Investigate / FERG
Understand Ferguson Enterprises Inc. /DE/
Can Ferguson keep converting its broad branch network and project services into steady sales and profit if construction demand weakens?
Snapshot reviewed 2026-10-02. Source published 2026-08-10. No account needed.
AI-assisted synthesis of selected public filings, checked against the cited excerpts. Not a complete analysis.
This is a research starting point, not a buy/sell recommendation or a current valuation. New developments after these sources are not incorporated automatically.
Your research workspace / FERG
Ask better questions. Keep the evidence.
Explore the available sources for Ferguson Enterprises Inc. /DE/, then keep what deserves another look.
01 Investor activity
Who reports owning FERG?
11 tracked reported owners. Disclosures are delayed and may describe different quarters—not live holdings or stated motives.
02 Business evidence
Reported evidence
What does the company do?
Customers pay Ferguson for specialized water and air products, such as plumbing, HVAC, and pipes, valves and fittings, plus expertise and services delivered through branches, distribution centers and e-commerce.
Latticework interpretation
What could support the case?
If same-day and next-day availability through its branch and distribution network is genuinely important to customers, as management believes, that service capability could support its position with contractors.
Latticework interpretation
What could break the case?
If economic or market conditions weaken, particularly in the U.S., customers' finances and purchasing could be hurt, potentially pressuring Ferguson's prices, payments and results.
03 Questions to investigate
Open saved takeaways →Read the full company brief
1. Understand the business
Customers pay Ferguson for specialized water and air products, such as plumbing, HVAC, and pipes, valves and fittings, plus expertise and services delivered through branches, distribution centers and e-commerce.
Source: Annual filing · business description ↗2. What the reported results show
Latest source: 10-Q, reporting period ended 2026-06-30. Selected reported US-GAAP/USD comparisons. The period and basis of each measure are shown separately; year-to-date cash flow is not a quarterly figure. Missing comparisons are collection gaps, not evidence that a company has no revenue or earnings.
| Measure | Current | Prior year |
|---|---|---|
| Revenue ↗Quarter: 2026-04-01–2026-06-30; prior 2025-04-01–2025-06-30Both values reported in the current filing. | $8,751m | $8,363m |
| Operating income ↗Quarter: 2026-04-01–2026-06-30; prior 2025-04-01–2025-06-30Both values reported in the current filing. | $893m | $842m |
| Net income ↗Quarter: 2026-04-01–2026-06-30; prior 2025-04-01–2025-06-30Both values reported in the current filing. | $666m | $634m |
| Operating cash flow ↗Six months (year to date): 2026-01-01–2026-06-30; prior 2025-01-01–2025-06-30Both values reported in the current filing. Operating cash flow is not free cash flow or a standalone solvency assessment; inspect the full statement. | $716m | $1,123m |
Comparison caveat: Half-year cash fell as working-capital investment and the timing of income-tax payments changed with the transition to a calendar year-end. Cash movement is not solely a change in recurring operating profit.
10-Q · latest checked financial statements and discussion ↗3. The investment debate
Latticework interpretation of the reported results—not the stated motives of any investor.
What could support the case
If same-day and next-day availability through its branch and distribution network is genuinely important to customers, as management believes, that service capability could support its position with contractors.
Supporting filing ↗The strongest caution
If economic or market conditions weaken, particularly in the U.S., customers' finances and purchasing could be hurt, potentially pressuring Ferguson's prices, payments and results.
Caution evidence ↗An interesting business is not necessarily an attractive investment at today's price. Price, dilution, financing terms and a valuation range still need investigation.
Inspect the evidence behind both sides ↗4. Three questions worth investigating
Use these to guide your research, not as conclusions that have already been proved.
How much do markets and conditions drive results?
Starting evidence: Management states that financial performance depends significantly on industry trends and general economic conditions, particularly in the U.S., where most sales are generated.
Investigate next: Review segment and end-market disclosures to see how sales and margins responded in past weaker construction periods.
Read the supporting filing ↗Is growth coming from price or volume?
Starting evidence: Year-to-date sales growth was attributed mainly to price inflation and acquisitions, partially offset by lower sales volume.
Investigate next: Compare volume, price and acquisition contributions across recent quarters, and ask what happens to growth if price inflation fades.
Read the supporting filing ↗Do gross margins hold when supplier prices shift?
Starting evidence: Management attributed a small quarterly gross margin decline to the timing and extent of supplier price increases in the prior year.
Investigate next: Examine how gross margin moved around past supplier price changes and how quickly cost increases are passed to customers.
Read the supporting filing ↗5. Decide what to do next
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