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Dec 31, 2025
Ferguson Q2 2026 Earnings Report
Ferguson reported higher sales and margin expansion in Q4 2025, with double-digit operating profit growth and improved profitability.
Key Takeaways
Ferguson delivered 3.6% sales growth in Q4 2025, supported by organic growth and acquisition contributions. Gross margin expanded 90 basis points and operating profit rose 17.1%, driving double-digit EPS growth.
Net sales increased 3.6% year over year to 7495000000.
Gross margin expanded 90 basis points to 30.6%.
Operating profit rose 17.1% to 596000000 with operating margin of 8.0%.
Diluted EPS increased 11.8% to 1.99, with adjusted EPS of 2.10.
Revenue by Geographic Location
Forward Guidance
For calendar 2026, Ferguson expects low to mid-single digit net sales growth and adjusted operating margin between 9.4% and 9.8%.
Positive Outlook
- Net sales expected to grow low to mid-single digits.
- Adjusted operating margin guided to 9.4% - 9.8%.
- Continued investment in capital expenditures of 350000000 to 400000000.
- Adjusted effective tax rate expected around 26%.
- Strong balance sheet with leverage target within 1x to 2x.
Challenges Ahead
- Interest expense expected to be approximately 200000000.
- Residential markets remain weak.
- Exposure to mixed end-market conditions entering 2026.
- Foreign exchange and divestment impacts affected prior growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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