looking statements
Certain information included in this announcement is forward-looking,
including within the meaning of the Private Securities Litigation Reform Act
of 1995, and involves risks, assumptions and uncertainties that could cause
actual results to differ materially from those expressed or implied by
forward-looking statements. Forward-looking statements cover all matters which
are not historical facts and include, without limitation, statements or
guidance regarding or relating to our future financial position, results of
operations and growth, plans and objectives for the future including our
capabilities and priorities, risks associated with changes in global and
regional economic, market and political conditions, ability to manage supply
chain challenges, ability to manage the impact of product price fluctuations,
our financial condition and liquidity, legal or regulatory changes and other
statements concerning the success of our business and strategies.
Forward-looking statements can be identified by the use of forward-looking
terminology, including terms such as “believes,” “estimates,”
“anticipates,” “expects,” “forecasts,” “guidance,”
“intends,” “continues,” “plans,” “projects,” “goal,”
“target,” “aim,” “may,” “will,” “would,” “could” or
“should” or, in each case, their negative or other variations or
comparable terminology and other similar references to future periods.
Forward-looking statements speak only as of the date on which they are made.
They are not assurances of future performance and are based only on our
current beliefs, expectations and assumptions regarding the future of our
business, future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Therefore, you should not
place undue reliance on any of these forward-looking statements. Although we
believe that the forward-looking statements contained in this announcement are
based on reasonable assumptions, you should be aware that many factors could
cause actual results to differ materially from those contained in such
forward-looking statements, including but not limited to: weakness in the
economy, market trends, uncertainty and other conditions in the markets in
which we operate, and other factors beyond our control, including disruption
in the financial markets and any macroeconomic or other consequences of
political unrest, disputes or war; failure to rapidly identify or effectively
respond to direct and/or end customers’ wants, expectations or trends,
including costs and potential problems associated with new or upgraded
information technology systems or our ability to timely deploy new
omni-channel capabilities; decreased demand for our products as a result of
operating in highly competitive industries and the impact of declines in the
residential and non-residential markets; changes in competition, including as
a result of market consolidation or competitors responding more quickly to
emerging technologies (such as generative artificial intelligence); failure of
a key information technology system or process as well as exposure to fraud or
theft resulting from payment-related risks; privacy and protection of
sensitive data failures, including failures due to data corruption,
cybersecurity incidents or network security breaches; ineffectiveness of or
disruption in our domestic or international supply chain or our fulfillment
network, including delays in inventory availability at our distribution
facilities and branches, increased delivery costs or lack of availability;
failure to effectively manage and protect our facilities and inventory or to
prevent personal injury to customers, suppliers or associates, including as a
result of workplace violence; unsuccessful execution of our operational
strategies; failure to attract, retain and motivate key associates; exposure
of associates, contractors, customers, suppliers and other individuals to
health and safety risks; risks associated with acquisitions, partnerships,
joint ventures and other business combinations, dispositions or strategic
transactions; regulatory, product liability and reputational risks and the
failure to achieve and maintain a high level of product and service quality or
comply with responsible sourcing standards; inability to renew leases on
favorable terms or at all, as well as any remaining obligations under a lease
when we close a facility; changes in, interpretations of, or compliance with
tax laws; our indebtedness and changes in our credit ratings and outlook;
fluctuations in product prices (e.g., commodity-priced materials,
inflation/deflation) and foreign currency; funding risks related to our
defined benefit pension plans; legal proceedings in the course of our business
as well as failure to comply with domestic and foreign laws, regulations and
standards, as those laws, regulations and standards or interpretations and
enforcement thereof may change, or the occurrence of unforeseen developments
such as litigation, investigations, governmental proceedings or enforcement
actions; our failure to comply with the obligations associated with being a
public company listed on the New York Stock Exchange and London Stock Exchange
and the costs associated therewith; the costs and risk exposure relating to
environmental, social and governance matters, including sustainability issues,
regulatory or legal requirements, and disparate stakeholder expectations;
adverse impacts caused by a public health crisis; and other risks and
uncertainties set forth under the heading “Risk Factors” in our Annual
Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the
Securities and Exchange Commission (“SEC”) on September 25, 2024 and in
other filings we make with the SEC in the future.
Additionally, forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. Other than in accordance with our legal or regulatory
obligations, we undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Ferguson Enterprises Inc.
Non-GAAP Reconciliations and Supplementary Information
(unaudited)
Non-GAAP items
This announcement contains certain financial information that is not presented
in conformity with U.S. GAAP. These non-GAAP financial measures include
adjusted operating profit, adjusted operating margin, adjusted net income,
adjusted earnings per share - diluted, adjusted EBITDA, adjusted effective tax
rate, net debt and net debt to adjusted EBITDA ratio. The Company believes
that these non-GAAP financial measures provide users of the Company’s
financial information with additional meaningful information to assist in
understanding financial results and assessing the Company’s performance from
period to period. Management believes these measures are important indicators
of operations because they exclude items that may not be indicative of our
core operating results and provide a better baseline for analyzing trends in
our underlying businesses, and they are consistent with how business
performance is planned, reported and assessed internally by management and the
Board. Such non-GAAP adjustments include amortization of acquired intangible
assets, discrete tax items, and any other items that are non-recurring.
Non-recurring items may include various restructuring charges, gains or losses
on the disposals of businesses which by their nature do not reflect primary
operations, as well as certain other items deemed non-recurring in nature
and/or that are not a result of the Company’s primary operations. Because
non-GAAP financial measures are not standardized, it may not be possible to
compare these financial measures with other companies' non-GAAP financial
measures having the same or similar names. These non-GAAP financial measures
should not be considered in isolation or as a substitute for results reported
under U.S. GAAP. These non-GAAP financial measures reflect an additional way
of viewing aspects of operations that, when viewed with U.S. GAAP results,
provide a more complete understanding of the business. The Company strongly
encourages investors and shareholders to review the Company’s financial
statements and publicly filed reports in their entirety and not to rely on any
single financial measure.
The Company does not provide a reconciliation of forward-looking non-GAAP
financial measures to the most directly comparable U.S. GAAP financial
measures on a forward-looking basis because it is unable to predict with
reasonable certainty or without unreasonable effort non-recurring items, such
as those described above, that may arise in the future. The variability of
these items is unpredictable and may have a significant impact.
Summary of Organic Revenue
Management evaluates organic revenue as it provides a consistent measure of
the change in revenue year-on-year. Organic revenue growth (or decline) is
determined as the growth (or decline) in total reported revenue excluding the
growth (or decline) attributable to currency exchange rate fluctuations, sales
days, acquisitions and disposals, divided by the preceding financial year’s
revenue at the current year’s exchange rates.
A summary of the Company’s historical revenue and organic revenue growth is
below:
Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Revenue Organic Revenue Revenue Organic Revenue Revenue Organic Revenue Revenue Organic Revenue Revenue Organic Revenue
US 3.0% 2.0% 0.5% (0.4)% 1.3% (0.2)% 2.2% (0.9)% (2.2)% (3.7)%
Canada 3.2% 3.1% 6.3% 1.3% 2.0% (1.2)% 6.7% (0.6)% (3.7)% (3.3)%
Total Company 3.0% 2.1% 0.8% (0.3)% 1.4% (0.2)% 2.4% (0.9)% (2.2)% (3.7)%
For further details regarding organic revenue growth, visit
corporate.ferguson.com on the Investors menu under Analysts and Resources.
Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA
Three months ended Six months ended
January 31, January 31,
(In millions) 2025 2024 2025 2024
Net income $276 $322 $746 $841
Provision for income taxes 94 111 248 283
Interest expense, net 48 44 94 89
Other (income) expense, net (8) — (13) 3
Operating profit 410 477 1,075 1,216
Corporate restructurings((1)) — 8 3 8
Amortization of acquired intangibles 39 35 77 69
Adjusted Operating Profit 449 520 1,155 1,293
Depreciation & impairment of PP&E 46 41 90 80
Amortization of non-acquired intangibles 7 7 15 14
Adjusted EBITDA $502 $568 $1,260 $1,387
(1) For the six months ended January 31, 2025, corporate restructurings primarily
related to incremental costs in connection with transition activities
following the establishment of our parent company’s domicile in the United
States. For the three and six months ended January 31, 2024, corporate
restructuring costs related to incremental costs in connection with
establishing a new corporate structure to domicile our ultimate parent company
in the United States.
Net Debt : Adjusted EBITDA Reconciliation
To assess the appropriateness of its capital structure, the Company’s
principal measure of financial leverage is net debt to adjusted EBITDA. The
Company aims to operate with investment grade credit metrics and keep this
ratio within one to two times.
Net debt
Net debt comprises bank overdrafts, bank and other loans and derivative
financial instruments, excluding lease liabilities, less cash and cash
equivalents. Long-term debt is presented net of debt issuance costs.
As of January 31,
(In millions) 2025 2024
Long-term debt $3,949 $3,595
Short-term debt 400 150
Bank overdrafts((1)) — 23
Derivative liabilities 5 11
Cash and cash equivalents (764) (639)
Net debt $3,590 $3,140
(1) Bank overdrafts are included in other current liabilities in the
Company’s Consolidated Balance Sheets.
Adjusted EBITDA (Rolling 12-month)
Adjusted EBITDA is net income before charges/credits relating to depreciation,
amortization, impairment and certain non-GAAP adjustments. A rolling 12-month
adjusted EBITDA is used in the net debt to adjusted EBITDA ratio to assess the
appropriateness of the Company’s financial leverage.
Twelve months ended
(In millions, except ratios) January 31,
2025 2024
Net income $1,640 $1,761
Provision for income taxes 694 540
Interest expense, net 184 185
Other (income) expense, net (7) 9
Corporate restructurings((1)) 23 8
Impairments and other charges((2)) — 125
Depreciation and amortization 354 322
Adjusted EBITDA $2,888 $2,950
Net Debt: Adjusted EBITDA 1.2x 1.1x
(1) For the rolling twelve months ended January 31, 2025 and 2024, corporate
restructurings primarily related to incremental costs in connection with
establishing a new corporate structure to domicile our ultimate parent company
in the United States, including transition activities following the domicile.
(2) For the rolling twelve months ended January 31, 2024, impairments and other
charges related to $107 million in software impairment charges in the United
States, as well as $18 million in charges associated with the closure of
certain smaller, underperforming branches in the United States. Such amounts
were mainly recorded in the third quarter of fiscal year 2023.
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS - Diluted
Three months ended
January 31,
(In millions, except per share amounts) 2025 2024
per share((1)) per share((1))
Net income $276 $1.38 $322 $1.58
Corporate restructurings((2)) — — 8 0.04
Amortization of acquired intangibles 39 0.20 35 0.17
Discrete tax adjustments((3)) (1) (0.01) (2) (0.01)
Tax impact-non-GAAP adjustments((4)) (10) (0.05) (8) (0.04)
Adjusted net income $304 $1.52 $355 $1.74
Diluted weighted-average shares outstanding 199.8 203.9
Six months ended
January 31,
(In millions, except per share amounts) 2025 2024
per share((1)) per share((1))
Net income $746 $3.72 $841 $4.12
Corporate restructurings((2)) 3 0.02 8 0.04
Amortization of acquired intangibles 77 0.38 69 0.34
Discrete tax adjustments((3)) (8) (0.04) (2) (0.01)
Tax impact-non-GAAP adjustments((4)) (20) (0.10) (18) (0.09)
Adjusted net income $798 $3.98 $898 $4.40
Diluted weighted-average shares outstanding 200.5 204.2
(1) Per share on a dilutive basis.
(2) For the six months ended January 31, 2025, corporate restructurings primarily
related to incremental costs in connection with transition activities
following the establishment of our parent company’s domicile in the United
States. For the three and six months ended January 31, 2024, corporate
restructuring costs related to incremental costs in connection with
establishing a new corporate structure to domicile our ultimate parent company
in the United States.
(3) For the three and six months ended January 31, 2025 and 2024, discrete tax
adjustments mainly related to the tax treatment of certain compensation items
that are not material.
(4) For the three and six months ended January 31, 2025 and 2024, the tax impact
on non-GAAP adjustments primarily related to the amortization of acquired
intangibles.
Ferguson Enterprises Inc.
Condensed Consolidated Statements of Earnings
(unaudited)
Three months ended Six months ended
January 31, January 31,
(In millions, except per share amounts) 2025 2024 2025 2024
Net sales $6,872 $6,673 $14,644 $14,381
Cost of sales (4,830) (4,644) (10,262) (10,021)
Gross profit 2,042 2,029 4,382 4,360
Selling, general and administrative expenses (1,540) (1,469) (3,125) (2,981)
Depreciation and amortization (92) (83) (182) (163)
Operating profit 410 477 1,075 1,216
Interest expense, net (48) (44) (94) (89)
Other income (expense), net 8 — 13 (3)
Income before income taxes 370 433 994 1,124
Provision for income taxes (94) (111) (248) (283)
Net income $276 $322 $746 $841
Earnings per share - Basic $1.38 $1.58 $3.73 $4.13
Earnings per share - Diluted $1.38 $1.58 $3.72 $4.12
Weighted average number of shares outstanding:
Basic 199.6 203.4 200.2 203.6
Diluted 199.8 203.9 200.5 204.2
Ferguson Enterprises Inc.
Condensed Consolidated Balance Sheets
(unaudited)
As of
(In millions) January 31, 2025 July 31, 2024
Assets
Cash and cash equivalents $764 $571
Accounts receivable, net 3,200 3,602
Inventories 4,273 4,188
Prepaid and other current assets 962 1,020
Assets held for sale 26 29
Total current assets 9,225 9,410
Property, plant and equipment, net 1,808 1,752
Operating lease right-of-use assets 1,637 1,565
Deferred income taxes, net 188 181
Goodwill 2,361 2,357
Other non-current assets 1,311 1,307
Total assets $16,530 $16,572
Liabilities and stockholders’ equity
Accounts payable $3,027 $3,410
Other current liabilities 2,030 1,806
Total current liabilities 5,057 5,216
Long-term debt 3,949 3,774
Long-term portion of operating lease liabilities 1,256 1,198
Other long-term liabilities 779 768
Total liabilities 11,041 10,956
Total stockholders' equity 5,489 5,616
Total liabilities and stockholders' equity $16,530 $16,572
Ferguson Enterprises Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(In millions) Six months ended
Jan
uar
y
31,
2025 2024
Cash flows from operating activities:
Net income $746 $841
Depreciation and amortization 182 163
Share-based compensation 13 24
Changes in inventories (94) (52)
Changes in receivables and other assets 494 565
Changes in accounts payable and other liabilities (600) (626)
Other operating activities (56) (52)
Net cash provided by operating activities 685 863
Cash flows from investing activities:
Purchase of businesses acquired, net of cash acquired (46) (67)
Capital expenditures (158) (192)
Other investing activities 12 28
Net cash used in investing activities (192) (231)
Cash flows from financing activities:
Purchase of treasury shares (508) (250)
Net change in debt and bank overdrafts 420 (24)
Cash dividends (158) (305)
Other financing activities (43) (18)
Net cash used in financing activities (289) (597)
Change in cash, cash equivalents and restricted cash 204 35
Effects of exchange rate changes (14) —
Cash, cash equivalents and restricted cash, beginning of period 625 669
Cash, cash equivalents and restricted cash, end of period $815 $704
For further information please contact
Investor relations
Brian Lantz, Vice President IR and Communications
Mobile: +1 224 285 2410
Pete Kennedy, Director of Investor Relations
Mobile: +1 757 603 0111
Media inquiries
Christine Dwyer, Senior Director of Communications and PR
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Ferguson Enterprises Inc.
Copyright Business Wire 2025Recent news on Ferguson Enterprises
See all newsREG-Ferguson Enterprises Inc. Ferguson Announces Two Acquisitions
AnnouncementREG-Ferguson Enterprises Inc. Ferguson Enterprises Inc.: Notice of Dividend Currency Exchange Rate
AnnouncementREG-Ferguson Enterprises Inc. Ferguson Enterprises Inc. (“Company”): Director/PDMR Shareholding
AnnouncementREG-Ferguson Enterprises Inc. Ferguson Files Form 8-K
AnnouncementREG-Ferguson Enterprises Inc. Ferguson Files Form 10-Q
Announcement