Ferguson Enterprises Inc. /DE/
FERG NYSE Wholesale-Hardware & Plumbing & Heating Equipment & Supplies Financials FY2022–FY2025
Last close · Oct 23, 2026
$226.86
0.2%
Revenue
Total sales reported in the income statement.
$30.8B
3.8%
vs prior year
Operating margin
Operating income as a share of revenue.
8.5%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$1.9B
7.0%
Free cash flow
Cash from operations minus capital spending.
$1.6B
6.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.5%
0.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$44.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
24.3x
On $9.32 EPS (TTM)
What Ferguson Enterprises Inc. /DE/ does
No business description yet.
- Legal name
- Ferguson Enterprises Inc. /DE/
- Fiscal year ends
- July 31, 2025
- Latest annual report
- 10-KT · Feb 27, 2026
- Accession · CIK
- 0002011641-26-000006
0002011641
Revenue and margins
Ferguson Enterprises Inc. /DE/ had $30.8B of revenue in fiscal 2025, up 3.8% on the year before.
FY22
Revenue $28.6B
FY23
Revenue $29.7B
FY24
Revenue $29.6B
FY25
Revenue $30.8B
Q1 '24
Revenue $7.7B
Q2 '24
Revenue $6.7B
Q3 '24
Revenue $7.3B
Q4 '24
Revenue $7.9B
Q1 '25
Revenue $7.8B
Q2 '25
Revenue $6.9B
Q3 '25
Revenue $7.6B
Q4 '25
Revenue $8.4B
Q1 '26
Revenue $8.2B
Q3 '26
Revenue $7.5B
FY22
Gross 30.7%
Operating 9.9%
Net 7.4%
FCF 3.0%
FY23
Gross 30.4%
Operating 8.9%
Net 6.4%
FCF 7.7%
FY24
Gross 30.5%
Operating 8.9%
Net 5.9%
FCF 5.1%
FY25
Gross 30.7%
Operating 8.5%
Net 6.0%
FCF 5.2%
Gross
Operating
Net
FCF
Q1 '24
Gross 30.2%
Operating 9.6%
Net 6.7%
FCF 6.0%
Q2 '24
Gross 30.4%
Operating 7.1%
Net 4.8%
FCF 3.1%
Q3 '24
Gross 30.5%
Operating 8.6%
Net 6.1%
FCF 7.8%
Q4 '24
Gross 31.0%
Operating 10.2%
Net 5.7%
FCF 3.2%
Q1 '25
Gross 30.1%
Operating 8.6%
Net 6.0%
FCF 3.4%
Q2 '25
Gross 29.7%
Operating 6.0%
Net 4.0%
FCF 3.8%
Q3 '25
Gross 31.0%
Operating 8.0%
Net 5.4%
FCF 10.5%
Q4 '25
Gross 31.2%
Operating 10.1%
Net 7.6%
FCF 5.6%
Q1 '26
Gross 30.7%
Operating 9.4%
Net 7.0%
FCF 3.8%
Q3 '26
Gross 31.0%
Operating 8.2%
Net 5.5%
FCF 9.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2022 to 2025, diluted EPS grew −1.3% a year. Loss periods are shown in red.
FY22
Net income $2.1B
FY23
Net income $1.9B
FY24
Net income $1.7B
FY25
Net income $1.9B
Q1 '24
Net income $519M
Q2 '24
Net income $322M
Q3 '24
Net income $443M
Q4 '24
Net income $451M
Q1 '25
Net income $470M
Q2 '25
Net income $276M
Q3 '25
Net income $410M
Q4 '25
Net income $634M
Q1 '26
Net income $570M
Q3 '26
Net income $414M
FY22
Diluted EPS $9.69
FY23
Diluted EPS $9.12
FY24
Diluted EPS $8.53
FY25
Diluted EPS $9.32
Q1 '24
Diluted EPS $2.54
Q2 '24
Diluted EPS $1.58
Q3 '24
Diluted EPS $2.18
Q4 '24
Diluted EPS $2.23
Q1 '25
Diluted EPS $2.34
Q2 '25
Diluted EPS $1.38
Q3 '25
Diluted EPS $2.07
Q4 '25
Diluted EPS $3.21
Q1 '26
Diluted EPS $2.90
Q3 '26
Diluted EPS $2.13
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity 45.5%
Return on assets —
FY23
Return on capital 24.7%
Return on equity 38.9%
Return on assets 11.8%
FY24
Return on capital 20.4%
Return on equity 32.6%
Return on assets 10.7%
FY25
Return on capital 20.5%
Return on equity 32.4%
Return on assets 10.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $1.6B in fiscal 2025, 5.2% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow $859M
FY23
Free cash flow $2.3B
FY24
Free cash flow $1.5B
FY25
Free cash flow $1.6B
Q1 '24
Free cash flow $466M
Q2 '24
Free cash flow $205M
Q3 '24
Free cash flow $573M
Q4 '24
Free cash flow $257M
Q1 '25
Free cash flow $268M
Q2 '25
Free cash flow $259M
Q3 '25
Free cash flow $801M
Q4 '25
Free cash flow $471M
Q1 '26
Free cash flow $312M
Q3 '26
Free cash flow $680M
FY22
Cash from operations $1.1B
Capital spending $290M
FY23
Cash from operations $2.7B
Capital spending $441M
FY24
Cash from operations $1.9B
Capital spending $372M
FY25
Cash from operations $1.9B
Capital spending $305M
Cash from operations
Capital spending
Q1 '24
Cash from operations $557M
Capital spending $91.0M
Q2 '24
Cash from operations $306M
Capital spending $101M
Q3 '24
Cash from operations $644M
Capital spending $71.0M
Q4 '24
Cash from operations $366M
Capital spending $109M
Q1 '25
Cash from operations $345M
Capital spending $77.0M
Q2 '25
Cash from operations $340M
Capital spending $81.0M
Q3 '25
Cash from operations $874M
Capital spending $73.0M
Q4 '25
Cash from operations $541M
Capital spending $70.0M
Q1 '26
Cash from operations $430M
Capital spending $118M
Q3 '26
Cash from operations $772M
Capital spending $92.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Ferguson Enterprises Inc. /DE/ returned $1.4B to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 2.1%.
FY22
Dividends $538M
Buybacks $1.5B
FY23
Dividends $711M
Buybacks $908M
FY24
Dividends $784M
Buybacks $634M
FY25
Dividends $489M
Buybacks $948M
Dividends
Buybacks
Q1 '24
Dividends $152M
Buybacks $108M
Q2 '24
Dividends $153M
Buybacks $142M
Q3 '24
Dividends $160M
Buybacks $171M
Q4 '24
Dividends $319M
Buybacks $213M
Q1 '25
Dividends $0.0M
Buybacks $256M
Q2 '25
Dividends $158M
Buybacks $252M
Q3 '25
Dividends $166M
Buybacks $207M
Q4 '25
Dividends $165M
Buybacks $189M
Q1 '26
Dividends $164M
Buybacks $208M
Q3 '26
Dividends $174M
Buybacks $236M
Dividends
Buybacks
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.20B
FY25
Diluted shares 0.20B
Balance sheet
Cash, debt and the ratios that show how comfortably Ferguson Enterprises Inc. /DE/ can carry it.
FY22
Cash $771M
Debt —
FY23
Cash $601M
Debt $3.8B
FY24
Cash $571M
Debt $4.1B
FY25
Cash $674M
Debt $4.6B
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $771M | $601M | $571M | $674M |
| Debt incl. finance leases | — | $3.8B | $4.1B | $4.6B |
| Net debt / EBITDA | — | 1.1x | 1.2x | 1.3x |
| Debt / equity | — | 0.8x | 0.7x | 0.8x |
| Interest coverage | 25.4x | 14.5x | 14.8x | — |
| Current ratio | — | 1.7x | 1.8x | 1.7x |
| Quick ratio | — | 1.0x | 1.0x | 0.9x |
| Total assets | — | $16.0B | $16.6B | $17.7B |
| Total liabilities | — | $11.0B | $11.0B | $11.9B |
| Shareholders' equity | $4.7B | $5.0B | $5.6B | $5.8B |
| Net debt (− = net cash) | — | $3.2B | $3.5B | $3.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 9 | 5 / 9 |
| Accruals ratio | — | −5.2% | −0.8% | −0.3% |
| Altman Z'' | — | 4.84 | 5.16 | 4.27 |
4 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $28.6B | $29.7B | $29.6B | $30.8B |
| Net interest income | — | −$184M | −$179M | −$190M |
| Gross profit | $8.8B | $9.0B | $9.1B | $9.4B |
| Operating income | $2.8B | $2.7B | $2.7B | $2.6B |
| Interest expense | $111M | $184M | $179M | — |
| Pretax income | $2.7B | $2.5B | $2.5B | $2.4B |
| Income tax | $609M | $575M | $729M | $567M |
| Net income | $2.1B | $1.9B | $1.7B | $1.9B |
| Diluted EPS | $9.69 | $9.12 | $8.53 | $9.32 |
| Diluted shares | 0.22B | 0.21B | 0.20B | 0.20B |
| Cash flow | ||||
| Cash from operations | $1.1B | $2.7B | $1.9B | $1.9B |
| Capital expenditure | $290M | $441M | $372M | $305M |
| Free cash flow | $859M | $2.3B | $1.5B | $1.6B |
| Depreciation and amortization | $301M | $321M | $335M | $373M |
| Stock-based compensation | $57.0M | $51.0M | $49.0M | $28.0M |
| Acquisitions | $650M | $616M | $260M | $301M |
| Share buybacks | $1.5B | $908M | $634M | $948M |
| Dividends paid | $538M | $711M | $784M | $489M |
| Dividends and buybacks | $2.1B | $1.6B | $1.4B | $1.4B |
| Balance sheet | ||||
| Cash and short-term investments | $771M | $601M | $571M | $674M |
| Total debt | — | $3.8B | $4.1B | $4.6B |
| Current assets | — | $9.1B | $9.4B | $10.1B |
| Current liabilities | — | $5.4B | $5.2B | $6.0B |
| Inventory | — | $3.9B | $4.2B | $4.5B |
| Property and equipment, net | — | $1.6B | $1.8B | $1.8B |
| Goodwill | $2.0B | $2.2B | $2.4B | $2.5B |
| Intangible assets | — | $783M | $753M | $726M |
| Total assets | — | $16.0B | $16.6B | $17.7B |
| Total liabilities | — | $11.0B | $11.0B | $11.9B |
| Shareholders' equity | $4.7B | $5.0B | $5.6B | $5.8B |
| Margins | ||||
| Gross margin | 30.7% | 30.4% | 30.5% | 30.7% |
| Operating margin | 9.9% | 8.9% | 8.9% | 8.5% |
| EBITDA margin | 10.9% | 10.0% | 10.1% | 9.7% |
| Net margin | 7.4% | 6.4% | 5.9% | 6.0% |
| FCF margin | 3.0% | 7.7% | 5.1% | 5.2% |
| Net interest share of revenue | — | −0.6% | −0.6% | −0.6% |
| Returns | ||||
| Return on capital | — | 24.7% | 20.4% | 20.5% |
| Return on capital employed | — | 25.2% | 23.4% | 22.3% |
| Return on equity | 45.5% | 38.9% | 32.6% | 32.4% |
| Return on assets | — | 11.8% | 10.7% | 10.8% |
| Return on tangible equity | 81.1% | 93.8% | 69.2% | 70.2% |
| Growth | ||||
| Revenue growth | — | 4.1% | −0.3% | 3.8% |
| Net income growth | — | −11.0% | −8.2% | 7.0% |
| EPS growth | — | −5.9% | −6.5% | 9.3% |
| FCF growth | — | 165.7% | −34.2% | 6.8% |
| Share count change | — | −5.3% | −1.8% | −2.1% |
| Financial health | ||||
| Net debt / EBITDA | — | 1.1x | 1.2x | 1.3x |
| Debt / equity | — | 0.8x | 0.7x | 0.8x |
| Interest coverage | 25.4x | 14.5x | 14.8x | — |
| Current ratio | — | 1.7x | 1.8x | 1.7x |
| Quick ratio | — | 1.0x | 1.0x | 0.9x |
| Capital allocation | ||||
| Capex / revenue | 1.0% | 1.5% | 1.3% | 1.0% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.1% |
| Payouts / FCF | 242.5% | 70.9% | 94.5% | 89.6% |
| Quality scores | ||||
| Piotroski F-score | — | — | 6.0 | 5.0 |
| Altman Z'' | — | 4.8 | 5.2 | 4.3 |
| Accruals ratio | — | −5.2% | −0.8% | −0.3% |
Source: SEC EDGAR XBRL filings (CIK 0002011641). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.