Overview

• Quarter sales reached $8.5 billion with adjusted EPS of $3.48 and GAAP EPS of $3.55, beating expectations.
• Gross margin rose 70 basis points to 31.7% and adjusted operating profit increased to $972 million, lifting profitability.
• U.S. non-residential revenue grew about 15% in the quarter while residential was flat, and Canada posted 4.8% sales growth.
• Ferguson will shift its fiscal year-end to December 31 with a five-month transition ending December 31, 2025, and issued 2025 guidance for mid-single-digit revenue growth and a 9.2%–9.6% adjusted operating margin.
• Strong cash generation funded $948 million in share repurchases, a 5% higher dividend totaling $3.32 per share, and nine acquisitions adding roughly $300 million in annualized revenue as net debt stood at $3.49 billion (about 1.1x adjusted EBITDA).