$FERG

Ferguson Enterprises Inc. /DE/

CIK:0002011641|SEC Filings

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 8,751	$ 8,363	$ 16,223	$ 15,576
Cost of sales	(6,039)	(5,750)	(11,193)	(10,747)
Gross profit	2,712	2,613	5,030	4,829
Selling, general and administrative expenses	(1,718)	(1,650)	(3,325)	(3,215)
Restructuring expenses	(2)	(25)	(4)	(76)
Depreciation and amortization	(99)	(96)	(196)	(189)
Operating profit	893	842	1,505	1,349
Interest expense, net	(52)	(49)	(97)	(95)
Other income (expense)	5	(3)	(2)	5
Income before income taxes	846	790	1,406	1,259
Provision for income taxes	(180)	(156)	(326)	(280)
Net income	$ 666	$ 634	$ 1,080	$ 979
Earnings per share - Basic (in usd per share)	$ 3.44	$ 3.21	$ 5.56	$ 4.94
Earnings per share - Diluted (in usd per share)	$ 3.43	$ 3.21	$ 5.56	$ 4.94
Weighted average number of shares outstanding:
Basic (in shares)	193.7	197.4	194.1	198.1
Diluted (in shares)	194.0	197.5	194.4	198.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 1,080	$ 979
Depreciation and amortization	196	189
Share-based compensation	35	15
Changes in deferred income taxes	43	(10)
Changes in inventories	(468)	(169)
Changes in receivables and other assets	(1,070)	(844)
Changes in accounts payable and other liabilities	1,045	906
Changes in income taxes payable	(137)	50
Other operating activities	(8)	7
Net cash provided by operating activities	716	1,123
Cash flows from investing activities:
Purchase of businesses acquired, net of cash acquired	(583)	(226)
Capital expenditures	(234)	(141)
Other investing activities	17	15
Net cash used in investing activities	(800)	(352)
Cash flows from financing activities:
Purchase of treasury shares	(438)	(428)
Repayments of debt	(700)	(2,225)
Proceeds from debt	1,475	2,000
Change in bank overdrafts	0	(115)
Cash dividends	(347)	(330)
Other financing activities	(7)	(27)
Net cash used in financing activities	(17)	(1,125)
Change in cash, cash equivalents and restricted cash	(101)	(354)
Effects of exchange rate changes	(5)	25
Cash, cash equivalents and restricted cash, beginning of period	581	773
Cash, cash equivalents and restricted cash, end of period	475	444
Supplemental Disclosures:
Cash paid for income taxes, net	421	240
Cash paid for interest	94	95
Accrued capital expenditures	19	12
Accrued dividends	172	164
Lease assets obtained in exchange for new operating lease liabilities (non-cash)	$ 316	$ 349

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 437	$ 557
Accounts receivable, less allowances of $31 and $25, respectively	4,255	3,312
Inventories	5,101	4,588
Prepaid and other current assets	1,195	1,031
Assets held for sale	39	48
Total current assets	11,027	9,536
Property, plant and equipment, net	2,016	1,911
Operating lease right-of-use assets	1,922	1,832
Deferred income taxes, net	76	165
Goodwill	2,713	2,470
Other intangible assets, net	950	685
Other non-current assets	599	553
Total assets	19,303	17,152
Liabilities and stockholders’ equity
Accounts payable	4,060	3,117
Short-term debt	448	148
Current portion of operating lease liabilities	477	455
Other current liabilities	1,380	1,392
Liabilities held for sale	12	13
Total current liabilities	6,377	5,125
Long-term debt	4,456	3,978
Long-term portion of operating lease liabilities	1,506	1,436
Other long-term liabilities	763	756
Total liabilities	13,102	11,295
Stockholders’ equity:
Common stock, par value $0.0001; 500,000,000 shares authorized; 201,343,253 issued	0	0
Paid-in capital	1,031	996
Retained earnings	7,889	7,167
Treasury shares, 7,891,376 and 6,291,666 shares, respectively at cost	(1,669)	(1,274)
Accumulated other comprehensive loss	(1,050)	(1,032)
Total stockholders' equity	6,201	5,857
Total liabilities and stockholders' equity	$ 19,303	$ 17,152