Strong Execution Drives Outperformance; Calendar Year Guidance Updated

強勁的執行力推動業績超預期；日曆年指引更新

Quarterly highlights

季度亮點

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.

銷售額為 82 億美元，增長 5.1%。
毛利率為 30.7%，較去年上升 60 個基點。
營業利潤率為 9.4%，較去年上升 80 個基點（調整後為 9.9%，上升 80 個基點）。
稀釋後每股收益為 2.90 美元，增長 23.9%（調整後為 2.84 美元，增長 15.9%）。
宣佈季度股息為 0.89 美元，較去年增長 7%。
本季度完成了一項收購。
本季度回購股票 2.08 億美元。
資產負債表保持強勁，淨債務與調整後 EBITDA 比率為 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.

美國弗吉尼亞州紐波特新聞 --（商業新聞）--Ferguson Enterprises Inc.（紐約證券交易所代碼：FERG；倫敦證券交易所代碼：FERG）。Ferguson 首席執行官 Kevin Murphy 評論道：“我們的員工再次交出了強勁的業績，繼續在充滿挑戰的市場環境中執行我們的增長戰略。我們特別高興看到又一個季度的非住宅收入實現了兩位數的增長。我們的規模優勢商業模式和持續的市場超越能力使我們能夠投資於有機增長，同時整合市場並向股東回報資本，同時保持強勁的資產負債表。”

“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.”

“我們準備在 2025 日曆年交出強勁的業績，並對中期市場保持信心。儘管我們仍在不確定的環境中運營，但我們將繼續專注於利用住宅和非住宅市場的多重利好因素，以支持水和空氣專業領域複雜項目的需求。”

Calendar 2025 Guidance

2025 日曆年指引


	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”.


	更新後的 2025 日曆年指引
2025年1月1日至 12 月 31 日	之前的 2025 日曆年指引
2025年1月1日至 12 月 31 日
淨銷售額	~5% 增長	中等單數增長
調整後營業利潤率*	9.4% - 9.6%	9.2% - 9.6%
利息支出	~1.9 億美元	1.8 億 - 2 億美元
資本支出	~3.5 億美元	3 億 - 3.5 億美元
調整後有效税率*	~26%	~26%
* 公司不對前瞻性非 GAAP 指標進行調節。請參見 “非 GAAP 調節和補充信息”。


	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 日的三個月
美元（以百萬計，除每股金額外）	2025	2024	變化
	報告	調整 (1)	報告	調整 (1)	報告	調整
淨銷售額	8,169	8,169	7,772	7,772	+5.1 %	+5.1 %
毛利率	30.7 %	30.7 %	30.1 %	30.1 %	+60 個基點	+60 個基點
營業利潤	771	808	665	706	+15.9 %	+14.4 %
營業利潤率	9.4 %	9.9 %	8.6 %	9.1 %	+80 個基點	+80 個基點
每股收益 - 稀釋	2.90	2.84	2.34	2.45	+23.9 %	+15.9 %
調整後 EBITDA		867		758		+14.4 %
淨債務 (1) : 調整後 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 指標，這些指標在美國 GAAP 下未定義或未説明。請參見標題為 “非 GAAP 調節和補充信息” 的部分。

Summary of financial results

財務結果摘要

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%.

淨銷售額為 82 億美元，比去年增長 5.1%，主要得益於 4.2% 的有機收入增長和 1.0% 的收購增長，部分被外匯匯率的不利影響和加拿大的剝離影響抵消 0.1%。價格通脹約為 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.

毛利率為 30.7%，比去年高出 60 個基點，得益於我們員工的嚴格執行。此外，我們繼續努力管理成本基礎，以產生營業槓桿。

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.

報告的營業利潤為 7.71 億美元（營業利潤率為 9.4%），比去年增長 15.9%。調整後的營業利潤為 8.08 億美元（調整後營業利潤率為 9.9%），比去年增長 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.

報告的稀釋每股收益為 2.90 美元（截至2024年10月31日的季度為 2.34 美元），較去年增長 23.9%，而調整後的稀釋每股收益為 2.84 美元，因調整後營業利潤的提高和股票回購的影響增長 15.9%。

US - quarter ended October 31, 2025

美國 - 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.

美國業務的淨銷售額增長 5.3%，有機收入增長 4.4%，收購貢獻進一步增加 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.

住宅終端市場，約佔美國收入的一半，仍然面臨挑戰。新的住宅開工和許可證活動疲軟，維修、維護和改善（“RMI”）工作也保持疲軟。我們繼續在市場中表現優於，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.

非住宅終端市場，約佔美國收入的一半，表現優於住宅市場。我們的規模、專業知識、多客户羣體方法和增值服務推動了非住宅收入在本季度增長 12%，繼續獲得市場份額。增長得益於水務和商業/機械，包括大型資本項目活動。我們繼續看到大型資本項目的投標活動良好。

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

調整後的營業利潤為 8.06 億美元，比去年高出 15.6% 或 1.09 億美元。

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.

我們在本季度完成了一項收購，收購了 Moore Supply Company，這是一家在芝加哥大都市區五個地點運營的 HVAC 設備和供應業務。

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.

淨銷售額增長 2.2%，有機收入增長 0.7%，收購貢獻為 4.6%，部分被外匯匯率的不利影響 1.6% 和非核心業務剝離的 1.5% 抵消。加拿大市場仍然低迷，尤其是在住宅領域。調整後的營業利潤為 1600 萬美元，比去年低 700 萬美元。

Segment overview

細分概述


	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 日的三個月
百萬美元	2025	2024	變動
淨銷售額：
美國	7,757		7,369		+5.3 %
加拿大	412		403		+2.2 %
總淨銷售額	8,169		7,772		+5.1 %

調整後營業利潤：
美國	806		697		+15.6 %
加拿大	16		23		(30.4	)%
中央及其他費用	(14	)	(14	)
總調整後營業利潤	808		706		+14.4 %

Financial position

財務狀況

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，淨債務與調整後 EBITDA 的比率為 1.1 倍。在本季度，我們完成了 2.08 億美元的股票回購，目前在現有股票回購計劃下尚有約 8 億美元的未償餘額。

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.

我們宣佈季度股息為 0.89 美元，較去年增長 7%。股息將於2026年2月27日支付給截至2026年1月2日的股東。

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，我們完成了 7.5 億美元的 2031 年到期高級無擔保債券的公開發行。所得款項將用於一般企業用途。

Investor conference call and webcast

投資者電話會議和網絡直播

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.

與首席執行官 Kevin Murphy 和首席財務官 Bill Brundage 的電話會議將於今天上午 8:30（格林威治標準時間下午 1:30）開始。會議將被錄音，並在活動結束後在我們的網站 corporate.ferguson.com 上提供。


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


撥入號碼	美國：	+1 646 233 4753
	英國：	+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.

請詢問 Ferguson 電話，引用 995576。要通過您的筆記本電腦、平板電腦或移動設備訪問電話，請訪問 corporate.ferguson.com。如果您遇到技術問題，請點擊網絡直播播放器上的 “通過電話收聽” 按鈕並撥打提供的號碼。

About Ferguson

關於 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（紐約證券交易所代碼：FERG；倫敦證券交易所代碼：FERG）是北美 3400 億美元住宅和非住宅建築市場中最大的增值分銷商，專注於水和空氣專業領域。我們通過提供專業知識和廣泛的產品與服務，幫助客户簡化、成功和可持續地完成複雜項目，涵蓋管道、暖通空調、家電、照明、PVF、水和廢水解決方案等。Ferguson 總部位於弗吉尼亞州紐波特紐斯，銷售額為 308 億美元（2025 財年），在 1700 多個地點擁有約 35,000 名員工。有關更多信息，請訪問 corporate.ferguson.com。

Provisional financial calendar

臨時財務日曆


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日的期間結果	2026年2月24日，電話會議時間為上午 8:30（東部時間）

Timetable for the dividend

股息支付時間表

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

每股 0.89 美元股息的支付時間表如下：


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
記錄日：	2026年1月2日
存託憑證持有人的貨幣選擇截止日期：	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.

更多詳細信息請訪問我們的網站 corporate.ferguson.com，導航至投資者、股東中心、股息/股息歷史。

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.

在英國和美國之間的跨境股票轉移的完成取決於接收經紀人識別並確認任何此類轉移。如果在相關股息記錄日期（即2026年1月2日）之前已發起但尚未完成跨境股票轉移，則存在在股息支付日未能收到該股票的股息的風險。因此，建議股東在2025年12月30日至2026年1月2日的期間內不要發起任何跨境股票轉移。

Cautionary note on forward-looking statements

關於前瞻性聲明的警示説明

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，包括根據 1995 年《私人證券訴訟改革法》的定義，並涉及可能導致實際結果與前瞻性陳述所表達或暗示的結果存在重大差異的風險、假設和不確定性。前瞻性陳述涵蓋所有非歷史事實的事項，包括但不限於關於我們未來財務狀況、經營結果和增長、未來計劃和目標（包括我們的能力和優先事項）、全球和地區經濟、市場和政治條件變化相關的風險、管理供應鏈挑戰的能力、應對產品價格波動影響的能力、我們的財務狀況和流動性、法律或監管變化以及其他關於我們業務和戰略成功的陳述。前瞻性陳述可以通過使用前瞻性術語來識別，包括 “相信”、“估計”、“預期”、“期待”、“預測”、“指導”、“打算”、“繼續”、“計劃”、“項目”、“準備”、“目標”、“瞄準”、“可能”、“將”、“會”、“應該” 或 “能夠” 等術語，或在每種情況下，其否定形式或其他變體或可比術語以及其他類似的未來時期的引用。前瞻性陳述僅在作出之日有效。它們並不是對未來表現的保證，僅基於我們當前對未來業務、未來計劃和戰略、預測、預期事件和趨勢、經濟及其他未來條件的信念、期望和假設。因此，您不應對這些前瞻性陳述過於依賴。儘管我們相信本公告中包含的前瞻性陳述是基於合理假設，但您應意識到，許多因素可能導致實際結果與這些前瞻性陳述中包含的結果存在重大差異，包括但不限於：經濟疲軟、市場趨勢、不確定性及我們運營市場中的其他條件，以及超出我們控制的因素的宏觀經濟影響（包括但不限於通貨膨脹/通貨緊縮、衰退、勞動力和工資壓力、貿易限制（如關税、制裁和報復性反制措施）、利率和地緣政治條件）；未能迅速識別或有效響應直接和/或最終客户的需求、期望或趨勢，包括與新或升級的信息技術系統相關的成本和潛在問題，或我們及時部署新全渠道能力的能力；由於在高度競爭行業中運營以及住宅和非住宅市場的下滑導致的產品需求下降，以及因此我們有效管理庫存的能力；競爭變化，包括由於市場整合、新進入者、垂直整合或競爭對手更快響應新興技術（如生成性人工智能（“AI”））的結果；關鍵信息技術系統或流程的失敗，以及與支付相關的風險，包括欺詐或盜竊的風險；隱私和敏感數據保護失敗，包括由於數據損壞、網絡安全事件、網絡安全漏洞或使用 AI 導致的失敗；我們國內或國際供應鏈或履行網絡的無效性或中斷，包括在我們的分銷設施和分支機構的庫存可用性延遲、交付成本增加或由於失去關鍵供應商而導致的可用性缺失；未能有效管理和保護我們的設施和庫存或防止客户、供應商或員工的人身傷害，包括由於工作場所暴力導致的傷害；未能成功執行我們的運營戰略；未能吸引、留住和激勵關鍵員工；員工、承包商、客户、供應商和其他個人面臨健康和安全風險及車隊事故的風險；與收購、合作伙伴關係、合資企業和其他商業組合、處置或戰略交易相關的風險；與銷售自有品牌產品相關的風險，包括監管、產品責任和聲譽風險，以及此類銷售可能對供應商關係和折扣產生的不利影響；未能實現和維持高水平的產品和服務質量或遵守負責任的採購標準；無法以有利條款或根本無法續租，以及在關閉設施時仍需履行的租賃義務；税法和會計標準的變化、解釋或遵守；我們獲得資本的能力、債務及信用評級和展望的變化；產品價格/成本波動（例如，包括由於使用商品定價材料、通貨膨脹/通貨緊縮、貿易限制和/或未能獲得或維持供應商折扣）和外幣；與我們確定福利養老金計劃相關的資金風險；在我們業務的正常過程中發生的法律訴訟，以及未能遵守國內和外國法律、法規和標準，因為這些法律、法規和標準或其解釋和執行可能會發生變化；不可預見的發展，如訴訟、調查、政府程序或執法行動的發生；未能遵守作為在紐約證券交易所和倫敦證券交易所上市的公眾公司所需的義務及相關成本；與可持續性事務和披露相關的成本和風險，包括監管或法律要求和不同利益相關者的期望；以及在我們向證券交易委員會（“SEC”）提交的截至2025年7月31日的財年 10-K 表格年報中以及我們未來向 SEC 提交的其他文件中列出的 “風險因素” 標題下的其他風險和不確定性。此外，關於過去趨勢或活動的前瞻性陳述不應被視為這些趨勢或活動將在未來繼續的表述。除非根據我們的法律或監管義務，否則我們不承擔公開更新或修訂任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。

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

Ferguson Enterprises Inc. 非 GAAP 調整及補充信息 （未經審計）

Non-GAAP items

非 GAAP 項目

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國公認會計原則（U.S. GAAP）呈現的財務信息。這些非 GAAP 財務指標包括調整後的營業利潤、調整後的營業利潤率、調整後的淨收入、調整後的每股收益（稀釋後）、調整後的息税折舊攤銷前利潤（EBITDA）、調整後的有效税率、淨債務及淨債務與調整後 EBITDA 的比率。公司認為，這些非 GAAP 財務指標為用户提供了額外的有意義的信息，以幫助理解財務結果並評估公司在不同期間的表現。管理層認為，這些指標是運營的重要指標，因為它們排除了可能不反映我們核心運營結果的項目，併為分析我們基礎業務的趨勢提供了更好的基準，並且與管理層和董事會內部規劃、報告和評估業務表現的方式一致。這些非 GAAP 調整包括收購的無形資產攤銷、離散税項以及任何其他非經常性項目。非經常性項目可能包括各種重組費用、業務處置的收益或損失，這些項目本質上不反映主要運營，以及某些其他被視為非經常性的項目和/或不屬於公司主要運營的項目。由於非 GAAP 財務指標並非標準化，因此可能無法將這些財務指標與其他公司具有相同或相似名稱的非 GAAP 財務指標進行比較。這些非 GAAP 財務指標不應孤立考慮，也不應作為根據美國公認會計原則報告的結果的替代。這些非 GAAP 財務指標反映了觀察運營某些方面的另一種方式，當與美國公認會計原則的結果結合時，提供了對業務更全面的理解。公司強烈建議投資者和股東全面審閲公司的財務報表和公開提交的報告，而不是依賴任何單一的財務指標。

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 財務指標與最直接可比的美國公認會計原則財務指標的調整，因為無法合理確定或在不付出不合理努力的情況下預測未來可能出現的非經常性項目，如上述所述。這些項目的變動性不可預測，可能會產生重大影響。

Summary of Organic Revenue

有機收入摘要

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.

管理層評估有機收入，因為它提供了一種一致的年度收入變化的衡量標準。有機收入的增長（或下降）是指總報告收入的增長（或下降），排除因匯率波動、銷售天數、收購和處置所導致的增長（或下降），並以前一個財年的收入按當前年度的匯率進行計算。

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

以下是公司歷史收入和有機收入增長的摘要：


	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)%


	截至三個月
	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	有機收入	收入	有機收入	收入	有機收入	收入	有機收入	收入	有機收入
美國	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%
公司總計	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


淨收入與調整後營業利潤及調整後 EBITDA 的調整

	截至三個月
	10 月 31 日
（以百萬計）	2025 年	2024 年
淨收入	$570		$470
所得税費用	142		154
利息費用，淨額	46		46
其他（收入）費用，淨額	13		(5	)
營業利潤	771		665
企業重組費用 (1)	2		3
收購無形資產攤銷	35		38
調整後營業利潤	808		706
固定資產折舊及減值	52		44
非收購無形資產攤銷	7		8
調整後 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日的三個月，企業重組費用主要與我們母公司在美國設立註冊地後的過渡活動相關的增量成本有關。

Net Debt : Adjusted EBITDA Reconciliation

淨債務：調整後 EBITDA 的調整

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.

為了評估其資本結構的適宜性，公司主要的財務槓桿衡量標準是淨債務與調整後 EBITDA 的比率。公司旨在保持投資級信用指標，並將該比率控制在一到兩倍之間。

Net debt

淨債務

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.

淨債務包括銀行透支、銀行及其他貸款和衍生金融工具，不包括租賃負債，減去現金及現金等價物。長期債務以扣除債務發行成本後的淨額呈現。


	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，
（單位：百萬）	2025		2024
長期債務	$4,124			$3,447
短期債務	—			550
銀行透支 (1)	3			5
衍生負債	3			6
現金及現金等價物	(526	)		(601	)
淨債務	$3,604			$3,407


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


(1)	銀行透支包含在公司合併資產負債表的其他流動負債中。

Adjusted EBITDA (Rolling 12-month)

調整後 EBITDA（滾動 12 個月）

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.

調整後 EBITDA 是指在扣除與折舊、攤銷、減值及某些非 GAAP 調整相關的費用/收入之前的淨收入。滾動 12 個月的調整後 EBITDA 用於淨債務與調整後 EBITDA 比率，以評估公司財務槓桿的適當性。


	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


	截至十二個月
（單位：百萬，除比率外）	10 月 31 日，
	2025		2024
淨收入	$1,956			$1,686
所得税費用	555			711
利息費用，淨額	190			180
其他（收入）費用，淨額	11			1
企業重組費用 (1)	6			31
業務重組費用 (2)	73			—
折舊和攤銷	377			345
調整後 EBITDA	$3,168			$2,954
淨債務：調整後 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日的滾動十二個月，企業重組費用主要與建立新的公司結構以將我們的最終母公司註冊在美國相關的增量成本有關，包括註冊後的過渡活動。
(2)	截至2025年10月31日的滾動十二個月，業務重組費用與公司實施的針對性行動有關，以簡化運營，提高速度和效率，更好地服務客户並推動進一步的盈利增長。

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

淨收入與調整後淨收入及調整後每股收益的調節


	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


	截至三個月
	10 月 31 日，
（單位：百萬，除每股金額外）	2025		2024
			每股 (1)				每股 (1)
淨收入	$570			$2.90		$470		$2.34
企業重組費用 (2)	2			0.01		3		0.01
收購無形資產的攤銷	35			0.18		38		0.19
離散税務調整 (3)	(39	)		(0.20	)	(7	)	(0.04	)
税務影響 - 非 GAAP 調整 (4)	(9	)		(0.05	)	(10	)	(0.05	)
調整後淨收入	$559			$2.84		$494		$2.45

稀釋後加權平均流通股數	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)	每股按稀釋基礎計算。
(2)	截至 2025 年和2024年10月31日的三個月，企業重組費用主要與在美國建立母公司註冊後的過渡活動相關的增量成本有關。
(3)	截至2025年10月31日的三個月，離散税務調整主要與在法定時限到期後不確定税務事項的解除及某些不重要的補償項目的税務處理相關。截止2024年10月31日的三個月，離散税務調整主要與某些不重要的補償項目的税務處理相關。
(4)	截至 2025 年和2024年10月31日的三個月，非 GAAP 調整的税務影響主要與收購無形資產的攤銷相關。


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.
簡明合併收益表
（未經審計）

	截至三個月
	10 月 31 日，
（單位：百萬，除每股金額外）	2025		2024
淨銷售額	$8,169			$7,772
銷售成本	(5,663	)		(5,432	)
毛利潤	2,506			2,340
銷售、一般和行政費用	(1,641	)		(1,585	)
折舊和攤銷	(94	)		(90	)
營業利潤	771			665
利息費用，淨額	(46	)		(46	)
其他（費用）收入，淨額	(13	)		5
所得税前收入	712			624
所得税費用	(142	)		(154	)
淨收入	$570			$470

每股收益 - 基本	$2.91			$2.34

每股收益 - 稀釋	$2.90			$2.34

加權平均流通股數：
基本	196.2			200.8
稀釋	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


費格森企業公司簡明合併資產負債表（未經審計）

	截至
（單位：百萬）	2025年10月31日	2025年7月31日
資產
現金及現金等價物	$526		$674
應收賬款，淨額	3,807		3,964
存貨	4,613		4,492
預付及其他流動資產	1,025		945
待售資產	56		71
流動資產總計	10,027		10,146
不動產、廠房及設備，淨額	1,886		1,846
租賃使用權資產	1,841		1,763
遞延所得税，淨額	136		225
商譽	2,464		2,464
其他非流動資產	1,340		1,285
資產總計	$17,694		$17,729

負債及股東權益
應付賬款	$3,468		$3,577
其他流動負債	1,871		2,451
流動負債總計	5,339		6,028
長期債務	4,124		3,752
租賃負債的長期部分	1,434		1,367
其他長期負債	741		750
負債總計	11,638		11,897
股東權益總計	6,056		5,832
負債及股東權益總計	$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


費格森企業公司簡明合併現金流量表（未經審計）

（單位：百萬）	截至三個月
10 月 31 日，
2025 年		2024 年
經營活動產生的現金流量：
淨收入	$570		$470
折舊和攤銷	94		90
基於股份的補償	64		11
存貨變動	(118	)	(203	)
應收賬款及其他資產變動	49		(4	)
應付賬款及其他負債變動	(371	)	(169	)
其他經營活動	142		150
經營活動提供的淨現金	430		345
投資活動產生的現金流量：
收購企業的現金支出，扣除現金收購	(21	)	(22	)
資本支出	(118	)	(77	)
其他投資活動	7		—
投資活動使用的淨現金	(132	)	(99	)
融資活動產生的現金流量：
回購庫存股	(208	)	(256	)
債務及銀行透支的淨變動	(30	)	75
現金分紅	(164	)	—
其他融資活動	(46	)	(33	)
融資活動使用的淨現金	(448	)	(214	)
現金、現金等價物及受限現金的變動	(150	)	32
匯率變動的影響	(2	)	(3	)
期初現金、現金等價物及受限現金	707		625
期末現金、現金等價物及受限現金	$555		$654

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Investor relations

投資者關係

Brian Lantz, Vice President IR and Communications

Brian Lantz，投資者關係及傳播副總裁

Mobile: +1 224 285 2410

手機：+1 224 285 2410

Pete Kennedy, Director of Investor Relations

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手機：+1 757 603 0111

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Christine Dwyer, Senior Director of Communications and PR

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Mobile: +1 757 469 5813

手機：+1 757 469 5813

Source: Ferguson Enterprises Inc.

來源：費格森企業公司

Ferguson Enterprises 報告截至2025年10月31日的季度業績 | FERG 股票新聞