Strong Execution Drives Outperformance; Calendar Year Guidance Updated

强劲的执行力推动业绩超预期；日历年指引更新

Quarterly highlights

季度亮点

Sales of $8.2 billion, increased 5.1%.
Gross margin of 30.7%, up 60 bps from prior year.
Operating margin of 9.4%, up 80 bps on prior year (9.9%, up 80 bps on an adjusted basis).
Diluted earnings per share of $2.90, up 23.9% ($2.84 on an adjusted basis, up 15.9%).
Declared quarterly dividend of $0.89, reflecting a 7% increase over the prior year.
Completed one acquisition during the quarter.
Share repurchases of $208 million during the quarter.
Balance sheet remains strong with net debt to adjusted EBITDA of 1.1x.

销售额为 82 亿美元，增长 5.1%。
毛利率为 30.7%，较去年上升 60 个基点。
营业利润率为 9.4%，较去年上升 80 个基点（调整后为 9.9%，上升 80 个基点）。
稀释后每股收益为 2.90 美元，增长 23.9%（调整后为 2.84 美元，增长 15.9%）。
宣布季度股息为 0.89 美元，较去年增长 7%。
本季度完成了一项收购。
本季度回购股票 2.08 亿美元。
资产负债表保持强劲，净债务与调整后 EBITDA 比率为 1.1 倍。

NEWPORT NEWS, Va.--(BUSINESS WIRE)--Ferguson Enterprises Inc. (NYSE: FERG; LSE: FERG). Kevin Murphy, Ferguson CEO, commented, “Our associates again delivered strong results, continuing to execute our growth strategy in a challenging market environment. We are particularly pleased with another quarter of double-digit non-residential revenue growth. Our scale-advantaged business model and consistent market outperformance enable us to invest in organic growth, as well as consolidate our markets and return capital to shareholders while maintaining a strong balance sheet.

美国弗吉尼亚州纽波特新闻 --（商业新闻）--Ferguson Enterprises Inc.（纽约证券交易所代码：FERG；伦敦证券交易所代码：FERG）。Ferguson 首席执行官 Kevin Murphy 评论道：“我们的员工再次交出了强劲的业绩，继续在充满挑战的市场环境中执行我们的增长战略。我们特别高兴看到又一个季度的非住宅收入实现了两位数的增长。我们的规模优势商业模式和持续的市场超越能力使我们能够投资于有机增长，同时整合市场并向股东回报资本，同时保持强劲的资产负债表。”

“We are poised to deliver a strong calendar year 2025 performance and we remain confident in our markets over the medium term. While we continue to operate in an uncertain environment, we will stay focused on leveraging multiyear tailwinds in both residential and non-residential markets as we support the complex project needs of the water and air specialized professional.”

“我们准备在 2025 日历年交出强劲的业绩，并对中期市场保持信心。尽管我们仍在不确定的环境中运营，但我们将继续专注于利用住宅和非住宅市场的多重利好因素，以支持水和空气专业领域复杂项目的需求。”

Calendar 2025 Guidance

2025 日历年指引


	Updated Calendar 2025 Guidance January 1 - December 31, 2025	Prior Calendar 2025 Guidance January 1 - December 31, 2025
Net sales	~5% growth	Mid-single digit growth
Adjusted operating margin*	9.4% - 9.6%	9.2% - 9.6%
Interest expense	~$190 million	$180 - $200 million
Capital expenditures	~$350 million	$300 - $350 million
Adjusted effective tax rate*	~26%	~26%
* The Company does not reconcile forward-looking non-GAAP measures. See “Non-GAAP Reconciliations and Supplementary information”.


	更新后的 2025 日历年指引
2025年1月1日至 12 月 31 日	之前的 2025 日历年指引
2025年1月1日至 12 月 31 日
净销售额	~5% 增长	中等单数增长
调整后营业利润率*	9.4% - 9.6%	9.2% - 9.6%
利息支出	~1.9 亿美元	1.8 亿 - 2 亿美元
资本支出	~3.5 亿美元	3 亿 - 3.5 亿美元
调整后有效税率*	~26%	~26%
* 公司不对前瞻性非 GAAP 指标进行调节。请参见 “非 GAAP 调节和补充信息”。


	Three months ended October 31,
US$ (In millions, except per share amounts)	2025	2024	Change
	Reported	Adjusted(1)	Reported	Adjusted(1)	Reported	Adjusted
Net sales	8,169	8,169	7,772	7,772	+5.1 %	+5.1 %
Gross margin	30.7 %	30.7 %	30.1 %	30.1 %	+60 bps	+60 bps
Operating profit	771	808	665	706	+15.9 %	+14.4 %
Operating margin	9.4 %	9.9 %	8.6 %	9.1 %	+80 bps	+80 bps
Earnings per share - diluted	2.90	2.84	2.34	2.45	+23.9 %	+15.9 %
Adjusted EBITDA		867		758		+14.4 %
Net debt(1) : Adjusted EBITDA		1.1x		1.2x


	截至 10 月 31 日的三个月
美元（以百万计，除每股金额外）	2025	2024	变化
	报告	调整 (1)	报告	调整 (1)	报告	调整
净销售额	8,169	8,169	7,772	7,772	+5.1 %	+5.1 %
毛利率	30.7 %	30.7 %	30.1 %	30.1 %	+60 个基点	+60 个基点
营业利润	771	808	665	706	+15.9 %	+14.4 %
营业利润率	9.4 %	9.9 %	8.6 %	9.1 %	+80 个基点	+80 个基点
每股收益 - 稀释	2.90	2.84	2.34	2.45	+23.9 %	+15.9 %
调整后 EBITDA		867		758		+14.4 %
净债务 (1) : 调整后 EBITDA		1.1 倍		1.2 倍


(1)	The Company uses certain non-GAAP measures, which are not defined or specified under U.S. GAAP. See the section titled “Non-GAAP Reconciliations and Supplementary Information.”


(1)	公司使用某些非 GAAP 指标，这些指标在美国 GAAP 下未定义或未说明。请参见标题为 “非 GAAP 调节和补充信息” 的部分。

Summary of financial results

财务结果摘要

Quarter ended October 31, 2025

截至2025年10月31日的季度

Net sales of $8.2 billion were 5.1% ahead of last year driven by organic revenue growth of 4.2% and acquisition growth of 1.0%, partially offset by 0.1% from the adverse impact of foreign exchange rates and from a divestment in Canada. Price inflation was approximately 3%.

净销售额为 82 亿美元，比去年增长 5.1%，主要得益于 4.2% 的有机收入增长和 1.0% 的收购增长，部分被外汇汇率的不利影响和加拿大的剥离影响抵消 0.1%。价格通胀约为 3%。

Gross margin of 30.7% was 60 basis points above last year driven by our associates’ disciplined execution. In addition, we continued to diligently manage the cost base to generate operating leverage.

毛利率为 30.7%，比去年高出 60 个基点，得益于我们员工的严格执行。此外，我们继续努力管理成本基础，以产生营业杠杆。

Reported operating profit was $771 million (9.4% operating margin), 15.9% ahead of last year. Adjusted operating profit of $808 million (9.9% adjusted operating margin) was 14.4% above last year.

报告的营业利润为 7.71 亿美元（营业利润率为 9.4%），比去年增长 15.9%。调整后的营业利润为 8.08 亿美元（调整后营业利润率为 9.9%），比去年增长 14.4%。

Reported diluted earnings per share was $2.90 (quarter ended October 31, 2024: $2.34), an increase of 23.9% compared to last year, while adjusted diluted earnings per share of $2.84 increased 15.9% due to the higher adjusted operating profit and the impact of share repurchases.

报告的稀释每股收益为 2.90 美元（截至2024年10月31日的季度为 2.34 美元），较去年增长 23.9%，而调整后的稀释每股收益为 2.84 美元，因调整后营业利润的提高和股票回购的影响增长 15.9%。

US - quarter ended October 31, 2025

美国 - 截至2025年10月31日的季度

Net sales in the US business increased by 5.3%, with organic revenue growth of 4.4% and a further 0.9% contribution from acquisitions.

美国业务的净销售额增长 5.3%，有机收入增长 4.4%，收购贡献进一步增加 0.9%。

Residential end markets, representing approximately half of US revenue, remained challenged. New residential housing starts and permit activity have been weak and repair, maintenance and improvement (“RMI”) work has also remained soft. We continue to outperform the markets with residential revenue down 1% in the quarter.

住宅终端市场，约占美国收入的一半，仍然面临挑战。新的住宅开工和许可证活动疲软，维修、维护和改善（“RMI”）工作也保持疲软。我们继续在市场中表现优于，住宅收入在本季度下降 1%。

Non-residential end markets, representing approximately half of US revenue, performed better than residential. Our scale, expertise, multi-customer group approach and value added services drove continued share gains with non-residential revenue up 12% during the quarter. Growth was supported by both waterworks and commercial / mechanical, including large capital project activity. We continued to see solid bidding activity on large capital projects.

非住宅终端市场，约占美国收入的一半，表现优于住宅市场。我们的规模、专业知识、多客户群体方法和增值服务推动了非住宅收入在本季度增长 12%，继续获得市场份额。增长得益于水务和商业/机械，包括大型资本项目活动。我们继续看到大型资本项目的投标活动良好。

Adjusted operating profit of $806 million was 15.6% or $109 million above last year.

调整后的营业利润为 8.06 亿美元，比去年高出 15.6% 或 1.09 亿美元。

We completed one acquisition during the quarter, Moore Supply Company, an HVAC equipment and supplies business operating from five locations in the Chicago metro area.

我们在本季度完成了一项收购，收购了 Moore Supply Company，这是一家在芝加哥大都市区五个地点运营的 HVAC 设备和供应业务。

Canada - quarter ended October 31, 2025

加拿大 - 截至2025年10月31日的季度

Net sales increased by 2.2%, with organic revenue growth of 0.7% and a 4.6% contribution from acquisitions, partially offset by a 1.6% adverse impact from foreign exchange rates as well as 1.5% from a non-core business divestment. Markets have remained subdued in Canada, particularly in residential. Adjusted operating profit of $16 million was $7 million below last year.

净销售额增长 2.2%，有机收入增长 0.7%，收购贡献为 4.6%，部分被外汇汇率的不利影响 1.6% 和非核心业务剥离的 1.5% 抵消。加拿大市场仍然低迷，尤其是在住宅领域。调整后的营业利润为 1600 万美元，比去年低 700 万美元。

Segment overview

细分概述


	Three months ended October 31,
US$ (In millions)	2025	2024	Change
Net sales:
US	7,757		7,369		+5.3 %
Canada	412		403		+2.2 %
Total net sales	8,169		7,772		+5.1 %

Adjusted operating profit:
US	806		697		+15.6 %
Canada	16		23		(30.4	)%
Central and other costs	(14	)	(14	)
Total adjusted operating profit	808		706		+14.4 %


	截至 10 月 31 日的三个月
百万美元	2025	2024	变动
净销售额：
美国	7,757		7,369		+5.3 %
加拿大	412		403		+2.2 %
总净销售额	8,169		7,772		+5.1 %

调整后营业利润：
美国	806		697		+15.6 %
加拿大	16		23		(30.4	)%
中央及其他费用	(14	)	(14	)
总调整后营业利润	808		706		+14.4 %

Financial position

财务状况

Net debt to adjusted EBITDA at October 31, 2025 was 1.1x. During the quarter we completed share repurchases of $208 million and have a remaining outstanding balance of approximately $0.8 billion under the current share repurchase program.

截至2025年10月31日，净债务与调整后 EBITDA 的比率为 1.1 倍。在本季度，我们完成了 2.08 亿美元的股票回购，目前在现有股票回购计划下尚有约 8 亿美元的未偿余额。

We declared a quarterly dividend of $0.89 representing a 7% growth over prior year. The dividend will be paid on February 27, 2026 to stockholders of record as of January 2, 2026.

我们宣布季度股息为 0.89 美元，较去年增长 7%。股息将于2026年2月27日支付给截至2026年1月2日的股东。

During the quarter, we completed a public offering of $750 million of senior unsecured notes due in 2031. The proceeds will be used for general corporate purposes.

在本季度，我们完成了 7.5 亿美元的 2031 年到期高级无担保债券的公开发行。所得款项将用于一般企业用途。

Investor conference call and webcast

投资者电话会议和网络直播

A call with Kevin Murphy, CEO and Bill Brundage, CFO will commence at 8:30 a.m. ET (1:30 p.m. GMT) today. The call will be recorded and available on our website after the event at corporate.ferguson.com.

与首席执行官 Kevin Murphy 和首席财务官 Bill Brundage 的电话会议将于今天上午 8:30（格林威治标准时间下午 1:30）开始。会议将被录音，并在活动结束后在我们的网站 corporate.ferguson.com 上提供。


Dial in number	US:	+1 646 233 4753
	UK:	+44 (0) 20 3936 2999


拨入号码	美国：	+1 646 233 4753
	英国：	+44 (0) 20 3936 2999

Ask for the Ferguson call quoting 995576. To access the call via your laptop, tablet or mobile device please go to corporate.ferguson.com. If you have technical difficulties, please click the “Listen by Phone” button on the webcast player and dial the number provided.

请询问 Ferguson 电话，引用 995576。要通过您的笔记本电脑、平板电脑或移动设备访问电话，请访问 corporate.ferguson.com。如果您遇到技术问题，请点击网络直播播放器上的 “通过电话收听” 按钮并拨打提供的号码。

About Ferguson

关于 Ferguson

Ferguson (NYSE: FERG; LSE: FERG) is the largest value-added distributor serving the water and air specialized professional in our $340B residential and non-residential North American construction market. We help make our customers’ complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. Headquartered in Newport News, Va., Ferguson has sales of $30.8 billion (FY’25) and approximately 35,000 associates in over 1,700 locations. For more information, please visit corporate.ferguson.com.

Ferguson（纽约证券交易所代码：FERG；伦敦证券交易所代码：FERG）是北美 3400 亿美元住宅和非住宅建筑市场中最大的增值分销商，专注于水和空气专业领域。我们通过提供专业知识和广泛的产品与服务，帮助客户简化、成功和可持续地完成复杂项目，涵盖管道、暖通空调、家电、照明、PVF、水和废水解决方案等。Ferguson 总部位于弗吉尼亚州纽波特纽斯，销售额为 308 亿美元（2025 财年），在 1700 多个地点拥有约 35,000 名员工。有关更多信息，请访问 corporate.ferguson.com。

Provisional financial calendar

临时财务日历


Results for period ending December 31, 2025	February 24, 2026 with call from 8:30 a.m. ET


截至2025年12月31日的期间结果	2026年2月24日，电话会议时间为上午 8:30（东部时间）

Timetable for the dividend

股息支付时间表

The timetable for payment of the dividend of $0.89 per share is as follows:

每股 0.89 美元股息的支付时间表如下：


Ex-dividend date:	January 2, 2026
Record date:	January 2, 2026
Currency election deadline for Depositary Interest holders:	February 2, 2026
Payment date:	February 27, 2026


除息日：	2026年1月2日
记录日：	2026年1月2日
存托凭证持有人的货币选择截止日期：	2026年2月2日
支付日期：	2026年2月27日

Further details can be found on our website corporate.ferguson.com, navigating to Investors, Shareholder Center, Dividends / Dividend History.

更多详细信息请访问我们的网站 corporate.ferguson.com，导航至投资者、股东中心、股息/股息历史。

The completion of cross-border movements of shares between the U.K. and the U.S. is contingent upon the receiving broker identifying and acknowledging any such movements. Where a cross-border movement of shares has been initiated but not completed by the relevant dividend record date (being January 2, 2026 for this dividend), there is a risk that the dividend in respect of such shares will not be received on the dividend payment date. Accordingly, shareholders are advised not to initiate any cross-border movements of shares during the period from December 30, 2025 through January 2, 2026 inclusive.

在英国和美国之间的跨境股票转移的完成取决于接收经纪人识别并确认任何此类转移。如果在相关股息记录日期（即2026年1月2日）之前已发起但尚未完成跨境股票转移，则存在在股息支付日未能收到该股票的股息的风险。因此，建议股东在2025年12月30日至2026年1月2日的期间内不要发起任何跨境股票转移。

Cautionary note on forward-looking statements

关于前瞻性声明的警示说明

Certain information included in this announcement is forward-looking, including within the meaning of the Private Securities Litigation Reform Act of 1995, and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, statements or guidance regarding or relating to our future financial position, results of operations and growth, plans and objectives for the future including our capabilities and priorities, risks associated with changes in global and regional economic, market and political conditions, ability to manage supply chain challenges, ability to manage the impact of product price fluctuations, our financial condition and liquidity, legal or regulatory changes and other statements concerning the success of our business and strategies. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as “believes,” “estimates,” “anticipates,” “expects,” “forecasts,” “guidance,” “intends,” “continues,” “plans,” “projects,” “poised,” “goal,” “target,” “aim,” “may,” “will,” “would,” “could” or “should” or, in each case, their negative or other variations or comparable terminology and other similar references to future periods. Forward-looking statements speak only as of the date on which they are made. They are not assurances of future performance and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Although we believe that the forward-looking statements contained in this announcement are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those contained in such forward-looking statements, including but not limited to: weakness in the economy, market trends, uncertainty and other conditions in the markets in which we operate and the macroeconomic impact of factors beyond our control (including, among others, inflation/deflation, recession, labor and wage pressures, trade restrictions such as tariffs, sanctions and retaliatory countermeasures, interest rates, and geopolitical conditions); failure to rapidly identify or effectively respond to direct and/or end customers’ wants, expectations or trends, including costs and potential problems associated with new or upgraded information technology systems or our ability to timely deploy new omni-channel capabilities; decreased demand for our products as a result of operating in highly competitive industries and the impact of declines in the residential and non-residential markets and our ability to effectively manage inventory as a result; changes in competition, including as a result of market consolidation, new entrants, vertical integration or competitors responding more quickly to emerging technologies (such as generative artificial intelligence (“AI”)); failure of a key information technology system or process as well as payment-related risks, including exposure to fraud or theft; privacy and protection of sensitive data failures, including failures due to data corruption, cybersecurity incidents, network security breaches or the use of AI; ineffectiveness of or disruption in our domestic or international supply chain or our fulfillment network, including delays in inventory availability at our distribution facilities and branches, increased delivery costs or lack of availability due to loss of key suppliers; failure to effectively manage and protect our facilities and inventory or to prevent personal injury to customers, suppliers or associates, including as a result of workplace violence; unsuccessful execution of our operational strategies; failure to attract, retain and motivate key associates; exposure of associates, contractors, customers, suppliers and other individuals to health and safety risks and fleet incidents; risks associated with acquisitions, partnerships, joint ventures and other business combinations, dispositions or strategic transactions; risks associated with sales of private label products, including regulatory, product liability and reputational risks and the adverse impact such sales may have on supplier relationships and rebates; the failure to achieve and maintain a high level of product and service quality or comply with responsible sourcing standards; inability to renew leases on favorable terms or at all, as well as any remaining obligations under a lease when we close a facility; changes in, interpretations of, or compliance with tax laws and accounting standards; our access to capital, indebtedness and changes in our credit ratings and outlook; fluctuations in product prices/costs (e.g., including as a result of the use of commodity-priced materials, inflation/deflation, trade restrictions and/or failure to qualify for or maintain supplier rebates) and foreign currency; funding risks related to our defined benefit pension plans; legal proceedings in the ordinary course of our business as well as any failure to comply with domestic and foreign laws, regulations and standards, as those laws, regulations and standards or interpretations and enforcement thereof may change; the occurrence of unforeseen developments such as litigation, investigations, governmental proceedings or enforcement actions; our failure to comply with the obligations associated with being a public company listed on the New York Stock Exchange and London Stock Exchange and the costs associated therewith; the costs and risk exposure relating to sustainability matters and disclosures, including regulatory or legal requirements and disparate stakeholder expectations; and other risks and uncertainties set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on September 26, 2025 and in other filings we make with the SEC in the future. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with our legal or regulatory obligations, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

本公告中包含的某些信息是前瞻性的，包括根据 1995 年《私人证券诉讼改革法》的定义，并涉及可能导致实际结果与前瞻性陈述所表达或暗示的结果存在重大差异的风险、假设和不确定性。前瞻性陈述涵盖所有非历史事实的事项，包括但不限于关于我们未来财务状况、经营结果和增长、未来计划和目标（包括我们的能力和优先事项）、全球和地区经济、市场和政治条件变化相关的风险、管理供应链挑战的能力、应对产品价格波动影响的能力、我们的财务状况和流动性、法律或监管变化以及其他关于我们业务和战略成功的陈述。前瞻性陈述可以通过使用前瞻性术语来识别，包括 “相信”、“估计”、“预期”、“期待”、“预测”、“指导”、“打算”、“继续”、“计划”、“项目”、“准备”、“目标”、“瞄准”、“可能”、“将”、“会”、“应该” 或 “能够” 等术语，或在每种情况下，其否定形式或其他变体或可比术语以及其他类似的未来时期的引用。前瞻性陈述仅在作出之日有效。它们并不是对未来表现的保证，仅基于我们当前对未来业务、未来计划和战略、预测、预期事件和趋势、经济及其他未来条件的信念、期望和假设。因此，您不应对这些前瞻性陈述过于依赖。尽管我们相信本公告中包含的前瞻性陈述是基于合理假设，但您应意识到，许多因素可能导致实际结果与这些前瞻性陈述中包含的结果存在重大差异，包括但不限于：经济疲软、市场趋势、不确定性及我们运营市场中的其他条件，以及超出我们控制的因素的宏观经济影响（包括但不限于通货膨胀/通货紧缩、衰退、劳动力和工资压力、贸易限制（如关税、制裁和报复性反制措施）、利率和地缘政治条件）；未能迅速识别或有效响应直接和/或最终客户的需求、期望或趋势，包括与新或升级的信息技术系统相关的成本和潜在问题，或我们及时部署新全渠道能力的能力；由于在高度竞争行业中运营以及住宅和非住宅市场的下滑导致的产品需求下降，以及因此我们有效管理库存的能力；竞争变化，包括由于市场整合、新进入者、垂直整合或竞争对手更快响应新兴技术（如生成性人工智能（“AI”））的结果；关键信息技术系统或流程的失败，以及与支付相关的风险，包括欺诈或盗窃的风险；隐私和敏感数据保护失败，包括由于数据损坏、网络安全事件、网络安全漏洞或使用 AI 导致的失败；我们国内或国际供应链或履行网络的无效性或中断，包括在我们的分销设施和分支机构的库存可用性延迟、交付成本增加或由于失去关键供应商而导致的可用性缺失；未能有效管理和保护我们的设施和库存或防止客户、供应商或员工的人身伤害，包括由于工作场所暴力导致的伤害；未能成功执行我们的运营战略；未能吸引、留住和激励关键员工；员工、承包商、客户、供应商和其他个人面临健康和安全风险及车队事故的风险；与收购、合作伙伴关系、合资企业和其他商业组合、处置或战略交易相关的风险；与销售自有品牌产品相关的风险，包括监管、产品责任和声誉风险，以及此类销售可能对供应商关系和折扣产生的不利影响；未能实现和维持高水平的产品和服务质量或遵守负责任的采购标准；无法以有利条款或根本无法续租，以及在关闭设施时仍需履行的租赁义务；税法和会计标准的变化、解释或遵守；我们获得资本的能力、债务及信用评级和展望的变化；产品价格/成本波动（例如，包括由于使用商品定价材料、通货膨胀/通货紧缩、贸易限制和/或未能获得或维持供应商折扣）和外币；与我们确定福利养老金计划相关的资金风险；在我们业务的正常过程中发生的法律诉讼，以及未能遵守国内和外国法律、法规和标准，因为这些法律、法规和标准或其解释和执行可能会发生变化；不可预见的发展，如诉讼、调查、政府程序或执法行动的发生；未能遵守作为在纽约证券交易所和伦敦证券交易所上市的公众公司所需的义务及相关成本；与可持续性事务和披露相关的成本和风险，包括监管或法律要求和不同利益相关者的期望；以及在我们向证券交易委员会（“SEC”）提交的截至2025年7月31日的财年 10-K 表格年报中以及我们未来向 SEC 提交的其他文件中列出的 “风险因素” 标题下的其他风险和不确定性。此外，关于过去趋势或活动的前瞻性陈述不应被视为这些趋势或活动将在未来继续的表述。除非根据我们的法律或监管义务，否则我们不承担公开更新或修订任何前瞻性陈述的义务，无论是由于新信息、未来事件还是其他原因。

Ferguson Enterprises Inc. Non-GAAP Reconciliations and Supplementary Information (unaudited)

Ferguson Enterprises Inc. 非 GAAP 调整及补充信息 （未经审计）

Non-GAAP items

非 GAAP 项目

This announcement contains certain financial information that is not presented in conformity with U.S. GAAP. These non-GAAP financial measures include adjusted operating profit, adjusted operating margin, adjusted net income, adjusted earnings per share - diluted, adjusted EBITDA, adjusted effective tax rate, net debt and net debt to adjusted EBITDA ratio. The Company believes that these non-GAAP financial measures provide users of the Company’s financial information with additional meaningful information to assist in understanding financial results and assessing the Company’s performance from period to period. Management believes these measures are important indicators of operations because they exclude items that may not be indicative of our core operating results and provide a better baseline for analyzing trends in our underlying businesses, and they are consistent with how business performance is planned, reported and assessed internally by management and the Board. Such non-GAAP adjustments include amortization of acquired intangible assets, discrete tax items, and any other items that are non-recurring. Non-recurring items may include various restructuring charges, gains or losses on the disposals of businesses which by their nature do not reflect primary operations, as well as certain other items deemed non-recurring in nature and/or that are not a result of the Company’s primary operations. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for results reported under U.S. GAAP. These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with U.S. GAAP results, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review the Company’s financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

本公告包含某些未按照美国公认会计原则（U.S. GAAP）呈现的财务信息。这些非 GAAP 财务指标包括调整后的营业利润、调整后的营业利润率、调整后的净收入、调整后的每股收益（稀释后）、调整后的息税折旧摊销前利润（EBITDA）、调整后的有效税率、净债务及净债务与调整后 EBITDA 的比率。公司认为，这些非 GAAP 财务指标为用户提供了额外的有意义的信息，以帮助理解财务结果并评估公司在不同期间的表现。管理层认为，这些指标是运营的重要指标，因为它们排除了可能不反映我们核心运营结果的项目，并为分析我们基础业务的趋势提供了更好的基准，并且与管理层和董事会内部规划、报告和评估业务表现的方式一致。这些非 GAAP 调整包括收购的无形资产摊销、离散税项以及任何其他非经常性项目。非经常性项目可能包括各种重组费用、业务处置的收益或损失，这些项目本质上不反映主要运营，以及某些其他被视为非经常性的项目和/或不属于公司主要运营的项目。由于非 GAAP 财务指标并非标准化，因此可能无法将这些财务指标与其他公司具有相同或相似名称的非 GAAP 财务指标进行比较。这些非 GAAP 财务指标不应孤立考虑，也不应作为根据美国公认会计原则报告的结果的替代。这些非 GAAP 财务指标反映了观察运营某些方面的另一种方式，当与美国公认会计原则的结果结合时，提供了对业务更全面的理解。公司强烈建议投资者和股东全面审阅公司的财务报表和公开提交的报告，而不是依赖任何单一的财务指标。

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures on a forward-looking basis because it is unable to predict with reasonable certainty or without unreasonable effort non-recurring items, such as those described above, that may arise in the future. The variability of these items is unpredictable and may have a significant impact.

公司不提供前瞻性非 GAAP 财务指标与最直接可比的美国公认会计原则财务指标的调整，因为无法合理确定或在不付出不合理努力的情况下预测未来可能出现的非经常性项目，如上述所述。这些项目的变动性不可预测，可能会产生重大影响。

Summary of Organic Revenue

有机收入摘要

Management evaluates organic revenue as it provides a consistent measure of the change in revenue year-on-year. Organic revenue growth (or decline) is determined as the growth (or decline) in total reported revenue excluding the growth (or decline) attributable to currency exchange rate fluctuations, sales days, acquisitions and disposals, divided by the preceding financial year’s revenue at the current year’s exchange rates.

管理层评估有机收入，因为它提供了一种一致的年度收入变化的衡量标准。有机收入的增长（或下降）是指总报告收入的增长（或下降），排除因汇率波动、销售天数、收购和处置所导致的增长（或下降），并以前一个财年的收入按当前年度的汇率进行计算。

A summary of the Company’s historical revenue and organic revenue growth is below:

以下是公司历史收入和有机收入增长的摘要：


	Three months ended
	October 31, 2025	July 31, 2025	April 30, 2025	January 31, 2025	October 31, 2024
	Revenue	Organic Revenue	Revenue	Organic Revenue	Revenue	Organic Revenue	Revenue	Organic Revenue	Revenue	Organic Revenue
US	5.3%	4.4%	7.1%	6.1%	4.5%	5.0%	3.0%	2.0%	0.5%	(0.4)%
Canada	2.2%	0.7%	4.8%	0.3%	(0.3)%	3.0%	3.2%	3.1%	6.3%	1.3%
Total Company	5.1%	4.2%	6.9%	5.8%	4.3%	5.0%	3.0%	2.1%	0.8%	(0.3)%


	截至三个月
	2025年10月31日	2025年7月31日	2025年4月30日	2025年1月31日	2024年10月31日
	收入	有机收入	收入	有机收入	收入	有机收入	收入	有机收入	收入	有机收入
美国	5.3%	4.4%	7.1%	6.1%	4.5%	5.0%	3.0%	2.0%	0.5%	(0.4)%
加拿大	2.2%	0.7%	4.8%	0.3%	(0.3)%	3.0%	3.2%	3.1%	6.3%	1.3%
公司总计	5.1%	4.2%	6.9%	5.8%	4.3%	5.0%	3.0%	2.1%	0.8%	(0.3)%


Reconciliation of Net Income to Adjusted Operating Profit and Adjusted EBITDA

	Three months ended
	October 31,
(In millions)	2025	2024
Net income	$570		$470
Provision for income taxes	142		154
Interest expense, net	46		46
Other (income) expense, net	13		(5	)
Operating profit	771		665
Corporate restructuring expenses(1)	2		3
Amortization of acquired intangibles	35		38
Adjusted Operating Profit	808		706
Depreciation & impairment of PP&E	52		44
Amortization of non-acquired intangibles	7		8
Adjusted EBITDA	$867		$758


净收入与调整后营业利润及调整后 EBITDA 的调整

	截至三个月
	10 月 31 日
（以百万计）	2025 年	2024 年
净收入	$570		$470
所得税费用	142		154
利息费用，净额	46		46
其他（收入）费用，净额	13		(5	)
营业利润	771		665
企业重组费用 (1)	2		3
收购无形资产摊销	35		38
调整后营业利润	808		706
固定资产折旧及减值	52		44
非收购无形资产摊销	7		8
调整后 EBITDA	$867		$758


(1)	For the three months ended October 31, 2025 and 2024, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company’s domicile in the United States.


(1)	截至 2025 年和2024年10月31日的三个月，企业重组费用主要与我们母公司在美国设立注册地后的过渡活动相关的增量成本有关。

Net Debt : Adjusted EBITDA Reconciliation

净债务：调整后 EBITDA 的调整

To assess the appropriateness of its capital structure, the Company’s principal measure of financial leverage is net debt to adjusted EBITDA. The Company aims to operate with investment grade credit metrics and keep this ratio within one to two times.

为了评估其资本结构的适宜性，公司主要的财务杠杆衡量标准是净债务与调整后 EBITDA 的比率。公司旨在保持投资级信用指标，并将该比率控制在一到两倍之间。

Net debt

净债务

Net debt comprises bank overdrafts, bank and other loans and derivative financial instruments, excluding lease liabilities, less cash and cash equivalents. Long-term debt is presented net of debt issuance costs.

净债务包括银行透支、银行及其他贷款和衍生金融工具，不包括租赁负债，减去现金及现金等价物。长期债务以扣除债务发行成本后的净额呈现。


	As of October 31,
(In millions)	2025		2024
Long-term debt	$4,124			$3,447
Short-term debt	—			550
Bank overdrafts(1)	3			5
Derivative liabilities	3			6
Cash and cash equivalents	(526	)		(601	)
Net debt	$3,604			$3,407


	截至 10 月 31 日，
（单位：百万）	2025		2024
长期债务	$4,124			$3,447
短期债务	—			550
银行透支 (1)	3			5
衍生负债	3			6
现金及现金等价物	(526	)		(601	)
净债务	$3,604			$3,407


(1)	Bank overdrafts are included in other current liabilities in the Company’s Consolidated Balance Sheets.


(1)	银行透支包含在公司合并资产负债表的其他流动负债中。

Adjusted EBITDA (Rolling 12-month)

调整后 EBITDA（滚动 12 个月）

Adjusted EBITDA is net income before charges/credits relating to depreciation, amortization, impairment and certain non-GAAP adjustments. A rolling 12-month adjusted EBITDA is used in the net debt to adjusted EBITDA ratio to assess the appropriateness of the Company’s financial leverage.

调整后 EBITDA 是指在扣除与折旧、摊销、减值及某些非 GAAP 调整相关的费用/收入之前的净收入。滚动 12 个月的调整后 EBITDA 用于净债务与调整后 EBITDA 比率，以评估公司财务杠杆的适当性。


	Twelve months ended
(In millions, except ratios)	October 31,
	2025		2024
Net income	$1,956			$1,686
Provision for income taxes	555			711
Interest expense, net	190			180
Other (income) expense, net	11			1
Corporate restructuring expenses(1)	6			31
Business restructuring expenses(2)	73			—
Depreciation and amortization	377			345
Adjusted EBITDA	$3,168			$2,954
Net Debt: Adjusted EBITDA	1.1	x		1.2	x


	截至十二个月
（单位：百万，除比率外）	10 月 31 日，
	2025		2024
净收入	$1,956			$1,686
所得税费用	555			711
利息费用，净额	190			180
其他（收入）费用，净额	11			1
企业重组费用 (1)	6			31
业务重组费用 (2)	73			—
折旧和摊销	377			345
调整后 EBITDA	$3,168			$2,954
净债务：调整后 EBITDA	1.1	x		1.2	x


(1)	For the rolling twelve months ended October 31, 2025 and 2024, corporate restructuring expenses primarily related to incremental costs in connection with establishing a new corporate structure to domicile our ultimate parent company in the United States, including transition activities following the domicile.
(2)	For the rolling twelve months ended October 31, 2025, business restructuring expenses related to the Company’s implementation of targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth.


(1)	截至 2025 年和2024年10月31日的滚动十二个月，企业重组费用主要与建立新的公司结构以将我们的最终母公司注册在美国相关的增量成本有关，包括注册后的过渡活动。
(2)	截至2025年10月31日的滚动十二个月，业务重组费用与公司实施的针对性行动有关，以简化运营，提高速度和效率，更好地服务客户并推动进一步的盈利增长。

Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS - Diluted

净收入与调整后净收入及调整后每股收益的调节


	Three months ended
	October 31,
(In millions, except per share amounts)	2025		2024
			per share(1)				per share(1)
Net income	$570			$2.90		$470		$2.34
Corporate restructuring expenses(2)	2			0.01		3		0.01
Amortization of acquired intangibles	35			0.18		38		0.19
Discrete tax adjustments(3)	(39	)		(0.20	)	(7	)	(0.04	)
Tax impact-non-GAAP adjustments(4)	(9	)		(0.05	)	(10	)	(0.05	)
Adjusted net income	$559			$2.84		$494		$2.45

Diluted weighted-average shares outstanding	196.6			201.3


	截至三个月
	10 月 31 日，
（单位：百万，除每股金额外）	2025		2024
			每股 (1)				每股 (1)
净收入	$570			$2.90		$470		$2.34
企业重组费用 (2)	2			0.01		3		0.01
收购无形资产的摊销	35			0.18		38		0.19
离散税务调整 (3)	(39	)		(0.20	)	(7	)	(0.04	)
税务影响 - 非 GAAP 调整 (4)	(9	)		(0.05	)	(10	)	(0.05	)
调整后净收入	$559			$2.84		$494		$2.45

稀释后加权平均流通股数	196.6			201.3


(1)	Per share on a dilutive basis.
(2)	For the three months ended October 31, 2025 and 2024, corporate restructuring expenses primarily related to incremental costs in connection with transition activities following the establishment of our parent company’s domicile in the United States.
(3)	For the three months ended October 31, 2025, discrete tax adjustments mainly related to the release of uncertain tax positions following the lapse of statute of limitations and tax treatment of certain compensation items that are not material. For the three months ended October 31, 2024, discrete tax adjustments mainly related to the tax treatment of certain compensation items that are not material.
(4)	For the three months ended October 31, 2025 and 2024, the tax impact on non-GAAP adjustments primarily related to the amortization of acquired intangibles.


(1)	每股按稀释基础计算。
(2)	截至 2025 年和2024年10月31日的三个月，企业重组费用主要与在美国建立母公司注册后的过渡活动相关的增量成本有关。
(3)	截至2025年10月31日的三个月，离散税务调整主要与在法定时限到期后不确定税务事项的解除及某些不重要的补偿项目的税务处理相关。截止2024年10月31日的三个月，离散税务调整主要与某些不重要的补偿项目的税务处理相关。
(4)	截至 2025 年和2024年10月31日的三个月，非 GAAP 调整的税务影响主要与收购无形资产的摊销相关。


Ferguson Enterprises Inc. Condensed Consolidated Statements of Earnings (unaudited)

	Three months ended
	October 31,
(In millions, except per share amounts)	2025		2024
Net sales	$8,169			$7,772
Cost of sales	(5,663	)		(5,432	)
Gross profit	2,506			2,340
Selling, general and administrative expenses	(1,641	)		(1,585	)
Depreciation and amortization	(94	)		(90	)
Operating profit	771			665
Interest expense, net	(46	)		(46	)
Other (expense) income, net	(13	)		5
Income before income taxes	712			624
Provision for income taxes	(142	)		(154	)
Net income	$570			$470

Earnings per share - Basic	$2.91			$2.34

Earnings per share - Diluted	$2.90			$2.34

Weighted average number of shares outstanding:
Basic	196.2			200.8
Diluted	196.6			201.3


Ferguson Enterprises Inc.
简明合并收益表
（未经审计）

	截至三个月
	10 月 31 日，
（单位：百万，除每股金额外）	2025		2024
净销售额	$8,169			$7,772
销售成本	(5,663	)		(5,432	)
毛利润	2,506			2,340
销售、一般和行政费用	(1,641	)		(1,585	)
折旧和摊销	(94	)		(90	)
营业利润	771			665
利息费用，净额	(46	)		(46	)
其他（费用）收入，净额	(13	)		5
所得税前收入	712			624
所得税费用	(142	)		(154	)
净收入	$570			$470

每股收益 - 基本	$2.91			$2.34

每股收益 - 稀释	$2.90			$2.34

加权平均流通股数：
基本	196.2			200.8
稀释	196.6			201.3


Ferguson Enterprises Inc. Condensed Consolidated Balance Sheets (unaudited)

	As of
(In millions)	October 31, 2025	July 31, 2025
Assets
Cash and cash equivalents	$526		$674
Accounts receivable, net	3,807		3,964
Inventories	4,613		4,492
Prepaid and other current assets	1,025		945
Assets held for sale	56		71
Total current assets	10,027		10,146
Property, plant and equipment, net	1,886		1,846
Operating lease right-of-use assets	1,841		1,763
Deferred income taxes, net	136		225
Goodwill	2,464		2,464
Other non-current assets	1,340		1,285
Total assets	$17,694		$17,729

Liabilities and stockholders’ equity
Accounts payable	$3,468		$3,577
Other current liabilities	1,871		2,451
Total current liabilities	5,339		6,028
Long-term debt	4,124		3,752
Long-term portion of operating lease liabilities	1,434		1,367
Other long-term liabilities	741		750
Total liabilities	11,638		11,897
Total stockholders' equity	6,056		5,832
Total liabilities and stockholders' equity	$17,694		$17,729


费格森企业公司简明合并资产负债表（未经审计）

	截至
（单位：百万）	2025年10月31日	2025年7月31日
资产
现金及现金等价物	$526		$674
应收账款，净额	3,807		3,964
存货	4,613		4,492
预付及其他流动资产	1,025		945
待售资产	56		71
流动资产总计	10,027		10,146
不动产、厂房及设备，净额	1,886		1,846
租赁使用权资产	1,841		1,763
递延所得税，净额	136		225
商誉	2,464		2,464
其他非流动资产	1,340		1,285
资产总计	$17,694		$17,729

负债及股东权益
应付账款	$3,468		$3,577
其他流动负债	1,871		2,451
流动负债总计	5,339		6,028
长期债务	4,124		3,752
租赁负债的长期部分	1,434		1,367
其他长期负债	741		750
负债总计	11,638		11,897
股东权益总计	6,056		5,832
负债及股东权益总计	$17,694		$17,729


Ferguson Enterprises Inc. Condensed Consolidated Statements of Cash Flows (unaudited)

(In millions)	Three months ended
October 31,
2025		2024
Cash flows from operating activities:
Net income	$570		$470
Depreciation and amortization	94		90
Share-based compensation	64		11
Changes in inventories	(118	)	(203	)
Changes in receivables and other assets	49		(4	)
Changes in accounts payable and other liabilities	(371	)	(169	)
Other operating activities	142		150
Net cash provided by operating activities	430		345
Cash flows from investing activities:
Purchase of businesses acquired, net of cash acquired	(21	)	(22	)
Capital expenditures	(118	)	(77	)
Other investing activities	7		—
Net cash used in investing activities	(132	)	(99	)
Cash flows from financing activities:
Purchase of treasury shares	(208	)	(256	)
Net change in debt and bank overdrafts	(30	)	75
Cash dividends	(164	)	—
Other financing activities	(46	)	(33	)
Net cash used in financing activities	(448	)	(214	)
Change in cash, cash equivalents and restricted cash	(150	)	32
Effects of exchange rate changes	(2	)	(3	)
Cash, cash equivalents and restricted cash, beginning of period	707		625
Cash, cash equivalents and restricted cash, end of period	$555		$654


费格森企业公司简明合并现金流量表（未经审计）

（单位：百万）	截至三个月
10 月 31 日，
2025 年		2024 年
经营活动产生的现金流量：
净收入	$570		$470
折旧和摊销	94		90
基于股份的补偿	64		11
存货变动	(118	)	(203	)
应收账款及其他资产变动	49		(4	)
应付账款及其他负债变动	(371	)	(169	)
其他经营活动	142		150
经营活动提供的净现金	430		345
投资活动产生的现金流量：
收购企业的现金支出，扣除现金收购	(21	)	(22	)
资本支出	(118	)	(77	)
其他投资活动	7		—
投资活动使用的净现金	(132	)	(99	)
融资活动产生的现金流量：
回购库存股	(208	)	(256	)
债务及银行透支的净变动	(30	)	75
现金分红	(164	)	—
其他融资活动	(46	)	(33	)
融资活动使用的净现金	(448	)	(214	)
现金、现金等价物及受限现金的变动	(150	)	32
汇率变动的影响	(2	)	(3	)
期初现金、现金等价物及受限现金	707		625
期末现金、现金等价物及受限现金	$555		$654

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Investor relations

投资者关系

Brian Lantz, Vice President IR and Communications

Brian Lantz，投资者关系及传播副总裁

Mobile: +1 224 285 2410

手机：+1 224 285 2410

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Christine Dwyer, Senior Director of Communications and PR

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手机：+1 757 469 5813

Source: Ferguson Enterprises Inc.

来源：费格森企业公司

Ferguson Enterprises 报告截至2025年10月31日的季度业绩 | FERG 股票新闻