[FERG] Ferguson: Can Large-Project Backlog Lift Q3 2026 Organic Growth?

Ferguson (FERG) is a value-added distributor for North American water and air specialist contractors, selling plumbing, HVAC, pipes, valves and fittings and water and wastewater products alongside design, fabrication and delivery services[1]. The company is scheduled to report third quarter 2026, the three months ended September 30, 2026, and hold its earnings call on 2026-11-09[2]. The latest reported quarter is the second quarter of 2026 (April to June): net sales were $8.751 billion, up 4.6%, made up of 3.8% organic growth and a 1.0% contribution from acquisitions; gross margin was 31.0%, 20 basis points lower than a year earlier; adjusted operating profit was $932 million for a 10.7% adjusted operating margin; and adjusted diluted EPS was $3.39, up 5.3%[3][4]. On August 10 the company raised its 2026 net sales guidance from low to mid-single digit growth to mid-single digit growth and set adjusted operating margin guidance at 9.5% to 9.8%; that guidance excludes the FloWorks acquisition, which had not yet closed, and the company said it would update guidance with third-quarter results after closing[5][6]. On the call, management also said third-quarter growth should exceed second-quarter growth and that second-half organic growth should be slightly higher than first-half growth, citing growing large-project backlogs and continued HVAC growth[6]. Drillr's November 4 compilation of nine analysts puts the third-quarter revenue average at $8.741 billion (range $8.580 billion to $8.955 billion) and the adjusted EPS average at $3.30 (range $3.20 to $3.45); that figure may already include part of a FloWorks contribution[7].

Three things matter most in this Ferguson third-quarter report on large-project backlog and organic growth. First, whether the non-residential large-project backlog converts into shipments and lifts consolidated organic growth above the second quarter's 3.8%: backlog growth was management's main reason for raising full-year guidance, and US non-residential revenue grew 8% in the second quarter, already slower than the 13% of a year earlier[4][8][9]. Second, whether the residential business can grow beyond HVAC: US residential revenue rose 2% in the second quarter, mostly because of HVAC, while the Ferguson Home showroom business fell 1% and Residential Trade Plumbing was flat[10][11]. Third, whether gross margin holds near 31% and operating margin stays at least level with a year ago: management described finished-goods inflation as low single digits with PVC still deflating at a double-digit rate, and second-quarter gross margin had already slipped 20 basis points[4][12].

Company Background and Business Structure

Ferguson is a long-established distributor that shrank from a European footprint to a North American one, and it is listed on the New York Stock Exchange with headquarters in Newport News, Virginia. The company once operated across Europe, Canada and the United States, shifted its focus to North America in the early 2000s and sold its European businesses; after a corporate restructuring in August 2024, Ferguson Enterprises Inc. became the group's ultimate parent[1]. The company then moved its fiscal year from a July 31 year-end to the calendar year, with a five-month transition period from August 1 to December 31, 2025, and the 2026 fiscal year began on January 1, so this third-quarter report covers July to September 2026[13].

Almost all revenue comes from the United States, where the business is run by customer group and residential and non-residential each account for roughly half. In calendar 2025 the US segment had net sales of $29.807 billion and adjusted operating profit of $3.024 billion, against just $1.509 billion and $54 million for Canada[14]. In the second quarter of 2026, US net sales broke down as Waterworks 24%, Ferguson Home (showrooms and home improvement) 20%, Commercial/Mechanical 16%, Residential Trade Plumbing 14%, HVAC 13%, Industrial 7%, Facilities Supply 4% and Fire & Fabrication 2%[15]. In fiscal 2025, about two-thirds of company revenue came from repair, maintenance and improvement and about one-third from new construction, and no single customer ever exceeded 10% of sales[16][17].

All customer groups share one network of distribution centers, branches, counters, showrooms and e-commerce channels, and value-added services are what separate the company from an ordinary wholesaler. Beyond sales teams, digital channels and system-to-system links, Ferguson offers virtual design, fabrication, valve actuation, pre-assembly, kitting, installation and project management[18]. Its cost of goods is net of supplier rebates, which are earned on purchase volumes, and some rebate agreements require minimum purchases[19][20]. About 95% of the products it sells in the United States come from US suppliers, and about 90% of those sold in Canada come from Canadian suppliers[18].

Financial History and Current Position

Under the old fiscal year ending July 31, Ferguson's revenue was roughly flat while profit and cash flow grew modestly. Net sales were $29.734 billion, $29.635 billion and $30.762 billion in fiscal 2023, 2024 and 2025[17]; fiscal 2025 operating profit was $2.606 billion ($2.842 billion adjusted), net income $1.856 billion, diluted EPS $9.32 ($9.94 adjusted) and operating cash flow $1.908 billion[21], with capital expenditure of $305 million[22]. In the same fiscal year, US residential revenue was $14.598 billion, US non-residential revenue $14.671 billion and Canada $1.493 billion[17].

On the new calendar-year basis, both revenue and margins improved in 2025. Calendar 2025 net sales were $31.316 billion, up 5.0%; gross margin was 31.0%, up 70 basis points; adjusted operating profit was $3.011 billion for a 9.6% adjusted operating margin; adjusted diluted EPS was $10.58; and operating cash flow was $2.2 billion[23]. During the year the company declared dividends of $3.38 per share, spent $276 million on eight acquisitions with more than $300 million of annualized revenue, repurchased $0.9 billion of stock and ended the year with net debt at 1.1 times adjusted EBITDA[23][24]. The company notes that these calendar-quarter and calendar-year figures come from its books and have not been audited[25].

In the first half of 2026, revenue growth was moderate and margins were roughly flat, but cash flow was clearly weaker than a year earlier. First-quarter net sales were about $7.5 billion, up 3.6%, with an 8.7% adjusted operating margin and adjusted EPS of $2.28[26]; the second quarter is summarized at the top. First-half net sales were $16.223 billion, up 4.2%; adjusted operating profit was $1.579 billion, a 9.7% margin; and adjusted EPS was $5.67[3]. First-half operating cash flow was only $716 million versus $1.123 billion a year earlier, while the company spent $583 million on acquisitions, $234 million on capital expenditure and $438 million on buybacks[27]. At June 30, 2026, Ferguson had $437 million of cash, $4.456 billion of long-term debt, $448 million of short-term debt and net debt of $4.468 billion, or 1.3 times adjusted EBITDA, against a target range of one to two times[28][3].

Operating Model

Ferguson's revenue is set by volume, price and acquisitions within each customer group. Each group's revenue roughly equals organic volume times price, plus revenue from acquired branches, minus divested businesses; the second quarter's consolidated 4.6% growth split into 3.8% organic, 1.0% from acquisitions and a 0.2% drag from a Canadian divestment, with low single-digit price inflation inside the organic figure[4]. Commodity-based products such as PVC, copper and steel can represent up to about 15% of annual net sales, so their price swings directly change the price contribution to revenue[29]. Large non-residential projects carry a long lag from bid and order to shipments staged by jobsite progress, and management says the timing of revenue in any single quarter is hard to predict[9].

Operating profit depends on the spread between gross margin and branch costs. Gross profit is net sales minus cost of goods net of rebates; adjusted operating profit then subtracts SG&A, depreciation and amortization of non-acquired intangibles, and the reported figure further deducts amortization of acquired intangibles and restructuring costs[20][30]. In the second quarter of 2026, gross profit was $2.712 billion and SG&A was $1.718 billion, an SG&A ratio of 19.6% versus 19.7% a year earlier, and the US segment produced $925 million of the $932 million total adjusted operating profit[31][32][33]. The timing of supplier price increases first lifts and then lowers gross margin: the company attributed the 20-basis-point decline in second-quarter gross margin to a temporary lift a year earlier from supplier price increases[4][32].

Operating cash flow is highly sensitive to working capital, because growth in sales and inventory absorbs cash first. In the first half of 2026, inventories rose by $468 million, receivables and other assets by $1.070 billion and payables and other liabilities by $1.045 billion, with a further $137 million effect from income tax payment timing[27]; the company attributed the cash flow decline to working capital investment and to the timing of tax and incentive payments after the calendar-year change[34]. Cash flow and debt fund capital expenditure, acquisitions, a quarterly dividend of $0.89 per share and buybacks: the board approved a new $2 billion repurchase authorization on April 30, but buybacks will pause after FloWorks closes until leverage returns to the lower end of the target range[35][36].

Industry and Competitive Position

Ferguson operates in a highly fragmented market, and scale is its main proven advantage. The company describes itself as the largest value-added distributor serving water and air specialist contractors in a $340 billion North American residential and non-residential construction market[1]; the market has very few large competitors and many small local and mid-size regional distributors, and Ferguson ranks among the leaders in most end markets, including residential, commercial, civil/infrastructure and industrial[37][16]. As of July 31, 2025, it had about 37,000 suppliers, none above 5% of purchases, and a network of 11 regional distribution centers, six market distribution centers, 1,746 branches, about 5,900 vehicles and about 35,000 associates[37].

Acquisitions are the company's core tool for gaining share, but the available disclosures do not support a quantified comparison with competitors. Ferguson names bolt-on acquisitions as a core part of its growth strategy[38], and by August 2026 it had announced eight acquisitions for the year with about $1.4 billion of combined annualized revenue[39]; the FloWorks deal would expand its addressable market from $340 billion to $400 billion[40]. The company credits its non-residential growth to share gains, but public disclosures lack comparable same-period revenue from peers, so "outperforming the market" remains the company's own claim and cannot yet be checked against third-party data[41].

Core Debates

Ferguson says its backlog of large non-residential projects keeps growing. Will that backlog ship fast enough in the third quarter to lift organic growth above the second quarter's 3.8%, as management has indicated?

This matters because non-residential has become Ferguson's main source of growth while residential is weak. Non-residential is about half of US revenue, and US non-residential revenue grew about 8% in both the first and second quarters of 2026, while residential moved -1% and +2%[42][41]. Management raised full-year revenue guidance in August and said explicitly that third-quarter growth would exceed the second quarter's, partly on the strength of the large-project backlog[6][43]. If the third quarter delivers, it shows the company can sustain its share in data center, pharmaceutical and infrastructure projects against a high base; if it falls short, the guidance raise loses its support.

Current evidence shows non-residential growth is still solid but slowing and becoming more concentrated. US non-residential revenue growth eased from 12% in August to October 2025 and 10% in October to December to 8% in both the first and second quarters of 2026, and the second quarter compared with 13% growth a year earlier[44][45][8]. In the second quarter, Commercial/Mechanical grew 15% on data center, pharmaceutical/biotech and general manufacturing projects; Industrial grew 18%, including the PRD Technologies acquisition; and Waterworks grew only 3% because residential-related water infrastructure demand was weak[11][39]. Management said large projects make up a mid-to-high single-digit percentage of total revenue and that backlogs in each customer group are growing faster than current-quarter revenue[9]. Consolidated net sales in the third quarter of 2025 were about $8.245 billion, a figure derived by subtracting the fourth quarter and first half from the company's reported calendar 2025 total; the company notes that calendar-quarter figures are unaudited[23][3][25].

In financial terms, project bids and orders first become unshipped backlog, then ship in stages as jobsites progress, flow into US non-residential revenue and consolidated net sales, and finally reach adjusted operating profit through a gross margin of about 31% and operating leverage[9][4]. What remains unresolved is an alternative reading: non-residential growth increasingly depends on a few large projects and on acquisitions while traditional non-residential work has softened, so any delay in project shipments could make quarterly growth swing sharply[8][9]. FloWorks is expected to close in the third quarter and would lift Industrial's reported growth, so judging backlog conversion requires the organic figure[46][6].

The third-quarter report should answer five questions: whether consolidated organic growth exceeds 3.8%, whether US non-residential revenue grows at least 8%, what Commercial/Mechanical and Industrial growth looks like on an organic basis, how management describes backlog and bidding activity, and whether FloWorks has closed and what it contributes. If project shipments slip and third-quarter organic growth does not exceed 3.8%, or if non-residential growth falls below 5%, the view of backlog conversion and share leadership would need revising[6][9].

Ferguson's residential business returned to growth in the second quarter on the back of HVAC. Can that growth spread to its showrooms and residential plumbing in the third quarter, or does it still rest on HVAC and acquisitions alone?

The direction of residential decides whether the other half of Ferguson's US revenue turns from a drag into support. Residential is about half of US revenue, and about two-thirds of company revenue comes from repair and remodel rather than new construction[16]. US residential revenue moved from -1% in August to October 2025 and -2% in October to December to -1% in the first quarter of 2026 and +2% in the second quarter, one reason US segment growth reached 5.0% in the second quarter[44][45][42][41][33]. Management still assumes the residential market will decline by a low-to-mid single-digit rate in 2026[43], and if growth does not spread beyond HVAC, its support for revenue will fade once acquisitions annualize and the cooling season passes.

The second-quarter return to growth came almost entirely from HVAC, while showrooms and plumbing were still declining or flat. HVAC grew 11% and rose from 12% to 13% of US net sales[11][15]; during the quarter the company closed two HVAC acquisitions, Carrier Great Lakes (seven locations) and Dealers Supply Company (17 locations)[39]. Ferguson Home fell 1% and Residential Trade Plumbing was flat, and each lost one percentage point of share of US net sales[11][15]. In its 10-Q the company attributed residential growth directly to HVAC and described new construction as weak and repair and remodel as soft[10][41].

In financial terms, existing-home sales, household remodeling budgets and housing starts drive purchases by remodelers, plumbing contractors and HVAC contractors, which set revenue in Ferguson Home, Residential Trade Plumbing and HVAC and roll up into US residential revenue and US segment net sales[16][10]. The current evidence supports "residential is outperforming the market" but not "residential demand has bottomed": the second-quarter turn may owe more to acquired HVAC branches and summer replacement demand than to any improvement in remodeling or new construction. The company does not split organic growth out of customer-group figures, and the third-quarter report may not clarify that either.

The third-quarter report should answer four questions: whether US residential revenue is still growing, how fast HVAC grew and what the company says about its organic portion, whether Ferguson Home and Residential Trade Plumbing turn positive, and whether management changes its residential market assumption. If residential revenue turns negative again, the second-quarter turn depended on acquisitions and seasonality; if management cuts its residential assumption, the current understanding would also need revising[43].

With price inflation down to low single digits and PVC still deflating at a double-digit rate, can Ferguson hold its gross margin near 31% in the third quarter and keep its operating margin at least level with a year ago by controlling costs?

Margin is the most direct source of profit for a distributor like Ferguson, and the third quarter is one of its highest-margin quarters of the year. The company earns the spread between purchase and selling prices plus branch efficiency[20][19]. Calendar 2025 gross margin rose 70 basis points to 31.0%, partly on the timing of supplier price increases, and that benefit began to reverse in the second quarter of 2026, when gross margin fell 20 basis points year over year[23][4]. In August the company raised the bottom of its full-year adjusted operating margin guidance to 9.5%, against an actual 9.7% in the first half, so third-quarter margins will determine where the year lands within the range[5][3].

Second-quarter margins slipped slightly, which the company attributed to the prior-year base, while inflation is fading. Gross margin was 31.0% (31.2% a year earlier), the SG&A ratio was 19.6% (19.7%) and adjusted operating margin was 10.7% (10.8%)[3][32]. Management said finished-goods inflation was low single digits, commodity prices were flat overall and PVC was still deflating at a double-digit rate as price increases failed to stick, and it reaffirmed low single-digit inflation for the full year; price inflation in October to December 2025 had still been low to mid-single digits[12][45]. The third-quarter comparison base is derived: adjusted operating profit in the third quarter of 2025 was about $883 million on about $8.245 billion of net sales, an adjusted operating margin of about 10.7%; subtracting fourth-quarter adjusted EPS of $2.10 and first-half adjusted EPS of $5.30 from calendar 2025 adjusted EPS of $10.58 gives about $3.18 for the prior-year third quarter, only an approximation because share counts differ[30][23][3][25].

In financial terms, the pace of supplier price increases and the prices of PVC, copper and steel first affect selling-price inflation and inventory holding gains, then flow into gross margin net of rebates; subtracting branch, distribution and personnel costs gives adjusted operating margin, and interest, a tax rate of about 26% and share count then turn that into adjusted EPS[29][5]. What remains unresolved is an alternative reading: as inflation slows, price contributes less to revenue while branch, distribution center and acquisition integration costs keep rising, so margin pressure could shift from a base effect to something more persistent; FloWorks consolidation and intangible amortization will also change the reported figures[46].

The third-quarter report should answer five questions: whether gross margin is at least 30.8%, whether the SG&A ratio is flat or lower year over year, how adjusted operating margin compares with the derived base of about 10.7%, what the company says about price inflation and PVC, and what full-year margin guidance looks like with FloWorks included. If gross margin falls below 30.5%, price competition or commodity deflation has gone beyond the base effect; if full-year margin guidance is cut, the current understanding would also need revising[5][6].

Risks and Falsifiers

The first risk is that financing and integrating FloWorks will raise leverage and halt buybacks. Ferguson is buying FloWorks for cash at an enterprise value of about $1.6 billion; FloWorks had about $1 billion of 2025 revenue, and the price is about 10 times EBITDA including $45 million of expected synergies[46][40]. In August the company signed a $700 million bridge loan and a $900 million term loan agreement, and on August 14 it completed an offering of $700 million of senior notes due 2029 and $500 million due 2036[47][48][49]; management said net debt to adjusted EBITDA would rise to about 1.8 times after closing and buybacks would pause until leverage returns to the lower end of the target range[40][36]. The exposed lines are net debt ($4.468 billion and 1.3 times at June 30), interest guidance of about $200 million that excludes FloWorks, the EPS lift from buybacks and the full-year guidance to be updated with third-quarter results[28][5]. If FloWorks closes on schedule, leverage after closing does not exceed about 1.8 times and updated guidance shows adjusted EPS accretion, this concern would ease.

The second risk is that working capital keeps absorbing cash. To support HVAC growth and the large-project backlog, inventories rose from $4.588 billion at December 31, 2025 to $5.101 billion at June 30, 2026, and receivables from $3.312 billion to $4.255 billion[50]; first-half operating cash flow was $716 million versus $1.123 billion a year earlier, partly because of tax and incentive payment timing after the calendar-year change[27][34]. Management called inventory slightly elevated and said it should normalize by year-end[51]. The exposed lines are operating cash flow, net debt and leverage, and the funding for acquisitions and buybacks; if inventories stop rising in the third quarter and the year-over-year gap in nine-month operating cash flow narrows, this risk does not hold.

The third risk is that large-project shipments are hard to time. Large projects have long cycles and ship as jobsites progress, making single-quarter revenue unpredictable, while traditional non-residential work has already softened[51][8]; as concentration in data center and similar projects rises, a delay in a few projects could slow non-residential growth. The exposed lines are US non-residential revenue, $14.671 billion in fiscal 2025, and consolidated net sales, and the full-year mid-single-digit growth guidance depends on second-half growth exceeding the first half[17][6]. If third-quarter non-residential revenue grows at least 8% and management confirms that backlog is still growing, this risk has not materialized.

The fourth risk is further weakness in residential demand. Housing starts and permits are weak, repair and remodel is soft, Ferguson Home and residential plumbing are declining, and once HVAC acquisitions annualize residential revenue will lose its main source of growth[41][11][43]. The exposed line is US residential revenue, $14.598 billion in fiscal 2025 and about 47.5% of consolidated revenue[17]. If third-quarter residential revenue grows and either Ferguson Home or Residential Trade Plumbing turns positive, this view would need revising.

The fifth risk is price and commodity deflation. Commodity-based products can represent up to about 15% of annual sales, so double-digit PVC deflation lowers both the price contribution to revenue and inventory holding gains, and because rebates depend on purchase volumes, slower purchasing would also hurt gross profit[29][12][19]. The exposed lines are gross profit ($2.712 billion in the second quarter of 2026) and full-year adjusted operating margin guidance of 9.5% to 9.8%[31][5]. If third-quarter gross margin is at least 30.8% and price inflation stays in the low single digits, this risk has not materialized.

What to Watch Next

• Large-project backlog conversion: consolidated organic growth versus 3.8% in the second quarter of 2026; above 3.8% supports conversion, at or below weakens it.
• Large-project backlog conversion: US non-residential growth versus +8% in the second quarter; at least 8% supports it, below 5% would falsify share leadership.
• Large-project backlog conversion: Commercial/Mechanical (+15%) and Industrial (+18%, including acquisitions), read on an organic basis and with FloWorks separated; double-digit growth excluding acquisitions supports conversion.
• Residential spread: US residential growth versus +2% in the second quarter; a return to decline means the turn relied on acquisitions and seasonality.
• Residential spread: Ferguson Home (-1%) and Residential Trade Plumbing (flat); either turning positive supports spread, while a cut to management's residential assumption weakens it.
• Gross margin and cost leverage: gross margin versus 31.0% in the second quarter; at least 30.8% supports the base-effect explanation, below 30.5% falsifies it.
• Gross margin and cost leverage: adjusted operating margin versus a derived base of about 10.7% in the third quarter of 2025; at least level supports it, a cut to full-year guidance weakens it.
• Cross-cutting risk: FloWorks closing and leverage versus 1.3 times at June 30; leverage no higher than about 1.8 times with EPS accretion eases the risk.
• Cross-cutting risk: inventories of $5.101 billion and first-half operating cash flow of $716 million; inventories that stop rising and a narrowing cash flow gap ease the risk.

Conclusion

Ferguson is driven by three engines, large non-residential projects, residential repair and remodel, and continuous acquisitions, and its current financial position combines moderate revenue growth, margins close to last year's and weaker cash flow. First-half 2026 net sales were $16.223 billion, up 4.2%, with a 9.7% adjusted operating margin, but operating cash flow fell from $1.123 billion to $716 million and net debt rose to 1.3 times adjusted EBITDA[3][27][28]. The central unresolved relationship is whether the large-project backlog behind management's guidance raise can turn into faster third-quarter organic growth while price inflation fades and residential stays weak, without giving up a gross margin of about 31%[6][12].

Since the second-quarter results on August 10, public coverage of Ferguson has consisted mainly of earnings flashes, index changes, listing-venue changes, dividends and routine broker updates, plus a CEO video interview on manufacturing conditions, and none of it is a signed, independently argued analysis with a verifiable date. These items cannot stand in for outside judgment on the three core debates, so outside interpretation is a gap here; backlog conversion, residential spread and gross margin can for now be tested only against the company's own disclosures.

In the third-quarter report, the current understanding would strengthen materially if consolidated organic growth exceeds 3.8%, US non-residential revenue grows at least 8%, residential revenue keeps growing with at least one non-HVAC residential customer group turning positive, gross margin is at least 30.8%, and leverage after the FloWorks closing does not exceed about 1.8 times. Conversely, it would weaken materially if organic growth stays at or below 3.8%, non-residential growth falls below 5%, residential turns negative again, gross margin falls below 30.5%, or full-year margin guidance including FloWorks is cut.

Sources

[1] FERG 10-K filed 2025-09-26 · value-added distribution model · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[2] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q3 2026 results date · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[3] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q2 and first-half results table · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[4] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q2 2026 summary of results · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[5] FERG 8-K filed 2026-08-10 (Q2 2026 release) · calendar 2026 guidance · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[6] FERG earnings call 2026-08-10 (Q2 2026) · second-half guidance commentary · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[7] Drillr analyst estimates FERG Q3 2026 retrieved 2026-11-04 · 2026-11-04 · Drillr 分析师预测汇总 · https://gateway.drillr.ai/mcp/private

[8] FERG earnings call 2026-08-10 (Q2 2026) · end market performance · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] FERG earnings call 2026-08-10 (Q2 2026) · Q&A on large capital projects · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] FERG 10-Q filed 2026-08-10 (Q2 2026) · US segment net sales drivers · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[11] FERG earnings call 2026-08-10 (Q2 2026) · US customer group growth · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[12] FERG earnings call 2026-08-10 (Q2 2026) · Q&A on inflation · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] FERG 8-K filed 2026-02-24 (calendar 2025 results) · fiscal year change · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[14] FERG 8-K filed 2026-02-24 (calendar 2025 results) · calendar 2025 segment results · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[15] FERG 10-Q filed 2026-08-10 (Q2 2026) · US net sales by customer group · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[16] FERG 10-K filed 2025-09-26 · residential/non-residential and RMI/new construction split · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[17] FERG 10-K filed 2025-09-26 · FY2025 net sales by end market · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[18] FERG 10-K filed 2025-09-26 · value-added solutions and fulfillment · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[19] FERG 10-K filed 2025-09-26 · supplier rebates · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[20] FERG 10-K filed 2025-09-26 · cost of sales definition · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[21] FERG 10-K filed 2025-09-26 · FY2025 highlights · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[22] FERG 10-K filed 2025-09-26 · FY2025 operating cash flow drivers · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[23] FERG 8-K filed 2026-02-24 (calendar 2025 results) · calendar 2025 and Q4 results · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[24] FERG 8-K filed 2026-02-24 (calendar 2025 results) · capital deployment and leverage · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[25] FERG 8-K filed 2026-02-24 (calendar 2025 results) · unaudited calendar results note · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[26] FERG 8-K filed 2026-05-05 (Q1 2026 release) · Q1 2026 highlights · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000028/exhibit991pressreleasemarc.htm

[27] FERG 10-Q filed 2026-08-10 (Q2 2026) · first-half cash flow statement · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[28] FERG 8-K filed 2026-08-10 (Q2 2026 release) · net debt and leverage policy · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[29] FERG 10-K filed 2025-09-26 · commodity-priced products · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[30] FERG 8-K filed 2026-02-24 (calendar 2025 results) · adjusted operating profit reconciliation · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[31] FERG 10-Q filed 2026-08-10 (Q2 2026) · Q2 2026 income statement · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[32] FERG 10-Q filed 2026-08-10 (Q2 2026) · gross profit and SG&A drivers · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[33] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q2 2026 segment overview · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[34] FERG 10-Q filed 2026-08-10 (Q2 2026) · operating cash flow explanation · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[35] FERG 10-Q filed 2026-08-10 (Q2 2026) · share repurchase program · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[36] FERG earnings call 2026-08-10 (Q2 2026) · capital allocation · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] FERG 10-K filed 2025-09-26 · scale, suppliers and branch network · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[38] FERG 10-K filed 2025-09-26 · fragmented market and acquisition strategy · 2025-09-26 · 10-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000027/ferg-20250731.htm

[39] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q2 2026 acquisitions · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[40] FERG earnings call 2026-08-10 (Q2 2026) · FloWorks and M&A · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] FERG 8-K filed 2026-08-10 (Q2 2026 release) · Q2 2026 US end markets · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000038/exhibit991pressreleasejune.htm

[42] FERG 8-K filed 2026-05-05 (Q1 2026 release) · Q1 2026 US end markets · 2026-05-05 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000028/exhibit991pressreleasemarc.htm

[43] FERG earnings call 2026-08-10 (Q2 2026) · Q&A on guidance and market assumptions · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] FERG 8-K filed 2025-12-09 (quarter ended Oct 31, 2025 release) · US end markets · 2025-12-09 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164125000057/exhibit991pressreleaseocto.htm

[45] FERG 8-K filed 2026-02-24 (calendar 2025 results) · calendar Q4 2025 end markets · 2026-02-24 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000002/exhibit991pressreleasetran.htm

[46] FERG 8-K filed 2026-07-13 (FloWorks acquisition release) · deal terms · 2026-07-13 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000035/exhibit991pressreleasedate.htm

[47] FERG 8-K filed 2026-08-11 · bridge and term loan agreements · 2026-08-11 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000155278126000433/e26338_ferg-8k.htm

[48] FERG 8-K filed 2026-08-11 · term loan agreement · 2026-08-11 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000155278126000433/e26338_ferg-8k.htm

[49] FERG 8-K filed 2026-08-14 · senior notes offering · 2026-08-14 · 8-K · https://www.sec.gov/Archives/edgar/data/2011641/000114036126033163/ef20080115_8k.htm

[50] FERG 10-Q filed 2026-08-10 (Q2 2026) · balance sheet working capital · 2026-08-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/2011641/000201164126000040/ferg-20260630.htm

[51] FERG earnings call 2026-08-10 (Q2 2026) · risks · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private